Lennar (LEN) 10-K 23 Jan 25 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Nov. 30, 2024	Dec. 31, 2024	May 31, 2024
Document Type	10-K
Document Annual Report	true
Document Period End Date	Nov. 30, 2024
Current Fiscal Year End Date	--11-30
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 39,677,379,445
Documents Incorporated by Reference	Related Section Documents III Definitive Proxy Statement to be filed pursuant to Regulation 14A on or before March 30, 2025.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0000920760
Class A Common Stock
Title of 12(b) Security	Class A Common Stock, par value 10¢
Trading Symbol	LEN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		233,511,543
Class B Common Stock
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		32,009,014

Audit Information

Audit Information	12 Months Ended
	Nov. 30, 2024
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Miami, Florida
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Nov. 30, 2024		Nov. 30, 2023
Inventories:
Inventory owned		$ 15,634,886		$ 15,360,207
Total assets	[1]	41,312,781		39,234,303
LIABILITIES AND EQUITY
Total liabilities	[2]	13,291,556		12,532,337
Stockholders’ equity:
Preferred stock	[2]	0		0
Additional paid-in capital	[2]	5,729,434		5,570,009
Retained earnings	[2]	25,753,078		22,369,368
Treasury stock, at cost; 2024 - 23,814,148 shares of Class A common stock and 4,532,701 shares of Class B common stock; 2023 - 11,207,889 shares of Class A common stock and 2,920,200 shares of Class B common stock	[2]	(3,649,564)		(1,393,100)
Accumulated other comprehensive income	[2]	7,529		4,879
Total stockholders’ equity	[2]	27,870,135		26,580,664
Noncontrolling interests	[2]	151,090		121,302
Total equity	[2]	28,021,225		26,701,966
Total liabilities and equity	[2]	41,312,781		39,234,303
Class A Common Stock
Stockholders’ equity:
Common stock	[2]	25,998		25,848
Class B Common Stock
Stockholders’ equity:
Common stock	[2]	3,660		3,660
Homebuilding
ASSETS
Cash and cash equivalents	[1]	4,662,643		6,273,724
Restricted cash	[1]	11,799		13,481
Receivables, net	[1]	1,053,211		887,992
Inventories:
Finished homes and construction in progress	[1]	10,884,861		10,455,666
Land and land under development	[1]	4,750,025		4,904,541
Consolidated inventory not owned	[1]	4,084,665		2,992,528
Inventory owned and consolidated inventory not owned	[1]	19,719,551		18,352,735
Deposits and pre-acquisition costs on real estate		3,625,372		2,002,154
Investments in unconsolidated entities	[1]	1,344,836		1,143,909
Goodwill		3,442,359	[1]	3,442,359
Other assets	[1]	1,734,698		1,512,038
Total assets	[1]	35,594,469		33,628,392
LIABILITIES AND EQUITY
Accounts payable	[2]	1,839,440		1,631,401
Liabilities related to consolidated inventory not owned	[2]	3,563,934		2,540,894
Senior notes and other debts payable, net	[2]	2,258,283		2,816,482
Other liabilities	[2]	3,201,552		2,739,217
Total liabilities	[2]	10,863,209		9,727,994
Financial Services
Inventories:
Total assets	[1]	3,516,550		3,566,546
LIABILITIES AND EQUITY
Total liabilities	[2]	2,140,708		2,447,039
Multifamily
Inventories:
Total assets	[1]	1,306,818		1,381,513
LIABILITIES AND EQUITY
Total liabilities	[2]	181,883		278,177
Lennar Other
Inventories:
Total assets	[1]	894,944		657,852
LIABILITIES AND EQUITY
Total liabilities	[2]	$ 105,756		$ 79,127
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $1.2 billion in Homebuilding consolidated inventory not owned, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets. As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities and $1.0 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities and $4.1 million in Multifamily liabilities.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Nov. 30, 2024	Nov. 30, 2023
Total assets	[1]	$ 41,312,781	$ 39,234,303
Total liabilities	[2]	13,291,556	12,532,337
Variable Interest Entity, Primary Beneficiary
Total assets		3,700,000	1,900,000
Total liabilities		$ 2,700,000	$ 1,200,000
Class A Common Stock
Common stock, par value (in USD per share)		$ 0.10	$ 0.10
Common stock, shares authorized (in shares)		400,000,000	400,000,000
Common stock, shares issued (in shares)		259,979,453	258,475,012
Treasury stock, shares (in shares)		23,814,148	11,207,889
Class B Common Stock
Common stock, par value (in USD per share)		$ 0.10	$ 0.10
Common stock, shares authorized (in shares)		90,000,000	90,000,000
Common stock, shares issued (in shares)		36,601,215	36,601,215
Treasury stock, shares (in shares)		4,532,701	2,920,200
Homebuilding
Total assets	[1]	$ 35,594,469	$ 33,628,392
Cash and cash equivalents	[1]	4,662,643	6,273,724
Receivables, net	[1]	1,053,211	887,992
Finished homes and construction in progress	[1]	10,884,861	10,455,666
Land and land under development	[1]	4,750,025	4,904,541
Consolidated inventory not owned	[1]	4,084,665	2,992,528
Investments in unconsolidated entities	[1]	1,344,836	1,143,909
Other assets	[1]	1,734,698	1,512,038
Total liabilities	[2]	10,863,209	9,727,994
Accounts payable	[2]	1,839,440	1,631,401
Senior notes and other debts payable, net	[2]	2,258,283	2,816,482
Liabilities related to consolidated inventory not owned	[2]	3,563,934	2,540,894
Other liabilities	[2]	3,201,552	2,739,217
Homebuilding | Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents		67,000	22,800
Receivables, net		6,000	1,800
Finished homes and construction in progress		9,700	18,300
Land and land under development		602,900	628,000
Inventory, Real Estate, Homebuilding deposits and pre-acquisition costs		71,800	55,000
Consolidated inventory not owned		2,800,000	1,200,000
Investments in unconsolidated entities		300	300
Other assets		42,300	23,000
Accounts payable		67,300	53,700
Senior notes and other debts payable, net		6,000
Liabilities related to consolidated inventory not owned		2,600,000	1,100,000
Other liabilities		45,800	38,100
Lennar Other
Total assets	[1]	894,944	657,852
Total liabilities	[2]	105,756	79,127
Multifamily
Total assets	[1]	1,306,818	1,381,513
Total liabilities	[2]	181,883	278,177
Multifamily | Variable Interest Entity, Primary Beneficiary
Total assets		33,900	32,600
Total liabilities		$ 1,000	$ 4,100
