Lennar (LEN) 10-Q29 Sep 232023 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information	9 Months Ended
Document And Entity Information	Aug. 31, 2023 shares
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 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 Waterford District 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	Q3
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	250,152,358
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	34,202,541

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Aug. 31, 2023	Nov. 30, 2022
Inventories:
Total assets	[1]	$ 37,438,125	$ 37,984,295
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	5,561,793	5,417,796
Retained earnings	[2]	21,113,282	18,861,417
Treasury stock at cost	[2]	(1,052,000)	(210,389)
Accumulated other comprehensive income	[2]	4,040	2,408
Total stockholders’ equity	[2]	25,656,619	24,100,500
Noncontrolling interests	[2]	131,923	139,867
Total equity	[2]	25,788,542	24,240,367
Total liabilities	[2]	11,649,583	13,743,928
Total liabilities and equity	[2]	37,438,125	37,984,295
Operating Segments
ASSETS
Cash and cash equivalents		4,089,081	4,778,720
Restricted cash		34,951	37,050
Receivables, net		1,320,626	1,614,277
Inventories:
Total inventories		22,578,983	21,862,453
Investments in unconsolidated entities		2,068,824	2,137,813
Goodwill		3,632,058	3,632,058
Other assets		1,798,475	1,530,218
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		4,477,759	6,199,136
Common Class A
Stockholders' equity:
Common stock	[2]	25,844	25,608
Common Class B
Stockholders' equity:
Common stock	[2]	3,660	3,660
Homebuilding
Inventories:
Finished homes and construction in progress	[1]	12,368,338	11,718,507
Land and land under development	[1]	6,993,835	7,382,273
Consolidated inventory not owned	[1]	2,687,343	2,331,231
Total inventories	[1]	22,049,516	21,432,011
Investments in unconsolidated entities	[1]	1,157,021	1,173,164
Goodwill	[1]	3,442,359	3,442,359
Other assets	[1]	1,578,692	1,323,478
Total assets	[1]	32,975,348	32,684,162
LIABILITIES AND EQUITY
Accounts payable	[2]	1,721,530	1,616,128
Liabilities related to consolidated inventory not owned	[2]	2,300,686	1,967,551
Senior notes and other debts payable, net	[2]	3,320,119	4,047,294
Other liabilities	[2]	2,600,807	3,347,673
Stockholders' equity:
Total liabilities	[2]	9,943,142	10,978,646
Homebuilding \| Operating Segments
ASSETS
Cash and cash equivalents	[1]	3,887,809	4,616,124
Restricted cash	[1]	16,201	23,046
Receivables, net	[1]	843,750	673,980
Inventories:
Total inventories		22,049,516	21,432,011
Investments in unconsolidated entities		1,157,021	1,173,164
Goodwill		3,442,359	3,442,359
Other assets		1,578,692	1,323,478
Total assets		32,975,348	32,684,162
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		3,320,119	4,047,294
Stockholders' equity:
Total liabilities		9,943,142	10,978,646
Lennar Financial Services
Inventories:
Total assets	[1]	2,334,594	3,254,257
Stockholders' equity:
Total liabilities	[2]	1,333,485	2,353,904
Lennar Financial Services \| Operating Segments
ASSETS
Cash and cash equivalents		167,216	139,378
Restricted cash		18,750	14,004
Receivables, net		372,265	826,163
Inventories:
Total inventories		0	0
Investments in unconsolidated entities		0	0
Goodwill		189,699	189,699
Other assets		106,594	119,815
Total assets		2,334,594	3,254,257
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		1,154,163	2,135,093
Stockholders' equity:
Total liabilities		1,333,485	2,353,904
Lennar Multifamily [Member]
Inventories:
Total assets	[1]	1,354,587	1,257,337
Stockholders' equity:
Total liabilities	[2]	290,266	313,484
Lennar Multifamily [Member] \| Operating Segments
ASSETS
Cash and cash equivalents		28,712	17,827
Restricted cash		0	0
Receivables, net		104,611	114,134
Inventories:
Total inventories		529,467	430,442
Investments in unconsolidated entities		623,269	648,126
Goodwill		0	0
Other assets		68,528	46,808
Total assets		1,354,587	1,257,337
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		3,477	16,749
Stockholders' equity:
Total liabilities		290,266	313,484
Lennar Other
Inventories:
Total assets	[1]	773,596	788,539
Stockholders' equity:
Total liabilities	[2]	82,690	97,894
Lennar Other \| Operating Segments
ASSETS
Cash and cash equivalents		5,344	5,391
Restricted cash		0	0
Receivables, net		0	0
Inventories:
Total inventories		0	0
Investments in unconsolidated entities		288,534	316,523
Goodwill		0	0
Other assets		44,661	40,117
Total assets		773,596	788,539
LIABILITIES AND EQUITY
Senior notes and other debts payable, net		0	0
Stockholders' equity:
Total liabilities		$ 82,690	$ 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 August 31, 2023, total assets include $1.9 billion related to consolidated VIEs of which $33.4 million is included in Homebuilding cash and cash equivalents, $2.3 million in Homebuilding receivables, net, $37.5 million in Homebuilding finished homes and construction in progress, $847.8 million in Homebuilding land and land under development, $921.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $25.3 million in Homebuilding other assets and $31.9 million in Multifamily 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		Aug. 31, 2023	Nov. 30, 2022
Total assets	[1]	$ 37,438,125	$ 37,984,295
Total liabilities	[2]	$ 11,649,583	$ 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		258,444,467	256,084,147
Treasury stock, shares		8,292,109	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		2,398,674	419,860
Homebuilding
Total assets	[1]	$ 32,975,348	$ 32,684,162
Finished homes and construction in progress	[1]	12,368,338	11,718,507
Land and land under development	[1]	6,993,835	7,382,273
Consolidated inventory not owned	[1]	2,687,343	2,331,231
Investments in unconsolidated entities	[1]	1,157,021	1,173,164
Other assets	[1]	1,578,692	1,323,478
Total liabilities	[2]	9,943,142	10,978,646
Accounts payable	[2]	1,721,530	1,616,128
Liabilities related to consolidated inventory not owned	[2]	2,300,686	1,967,551
Senior notes and other debts payable, net	[2]	3,320,119	4,047,294
Other liabilities	[2]	2,600,807	3,347,673
Lennar Multifamily [Member]
Total assets	[1]	1,354,587	1,257,337
Total liabilities	[2]	290,266	313,484
Lennar Other
Total assets	[1]	773,596	788,539
Total liabilities	[2]	82,690	97,894
Variable Interest Entity, Primary Beneficiary
Total assets		1,900,000	1,400,000
Total liabilities		1,100,000	620,400
Variable Interest Entity, Primary Beneficiary \| Homebuilding
Cash and cash equivalents		33,400	56,900
Receivables, net		2,300	300
Finished homes and construction in progress		37,500	29,400
Land and land under development		847,800	736,500
Consolidated inventory not owned		921,400	533,800
Investments in unconsolidated entities		500	1,000
Other assets		25,300	23,000
Accounts payable		147,800	66,900
Liabilities related to consolidated inventory not owned		878,200	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		31,900	33,200
Total liabilities		$ 4,000	3,800
Variable Interest Entity, Primary Beneficiary \| Lennar Other
Total assets			9,000
Total liabilities			$ 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 August 31, 2023, total assets include $1.9 billion related to consolidated VIEs of which $33.4 million is included in Homebuilding cash and cash equivalents, $2.3 million in Homebuilding receivables, net, $37.5 million in Homebuilding finished homes and construction in progress, $847.8 million in Homebuilding land and land under development, $921.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $25.3 million in Homebuilding other assets and $31.9 million in Multifamily 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		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Revenues [Abstract]
Revenues	$ 8,729,603	$ 8,934,431	$ 23,265,183	$ 23,496,643
Cost and expenses:
Corporate general and administrative	114,144	115,557	365,002	334,425
Charitable foundation contribution	18,559	17,248	49,292	46,335
Total costs and expenses	7,258,891	6,991,712	19,785,358	18,621,391
Equity in loss from unconsolidated entities	(23,989)	(13,310)	(104,931)	(34,871)
Other income (expense), net and other gains (losses)	44,151	(19,296)	57,511	(25,564)
Earnings before income taxes	1,475,161	1,824,274	3,418,235	4,255,843
Provision for income taxes	(358,209)	(351,580)	(824,233)	(951,276)
Net earnings (including net earnings attributable to noncontrolling interests)	1,116,952	1,472,694	2,594,002	3,304,567
Less: Net earnings attributable to noncontrolling interests	7,956	5,350	16,778	12,886
Net earnings attributable to Lennar	1,108,996	1,467,344	2,577,224	3,291,681
Other comprehensive income, net of tax:
Net unrealized gain on securities available-for-sale	208	342	1,632	1,146
Reclassification adjustments for gain included in earnings, net of tax	0	0	0	2,285
Total other comprehensive income, net of tax	208	342	1,632	3,431
Total comprehensive income attributable to Lennar	1,109,204	1,467,686	2,578,856	3,295,112
Total comprehensive income attributable to noncontrolling interests	$ 7,956	$ 5,350	$ 16,778	$ 12,886
Basic earnings per share (in dollars per share)	$ 3.87	$ 5.04	$ 8.94	$ 11.19
Diluted earnings per share (in dollars per share)	$ 3.87	$ 5.03	$ 8.94	$ 11.18
Operating Segments
Revenues [Abstract]
Revenues	$ 8,729,603	$ 8,934,431	$ 23,265,183	$ 23,496,643
Homebuilding \| Operating Segments
Revenues [Abstract]
Revenues	8,318,615	8,479,496	22,144,937	22,209,683
Cost and expenses:
Cost and expenses	6,863,063	6,494,737	18,576,734	17,241,788
Lennar Financial Services \| Operating Segments
Revenues [Abstract]
Revenues	266,206	202,078	672,166	578,945
Cost and expenses:
Cost and expenses	117,211	138,730	331,835	320,871
Lennar Multifamily [Member] \| Operating Segments
Revenues [Abstract]
Revenues	137,394	243,056	432,661	686,436
Cost and expenses:
Cost and expenses	139,759	215,433	443,069	654,322
Lennar Other \| Operating Segments
Revenues [Abstract]
Revenues	7,388	9,801	15,419	21,579
Cost and expenses:
Cost and expenses	6,155	10,007	19,426	23,650
Lennar Other unrealized losses from technology investments	$ (15,713)	$ (85,839)	$ (14,170)	$ (558,974)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023 USD ($)		Aug. 31, 2023 USD ($)		Aug. 31, 2022 USD ($)
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$ 1,116,952		$ 2,594,002		$ 3,304,567
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			81,146		57,921
Amortization of discount/premium on debt, net			(2,194)		(1,312)
Equity in loss from unconsolidated entities			104,931		34,870
Distributions of earnings from unconsolidated entities			33,714		46,376
Share-based compensation expense			139,616		154,710
Deferred income tax benefit			(102,322)		(15,991)
Gain on redemption/repurchases of senior notes			(6,878)		0
Loans held-for-sale unrealized loss			33,358		41,356
Lennar Other unrealized losses from technology investments and other (gains) losses			14,131		578,674
Gain on sale of other assets			(7,015)		(7,572)
Valuation adjustments and write-offs of option deposits, pre-acquisition costs and other assets			96,451		27,247
Changes in assets and liabilities:
(Increase) decrease in receivables			167,573		(164,383)
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs			(7,571)		(3,894,170)
Increase in other assets			(100,843)		(110,761)
Decrease in loans held-for-sale			434,332		318,974
(Decrease) increase in accounts payable and other liabilities			(881,890)		180,946
Net cash provided by operating activities			2,590,541		551,452
Cash flows from investing activities:
Net additions of operating properties and equipment			(53,610)		(27,534)
Proceeds from the sale of other assets			13,215		18,247
Investments in and contributions to unconsolidated entities			(152,530)		(396,734)
Distributions of capital from unconsolidated entities			69,960		331,801
Proceeds from sale of commercial mortgage-backed securities bonds			0		9,191
Decrease in Financial Services loans held-for-investment			12,222		18,859
Purchases of investment securities			(8,000)		(93,769)
Proceeds from maturities/sales of investment securities			3,778		8,472
Net cash used in investing activities			(114,965)		(131,467)
Cash flows from financing activities:
Net repayments under warehouse facilities			(980,929)		(238,113)
Redemption/repurchases of senior notes			(633,059)		(575,000)
Principal payments on notes payable and other borrowings			(89,042)		(35,542)
Proceeds from liabilities related to consolidated inventory not owned			341,288		845,408
Payments related to consolidated inventory not owned			(597,477)		(517,654)
Payments related to other liabilities, net			(4,016)		0
Receipts related to noncontrolling interests			6,309		30,060
Payments related to noncontrolling interests			(43,418)		(85,098)
Common stock:
Repurchases			(841,611)		(918,682)
Dividends			(325,359)		(329,717)
Net cash used in financing activities			(3,167,314)		(1,824,338)
Net decrease in cash and cash equivalents and restricted cash			(691,738)		(1,404,353)
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	4,124,032		4,124,032		1,551,330
Total cash and cash equivalents and restricted cash	4,124,032		4,124,032		1,551,330
Operating Segments
Common stock:
Cash and cash equivalents and restricted cash at end of period	4,124,032		4,124,032		1,551,330
Cash and cash equivalents	4,089,081		4,089,081
Restricted cash	34,951		34,951
Total cash and cash equivalents and restricted cash	4,124,032		4,124,032		1,551,330
Homebuilding \| Operating Segments
Common stock:
Cash and cash equivalents	3,887,809	[1]	3,887,809	[1]	1,309,364
Restricted cash	16,201	[1]	16,201	[1]	32,575
Lennar Financial Services \| Operating Segments
Common stock:
Cash and cash equivalents	167,216		167,216		143,630
Restricted cash	18,750		18,750		14,710
Lennar Multifamily [Member] \| Operating Segments
Common stock:
Cash and cash equivalents	28,712		28,712		40,870
Restricted cash	0		0
Lennar Other \| Operating Segments
Common stock:
Cash and cash equivalents	5,344		5,344		10,181
Restricted cash	$ 0		0
Lennar Homebuilding and Lennar Multifamily \| Operating Segments
Homebuilding and Multifamily:
Purchases of inventories financed by sellers			13,500		33,965
Non-cash contributions to unconsolidated entities			120		204,911
Segments Other Than Financial Services \| Operating Segments
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Inventories			0		(19,800)
Other assets			0		41
Investments in unconsolidated entities			0		(736)
Other liabilities			0		(271)
Noncontrolling interests			$ 0		$ 20,766