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $1.2 billion in Homebuilding consolidated inventory not owned, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets. As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities and $1.0 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities and $4.1 million in Multifamily liabilities.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Revenues:
Total revenues	$ 35,441,452	$ 34,233,366	$ 33,671,010
Costs and expenses:
Equity in earnings (losses) from unconsolidated entities	164,099	(144,610)	(36,301)
Other income (expense), net and other gains (losses)	225,866	30,517	(15,286)
Earnings before income taxes	5,184,908	5,202,304	6,014,566
Provision for income taxes	(1,217,253)	(1,241,013)	(1,366,065)
Net earnings (including net earnings attributable to noncontrolling interests)	3,967,655	3,961,291	4,648,501
Less: Net earnings attributable to noncontrolling interests	35,122	22,780	34,376
Net earnings attributable to Lennar	3,932,533	3,938,511	4,614,125
Other comprehensive income, net of tax:
Net unrealized gains on securities available-for-sale	2,650	2,471	1,464
Reclassification adjustments for gains included in net earnings	0	0	2,285
Total other comprehensive income, net of tax	2,650	2,471	3,749
Total comprehensive income attributable to Lennar	3,935,183	3,940,982	4,617,874
Total comprehensive income attributable to noncontrolling interests	$ 35,122	$ 22,780	$ 34,376
Basic earnings per share (in USD per share)	$ 14.31	$ 13.73	$ 15.74
Diluted earnings per share (in USD per share)	$ 14.31	$ 13.73	$ 15.72
Operating Segments And Corporate Non Segment
Costs and expenses:
Total costs and expenses	$ 30,671,689	$ 28,866,807	$ 26,949,763
Operating Segments
Revenues:
Total revenues	35,441,452	34,233,366	33,671,010
Corporate and unallocated
Costs and expenses:
Corporate general and administrative	648,986	501,338	414,498
Contribution Expense	80,210	73,087	66,399
Homebuilding | Operating Segments
Revenues:
Total revenues	33,906,426	32,660,987	31,951,335
Costs and expenses:
Costs and expenses	28,809,464	27,223,645	25,161,299
Financial Services | Operating Segments
Revenues:
Total revenues	1,109,263	976,859	809,680
Costs and expenses:
Costs and expenses	532,079	467,398	426,378
Multifamily | Operating Segments
Revenues:
Total revenues	411,537	573,485	865,603
Costs and expenses:
Costs and expenses	521,455	573,658	848,931
Lennar Other
Costs and expenses:
Lennar Other unrealized gains (losses) from technology investments	25,180	(50,162)
Lennar Other | Operating Segments
Revenues:
Total revenues	14,226	22,035	44,392
Costs and expenses:
Costs and expenses	79,495	27,681	32,258
Other income (expense), net and other gains (losses)	46,500
Lennar Other unrealized gains (losses) from technology investments	$ 25,180	$ (50,162)	$ (655,094)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total		Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Class A Common Stock	Retained Earnings Class B Common Stock	Treasury Stock	Accumulated Comprehensive Other Income (Loss)	Total Stockholders' Equity	Noncontrolling Interests
Beginning balance at Nov. 30, 2021					$ 30,050	$ 3,944	$ 8,807,891	$ 14,685,329			$ (2,709,448)	$ (1,341)		$ 179,857
Statement of Equity [Roll Forward]
Employee stock and director plans					225		904				(71,695)
Retirement of treasury stock					(4,667)	(284)	(3,533,425)				3,538,376
Amortization of restricted stock							184,086
Premium paid for purchase of noncontrolling interests							(37,342)
Net earnings (including net earnings attributable to noncontrolling interests)	$ 4,648,501							4,614,125						34,376
Cash dividends									$ (383,047)	$ (54,990)
Purchases of treasury stock											(967,622)
Total other comprehensive income, net of tax												3,749
Receipts related to noncontrolling interests														41,816
Payments related to noncontrolling interests														(91,329)
Non-cash consolidations/deconsolidations, net														(55,240)
Non-cash purchase or activity of noncontrolling interests, net							(4,318)							30,387
Ending balance at Nov. 30, 2022	24,240,367				25,608	3,660	5,417,796	18,861,417			(210,389)	2,408	$ 24,100,500	139,867
Statement of Equity [Roll Forward]
Employee stock and director plans					240		1,089				(72,562)
Retirement of treasury stock					0	0	0				0
Amortization of restricted stock							160,720
Premium paid for purchase of noncontrolling interests							0
Net earnings (including net earnings attributable to noncontrolling interests)	3,961,291							3,938,511						22,780
Cash dividends									(378,080)	(52,480)
Purchases of treasury stock			$ (851,502)	$ (248,835)							(1,110,149)
Total other comprehensive income, net of tax												2,471
Receipts related to noncontrolling interests														21,149
Payments related to noncontrolling interests														(71,272)
Non-cash consolidations/deconsolidations, net														0
Non-cash purchase or activity of noncontrolling interests, net							(9,596)							8,778
Ending balance at Nov. 30, 2023	26,701,966	[1]			25,848	3,660	5,570,009	22,369,368			(1,393,100)	4,879	26,580,664	121,302
Statement of Equity [Roll Forward]
Employee stock and director plans					150		1,353				(86,627)
Retirement of treasury stock					0	0	0				0
Amortization of restricted stock							176,676
Premium paid for purchase of noncontrolling interests							0
Net earnings (including net earnings attributable to noncontrolling interests)	3,967,655							3,932,533						35,122
Cash dividends									$ (482,950)	$ (65,873)
Purchases of treasury stock			$ (1,906,049)	$ (243,860)							(2,169,837)
Total other comprehensive income, net of tax												2,650
Receipts related to noncontrolling interests														20,117
Payments related to noncontrolling interests														(46,650)
Non-cash consolidations/deconsolidations, net														0
Non-cash purchase or activity of noncontrolling interests, net							(18,604)							21,199
Ending balance at Nov. 30, 2024	$ 28,021,225	[1]			$ 25,998	$ 3,660	$ 5,729,434	$ 25,753,078			$ (3,649,564)	$ 7,529	$ 27,870,135	$ 151,090
[1] As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities and $1.0 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities and $4.1 million in Multifamily liabilities.