[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 August 31, 2023, total assets include $1.9 billion related to consolidated VIEs of which $33.4 million is included in Homebuilding cash and cash equivalents, $2.3 million in Homebuilding receivables, net, $37.5 million in Homebuilding finished homes and construction in progress, $847.8 million in Homebuilding land and land under development, $921.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $25.3 million in Homebuilding other assets and $31.9 million in Multifamily 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	9 Months Ended
Basis of Presentation	Aug. 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 nine months ended August 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 August 31, 2023 and November 30, 2022 included $355.5 million and $1.0 billion, respectively, of cash held in escrow for approximately two days. Share-based Payments During both the three months ended August 31, 2023 and 2022, the Company granted employees an immaterial number of nonvested shares. During the nine months ended August 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	9 Months Ended
Operating and Reporting Segments	Aug. 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) August 31, 2023 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 3,887,809 167,216 28,712 5,344 4,089,081 Restricted cash 16,201 18,750 — — 34,951 Receivables, net (1) 843,750 372,265 104,611 — 1,320,626 Inventories 22,049,516 — 529,467 — 22,578,983 Loans held-for-sale (2) — 1,287,773 — — 1,287,773 Investments in equity securities (3) — — — 397,943 397,943 Investments available-for-sale (4) — — — 37,114 37,114 Loans held-for-investment, net — 51,330 — — 51,330 Investments held-to-maturity — 140,967 — — 140,967 Investments in unconsolidated entities 1,157,021 — 623,269 288,534 2,068,824 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,578,692 106,594 68,528 44,661 1,798,475 $ 32,975,348 2,334,594 1,354,587 773,596 37,438,125 Liabilities: Notes and other debts payable, net $ 3,320,119 1,154,163 3,477 — 4,477,759 Accounts payable and other liabilities 6,623,023 179,322 286,789 82,690 7,171,824 $ 9,943,142 1,333,485 290,266 82,690 11,649,583 (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 August 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 $186.0 million and $178.0 million without readily available fair values as of August 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 Nine Months Ended August 31, August 31, (In thousands) 2023 2022 2023 2022 Revenues: Homebuilding $ 8,318,615 8,479,496 22,144,937 22,209,683 Financial Services 266,206 202,078 672,166 578,945 Multifamily (1) 137,394 243,056 432,661 686,436 Lennar Other 7,388 9,801 15,419 21,579 $ 8,729,603 8,934,431 23,265,183 23,496,643 Earnings (loss) before income taxes: Homebuilding $ 1,493,820 1,963,224 3,615,068 4,953,485 Financial Services (2) 148,995 63,348 340,331 258,074 Multifamily (8,733) 48,487 (38,496) 54,582 Lennar Other (26,218) (117,980) (84,374) (629,538) Corporate and Unallocated (3) (132,703) (132,805) (414,294) (380,760) $ 1,475,161 1,824,274 3,418,235 4,255,843 (1) Revenues for Multifamily for the three and nine months ended August 31, 2022, included $62.2 million and $210.0 million, respectively, of land sales to unconsolidated entities. (2) Financial Services operating earnings for the three and nine months ended August 31, 2022, included a $35.5 million one-time charge due to an increase in a litigation accrual related to a court judgment. (3) 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: August 31, November 30, 2023 2022 (In thousands) East $ 7,390,919 6,877,581 Central 4,262,363 4,010,610 Texas 3,604,254 3,742,663 West 11,872,484 12,182,709 Other 1,524,150 1,382,864 Corporate and Unallocated 4,321,178 4,487,735 Total Homebuilding $ 32,975,348 32,684,162 Financial information relating to the Company’s homebuilding segments was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2023 2022 2023 2022 Revenues East $ 2,414,026 2,540,285 6,613,284 6,424,922 Central 1,600,131 1,577,544 4,060,546 3,970,805 Texas 1,176,875 1,140,556 3,340,539 3,048,676 West 3,117,265 3,212,169 8,103,423 8,733,429 Other 10,318 8,942 27,145 31,851 $ 8,318,615 8,479,496 22,144,937 22,209,683 Operating earnings (loss) East $ 553,700 642,482 1,483,819 1,548,296 Central 261,542 272,351 607,140 631,224 Texas 219,871 278,814 528,231 722,983 West 479,968 788,443 1,065,940 2,077,740 Other (21,261) (18,866) (70,062) (26,758) $ 1,493,820 1,963,224 3,615,068 4,953,485 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 August 31, 2023, the Financial Services segment had warehouse facilities which 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: December 2023 $ 500,000 April 2024 (1) 500,000 May 2024 (2) 1,500,000 June 2024 200,000 Total residential facilities $ 2,700,000 LMF Commercial facilities maturing: November 2023 $ 100,000 December 2023 400,000 Total LMF commercial facilities $ 500,000 Total $ 3,200,000 (1) Maximum aggregate commitment includes an uncommitted amount of $250 million. (2) Maximum aggregate commitment includes $900 million that is available from August 2023 to December 2023. Subsequent to December 2023, the maximum aggregate commitment will be $600 million until maturity in May 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) August 31, 2023 November 30, 2022 Borrowings under the residential facilities $ 1,002,786 1,877,411 Collateral under the residential facilities 1,039,977 1,950,155 Borrowings under the LMF Commercial facilities 20,000 124,399 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 nine months ended August 31, 2023 and 2022. Loan origination liabilities were $17.5 million and $11.8 million as of August 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 Nine Months Ended August 31, August 31, (Dollars in thousands) 2023 2022 2023 2022 Originations (1) $ 161,308 109,850 325,378 518,345 Sold 100,562 188,266 265,864 511,733 Securitizations 3 2 6 4 (1) During both the three and nine months ended August 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 August 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 nine months ended August 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) August 31, 2023 November 30, 2022 Carrying value $ 140,967 143,251 Outstanding debt, net of debt issuance costs 131,377 133,283 Incurred interest rate 3.4% 3.4% August 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 Nine Months Ended August 31, August 31, (In thousands) 2023 2022 2023 2022 Blend Labs (BLND) $ 386 (518) (360) (21,510) Hippo (HIPO) (17,166) (32,933) (14,933) (195,336) Opendoor (OPEN) 23,638 (54,391) 38,459 (218,751) SmartRent (SMRT) (1,707) (23,118) 8,219 (71,431) Sonder (SOND) (91) (168) (549) (2,300) Sunnova (NOVA) (20,773) 25,289 (45,006) (49,646) Lennar Other unrealized losses from technology investments $ (15,713) (85,839) (14,170) (558,974) Doma Holdings, Inc. ("Doma"), which went public during the year ended November 30, 2021, is an investment that was accounted for under the equity method due to the Company's significant ownership interest of 25% of Doma which allowed the Company to exercise significant influence. As of August 31, 2023, the Company’s carrying value in Doma was zero as a result of allocated losses from Doma.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
Investments in Unconsolidated Entities	Aug. 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) August 31, 2023 November 30, 2022 Investments in unconsolidated entities (1) (2) $ 1,157,021 1,173,164 Underlying equity in unconsolidated entities' net assets (1) 1,512,908 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 FivePoint. (2) Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of August 31, 2023 and November 30, 2022, the carrying amount of the Company's investment was $416.6 million and $382.9 million, respectively. As of August 31, 2023 and November 30, 2022, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $334.8 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 August 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 August 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 August 31, 2023 and November 30, 2022, the carrying amount of the Company's investment in Upward America was $16.8 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 it) have 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 August 31, 2023 and November 30, 2022, the fair value of the completion guarantees was immaterial. As of August 31, 2023 and November 30, 2022, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.4 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 Nine Months Ended August 31, August 31, (In thousands) 2023 2022 2023 2022 General contractor services, net of deferrals $ 120,510 123,550 374,283 366,419 General contractor costs 114,371 118,738 357,168 350,773 Land sales to joint ventures — 62,218 — 209,979 Management fee income, net of deferrals 16,884 17,514 52,499 46,968 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 has completed the initial closing of the Fund. The Multifamily segment expects the Fund to have almost $1.0 billion in equity and Lennar's ownership percentage in the Fund is 4%. As of August 31, 2023, the Company has a $30.6 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 nine months ended August 31, 2023 are included below: August 31, 2023 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 200,707 277,265 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 nine months ended August 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 $162.8 million and $185.1 million as of August 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 $125.8 million and $131.5 million, as of August 31, 2023 and November 30, 2022, respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Aug. 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 nine months ended August 31, 2023 and 2022: Three Months Ended August 31, 2023 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at May 31, 2023 $ 25,161,119 25,843 3,660 5,546,128 (675,686) 3,832 20,111,368 145,974 Net earnings (including net earnings attributable to noncontrolling interests) 1,116,952 — — — — — 1,108,996 7,956 Employee stock and directors plans (8,552) 1 — (620) (7,933) — — — Purchases of treasury stock (368,381) — — — (368,381) — — — Amortization of restricted stock 12,885 — — 12,885 — — — — Cash dividends (107,082) — — — — — (107,082) — Receipts related to noncontrolling interests 1,391 — — — — — — 1,391 Payments related to noncontrolling interests (22,795) — — — — — — (22,795) Non-cash purchase or activity of noncontrolling interests, net 2,797 — — 3,400 — — — (603) Total other comprehensive income, net of tax 208 — — — — 208 — — Balance at August 31, 2023 $ 25,788,542 25,844 3,660 5,561,793 (1,052,000) 4,040 21,113,282 131,923 Three Months Ended August 31, 2022 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at May 31, 2022 $ 21,789,774 25,582 3,660 5,355,182 (76,615) 1,748 16,288,698 191,519 Net earnings (including net earnings attributable to noncontrolling interests) 1,472,694 — — — — — 1,467,344 5,350 Employee stock and directors plans (13,106) — — 39 (13,145) — — — Amortization of restricted stock 38,200 — — 38,200 — — — — Cash dividends (108,749) — — — — — (108,749) — Receipts related to noncontrolling interests 11,965 — — — — — — 11,965 Payments related to noncontrolling interests (19,577) — — — — — — (19,577) Non-cash purchase or activity of noncontrolling interests, net (44,005) — — (5,008) — — — (38,997) Total other comprehensive income, net of tax 342 — — — — 342 — — Balance at August 31, 2022 $ 23,127,538 25,582 3,660 5,388,413 (89,760) 2,090 17,647,293 150,260 Nine Months Ended August 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) 2,594,002 — — — — — 2,577,224 16,778 Employee stock and directors plans (71,313) 236 — 822 (72,371) — — — Purchases of treasury stock (769,240) — — — (769,240) — — — Amortization of restricted stock 139,616 — — 139,616 — — — — Cash dividends (325,359) — — — — — — (325,359) — Receipts related to noncontrolling interests 6,309 — — — — — — 6,309 Payments related to noncontrolling interests (43,418) — — — — — — (43,418) Non-cash purchase or activity of noncontrolling interests, net 15,946 — — 3,559 — — — 12,387 Total other comprehensive income, net of tax 1,632 — — — — 1,632 — — Balance at August 31, 2023 $ 25,788,542 25,844 3,660 5,561,793 (1,052,000) 4,040 21,113,282 131,923 Nine Months Ended August 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) 3,304,567 — — — — — 3,291,681 12,886 Employee stock and directors plans (70,525) 199 — 893 (71,617) — — — 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 154,710 — — 154,710 — — — — Cash dividends (329,717) — — — — — — (329,717) — Receipts related to noncontrolling interests 30,060 — — — — — — 30,060 Payments related to noncontrolling interests (85,098) — — — — — — (85,098) Non-cash purchase or activity of noncontrolling interests, net (29,101) — — (41,656) — — — 12,555 Total other comprehensive loss, net of tax 3,431 — — — — 3,431 — — Balance at August 31, 2022 $ 23,127,538 25,582 3,660 5,388,413 (89,760) 2,090 17,647,293 150,260 On September 27, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.375 per share on both its Class A and Class B common stock, payable on October 26, 2023 to holders of record at the close of business on October 12, 2023. On July 21, 2023, the Company paid a cash dividend of $0.375 per share on both of its Class A and Class B common stock to holders of record at the close of business on July 7, 2023, as declared by its Board of Directors on June 22, 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 Nine Months Ended August 31, August 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 2,305,300 694,700 — — 5,021,186 1,978,814 8,246,000 1,122,000 Total purchase price $ 287,024 $ 78,855 $ — $ — $ 568,892 $ 193,970 $ 762,282 $ 84,601 Average price per share $ 124.51 $ 113.51 $ — $ — $ 113.30 $ 98.02 $ 92.44 $ 75.40