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Class A Common Stock
Cash dividends (in USD per share)	$ 2	$ 1.50	$ 1.50
Class B Common Stock
Cash dividends (in USD per share)	$ 2	$ 1.50	$ 1.50

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)		$ 3,967,655	$ 3,961,291	$ 4,648,501
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		115,528	110,164	87,075
Amortization of discount/premium on debt, net		148	(1,651)	(2,163)
Equity in (earnings) losses from unconsolidated entities		(164,099)	144,610	36,302
Distributions of earnings from unconsolidated entities		155,565	53,125	71,301
Share-based compensation expense		176,676	160,720	184,086
Deferred income tax (benefit) expense		60,426	(67,968)	(246,653)
Unrealized Gain (Loss) on Financing Receivables, Held-for-sale		52,482	26,658	33,287
Gains on sale of operating properties and equipment and other assets		(38,837)	(7,015)	(7,617)
Loss on Extinguishment of Debt		(825)	(9,611)	0
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, other receivables and other assets		143,265	125,338	110,693
Changes in assets and liabilities:
Increase in receivables		(129,212)	(329,191)	(422,398)
(Increase) decrease in inventories, excluding valuation adjustments		(285,095)	2,274,083	(1,711,766)
Increase in deposits and pre-acquisition costs on real estate		(1,631,783)	(295,761)	(672,055)
Increase in other assets		(113,276)	(85,005)	(13,330)
Increase in loans held-for-sale		(218,393)	(366,728)	(202,920)
Increase (decrease) in accounts payable and other liabilities		380,380	(625,862)	701,113
Net cash provided by operating activities		2,403,379	5,179,738	3,265,668
Cash flows from investing activities:
Net additions to operating properties and equipment		(171,503)	(99,799)	(57,214)
Proceeds from the sale of operating properties and equipment and other assets		61,441	13,215	24,686
Investments in and contributions to unconsolidated entities		(425,562)	(201,042)	(447,401)
Distributions of capital from unconsolidated and consolidated entities		231,096	99,643	398,423
Proceeds from sale of commercial mortgage-backed securities bonds		0	0	9,191
(Increase) decrease in Financial Services loans held-for-investment		(734)	14,329	19,491
Purchases of investment securities		(4,519)	(8,000)	(93,769)
Proceeds from maturities/sales of investment securities		7,224	4,673	16,892
Other receipts, net		0	0	1,399
Net cash used in investing activities		(302,557)	(176,981)	(128,302)
Cash flows from financing activities:
Redemption/repurchases of senior notes		(553,865)	(1,121,133)	(575,000)
Principal payments on notes payable and other borrowings		(43,524)	(105,118)	(48,079)
Proceeds from liabilities related to consolidated inventory not owned		195,524	461,312	1,167,227
Payments for Turn of Inventory Not Owned, Financing Activities		(209,333)	(842,781)	(682,385)
Payments related to other liabilities, net		(5,684)	(5,187)	(21,249)
Receipts related to noncontrolling interests		20,117	21,149	41,816
Payments related to noncontrolling interests		(46,650)	(71,272)	(91,329)
Common stock:
Repurchases		(2,256,464)	(1,182,711)	(1,039,309)
Dividends		(548,823)	(430,560)	(438,038)
Net cash used in financing activities		(3,681,550)	(3,247,589)	(1,277,279)
Net increase (decrease) in cash and cash equivalents		(1,580,728)	1,755,168	1,860,087
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents and restricted cash at beginning of year		6,570,938	4,815,770	2,955,683
Cash and cash equivalents and restricted cash at end of year		4,990,210	6,570,938	4,815,770
Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized		54,921	81,223	67,842
Cash paid for income taxes, net		790,476	1,864,941	1,273,166
Supplemental disclosures of non-cash investing and financing activities:
Purchases of inventories financed by sellers		35,292	13,500	36,947
Net non-cash contributions to unconsolidated entities		23,354	367	232,616
Operating Segments
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents and restricted cash at beginning of year		6,570,938	4,815,770
Cash and cash equivalents and restricted cash at end of year		4,990,210	6,570,938	4,815,770
Cash and cash equivalents		4,909,664	6,474,497
Restricted cash		80,546	96,441
Homebuilding
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents	[1]	4,662,643	6,273,724
Restricted cash	[1]	11,799	13,481
Homebuilding | Operating Segments
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		129,196	133,253	104,290
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents		4,662,643	6,273,724	4,616,124
Restricted cash		11,799	13,481	23,046
Lennar Other
Adjustments to reconcile net earnings to net cash provided by operating activities:
Unrealized loss on investments		(67,226)	112,541	672,212
Lennar Other | Operating Segments
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents		40,691	1,948	5,391
Restricted cash		0	0
Financial Services | Operating Segments
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents		175,382	159,491	139,378
Restricted cash		68,747	82,960	14,004
Multifamily | Operating Segments
Summary of cash and cash equivalents and restricted cash:
Cash and cash equivalents		30,948	39,334	17,827
Restricted cash		0	0
Segments Other Than Financial Services
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
Noncontrolling interests		0	0	55,240
Inventories		0	0	(101,946)
Operating properties and equipment and other assets		0	0	33,200
Investments in unconsolidated entities		0	0	7,303
Other liabilities		0	0	6,203
Warehouse Repurchase Facility
Cash flows from financing activities:
Net (repayments) borrowings under lines of credit		$ (232,848)	$ 28,712	$ 409,067
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $1.2 billion in Homebuilding consolidated inventory not owned, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
	Nov. 30, 2024