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Aug. 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 Nine Months Ended August 31, August 31, (Dollars in thousands) 2023 2022 2023 2022 Provision for income taxes $358,209 351,580 824,233 951,276 Effective tax rate (1) 24.4% 19.3% 24.2 % 22.4 %

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Aug. 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 Nine Months Ended August 31, August 31, (In thousands, except per share amounts) 2023 2022 2023 2022 Numerator: Net earnings attributable to Lennar $ 1,108,996 1,467,344 2,577,224 3,291,681 Less: distributed earnings allocated to nonvested shares 672 655 4,968 3,830 Less: undistributed earnings allocated to nonvested shares 12,549 15,088 28,252 34,605 Numerator for basic earnings per share 1,095,775 1,451,601 2,544,004 3,253,246 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) — 1,038 — 3,881 Numerator for diluted earnings per share $ 1,095,775 1,450,563 2,544,004 3,249,365 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 282,854 288,109 284,612 290,645 Denominator for diluted earnings per share - weighted average common shares outstanding 282,854 288,109 284,612 290,645 Basic earnings per share $ 3.87 5.04 8.94 11.19 Diluted earnings per share $ 3.87 5.03 8.94 11.18 (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 nine months ended August 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	9 Months Ended
Homebuilding Senior Notes and Other Debts Payable	Aug. 31, 2023
Debt Disclosure [Abstract]
Homebuilding Senior Notes and Other Debts Payable	Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) August 31, 2023 November 30, 2022 4.875% senior notes due December 2023 (1) $ 377,973 399,169 4.50% senior notes due 2024 (1) 463,407 648,975 4.75% senior notes due 2025 499,225 498,892 5.25% senior notes due 2026 403,345 404,257 5.00% senior notes due 2027 351,453 351,741 4.75% senior notes due 2027 896,820 896,259 5.875% senior notes due 2024 — 434,128 Mortgage notes on land and other debt 327,896 413,873 $ 3,320,119 4,047,294 (1) During the three months ended August 31, 2023, the Company repurchased $19.9 million and $30.4 million aggregate principal amount of 4.875% senior notes and 4.50% senior notes, respectively, through open market repurchases. During the nine months ended August 31, 2023, the Company repurchased $21.8 million and $186.2 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 $5.2 million and $7.6 million as of August 31, 2023 and November 30, 2022, respectively. During the three months ended August 31, 2023, the Company redeemed $425 million aggregate principal amount of its 5.875% senior notes due November 2024 at an early redemption price of 100% of the principal amount outstanding using cash on hand, resulting in a pre-tax gain of $6.0 million, included in Homebuilding other income (expense), net. The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows: (In thousands) August 31, 2023 Commitments - maturing in April 2024 $ 350,000 Commitments - maturing in May 2027 2,225,000 Total commitments $ 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) August 31, 2023 November 30, 2022 Performance letters of credit $ 1,423,643 1,259,033 Financial letters of credit 399,866 503,659 Surety bonds 4,367,124 4,136,715 Anticipated future costs primarily for site improvements related to performance surety bonds 2,425,037 2,273,694

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	9 Months Ended
Financial Instruments and Fair Value Disclosures	Aug. 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 August 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. August 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 $ 51,330 51,330 45,636 45,647 Investments held-to-maturity Level 3 140,967 139,993 143,251 143,208 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 3,320,119 3,271,836 4,047,294 3,993,242 Financial Services notes and other debts payable, net Level 2 1,154,163 1,154,797 2,135,093 2,135,797 Multifamily notes payable, net Level 2 3,477 3,477 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) August 31, 2023 November 30, 2022 Financial Services Assets: Residential loans held-for-sale Level 2 $ 1,250,478 1,750,712 LMF Commercial loans held-for-sale Level 3 37,295 25,599 Mortgage servicing rights Level 3 3,416 3,463 Forward options Level 1 5,714 9,473 Lennar Other Assets: Investments in equity securities Level 1 $ 211,898 212,981 Investments available-for-sale Level 3 37,114 35,482 Residential and LMF Commercial loans held-for-sale in the table above include: August 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 $ 1,267,604 (17,126) 1,734,480 16,233 LMF Commercial loans held-for-sale 37,842 (547) 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 August 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 August 31, 2023 As of November 30, 2022 Unobservable inputs Mortgage prepayment rate 8% 8% Discount rate 13% 13% Delinquency rate 10% 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 gains (losses) 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 Nine Months Ended August 31, August 31, (In thousands) 2023 2022 2023 2022 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ (9,795) (14,319) (33,358) (41,356) Mortgage loan commitments 18,139 (7,958) (16,922) 18,597 Forward contracts (9,379) 42,781 63,323 34,291 Forward options (485) (6) (1,437) (6) Changes in fair value included in Lennar Other unrealized losses from technology investments: Investments in equity securities $ (15,713) (85,839) (14,170) (558,974) Changes in fair value included in other comprehensive income, net of tax: Lennar Other investments available-for-sale $ 208 342 1,632 1,146 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 August 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 $ 3,398 22,754 3,221 84,205 Purchases/loan originations 34 161,308 93 109,850 Sales/loan originations sold, including those not settled — (100,562) — (188,266) Disposals/settlements (94) (45,667) (54) — Changes in fair value (1) 78 (535) 96 693 Interest and principal paydowns — (3) — (35) Ending balance $ 3,416 37,295 3,356 6,447 Nine Months Ended August 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 155 325,378 275 518,345 Sales/loan originations sold, including those not settled — (265,864) — (511,733) Disposals/settlements (237) (45,667) (320) — Changes in fair value (1) 35 (547) 909 247 Interest and principal paydowns — (1,604) — (480) Ending balance $ 3,416 37,295 3,356 6,447 (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 August 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 $ 67,006 57,801 (9,205) 21,268 17,034 (4,234) Land and land under development (2) Level 3 26,740 24,612 (2,128) 100,043 93,095 (6,948) Investments in unconsolidated entities (3) Level 3 — — — 1,453 — (1,453) Nine Months Ended August 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 $ 250,822 216,703 (34,119) 55,292 48,075 (7,217) Land and land under development (2) Level 3 69,605 48,315 (21,290) 129,580 111,003 (18,577) Investments in unconsolidated entities (3) Level 3 78,834 37,792 (41,042) 1,453 — (1,453) (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 nine months ended August 31, 2023, total losses, net, for land and land under development included $1.6 million and $18.7 million, respectively, of deposit and pre-acquisition cost write-offs. (3) Valuation adjustments related to investments in unconsolidated entities were primarily included in Homebuilding other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income for the three and nine months ended August 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 Nine Months Ended # of active communities # of communities with potential indicator of impairment # of communities Fair Value (in thousands) Valuation Adjustments (in thousands) August 31, 2023 1,247 21 6 $ 53,211 $ 18,844 August 31, 2022 1,182 5 1 8,815 2,710 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: Nine Months Ended August 31, 2023 2022 Unobservable inputs Range Average selling price $371,000 — 850,000 750,000 Absorption rate per quarter (homes) 3 — 26 2 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. The Company evaluates if a decrease in the fair value of an investment below the carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions and (3) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status, length of the time and the extent to which the market value has been below the carrying value, and liquidity needs of the unconsolidated entity. The Company generally estimates the fair value of an investment in an unconsolidated entity by using a cash flow analysis for estimated future net distributions from an unconsolidated entity, subject to the perceived risks associated with the unconsolidated entity’s cash flow streams. During the nine months ended August 31, 2023, the Company estimated the fair value of an investment in an unconsolidated entity using a cash flow analysis with a 15% discount rate and concluded that the investment had an other-than-temporary impairment of $36.8 million included in Homebuilding other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income. The Company estimates the fair value of investments in unconsolidated entities evaluated for impairment based on market conditions and assumptions made by management at the time the investment is evaluated, which may differ materially from actual results if market conditions or assumptions change.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Aug. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities During the nine months ended August 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 nine months ended August 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: August 31, 2023 November 30, 2022 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding (1) $ 663,528 749,232 586,935 718,719 Multifamily (2) 392,900 411,104 607,484 633,934 Financial Services (3) 140,967 140,967 143,251 143,251 Lennar Other (4) 55,167 55,167 55,952 55,952 $ 1,252,562 1,356,470 1,393,622 1,551,856 (1) As of August 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 August 31, 2023, there was recourse debt of a VIE of $10.5 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 August 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 August 31, 2023 and November 30, 2022, respectively, for future expenditures related to the construction and development of its projects. The decrease in exposure for the nine months ended August 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 August 31, 2023. (3) As of August 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 August 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 August 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 that the Company is economically compelled to takedown was $925.0 million as of August 31, 2023 and is included in consolidated inventory not owned. 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 August 31, 2023. During the nine months ended August 31, 2023, consolidated inventory not owned increased by $356.1 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 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 August 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) August 31, 2023 November 30, 2022 Non-refundable option deposits and pre-acquisition costs $ 2,168,595 1,990,946 Letters of credit in lieu of cash deposits under certain land and option contracts 162,634 163,942

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
Commitments and Contingent Liabilities	Aug. 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 Nine Months Ended August 31, August 31, (In thousands) 2023 2022 2023 2022 Warranty reserve, beginning of the period $ 415,154 377,990 418,017 377,021 Warranties issued 75,024 73,697 195,924 190,704 Adjustments to pre-existing warranties from changes in estimates (1) (8,568) 10,301 1,620 16,023 Payments (80,279) (67,395) (214,230) (189,155) Warranty reserve, end of period $ 401,331 394,593 401,331 394,593 (1) The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 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) August 31, 2023 November 30, 2022 Right-of-use assets $ 137,822 149,966 Lease liabilities 146,006 158,832 Weighted-average remaining lease term (in years) 7.6 7.9 Weighted-average discount rate 3.2% 3.0% Future minimum payments under the noncancellable leases in effect at August 31, 2023 were as follows: (In thousands) Lease Payments 2023 $ 8,491 2024 30,400 2025 26,485 2026 20,905 2027 17,471 Thereafter 60,367 Total future minimum lease payments (1) $ 164,119 Less: Interest (2) 18,113 Present value of lease liabilities (2) $ 146,006 (1) Total future minimum lease payments exclude variable lease costs of $29.2 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: Nine Months Ended August 31, (In thousands) 2023 2022 Rental expense $ 78,053 78,244 On occasion, the Company may sublease rented space which is no longer used for the Company's operations. For both the nine months ended August 31, 2023 and 2022, the Company had an immaterial amount of sublease income.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 1,108,996	$ 1,467,344	$ 2,577,224	$ 3,291,681

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policy)

Basis of Presentation (Policy)	9 Months Ended
Basis of Presentation (Policy)	Aug. 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)	9 Months Ended
Operating and Reporting Segments (Tables)	Aug. 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) August 31, 2023 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 3,887,809 167,216 28,712 5,344 4,089,081 Restricted cash 16,201 18,750 — — 34,951 Receivables, net (1) 843,750 372,265 104,611 — 1,320,626 Inventories 22,049,516 — 529,467 — 22,578,983 Loans held-for-sale (2) — 1,287,773 — — 1,287,773 Investments in equity securities (3) — — — 397,943 397,943 Investments available-for-sale (4) — — — 37,114 37,114 Loans held-for-investment, net — 51,330 — — 51,330 Investments held-to-maturity — 140,967 — — 140,967 Investments in unconsolidated entities 1,157,021 — 623,269 288,534 2,068,824 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,578,692 106,594 68,528 44,661 1,798,475 $ 32,975,348 2,334,594 1,354,587 773,596 37,438,125 Liabilities: Notes and other debts payable, net $ 3,320,119 1,154,163 3,477 — 4,477,759 Accounts payable and other liabilities 6,623,023 179,322 286,789 82,690 7,171,824 $ 9,943,142 1,333,485 290,266 82,690 11,649,583 (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 August 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 $186.0 million and $178.0 million without readily available fair values as of August 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 Nine Months Ended August 31, August 31, (In thousands) 2023 2022 2023 2022 Revenues: Homebuilding $ 8,318,615 8,479,496 22,144,937 22,209,683 Financial Services 266,206 202,078 672,166 578,945 Multifamily (1) 137,394 243,056 432,661 686,436 Lennar Other 7,388 9,801 15,419 21,579 $ 8,729,603 8,934,431 23,265,183 23,496,643 Earnings (loss) before income taxes: Homebuilding $ 1,493,820 1,963,224 3,615,068 4,953,485 Financial Services (2) 148,995 63,348 340,331 258,074 Multifamily (8,733) 48,487 (38,496) 54,582 Lennar Other (26,218) (117,980) (84,374) (629,538) Corporate and Unallocated (3) (132,703) (132,805) (414,294) (380,760) $ 1,475,161 1,824,274 3,418,235 4,255,843 (1) Revenues for Multifamily for the three and nine months ended August 31, 2022, included $62.2 million and $210.0 million, respectively, of land sales to unconsolidated entities. (2) Financial Services operating earnings for the three and nine months ended August 31, 2022, included a $35.5 million one-time charge due to an increase in a litigation accrual related to a court judgment. (3) 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: August 31, November 30, 2023 2022 (In thousands) East $ 7,390,919 6,877,581 Central 4,262,363 4,010,610 Texas 3,604,254 3,742,663 West 11,872,484 12,182,709 Other 1,524,150 1,382,864 Corporate and Unallocated 4,321,178 4,487,735 Total Homebuilding $ 32,975,348 32,684,162 Financial information relating to the Company’s homebuilding segments was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2023 2022 2023 2022 Revenues East $ 2,414,026 2,540,285 6,613,284 6,424,922 Central 1,600,131 1,577,544 4,060,546 3,970,805 Texas 1,176,875 1,140,556 3,340,539 3,048,676 West 3,117,265 3,212,169 8,103,423 8,733,429 Other 10,318 8,942 27,145 31,851 $ 8,318,615 8,479,496 22,144,937 22,209,683 Operating earnings (loss) East $ 553,700 642,482 1,483,819 1,548,296 Central 261,542 272,351 607,140 631,224 Texas 219,871 278,814 528,231 722,983 West 479,968 788,443 1,065,940 2,077,740 Other (21,261) (18,866) (70,062) (26,758) $ 1,493,820 1,963,224 3,615,068 4,953,485
Schedule of Line of Credit Facilities	At August 31, 2023, the Financial Services segment had warehouse facilities which 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: December 2023 $ 500,000 April 2024 (1) 500,000 May 2024 (2) 1,500,000 June 2024 200,000 Total residential facilities $ 2,700,000 LMF Commercial facilities maturing: November 2023 $ 100,000 December 2023 400,000 Total LMF commercial facilities $ 500,000 Total $ 3,200,000 (1) Maximum aggregate commitment includes an uncommitted amount of $250 million. (2) Maximum aggregate commitment includes $900 million that is available from August 2023 to December 2023. Subsequent to December 2023, the maximum aggregate commitment will be $600 million until maturity in May 2024. Borrowings and collateral under the facilities were as follows: (In thousands) August 31, 2023 November 30, 2022 Borrowings under the residential facilities $ 1,002,786 1,877,411 Collateral under the residential facilities 1,039,977 1,950,155 Borrowings under the LMF Commercial facilities 20,000 124,399 The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows: (In thousands) August 31, 2023 Commitments - maturing in April 2024 $ 350,000 Commitments - maturing in May 2027 2,225,000 Total commitments $ 2,575,000 Accordion feature 425,000 Total maximum borrowings capacity $ 3,000,000 (In thousands) August 31, 2023 November 30, 2022 Performance letters of credit $ 1,423,643 1,259,033 Financial letters of credit 399,866 503,659 Surety bonds 4,367,124 4,136,715 Anticipated future costs primarily for site improvements related to performance surety bonds 2,425,037 2,273,694
Schedule of Loans Held for Sale	LMF Commercial originated commercial loans as follows: Three Months Ended Nine Months Ended August 31, August 31, (Dollars in thousands) 2023 2022 2023 2022 Originations (1) $ 161,308 109,850 325,378 518,345 Sold 100,562 188,266 265,864 511,733 Securitizations 3 2 6 4 (1) During both the three and nine months ended August 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) August 31, 2023 November 30, 2022 Carrying value $ 140,967 143,251 Outstanding debt, net of debt issuance costs 131,377 133,283 Incurred interest rate 3.4% 3.4%
Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities	August 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 August 31, 2023 As of November 30, 2022 Unobservable inputs Mortgage prepayment rate 8% 8% Discount rate 13% 13% Delinquency rate 10% 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: Nine Months Ended August 31, 2023 2022 Unobservable inputs Range Average selling price $371,000 — 850,000 750,000 Absorption rate per quarter (homes) 3 — 26 2 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 Nine Months Ended August 31, August 31, (In thousands) 2023 2022 2023 2022 Blend Labs (BLND) $ 386 (518) (360) (21,510) Hippo (HIPO) (17,166) (32,933) (14,933) (195,336) Opendoor (OPEN) 23,638 (54,391) 38,459 (218,751) SmartRent (SMRT) (1,707) (23,118) 8,219 (71,431) Sonder (SOND) (91) (168) (549) (2,300) Sunnova (NOVA) (20,773) 25,289 (45,006) (49,646) Lennar Other unrealized losses from technology investments $ (15,713) (85,839) (14,170) (558,974)