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 8) in which Lennar Corporation is deemed the primary beneficiary (the "Company"). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. In order to promote sales of homes, the Company may offer sales incentives to homebuyers. The types of incentives vary on a community-by-community basis and home-by-home basis. They include primarily price discounts on individual homes and financing incentives, all of which are reflected as a reduction of home sales revenues. For the years ended November 30, 2024, 2023 and 2022, sales incentives offered to homebuyers averaged $48,800 per home, or 10.3% as a percentage of home sales revenues, $42,900 per home, or 8.8% as a percentage of home sales revenues and $17,300 per home, or 3.5% as a percentage of home sales revenues, respectively. The Company’s performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. Cash proceeds from home closings are included in Homebuilding cash and cash equivalents in the Company's consolidated balance sheets. Contract liabilities include customer deposits liability related to sold but undelivered homes that are included in other liabilities in the Company's consolidated balance sheets. The Company periodically elects to sell parcels of land to third parties. Cash consideration from land sales is typically due on the closing date, which is generally when performance obligations are satisfied, and revenue is recognized as title to and possession of the property are transferred to the buyer. Advertising Costs The Company expenses advertising costs as incurred. Advertising costs were $190.9 million, $146.0 million and $102.1 million for the years ended November 30, 2024, 2023 and 2022, respectively. These costs were included in Homebuilding costs and expenses in the Company's consolidated statements of operations and comprehensive income (loss) for the years ended November 30, 2024, 2023 and 2022. Share-Based Payments The Company has share-based awards outstanding under the 2016 Equity Incentive Plan (the "Plan"), which provides for the granting of stock options, stock appreciation rights, restricted common stock ("nonvested shares") and other share based awards to officers, associates and directors. The exercise prices of stock options may not be less than the market value of the common stock on the date of the grant. Exercises are permitted in installments determined when options are granted. Each stock option will expire on a date determined at the time of the grant, but not more than 10 years after the date of the grant. The Company accounts for stock option awards and nonvested share awards granted under the Plan based on the estimated grant date fair value. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Due to the short maturity period of cash equivalents, the carrying amounts of these instruments approximate their fair values. Homebuilding restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on deposit to secure and support performance obligations. Financial Services restricted cash consists of upfront deposits and application fees LMF Commercial receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan service provider on behalf of customers and lenders which is disbursed in accordance with agreements between the transacting parties. Homebuilding cash and cash equivalents as of November 30, 2024 and 2023 included $265.6 million and $594.8 million, respectively, of cash held in escrow for approximately two days. Receivables At November 30, 2024 and 2023, Homebuilding accounts receivable primarily related to receivables from land banks for land development, rebates and joint ventures. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for accounts receivable. Receivables from land banks represent development costs incurred by the Company which are reimbursable from the land banks. Mortgages and notes receivable arising from the sale of homes and land are generally collateralized by the property sold to the buyer. Allowances are maintained for potential credit losses based on historical experience, present economic conditions and other factors considered relevant by the Company. Balances as of November 30, 2024 and 2023 are noted below: At November 30, (In thousands) 2024 2023 Accounts receivable $ 901,290 640,292 Mortgages and notes receivable 154,320 250,074 1,055,610 890,366 Allowance for credit losses (2,399) (2,374) Receivables, net $ 1,053,211 887,992 Inventories 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. Inventory costs include land, land development, home construction costs, real estate taxes, and interest related to development and construction. Construction overhead and selling expenses are expensed as incurred. Homes held-for-sale are classified as inventories until delivered. Land, land development, amenities and other costs are accumulated by specific area and allocated to homes within the respective areas. The Company reviews its inventory for indicators of impairment by evaluating each community during each reporting period. The inventory within each community is categorized as finished homes, construction in progress or land under development based on the development state of the community. There were 1,436 and 1,255 active communities, excluding unconsolidated entities, as of November 30, 2024 and 2023, respectively. If the undiscounted projected cash flows expected to be generated by a community are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such community to its estimated fair value. In conducting its review for indicators of impairment on a community level, the Company evaluates, among other things, the margins on homes that have been delivered, margins on homes under sales contracts in backlog, projected margins with regard to future home sales over the life of the community, projected margins with regard to future land sales and the estimated fair value of the land itself. The Company pays particular attention to communities in which inventory is moving at a slower than anticipated absorption pace and communities whose average sales price and/or margins are trending downward and are anticipated to continue to trend downward. From this review, the Company identifies communities in which to assess if the carrying values exceed their undiscounted projected cash flows. The Company estimates the fair value of its communities using a discounted cash flow model. The projected cash flows for each community are significantly impacted by estimates related to market supply and demand, product type by community, homesite sizes, sales pace, sales prices, sales incentives, construction costs, sales and marketing expenses, the local economy, competitive conditions, labor costs, costs of materials and other factors for that particular community. Every division evaluates the historical performance of each of its communities as well as current trends in the market and economy impacting the community and its surrounding areas. These trends are analyzed for each of the estimates listed above. Each of the homebuilding markets in which the Company operates is unique, as homebuilding has historically been a local business driven by local market conditions and demographics. Each of the Company’s homebuilding markets has specific supply and demand relationships reflective of local economic conditions. The Company’s projected cash flows are impacted by many assumptions. Some of the most critical assumptions in the Company’s cash flow model are projected absorption pace for home sales, sales prices and costs to build and deliver homes on a community by community basis. In order to arrive at the assumed absorption pace for home sales and the assumed sales prices included in the Company’s cash flow model, the Company analyzes its historical absorption pace and historical sales prices in the community and in other comparable communities in the geographical area. In addition, the Company considers internal and external market studies and places greater emphasis on more current metrics and trends, which generally include, but are not limited to, statistics and forecasts on population demographics and on sales prices in neighboring communities, unemployment rates and availability and sales prices of competing product in the geographical area where the community is located as well as the absorption pace realized in its most recent quarters and the sales prices included in the Company's current backlog for such communities. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected absorption pace and sales prices in the cash flow model for a community. In order to arrive at the Company’s assumed costs to build and deliver homes, the Company generally assumes a cost structure reflecting contracts currently in place with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure. Those costs assumed are used in the cash flow model for the Company’s communities. Since the estimates and assumptions included in the Company’s cash flow models are based upon historical results and projected trends, they do not anticipate unexpected changes in market conditions or strategies that may lead the Company to incur additional impairment charges in the future. The determination of fair value requires discounting the projected cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts. The Company's valuation adjustments for finished homes and construction in progress were included in Homebuilding costs and expenses in the Company's consolidated statements of operations and comprehensive income (loss) for the years ended November 30, 2024 and 2023. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded: At November 30, Communities with valuation adjustments # of communities with potential indicators of impairment # of communities Fair Value Valuation Adjustments 2024 33 6 $40,465 $18,599 2023 25 18 95,731 37,500 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: Years Ended November 30, 2024 2023 Unobservable inputs Range Range Average selling price (1) $178,000 — $702,000 $179,000 — $850,000 Absorption rate per quarter (homes) 6 — 15 3 — 26 Discount rate 20% 20% (1) Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during the years ended November 30, 2024 and 2023. In the course of executing on the Company’s land light strategy, the Company may sell land to third parties (including land banks) and unconsolidated entities while maintaining an option to repurchase the land in the future. Although, such transactions include cash consideration from the buyer and the transfer of title from the Company to the buyer, such transactions do not meet the criteria for revenue recognition under GAAP due to the Company’s option to repurchase the land from the buyer in the future. As such, land related to such transactions remains on the Company’s accompanying consolidated balance sheet and is reclassified from land and land under development to consolidated inventory not owned. 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. During the year ended November 30, 2024, consolidated inventory not owned increased by $1.1 billion with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying consolidated balance sheet as of November 30, 2024. The increase was primarily due to consolidation of land bank option contracts and reclassifications from land and land under development to consolidated inventory not owned during the year ended November 30, 2024 as the Company continued to focus on increasing its controlled homesites as compared to owned homesites. The increase was partially offset by takedowns during the year ended November 30, 2024. Deposits and pre-acquisition costs on real estate The Company has access to land inventory through option contracts, which generally enables the Company to defer acquiring portions of properties owned by third parties (including land banks) and unconsolidated entities until it has determined whether to exercise its option. The use of option contracts allows the Company to reduce the financial risks associated with long-term land holdings. A majority of the Company’s option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land. As of November 30, 2024, the Company had $3.5 billion of non-refundable option deposits and pre-acquisition costs related to certain of these homesites. The Company’s option contracts sometimes include price adjustment provisions, which adjust the purchase price of the land to its approximate fair value at the time of acquisition or are based on the fair value at the time of takedown. Deposits and pre-acquisition costs on real estate are stated at cost unless the deposit or pre-acquisition costs within a community is determined to be impaired, in which case the impaired cost is written down to fair value. Costs include deposits on land purchase contracts and capitalizable due diligence and development costs incurred prior to the acquisition of land. Some option contracts contain a predetermined take-down schedule for the optioned land parcels. However, in substantially all instances, the Company has the right and ability to not exercise its option and forfeit its deposit without further penalty, other than termination of the option and loss of any unapplied portion of its deposit and pre-acquisition costs and the incurrence of any applicable termination fee associated with the option contract. Therefore, in all instances, the Company does not consider the take-down price to be a firm contractual obligation. In determining whether to walk away from an option contract, the Company evaluates the option primarily based upon its expected cash flows from the property under option. If the Company intends to walk away from an option contract, it records a charge to earnings in the period such decision is made for the unapplied deposit amount and any related pre-acquisition costs and accrues any applicable termination fee associated with the option contract. During the years ended November 30, 2024 and 2023, the Company wrote-off $5.1 million and $19.9 million, respectively, of deposit and pre-acquisition costs. To reflect the purchase price of homesite take-downs related to option contracts that the Company decided to exercise, the Company had a net reclass related to option deposits from consolidated inventory not owned to finished homes and construction in progress in the accompanying consolidated balance sheet as of November 30, 2024. Investments in Unconsolidated Entities The Company evaluates the long-lived assets in unconsolidated entities for indicators of impairment during each reporting period. The Company’s proportionate share of a valuation adjustment is reflected in the Company's Homebuilding, Multifamily or Lennar Other equity in earnings (losses) from unconsolidated entities with a corresponding decrease to its Homebuilding, Multifamily or Lennar Other investment in unconsolidated entities. Additionally, the Company evaluates whether a decrease in the fair value of an investment below its carrying value is other-than- temporary. This evaluation includes an assessment of: (1) projected future distributions from the unconsolidated entities, (2) the length of the time and the extent to which the market value has been less than cost and (3) various other factors, which include, but are not limited to, relationships with the other partners and banks, general economic market conditions, unfavorable regulatory actions, land status and liquidity needs of the unconsolidated entity. If the Company determines from the evaluation of the indicators that the decline in the fair value of the investment is other-than-temporary, the Company will write-down the investment to fair value. The impairment, if any, would be included in Homebuilding other income, net, Multifamily other gain (loss) or Lennar Other other gain (loss). During the year ended November 30, 2024, the Company evaluated its investments in unconsolidated entities and concluded that no material other-than-temporary impairments were required. During the year ended November 30, 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 other income (expense) The Company tracks its share of cumulative earnings and distributions of its joint ventures ("JVs"). For purposes of classifying distributions received from JVs in the Company’s consolidated statements of cash flows, cumulative distributions are treated as returns on capital to the extent of cumulative earnings and included in the Company’s consolidated statements of cash flows as operating activities. Cumulative distributions in excess of the Company’s share of cumulative earnings are treated as returns of capital and included in the Company’s consolidated statements of cash flows as cash from investing activities. Variable Interest Entities GAAP requires the assessment of whether an entity is a variable interest entity ("VIE") and, if so, if the Company is the primary beneficiary at the inception of the entity or at a reconsideration event. Additionally, GAAP requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s variable interest in VIEs may be in the form of (1) equity ownership, (2) contracts to purchase assets, (3) management and development agreements between the Company and a VIE, (4) loans provided by the Company to a VIE or other partner and/or (5) guarantees provided by members to banks and other third parties. The Company examines specific criteria and uses its judgment when determining if it is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality, if any, between the Company and the other partner(s) and contracts to purchase assets from VIEs. The determination of whether an entity is a VIE and, if so, whether the Company is the primary beneficiary may require management to exercise significant judgment. Generally, all major decision making in the Company’s joint ventures is shared among all partners. In particular, business plans and budgets are generally required to be unanimously approved by all partners. Generally, the Company has options on less than a majority of the JV’s assets at the balance sheet date and the purchase prices under its option contracts are initially negotiated at fair value. Generally, Homebuilding, Multifamily and Lennar Other unconsolidated entities are determined to be VIEs due to insufficient equity at risk for the JV entity as the partner(s) continue to provide subordinated financial support in the form of capital contributions. Homebuilding, Multifamily and Lennar Other unconsolidated entities become VIEs and consolidate if the other partner(s) lack the intent or financial wherewithal to remain in the entity. As a result, the Company continues to fund operations and debt paydowns through partner loans or substituted capital contributions. Goodwill Goodwill is recorded with regard to acquisitions of businesses when the purchase price of the business exceeds the fair value of the net tangible and identifiable assets acquired. In accordance with ASC 350, Intangibles-Goodwill and Other , the Company evaluates goodwill for potential impairment on at least an annual basis. The Company has the option to perform a qualitative or quantitative assessment to determine whether the fair value of a reporting unit exceeds its carrying value. Qualitative factors may include, but are not limited to, economic conditions, industry and market considerations, cost factors, overall financial performance of the reporting units and other entity and reporting unit specific events. If a quantitative assessment is performed, the fair value estimate is derived through various valuation methods, including the use of discounted expected future cash flows of each reporting unit. The expected future cash flows for each reporting unit are significantly impacted by current market conditions. If these market conditions and resulting expected future cash flows for each reporting unit decline significantly, the actual results for each segment could differ from the Company's estimate, which may cause goodwill to be impaired. The annual qualitative goodwill impairment analysis was performed as of September 30, 2024, and no impairment was recorded. Operating Properties and Equipment Operating properties and equipment are recorded at cost and are included in other assets in the consolidated balance sheets. The assets are depreciated over their estimated useful lives using the straight-line method. At the time operating properties and equipment are disposed of, the asset and related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to earnings. The estimated useful life for operating properties is 30 years, for furniture, fixtures and equipment is two Operating properties and equipment are included in Homebuilding other assets in the consolidated balance sheets and were as follows: At November 30, (In thousands) 2024 2023 Operating properties (1) $ 358,130 300,351 Leasehold improvements 77,921 72,994 Furniture, fixtures and equipment 371,567 297,275 807,618 670,620 Accumulated depreciation and amortization (291,420) (265,831) Total $ 516,198 404,789 (1) Operating properties primarily include solar systems, rental operations and commercial properties. Investment Securities The Company holds investment securities classified as