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
Investments in Unconsolidated Entities (Tables)	Aug. 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) August 31, 2023 November 30, 2022 Investments in unconsolidated entities (1) (2) $ 1,157,021 1,173,164 Underlying equity in unconsolidated entities' net assets (1) 1,512,908 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 FivePoint. (2) Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of August 31, 2023 and November 30, 2022, the carrying amount of the Company's investment was $416.6 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 Nine Months Ended August 31, August 31, (In thousands) 2023 2022 2023 2022 General contractor services, net of deferrals $ 120,510 123,550 374,283 366,419 General contractor costs 114,371 118,738 357,168 350,773 Land sales to joint ventures — 62,218 — 209,979 Management fee income, net of deferrals 16,884 17,514 52,499 46,968 Details of LMV I and LMV II as of and during the nine months ended August 31, 2023 are included below: August 31, 2023 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 200,707 277,265 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 nine months ended August 31, 2023 — —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
Stockholders' Equity (Tables)	Aug. 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 nine months ended August 31, 2023 and 2022: Three Months Ended August 31, 2023 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at May 31, 2023 $ 25,161,119 25,843 3,660 5,546,128 (675,686) 3,832 20,111,368 145,974 Net earnings (including net earnings attributable to noncontrolling interests) 1,116,952 — — — — — 1,108,996 7,956 Employee stock and directors plans (8,552) 1 — (620) (7,933) — — — Purchases of treasury stock (368,381) — — — (368,381) — — — Amortization of restricted stock 12,885 — — 12,885 — — — — Cash dividends (107,082) — — — — — (107,082) — Receipts related to noncontrolling interests 1,391 — — — — — — 1,391 Payments related to noncontrolling interests (22,795) — — — — — — (22,795) Non-cash purchase or activity of noncontrolling interests, net 2,797 — — 3,400 — — — (603) Total other comprehensive income, net of tax 208 — — — — 208 — — Balance at August 31, 2023 $ 25,788,542 25,844 3,660 5,561,793 (1,052,000) 4,040 21,113,282 131,923 Three Months Ended August 31, 2022 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at May 31, 2022 $ 21,789,774 25,582 3,660 5,355,182 (76,615) 1,748 16,288,698 191,519 Net earnings (including net earnings attributable to noncontrolling interests) 1,472,694 — — — — — 1,467,344 5,350 Employee stock and directors plans (13,106) — — 39 (13,145) — — — Amortization of restricted stock 38,200 — — 38,200 — — — — Cash dividends (108,749) — — — — — (108,749) — Receipts related to noncontrolling interests 11,965 — — — — — — 11,965 Payments related to noncontrolling interests (19,577) — — — — — — (19,577) Non-cash purchase or activity of noncontrolling interests, net (44,005) — — (5,008) — — — (38,997) Total other comprehensive income, net of tax 342 — — — — 342 — — Balance at August 31, 2022 $ 23,127,538 25,582 3,660 5,388,413 (89,760) 2,090 17,647,293 150,260 Nine Months Ended August 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) 2,594,002 — — — — — 2,577,224 16,778 Employee stock and directors plans (71,313) 236 — 822 (72,371) — — — Purchases of treasury stock (769,240) — — — (769,240) — — — Amortization of restricted stock 139,616 — — 139,616 — — — — Cash dividends (325,359) — — — — — — (325,359) — Receipts related to noncontrolling interests 6,309 — — — — — — 6,309 Payments related to noncontrolling interests (43,418) — — — — — — (43,418) Non-cash purchase or activity of noncontrolling interests, net 15,946 — — 3,559 — — — 12,387 Total other comprehensive income, net of tax 1,632 — — — — 1,632 — — Balance at August 31, 2023 $ 25,788,542 25,844 3,660 5,561,793 (1,052,000) 4,040 21,113,282 131,923 Nine Months Ended August 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) 3,304,567 — — — — — 3,291,681 12,886 Employee stock and directors plans (70,525) 199 — 893 (71,617) — — — 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 154,710 — — 154,710 — — — — Cash dividends (329,717) — — — — — — (329,717) — Receipts related to noncontrolling interests 30,060 — — — — — — 30,060 Payments related to noncontrolling interests (85,098) — — — — — — (85,098) Non-cash purchase or activity of noncontrolling interests, net (29,101) — — (41,656) — — — 12,555 Total other comprehensive loss, net of tax 3,431 — — — — 3,431 — — Balance at August 31, 2022 $ 23,127,538 25,582 3,660 5,388,413 (89,760) 2,090 17,647,293 150,260 Three Months Ended Nine Months Ended August 31, August 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 2,305,300 694,700 — — 5,021,186 1,978,814 8,246,000 1,122,000 Total purchase price $ 287,024 $ 78,855 $ — $ — $ 568,892 $ 193,970 $ 762,282 $ 84,601 Average price per share $ 124.51 $ 113.51 $ — $ — $ 113.30 $ 98.02 $ 92.44 $ 75.40

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Aug. 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 Nine Months Ended August 31, August 31, (Dollars in thousands) 2023 2022 2023 2022 Provision for income taxes $358,209 351,580 824,233 951,276 Effective tax rate (1) 24.4% 19.3% 24.2 % 22.4 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Aug. 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 Nine Months Ended August 31, August 31, (In thousands, except per share amounts) 2023 2022 2023 2022 Numerator: Net earnings attributable to Lennar $ 1,108,996 1,467,344 2,577,224 3,291,681 Less: distributed earnings allocated to nonvested shares 672 655 4,968 3,830 Less: undistributed earnings allocated to nonvested shares 12,549 15,088 28,252 34,605 Numerator for basic earnings per share 1,095,775 1,451,601 2,544,004 3,253,246 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) — 1,038 — 3,881 Numerator for diluted earnings per share $ 1,095,775 1,450,563 2,544,004 3,249,365 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 282,854 288,109 284,612 290,645 Denominator for diluted earnings per share - weighted average common shares outstanding 282,854 288,109 284,612 290,645 Basic earnings per share $ 3.87 5.04 8.94 11.19 Diluted earnings per share $ 3.87 5.03 8.94 11.18 (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)	9 Months Ended
Homebuilding Senior Notes and Other Debts Payable (Tables)	Aug. 31, 2023
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) August 31, 2023 November 30, 2022 4.875% senior notes due December 2023 (1) $ 377,973 399,169 4.50% senior notes due 2024 (1) 463,407 648,975 4.75% senior notes due 2025 499,225 498,892 5.25% senior notes due 2026 403,345 404,257 5.00% senior notes due 2027 351,453 351,741 4.75% senior notes due 2027 896,820 896,259 5.875% senior notes due 2024 — 434,128 Mortgage notes on land and other debt 327,896 413,873 $ 3,320,119 4,047,294 (1) During the three months ended August 31, 2023, the Company repurchased $19.9 million and $30.4 million aggregate principal amount of 4.875% senior notes and 4.50% senior notes, respectively, through open market repurchases. During the nine months ended August 31, 2023, the Company repurchased $21.8 million and $186.2 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 August 31, 2023, the Financial Services segment had warehouse facilities which 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: December 2023 $ 500,000 April 2024 (1) 500,000 May 2024 (2) 1,500,000 June 2024 200,000 Total residential facilities $ 2,700,000 LMF Commercial facilities maturing: November 2023 $ 100,000 December 2023 400,000 Total LMF commercial facilities $ 500,000 Total $ 3,200,000 (1) Maximum aggregate commitment includes an uncommitted amount of $250 million. (2) Maximum aggregate commitment includes $900 million that is available from August 2023 to December 2023. Subsequent to December 2023, the maximum aggregate commitment will be $600 million until maturity in May 2024. Borrowings and collateral under the facilities were as follows: (In thousands) August 31, 2023 November 30, 2022 Borrowings under the residential facilities $ 1,002,786 1,877,411 Collateral under the residential facilities 1,039,977 1,950,155 Borrowings under the LMF Commercial facilities 20,000 124,399 The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows: (In thousands) August 31, 2023 Commitments - maturing in April 2024 $ 350,000 Commitments - maturing in May 2027 2,225,000 Total commitments $ 2,575,000 Accordion feature 425,000 Total maximum borrowings capacity $ 3,000,000 (In thousands) August 31, 2023 November 30, 2022 Performance letters of credit $ 1,423,643 1,259,033 Financial letters of credit 399,866 503,659 Surety bonds 4,367,124 4,136,715 Anticipated future costs primarily for site improvements related to performance surety bonds 2,425,037 2,273,694

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	9 Months Ended
Financial Instruments and Fair Value Disclosures (Tables)	Aug. 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 August 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. August 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 $ 51,330 51,330 45,636 45,647 Investments held-to-maturity Level 3 140,967 139,993 143,251 143,208 LIABILITIES Homebuilding senior notes and other debts payable, net Level 2 $ 3,320,119 3,271,836 4,047,294 3,993,242 Financial Services notes and other debts payable, net Level 2 1,154,163 1,154,797 2,135,093 2,135,797 Multifamily notes payable, net Level 2 3,477 3,477 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) August 31, 2023 November 30, 2022 Financial Services Assets: Residential loans held-for-sale Level 2 $ 1,250,478 1,750,712 LMF Commercial loans held-for-sale Level 3 37,295 25,599 Mortgage servicing rights Level 3 3,416 3,463 Forward options Level 1 5,714 9,473 Lennar Other Assets: Investments in equity securities Level 1 $ 211,898 212,981 Investments available-for-sale Level 3 37,114 35,482 Residential and LMF Commercial loans held-for-sale in the table above include: August 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 $ 1,267,604 (17,126) 1,734,480 16,233 LMF Commercial loans held-for-sale 37,842 (547) 24,000 1,599
Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities	August 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 August 31, 2023 As of November 30, 2022 Unobservable inputs Mortgage prepayment rate 8% 8% Discount rate 13% 13% Delinquency rate 10% 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: Nine Months Ended August 31, 2023 2022 Unobservable inputs Range Average selling price $371,000 — 850,000 750,000 Absorption rate per quarter (homes) 3 — 26 2 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 Nine Months Ended August 31, August 31, (In thousands) 2023 2022 2023 2022 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ (9,795) (14,319) (33,358) (41,356) Mortgage loan commitments 18,139 (7,958) (16,922) 18,597 Forward contracts (9,379) 42,781 63,323 34,291 Forward options (485) (6) (1,437) (6) Changes in fair value included in Lennar Other unrealized losses from technology investments: Investments in equity securities $ (15,713) (85,839) (14,170) (558,974) Changes in fair value included in other comprehensive income, net of tax: Lennar Other investments available-for-sale $ 208 342 1,632 1,146
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 August 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 $ 3,398 22,754 3,221 84,205 Purchases/loan originations 34 161,308 93 109,850 Sales/loan originations sold, including those not settled — (100,562) — (188,266) Disposals/settlements (94) (45,667) (54) — Changes in fair value (1) 78 (535) 96 693 Interest and principal paydowns — (3) — (35) Ending balance $ 3,416 37,295 3,356 6,447 Nine Months Ended August 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 155 325,378 275 518,345 Sales/loan originations sold, including those not settled — (265,864) — (511,733) Disposals/settlements (237) (45,667) (320) — Changes in fair value (1) 35 (547) 909 247 Interest and principal paydowns — (1,604) — (480) Ending balance $ 3,416 37,295 3,356 6,447 (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 August 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 $ 67,006 57,801 (9,205) 21,268 17,034 (4,234) Land and land under development (2) Level 3 26,740 24,612 (2,128) 100,043 93,095 (6,948) Investments in unconsolidated entities (3) Level 3 — — — 1,453 — (1,453) Nine Months Ended August 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 $ 250,822 216,703 (34,119) 55,292 48,075 (7,217) Land and land under development (2) Level 3 69,605 48,315 (21,290) 129,580 111,003 (18,577) Investments in unconsolidated entities (3) Level 3 78,834 37,792 (41,042) 1,453 — (1,453) (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 nine months ended August 31, 2023, total losses, net, for land and land under development included $1.6 million and $18.7 million, respectively, of deposit and pre-acquisition cost write-offs. (3) Valuation adjustments related to investments in unconsolidated entities were primarily included in Homebuilding other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income for the three and nine months ended August 31, 2023. Communities with valuation adjustments At or for the Nine Months Ended # of active communities # of communities with potential indicator of impairment # of communities Fair Value (in thousands) Valuation Adjustments (in thousands) August 31, 2023 1,247 21 6 $ 53,211 $ 18,844 August 31, 2022 1,182 5 1 8,815 2,710

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Aug. 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: August 31, 2023 November 30, 2022 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding (1) $ 663,528 749,232 586,935 718,719 Multifamily (2) 392,900 411,104 607,484 633,934 Financial Services (3) 140,967 140,967 143,251 143,251 Lennar Other (4) 55,167 55,167 55,952 55,952 $ 1,252,562 1,356,470 1,393,622 1,551,856 (1) As of August 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 August 31, 2023, there was recourse debt of a VIE of $10.5 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 August 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 August 31, 2023 and November 30, 2022, respectively, for future expenditures related to the construction and development of its projects. The decrease in exposure for the nine months ended August 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 August 31, 2023. (3) As of August 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 August 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) August 31, 2023 November 30, 2022 Non-refundable option deposits and pre-acquisition costs $ 2,168,595 1,990,946 Letters of credit in lieu of cash deposits under certain land and option contracts 162,634 163,942