available-for-sale or held-to-maturity. Available-for-sale securities are recorded at fair value. Any unrealized holding gains or losses on available-for-sale securities are reported as accumulated other comprehensive income or loss, which is a separate component of stockholders’ equity, net of tax, until realized. Securities classified as held-to-maturity are carried at amortized cost because they are purchased with the intent and ability to hold to maturity. At November 30, 2024 and 2023, the Financial Services segment had investment securities classified as held-to-maturity totaling $135.6 million and $140.7 million, respectively, which consist mainly of commercial mortgage-backed securities ("CMBS"), corporate debt obligations, U.S. government agency obligations, certificates of deposit and U.S. treasury securities that mature at various dates, mainly within three years. At November 30, 2024 and 2023, the Lennar Other segment had investment securities classified as held-for-sale totaling $40.6 million and $38.0 million, respectively. Additionally, the Lennar Other segment had investments in equity securities with a readily determinable fair value (publicly traded common stock), not accounted for under the equity method, that are recorded at fair value with unrealized gains and losses included in earnings. For equity securities without a readily determinable fair value, the investment is recorded at cost, less any impairment, plus or minus adjustments related to observable transactions for the same or similar securities, with unrealized gains and losses included in earnings. The Lennar Other segment had investments in equity securities of $347.8 million and $297.2 million that are recorded at fair value with unrealized gains and losses included in earnings, as of November 30, 2024 and 2023, respectively. For equity method investments in the Lennar Other segment, the Company records the investment as Lennar Other investments in unconsolidated entities. The Company regularly reviews its investments in unconsolidated entities to determine whether there is a decline in fair value below book value. If there is a decline that is other-than-temporary, the investment is written down to fair value. There were no impairments recorded during the years ended November 30, 2024 and 2023. Interest and Real Estate Taxes Interest and real estate taxes attributable to land and homes are capitalized as inventory costs while they are being actively developed. Interest related to homebuilding and land, including interest costs relieved from inventories, is included in costs of homes sold and costs of land sold. Interest expense related to the Financial Services and Multifamily operations is included in its costs and expenses. During the years ended November 30, 2024, 2023 and 2022, interest incurred by the Company’s homebuilding operations related to homebuilding debt was $129.3 million, $187.6 million and $230.8 million, respectively; interest capitalized into inventories was $110.5 million, $172.0 million and $211.7 million, respectively. Interest expense was included in costs of homes sold, costs of land sold and other interest expense as follows: Years Ended November 30, (In thousands) 2024 2023 2022 Interest expense in costs of homes sold $ 160,848 240,871 293,105 Interest expense in costs of land sold 373 1,588 498 Other interest expense (1) 18,771 15,434 19,128 Total interest expense $ 179,992 257,893 312,731 (1) Included in Homebuilding other income (expense), net. Income Taxes The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and attributable to operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or paid. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted. Interest related to unrecognized tax benefits is recognized in the financial statements as a component of income tax expense. A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the consideration of all available positive and negative evidence using a "more-likely-than-not" standard with respect to whether deferred tax assets will be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, actual earnings, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives. Based on the analysis of positive and negative evidence, the Company believed that there was enough positive evidence for the Company to conclude that it was more likely than not that the Company would realize the majority of its deferred tax assets. As of November 30, 2024 and 2023, the Company's net deferred tax assets of $272.4 million and $326.5 million included a valuation allowance of $2.6 million and $2.3 million, respectively. See Note 5 for additional information. Other Liabilities Reflected within the consolidated balance sheets, the other liabilities balance as of November 30, 2024 and 2023, included accrued interest payable, product warranty (as noted below), accrued bonuses, accrued wages and benefits, lease liabilities, deferred income, customer deposits, income taxes payable, and other accrued liabilities. 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 Company regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties in order to reflect changes in trends and historical data as information becomes available. Warranty reserves are included in Homebuilding other liabilities in the consolidated

Operating And Reporting Segment

Operating And Reporting Segments	12 Months Ended
	Nov. 30, 2024
Segment Reporting [Abstract]
Operating And Reporting Segments	Operating and Reporting Segments Each reportable segment follows the accounting policies described in Note 1 - "Summary of Significant Accounting Policies" to the consolidated financial statements. Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented. 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) At November 30, 2024 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 4,662,643 175,382 30,948 40,691 4,909,664 Restricted cash 11,799 68,747 — — 80,546 Receivables, net (1) 1,053,211 545,752 53,595 — 1,652,558 Inventory owned and consolidated inventory not owned 19,719,551 — 592,879 — 20,312,430 Deposits and pre-acquisition costs on real estate 3,625,372 — 32,643 — 3,658,015 Investments in unconsolidated entities 1,344,836 — 503,303 379,435 2,227,574 Loans held-for-sale (2) — 2,250,718 — — 2,250,718 Investments in equity securities (3) — — — 347,810 347,810 Investments available-for-sale (4) — — — 40,578 40,578 Loans held-for-investment, net — 60,969 — — 60,969 Investments held-to-maturity — 135,646 — — 135,646 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,734,698 89,637 93,450 86,430 2,004,215 Total assets $ 35,594,469 3,516,550 1,306,818 894,944 41,312,781 Liabilities: Notes and other debts payable, net $ 2,258,283 1,930,956 — — 4,189,239 Liabilities