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
Commitments and Contingencies (Tables)	Aug. 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 Nine Months Ended August 31, August 31, (In thousands) 2023 2022 2023 2022 Warranty reserve, beginning of the period $ 415,154 377,990 418,017 377,021 Warranties issued 75,024 73,697 195,924 190,704 Adjustments to pre-existing warranties from changes in estimates (1) (8,568) 10,301 1,620 16,023 Payments (80,279) (67,395) (214,230) (189,155) Warranty reserve, end of period $ 401,331 394,593 401,331 394,593 (1) The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 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) August 31, 2023 November 30, 2022 Right-of-use assets $ 137,822 149,966 Lease liabilities 146,006 158,832 Weighted-average remaining lease term (in years) 7.6 7.9 Weighted-average discount rate 3.2% 3.0%
Future Minimum Payments Under Noncancellable Leases	Future minimum payments under the noncancellable leases in effect at August 31, 2023 were as follows: (In thousands) Lease Payments 2023 $ 8,491 2024 30,400 2025 26,485 2026 20,905 2027 17,471 Thereafter 60,367 Total future minimum lease payments (1) $ 164,119 Less: Interest (2) 18,113 Present value of lease liabilities (2) $ 146,006 (1) Total future minimum lease payments exclude variable lease costs of $29.2 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: Nine Months Ended August 31, (In thousands) 2023 2022 Rental expense $ 78,053 78,244

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Aug. 31, 2023	Aug. 31, 2023	Aug. 31, 2022	Nov. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash and cash equivalents held in escrow	$ 355.5	$ 355.5		$ 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		Aug. 31, 2023		Nov. 30, 2022		Aug. 31, 2022
Segment Reporting Information [Line Items]
Total assets	[1]	$ 37,438,125		$ 37,984,295
Total liabilities	[2]	11,649,583		13,743,928
Equity securities without readily determinable fair values		186,000		178,000
Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		4,089,081		4,778,720
Restricted cash		34,951		37,050
Receivables, net		1,320,626		1,614,277
Inventories		22,578,983		21,862,453
Loans held-for-sale		1,287,773		1,776,311
Investments in equity securities		397,943		391,026
Investments available-for-sale		37,114		35,482
Loans held-for-investment, net		51,330		45,636
Debt Securities, Held-to-maturity		140,967		143,251
Investments in unconsolidated entities		2,068,824		2,137,813
Goodwill		3,632,058		3,632,058
Other assets		1,798,475		1,530,218
Senior notes and other debts payable, net		4,477,759		6,199,136
Accounts payable and other liabilities		7,171,824		7,544,792
Homebuilding
Segment Reporting Information [Line Items]
Inventories	[1]	22,049,516		21,432,011
Investments in unconsolidated entities	[1]	1,157,021		1,173,164
Goodwill	[1]	3,442,359		3,442,359
Other assets	[1]	1,578,692		1,323,478
Total assets	[1]	32,975,348		32,684,162
Senior notes and other debts payable, net	[2]	3,320,119		4,047,294
Total liabilities	[2]	9,943,142		10,978,646
Homebuilding \| Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		3,887,809	[1]	4,616,124	[1]	$ 1,309,364
Restricted cash		16,201	[1]	23,046	[1]	32,575
Receivables, net	[1]	843,750		673,980
Inventories		22,049,516		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		1,157,021		1,173,164
Goodwill		3,442,359		3,442,359
Other assets		1,578,692		1,323,478
Total assets		32,975,348		32,684,162
Senior notes and other debts payable, net		3,320,119		4,047,294
Accounts payable and other liabilities		6,623,023		6,931,352
Total liabilities		9,943,142		10,978,646
Lennar Financial Services
Segment Reporting Information [Line Items]
Total assets	[1]	2,334,594		3,254,257
Total liabilities	[2]	1,333,485		2,353,904
Lennar Financial Services \| Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		167,216		139,378		143,630
Restricted cash		18,750		14,004		14,710
Receivables, net		372,265		826,163
Inventories		0		0
Loans held-for-sale		1,287,773		1,776,311
Investments in equity securities		0		0
Investments available-for-sale		0		0
Loans held-for-investment, net		51,330		45,636
Debt Securities, Held-to-maturity		140,967		143,251
Investments in unconsolidated entities		0		0
Goodwill		189,699		189,699
Other assets		106,594		119,815
Total assets		2,334,594		3,254,257
Senior notes and other debts payable, net		1,154,163		2,135,093
Accounts payable and other liabilities		179,322		218,811
Total liabilities		1,333,485		2,353,904
Lennar Multifamily [Member]
Segment Reporting Information [Line Items]
Total assets	[1]	1,354,587		1,257,337
Total liabilities	[2]	290,266		313,484
Lennar Multifamily [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		28,712		17,827		40,870
Restricted cash		0		0
Receivables, net		104,611		114,134
Inventories		529,467		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		623,269		648,126
Goodwill		0		0
Other assets		68,528		46,808
Total assets		1,354,587		1,257,337
Senior notes and other debts payable, net		3,477		16,749
Accounts payable and other liabilities		286,789		296,735
Total liabilities		290,266		313,484
Lennar Other
Segment Reporting Information [Line Items]
Total assets	[1]	773,596		788,539
Total liabilities	[2]	82,690		97,894
Lennar Other \| Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		5,344		5,391		$ 10,181
Restricted cash		0		0
Receivables, net		0		0
Inventories		0		0
Loans held-for-sale		0		0
Investments in equity securities		397,943		391,026
Investments available-for-sale		37,114		35,482
Loans held-for-investment, net		0		0
Debt Securities, Held-to-maturity		0		0
Investments in unconsolidated entities		288,534		316,523
Goodwill		0		0
Other assets		44,661		40,117
Total assets		773,596		788,539
Senior notes and other debts payable, net		0		0
Accounts payable and other liabilities		82,690		97,894
Total liabilities		$ 82,690		$ 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 August 31, 2023, total assets include $1.9 billion related to consolidated VIEs of which $33.4 million is included in Homebuilding cash and cash equivalents, $2.3 million in Homebuilding receivables, net, $37.5 million in Homebuilding finished homes and construction in progress, $847.8 million in Homebuilding land and land under development, $921.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $25.3 million in Homebuilding other assets and $31.9 million in Multifamily 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		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 8,729,603	$ 8,934,431	$ 23,265,183	$ 23,496,643
Operating Segments And Corporate
Segment Reporting Information [Line Items]
Operating earnings (loss)	1,475,161	1,824,274	3,418,235	4,255,843
Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,729,603	8,934,431	23,265,183	23,496,643
Operating Segments \| Homebuilding
Segment Reporting Information [Line Items]
Revenues	8,318,615	8,479,496	22,144,937	22,209,683
Operating earnings (loss)	1,493,820	1,963,224	3,615,068	4,953,485
Operating Segments \| Lennar Financial Services
Segment Reporting Information [Line Items]
Revenues	266,206	202,078	672,166	578,945
Operating earnings (loss)	148,995	63,348	340,331	258,074
Operating Segments \| Lennar Financial Services \| Court Judgment
Segment Reporting Information [Line Items]
Loss contingency, provision charge				35,500
Operating Segments \| Lennar Multifamily [Member]
Segment Reporting Information [Line Items]
Revenues	137,394	243,056	432,661	686,436
Operating earnings (loss)	(8,733)	48,487	(38,496)	54,582
Operating Segments \| Lennar Other
Segment Reporting Information [Line Items]
Revenues	7,388	9,801	15,419	21,579
Operating earnings (loss)	(26,218)	(117,980)	(84,374)	(629,538)
Corporate and Unallocated
Segment Reporting Information [Line Items]
Operating earnings (loss)	$ (132,703)	$ (132,805)	$ (414,294)	$ (380,760)

Operating and Reporting Segme_5

Operating and Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands		Aug. 31, 2023	Nov. 30, 2022
Segment Reporting Information [Line Items]
Assets	[1]	$ 37,438,125	$ 37,984,295
Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	32,975,348	32,684,162
Operating Segments And Corporate \| Homebuilding
Segment Reporting Information [Line Items]
Assets		32,975,348	32,684,162
Operating Segments \| Homebuilding
Segment Reporting Information [Line Items]
Assets		32,975,348	32,684,162
Operating Segments \| East
Segment Reporting Information [Line Items]
Assets		7,390,919	6,877,581
Operating Segments \| Central
Segment Reporting Information [Line Items]
Assets		4,262,363	4,010,610
Operating Segments \| Texas
Segment Reporting Information [Line Items]
Assets		3,604,254	3,742,663
Operating Segments \| West
Segment Reporting Information [Line Items]
Assets		11,872,484	12,182,709
Operating Segments \| Other
Segment Reporting Information [Line Items]
Assets		1,524,150	1,382,864
Corporate and Unallocated
Segment Reporting Information [Line Items]
Assets		$ 4,321,178	$ 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 August 31, 2023, total assets include $1.9 billion related to consolidated VIEs of which $33.4 million is included in Homebuilding cash and cash equivalents, $2.3 million in Homebuilding receivables, net, $37.5 million in Homebuilding finished homes and construction in progress, $847.8 million in Homebuilding land and land under development, $921.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $25.3 million in Homebuilding other assets and $31.9 million in Multifamily 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		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 8,729,603	$ 8,934,431	$ 23,265,183	$ 23,496,643
Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,729,603	8,934,431	23,265,183	23,496,643
Homebuilding \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,318,615	8,479,496	22,144,937	22,209,683
Operating earnings (loss)	1,493,820	1,963,224	3,615,068	4,953,485
East \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,414,026	2,540,285	6,613,284	6,424,922
Operating earnings (loss)	553,700	642,482	1,483,819	1,548,296
Central \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,600,131	1,577,544	4,060,546	3,970,805
Operating earnings (loss)	261,542	272,351	607,140	631,224
Texas \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,176,875	1,140,556	3,340,539	3,048,676
Operating earnings (loss)	219,871	278,814	528,231	722,983
West \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	3,117,265	3,212,169	8,103,423	8,733,429
Operating earnings (loss)	479,968	788,443	1,065,940	2,077,740
Other \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	10,318	8,942	27,145	31,851
Operating earnings (loss)	$ (21,261)	$ (18,866)	$ (70,062)	$ (26,758)

Operating and Reporting Segme_7

Operating and Reporting Segments (Disclosure of Facilities) (Details) - Lennar Financial Services - USD ($)	9 Months Ended
	Aug. 31, 2023	Jan. 01, 2024	Dec. 31, 2023	Nov. 30, 2022
Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 3,200,000,000
Residential facilities \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	2,700,000,000
Borrowings under facility	1,002,786,000			$ 1,877,411,000
Residential facilities \| Warehouse Repurchase Facility \| Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Borrowings under facility	1,039,977,000			1,950,155,000
December 2023 \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	500,000,000
April 2024 (1) \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	500,000,000
April 2024 (1) \| Warehouse Repurchase Facility \| Uncommitted
Line of Credit Facility [Line Items]
Maximum borrowing capacity	250,000,000
May 2024 (2) \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,500,000,000
June 2024 \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	200,000,000
Commercial facilities \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	500,000,000
November 2023 \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100,000,000
November 2023 \| Warehouse Repurchase Facility \| Subsequent Event \| Forecast
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 600,000,000	$ 900,000,000
December 2023 \| Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 400,000,000
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	$ 20,000,000			$ 124,399,000

Operating and Reporting Segme_8

Operating and Reporting Segments (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 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	$ 17,500,000		$ 17,500,000		$ 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		9 Months Ended
	Aug. 31, 2023 USD ($) transaction	Aug. 31, 2022 USD ($) transaction	Aug. 31, 2023 USD ($) transaction	Aug. 31, 2022 USD ($) transaction
Segment Reporting Information [Line Items]
Originations	$ 161,308	$ 109,850	$ 325,378	$ 518,345
Sold	$ 100,562	$ 188,266	$ 265,864	$ 511,733
Securitizations \| transaction	3	2	6	4

Operating and Reporting Segm_10

Operating and Reporting Segments (Commercial Mortgage-Backed Securities) (Details) - Lennar Financial Services - USD ($) $ in Thousands	Aug. 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	$ 131,377	$ 133,283
Incurred interest rate	3.40%	3.40%
CMBS
Segment Reporting Information [Line Items]
Debt Securities, Held-to-maturity	$ 140,967	$ 143,251

Operating and Reporting Segm_11

Operating and Reporting Segments (Fair Value Inputs for Commercial Mortgage-Backed Securities) (Details) - CMBS - Lennar Financial Services	9 Months Ended
	Aug. 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		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Segment Reporting Information [Line Items]
Lennar Other unrealized losses from technology investments	$ (15,713)	$ (85,839)	$ (14,170)	$ (558,974)
Blend Labs
Segment Reporting Information [Line Items]
Lennar Other unrealized losses from technology investments	386	(518)	(360)	(21,510)
Hippo
Segment Reporting Information [Line Items]
Lennar Other unrealized losses from technology investments	(17,166)	(32,933)	(14,933)	(195,336)
Opendoor
Segment Reporting Information [Line Items]
Lennar Other unrealized losses from technology investments	23,638	(54,391)	38,459	(218,751)
SmartRent
Segment Reporting Information [Line Items]
Lennar Other unrealized losses from technology investments	(1,707)	(23,118)	8,219	(71,431)
Sonder
Segment Reporting Information [Line Items]
Lennar Other unrealized losses from technology investments	(91)	(168)	(549)	(2,300)
Sunnova
Segment Reporting Information [Line Items]
Lennar Other unrealized losses from technology investments	$ (20,773)	$ 25,289	$ (45,006)	$ (49,646)

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Homebuilding Unconsolidated Entities) (Details) - USD ($) $ in Thousands		Aug. 31, 2023	Nov. 30, 2022
FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 416,600	$ 382,900
Unconsolidated entities ownership percentage		40%
Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 1,157,021	1,173,164
Underlying equity in unconsolidated partners' net assets		$ 1,512,908	$ 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 August 31, 2023, total assets include $1.9 billion related to consolidated VIEs of which $33.4 million is included in Homebuilding cash and cash equivalents, $2.3 million in Homebuilding receivables, net, $37.5 million in Homebuilding finished homes and construction in progress, $847.8 million in Homebuilding land and land under development, $921.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $25.3 million in Homebuilding other assets and $31.9 million in Multifamily 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		Aug. 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		16,800	$ 37,700
Homebuilding
Schedule of Equity Method Investments [Line Items]
Non-recourse debt with completion guarantees		334,800	333,600
Lennar's carrying value of investments	[1]	1,157,021	1,173,164
Lennar Multifamily [Member]
Schedule of Equity Method Investments [Line Items]
Non-recourse debt with completion guarantees		1,400,000	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		$ 30,600
Lennar Other \| Rialto Funds and Investment Vehicles
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments		162,800	185,100
Lennar Other \| Strategic Technology Investments
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments		$ 125,800	$ 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 August 31, 2023, total assets include $1.9 billion related to consolidated VIEs of which $33.4 million is included in Homebuilding cash and cash equivalents, $2.3 million in Homebuilding receivables, net, $37.5 million in Homebuilding finished homes and construction in progress, $847.8 million in Homebuilding land and land under development, $921.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $25.3 million in Homebuilding other assets and $31.9 million in Multifamily 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		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Schedule of Equity Method Investments [Line Items]
Revenues	$ 8,729,603	$ 8,934,431	$ 23,265,183	$ 23,496,643
General Contractor Services \| Lennar Multifamily [Member]
Schedule of Equity Method Investments [Line Items]
Revenues			374,283	366,419
Cost of revenue			357,168	350,773
General Contractor Services \| Lennar Multifamily [Member] \| Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Revenues	120,510	123,550
Cost of revenue	114,371	118,738
Land \| Lennar Multifamily [Member] \| Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Revenues	0	62,218	0	209,979
Management Fee \| Lennar Multifamily [Member]
Schedule of Equity Method Investments [Line Items]
Revenues			$ 52,499	$ 46,968
Management Fee \| Lennar Multifamily [Member] \| Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Revenues	$ 16,884	$ 17,514

Investments in Unconsolidated_6

Investments in Unconsolidated Entities (Details of Multifamily Unconsolidated Entities) (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022
Schedule of Equity Method Investments [Line Items]
Distributions of earnings from unconsolidated entities	$ 33,714	$ 46,376
Lennar Multifamily [Member] \| LMV I
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	200,707
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	277,265
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								9 Months Ended
	Sep. 27, 2023	Jul. 21, 2023	Aug. 31, 2023		May 31, 2023	Feb. 28, 2023		Nov. 30, 2022		Aug. 31, 2022	Aug. 31, 2023		Aug. 31, 2022	Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 25,161,119,000			$ 24,240,367,000	[1]	$ 23,127,538,000		$ 21,789,774,000	$ 24,240,367,000	[1]	$ 20,996,282,000
Net earnings (including net earnings attributable to noncontrolling interests)			1,116,952,000							1,472,694,000	2,594,002,000		3,304,567,000
Employee stock and directors plans			(8,552,000)							(13,106,000)	(71,313,000)		(70,525,000)
Purchases of treasury stock			(368,381,000)								(769,240,000)		(847,071,000)
Amortization of restricted stock			12,885,000							38,200,000	139,616,000		154,710,000
Cash dividends			(107,082,000)							(108,749,000)	(325,359,000)		(329,717,000)
Receipts related to noncontrolling interests			1,391,000							11,965,000	6,309,000		30,060,000
Payments related to noncontrolling interests			(22,795,000)							(19,577,000)	(43,418,000)		(85,098,000)
Non-cash purchase or activity of noncontrolling interests, net			2,797,000							(44,005,000)	15,946,000		(29,101,000)
Total other comprehensive income, net of tax			208,000							342,000	1,632,000		3,431,000
Balance, ending			25,788,542,000	[1]	$ 25,161,119,000			$ 24,240,367,000	[1]	$ 23,127,538,000	25,788,542,000	[1]	23,127,538,000
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 declared (in dollars per share)	$ 0.375
Additional Paid - in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			5,546,128,000			$ 5,417,796,000		$ 5,388,413,000		$ 5,355,182,000	5,417,796,000		8,807,891,000
Employee stock and directors plans			(620,000)							39,000	822,000		893,000
Retirement of treasury stock													(3,533,425,000)
Amortization of restricted stock			12,885,000							38,200,000	139,616,000		154,710,000
Non-cash purchase or activity of noncontrolling interests, net			3,400,000							(5,008,000)	3,559,000		(41,656,000)
Balance, ending			5,561,793,000		$ 5,546,128,000			5,417,796,000		5,388,413,000	5,561,793,000		5,388,413,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			(675,686,000)			(210,389,000)		(89,760,000)		(76,615,000)	(210,389,000)		(2,709,448,000)
Employee stock and directors plans			(7,933,000)							(13,145,000)	(72,371,000)		(71,617,000)
Retirement of treasury stock													3,538,376,000
Purchases of treasury stock			(368,381,000)								(769,240,000)		(847,071,000)
Balance, ending			(1,052,000,000)		(675,686,000)			(210,389,000)		(89,760,000)	(1,052,000,000)		(89,760,000)
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			3,832,000			2,408,000		2,090,000		1,748,000	2,408,000		(1,341,000)
Total other comprehensive income, net of tax			208,000							342,000	1,632,000		3,431,000
Balance, ending			4,040,000		3,832,000			2,408,000		2,090,000	4,040,000		2,090,000
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			20,111,368,000			18,861,417,000		17,647,293,000		16,288,698,000	18,861,417,000		14,685,329,000
Net earnings (including net earnings attributable to noncontrolling interests)			1,108,996,000							1,467,344,000	2,577,224,000		3,291,681,000
Cash dividends			(107,082,000)							(108,749,000)	(325,359,000)		(329,717,000)
Balance, ending			21,113,282,000		20,111,368,000			18,861,417,000		17,647,293,000	21,113,282,000		17,647,293,000
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			145,974,000			139,867,000		150,260,000		191,519,000	139,867,000		179,857,000
Net earnings (including net earnings attributable to noncontrolling interests)			7,956,000							5,350,000	16,778,000		12,886,000
Receipts related to noncontrolling interests			1,391,000							11,965,000	6,309,000		30,060,000
Payments related to noncontrolling interests			(22,795,000)							(19,577,000)	(43,418,000)		(85,098,000)
Non-cash purchase or activity of noncontrolling interests, net			(603,000)							(38,997,000)	12,387,000		12,555,000
Balance, ending			$ 131,923,000		145,974,000			139,867,000		$ 150,260,000	$ 131,923,000		$ 150,260,000
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)			2,305,300							0	5,021,186		8,246,000
Total purchase price			$ 287,024,000							$ 0	$ 568,892,000		$ 762,282,000
Average share price of shares repurchased (in dollars per share)			$ 124.51							$ 0	$ 113.30		$ 92.44
Common Class A \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning			$ 25,843,000			25,608,000		25,582,000		$ 25,582,000	$ 25,608,000		$ 30,050,000
Employee stock and directors plans			1,000							0	236,000		199,000
Retirement of treasury stock													(4,667,000)
Balance, ending			$ 25,844,000		25,843,000			25,608,000		$ 25,582,000	$ 25,844,000		$ 25,582,000
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased during period (in shares)			694,700							0	1,978,814		1,122,000
Total purchase price			$ 78,855,000							$ 0	$ 193,970,000		$ 84,601,000
Average share price of shares repurchased (in dollars per share)			$ 113.51							$ 0	$ 98.02		$ 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		$ 3,660,000	$ 3,660,000		$ 3,944,000
Retirement of treasury stock													(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 August 31, 2023, total liabilities include $1.1 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $147.8 million is included in Homebuilding accounts payable, $878.2 million in Homebuilding liabilities related to consolidated inventory not owned, $25.9 million in Homebuilding senior notes and other debts payable and $4.0 million in Multifamily 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		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 358,209	$ 351,580	$ 824,233	$ 951,276
Effective tax rate	24.40%	19.30%	24.20%	22.40%

Schedule of Basic and Diluted E

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Numerator:
Net earnings attributable to Lennar	$ 1,108,996	$ 1,467,344	$ 2,577,224	$ 3,291,681
Less: distributed earnings allocated to nonvested shares	672	655	4,968	3,830
Less: undistributed earnings allocated to nonvested shares	12,549	15,088	28,252	34,605
Numerator for basic earnings per share	1,095,775	1,451,601	2,544,004	3,253,246
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan	0	1,038	0	3,881
Numerator for diluted earnings per share	$ 1,095,775	$ 1,450,563	$ 2,544,004	$ 3,249,365
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)	282,854	288,109	284,612	290,645
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)	282,854	288,109	284,612	290,645
Basic earnings per share (in dollars per share)	$ 3.87	$ 5.04	$ 8.94	$ 11.19
Diluted earnings per share (in dollars per share)	$ 3.87	$ 5.03	$ 8.94	$ 11.18

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
Earnings Per Share (Narrative) (Details) - shares	Aug. 31, 2023	Aug. 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) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
		Aug. 31, 2023	Aug. 31, 2023	Aug. 31, 2022	Nov. 30, 2022
Debt Instrument [Line Items]
Redemption of senior notes			$ 633,059	$ 575,000
Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]	$ 3,320,119	$ 3,320,119		$ 4,047,294
Homebuilding \| Senior Notes \| 4.875% senior notes due December 2023
Debt Instrument [Line Items]
Interest rate (percent)		4.875%	4.875%
Senior notes and other debts payable, net		$ 377,973	$ 377,973		399,169
Redemption of senior notes		$ 19,900	$ 21,800
Homebuilding \| Senior Notes \| 4.50% senior notes due 2024
Debt Instrument [Line Items]
Interest rate (percent)		4.50%	4.50%
Senior notes and other debts payable, net		$ 463,407	$ 463,407		648,975
Redemption of senior notes		$ 30,400	$ 186,200
Homebuilding \| Senior Notes \| 5.875% senior notes due 2024
Debt Instrument [Line Items]
Interest rate (percent)		5.875%	5.875%
Senior notes and other debts payable, net		$ 0	$ 0		434,128
Redemption of senior notes		$ 425,000
Homebuilding \| Senior Notes \| 4.75% senior notes due 2025
Debt Instrument [Line Items]
Interest rate (percent)		4.75%	4.75%
Senior notes and other debts payable, net		$ 499,225	$ 499,225		498,892
Homebuilding \| Senior Notes \| 5.25% senior notes due 2026
Debt Instrument [Line Items]
Interest rate (percent)		5.25%	5.25%
Senior notes and other debts payable, net		$ 403,345	$ 403,345		404,257
Homebuilding \| Senior Notes \| 5.00% senior notes due 2027
Debt Instrument [Line Items]
Interest rate (percent)		5%	5%
Senior notes and other debts payable, net		$ 351,453	$ 351,453		351,741
Homebuilding \| Senior Notes \| 4.75% senior notes due 2027
Debt Instrument [Line Items]
Interest rate (percent)		4.75%	4.75%
Senior notes and other debts payable, net		$ 896,820	$ 896,820		896,259
Homebuilding \| Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 327,896	$ 327,896		$ 413,873

[1]As of August 31, 2023, total liabilities include $1.1 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $147.8 million is included in Homebuilding accounts payable, $878.2 million in Homebuilding liabilities related to consolidated inventory not owned, $25.9 million in Homebuilding senior notes and other debts payable and $4.0 million in Multifamily 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) - USD ($)	3 Months Ended	9 Months Ended
	Aug. 31, 2023	Aug. 31, 2023	Aug. 31, 2022	Nov. 30, 2022
Debt Instrument [Line Items]
Redemption of senior notes		$ 633,059,000	$ 575,000,000
Gain on repurchase of debt		6,878,000	$ 0
Homebuilding \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowings	$ 500,000,000	500,000,000
Homebuilding \| Senior Notes
Debt Instrument [Line Items]
Debt issuance cost	5,200,000	$ 5,200,000		$ 7,600,000
Homebuilding \| Senior Notes \| 5.875% senior notes due 2024
Debt Instrument [Line Items]
Redemption of senior notes	$ 425,000,000
Interest rate (percent)	5.875%	5.875%
Debt instrument redemption percentage (percent)		100%
Gain on repurchase of debt	$ 6,000,000

Homebuilding Senior Notes and_5

Homebuilding Senior Notes and Other Debts Payable (Credit Facility) (Details) - Unsecured revolving credit facility - Homebuilding	Aug. 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	Aug. 31, 2023	Nov. 30, 2022
Performance letters of credit
Line of Credit Facility [Line Items]
Letters of credit	$ 1,423,643	$ 1,259,033
Financial letters of credit
Line of Credit Facility [Line Items]
Letters of credit	399,866	503,659
Surety bonds
Line of Credit Facility [Line Items]
Letters of credit	4,367,124	4,136,715
Anticipated future costs primarily for site improvements related to performance surety bonds
Line of Credit Facility [Line Items]
Letters of credit	$ 2,425,037	$ 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	Aug. 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	$ 51,330	$ 45,636
Investments held-to-maturity	140,967	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	51,330	45,647
Investments held-to-maturity	139,993	143,208
Lennar Financial Services \| Level 1 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	1,154,163	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	1,154,797	2,135,797
Homebuilding \| Level 1 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	3,320,119	4,047,294
Homebuilding \| Level 1 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	3,271,836	3,993,242
Lennar Multifamily [Member] \| Level 1 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	3,477	16,749
Lennar Multifamily [Member] \| Level 1 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 3,477	$ 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	Aug. 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	$ 5,714	$ 9,473
Level 1 \| Lennar Other
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments in equity securities	211,898	212,981
Level 3 \| Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	3,416	3,463
Level 3 \| Lennar Other
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	37,114	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	1,267,604	1,734,480
Aggregate fair value of loans (below) in excess of principal balance	(17,126)	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	1,250,478	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	37,842	24,000
Aggregate fair value of loans (below) in excess of principal balance	(547)	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	$ 37,295	$ 25,599

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - (Mortgage Servicing Rights Unobservable Inputs) (Details) - Lennar Financial Services - Level 3	Aug. 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	0.10	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		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 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	$ 208	$ 342	$ 1,632	$ 1,146
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 losses from technology investments	(9,795)	(14,319)	(33,358)	(41,356)
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 losses from technology investments	18,139	(7,958)	(16,922)	18,597
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 losses from technology investments	(9,379)	42,781	63,323	34,291
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 losses from technology investments	(485)	(6)	(1,437)	(6)
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	208	342	1,632	1,146
Fair Value, Measurements, Recurring \| Lennar Other \| Equity Securities
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized losses from technology investments	$ (15,713)	$ (85,839)	$ (14,170)	$ (558,974)

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		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 3,398	$ 3,221	$ 3,463	$ 2,492
Purchases/loan originations	34	93	155	275
Sales/loan originations sold, including those not settled	0	0	0	0
Disposals/settlements	(94)	(54)	(237)	(320)
Changes in fair value	78	96	35	909
Interest and principal paydowns	0	0	0	0
Ending balance	3,416	3,356	3,416	3,356
LMF Commercial loans held-for-sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	22,754	84,205	25,599	68
Purchases/loan originations	161,308	109,850	325,378	518,345
Sales/loan originations sold, including those not settled	(100,562)	(188,266)	(265,864)	(511,733)
Disposals/settlements	(45,667)	0	(45,667)	0
Changes in fair value	(535)	693	(547)	247
Interest and principal paydowns	(3)	(35)	(1,604)	(480)
Ending balance	$ 37,295	$ 6,447	$ 37,295	$ 6,447

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		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Inventory Write-down			$ 18,844	$ 2,710
Homebuilding
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Inventory Write-down	$ 1,600		18,700
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	67,006	$ 21,268	250,822	55,292
Finished homes and construction in progress, fair value	57,801	17,034	216,703	48,075
Finished homes and construction in progress, total losses, net	(9,205)	(4,234)	(34,119)	(7,217)
Land and land under development, carrying value	26,740	100,043	69,605	129,580
Land and land under development, fair value	24,612	93,095	48,315	111,003
Land and land under development, total losses, net	(2,128)	(6,948)	(21,290)	(18,577)
Other assets, carrying value	0	1,453	78,834	1,453
Other assets, fair value	0	0	37,792	0
Other assets, total losses, net	$ 0	$ (1,453)	$ (41,042)	$ (1,453)

Financial Instruments and Fai_9

Financial Instruments and Fair Value Disclosures - (Narrative) (Details) $ in Millions	3 Months Ended	9 Months Ended
	Aug. 31, 2023 USD ($) community	Aug. 31, 2023 USD ($) community	Aug. 31, 2022 community
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Active communities \| community	1,247	1,247	1,182
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	9 Months Ended
	Aug. 31, 2023 USD ($) community	Aug. 31, 2022 USD ($) community
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Active communities	1,247	1,182
Number of Communities with potential indicator of impairment	21	5
Number of communities with valuation adjustments	6	1
Valuation adjustments \| $	$ 18,844	$ 2,710
Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Fair value of communities with valuation adjustments \| $	$ 53,211	$ 8,815

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)	Aug. 31, 2023	Aug. 31, 2022
Average selling price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs		750,000,000
Absorption rate per quarter (homes)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs		2
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	3
Maximum \| Average selling price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	850,000,000
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		9 Months Ended
		Aug. 31, 2023	Nov. 30, 2022
Variable Interest Entity [Line Items]
Assets	[1]	$ 37,438,125	$ 37,984,295
Total liabilities	[2]	11,649,583	13,743,928
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Increase in consolidated inventory		356,100
Consolidated inventory not owned		925,000
Consolidated inventory not owned, not recorded		1,800,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		1,900,000	1,400,000
Total liabilities		$ 1,100,000	$ 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 August 31, 2023, total assets include $1.9 billion related to consolidated VIEs of which $33.4 million is included in Homebuilding cash and cash equivalents, $2.3 million in Homebuilding receivables, net, $37.5 million in Homebuilding finished homes and construction in progress, $847.8 million in Homebuilding land and land under development, $921.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $25.3 million in Homebuilding other assets and $31.9 million in Multifamily 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	Aug. 31, 2023	Nov. 30, 2022
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 1,252,562	$ 1,393,622
Lennar’s Maximum Exposure to Loss	1,356,470	1,551,856
Homebuilding
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	663,528	586,935
Lennar’s Maximum Exposure to Loss	749,232	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	10,500
Lennar Multifamily [Member]
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	392,900	607,484
Lennar’s Maximum Exposure to Loss	411,104	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	140,967	143,251
Lennar’s Maximum Exposure to Loss	140,967	143,251
Lennar Other
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	55,167	55,952
Lennar’s Maximum Exposure to Loss	$ 55,167	$ 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	Aug. 31, 2023	Nov. 30, 2022
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs	$ 2,168,595	$ 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	$ 162,634	$ 163,942

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of the period	$ 415,154	$ 377,990	$ 418,017	$ 377,021
Warranties issued	75,024	73,697	195,924	190,704
Adjustments to pre-existing warranties from changes in estimates	(8,568)	10,301	1,620	16,023
Payments	(80,279)	(67,395)	(214,230)	(189,155)
Warranty reserve, end of period	$ 401,331	$ 394,593	$ 401,331	$ 394,593

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - (Additional Information About Leases) (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Nov. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 137,822		$ 149,966
Lease liabilities	$ 146,006		$ 158,832
Weighted-average remaining lease term (in years)	7 years 7 months 6 days		7 years 10 months 24 days
Weighted-average discount rate	3.20%		3%
Rental expense	$ 78,053	$ 78,244

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - (Future MInimum Payments Under Noncancellable Leases) (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Nov. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
2023	$ 8,491
2024	30,400
2025	26,485
2026	20,905
2027	17,471
Thereafter	60,367
Total future minimum lease payments	164,119
Less: Interest	18,113
Present value of lease liabilities	146,006	$ 158,832
Variable lease costs	29,200
Short-term lease costs	$ 2,300
Weighted-average remaining lease term (in years)	7 years 7 months 6 days	7 years 10 months 24 days
Weighted-average discount rate	3.20%	3%