related to consolidated inventory not owned 3,563,934 — — — 3,563,934 Accounts payable and other liabilities 5,040,992 209,752 181,883 105,756 5,538,383 Total liabilities $ 10,863,209 2,140,708 181,883 105,756 13,291,556 (In thousands) At November 30, 2023 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 6,273,724 159,491 39,334 1,948 6,474,497 Restricted cash 13,481 82,960 — — 96,441 Receivables, net (1) 887,992 716,071 92,142 — 1,696,205 Inventory owned and consolidated inventory not owned 18,352,735 — 544,935 — 18,897,670 Deposits and pre-acquisition costs on real estate 2,002,154 — 32,063 — 2,034,217 Investments in unconsolidated entities 1,143,909 — 599,852 276,244 2,020,005 Loans held-for-sale (2) — 2,086,809 — — 2,086,809 Investments in equity securities (3) — — — 297,243 297,243 Investments available-for-sale (4) — — — 37,953 37,953 Loans held-for-investment, net — 55,463 — — 55,463 Investments held-to-maturity — 140,676 — — 140,676 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,512,038 135,377 73,187 44,464 1,765,066 Total assets $ 33,628,392 3,566,546 1,381,513 657,852 39,234,303 Liabilities: Notes and other debts payable, net $ 2,816,482 2,163,805 3,741 — 4,984,028 Liabilities related to consolidated inventory not owned 2,540,894 — — — 2,540,894 Accounts payable and other liabilities 4,370,618 283,234 274,436 79,127 5,007,415 Total liabilities $ 9,727,994 2,447,039 278,177 79,127 12,532,337 (1) Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2024 and 2023, 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 $143.0 million and $121.0 million without readily available fair values as of November 30, 2024 and 2023, 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 consolidated balance sheet. Financial information relating to the Company’s segments was as follows: Years Ended November 30, (In thousands) 2024 2023 2022 Revenues: Homebuilding $ 33,906,426 32,660,987 31,951,335 Financial Services 1,109,263 976,859 809,680 Multifamily (1) 411,537 573,485 865,603 Lennar Other 14,226 22,035 44,392 $ 35,441,452 34,233,366 33,671,010 Earnings (loss) before income taxes: Homebuilding $ 5,342,252 5,527,707 6,777,317 Financial Services (2) 577,184 509,461 383,302 Multifamily 42,635 (50,651) 69,493 Lennar Other (3) (47,967) (209,788) (734,649) Corporate and Unallocated (4) (729,196) (574,425) (480,897) $ 5,184,908 5,202,304 6,014,566 (1) Revenues for Multifamily for the year ended November 30, 2022 included $237.5 million of land sales to unconsolidated entities. (2) Financial Services operating earnings for the year ended November 30, 2022, included a $35.5 million one-time charge due to an increase in a litigation accrual related to a court judgement. (3) Operating loss for Lennar Other for the year ended November 30, 2024 included $25.2 million of mark-to-market unrealized gains on the Company's publicly traded technology investments and a $46.5 million one-time gain on the sale of a technology investment. Operating loss for Lennar Other for the year ended November 30, 2023 included $50.2 million of mark-to-market unrealized losses on the Company's publicly traded technology investments and a $65.0 million write-off of one of the Company's non-public technology investments. Operating loss for Lennar Other for the year ended November 30, 2022 included $655.1 million of mark-to-market unrealized losses on the Company's publicly traded technology investments. (4) Corporate and unallocated expenses primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit and human resources. Also included are property expenses related to the leases of corporate offices, data processing, general corporate expenses and charitable foundation contributions to the Lennar Foundation. 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 (losses) 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 and Pennsylvania Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South 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: At November 30, (In thousands) 2024 2023 East $ 7,168,086 6,563,568 Central 5,366,936 4,511,496 Texas 4,238,587 3,337,280 West 12,148,434 11,298,812 Other 1,729,407 1,511,541 Corporate and Unallocated 4,943,019 6,405,695 Total Homebuilding $ 35,594,469 33,628,392 Financial information relating to the Company’s homebuilding segments was as follows: Years Ended November 30, (In thousands) 2024 2023 2022 Revenues: East $ 8,492,955 8,727,154 8,389,182 Central 7,637,003 7,101,560 6,722,854 Texas 4,787,125 4,707,285 4,227,771 West 12,955,853 12,086,172 12,571,386 Other 33,490 38,816 40,142 $ 33,906,426 32,660,987 31,951,335 Operating earnings (loss): East $ 1,599,024 1,991,950 2,062,654 Central 1,083,734 1,104,930 1,066,833 Texas 753,722 788,627 929,237 West 1,857,870 1,712,966 2,773,597 Other 47,902 (70,766) (55,004) $ 5,342,252 5,527,707 6,777,317 Interest expense: East $ 40,041 55,216 70,809 Central 28,929 46,556 62,083 Texas 13,967 29,754 29,442 West 84,609 115,600 140,017 Other 12,446 10,467 10,380 $ 179,992 257,593 312,731 Depreciation and amortization: East $ 32,098 33,279 23,084 Central 27,761 27,087 17,023 Texas 10,623 10,227 9,354 West 58,368 62,374 54,055 Other 346 286 774 $ 129,196 133,253 104,290 Net addition to operating properties and equipment: East $ 734 637 2,065 Central 3,613 1,531 949 Texas 2,049 679 136 West 3,798 1,176 1,414 Other 54,202 45,754 6,537 $ 64,396 49,777 11,101 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. The Financial Services segment sells substantially all of the loans it originates within a short period of time in the secondary mortgage market, the majority of which are sold 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. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and sales of 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 November 30, 2024, 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: Maximum Aggregate Commitment (In thousands) Committed Amount Uncommitted Amount Total Residential facilities maturing: April 2025 $ 250,000 250,000 500,000 June 2025 1,400,000 — 1,400,000 August 2025 325,000 325,000 650,000 October 2025 100,000 100,000 200,000 December 2026 375,000 — 375,000 Total residential facilities $ 2,450,000 675,000 3,125,000 LMF commercial facilities maturing: December 2024 (1) 200,000 — 200,000 January 2025 100,000 — 100,000 Total LMF commercial facilities $ 300,000 — 300,000 Total $ 3,425,000 (1) Subsequent to November 30, 2024, the maturity date was extended to December 2025. The Financial Services segment uses the 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: At November 30, (In thousands) 2024 2023 Borrowings under residential facilities $ 1,776,045 2,020,187 Collateral under residential facilities 1,837,833 2,097,020 Borrowings under LMF Commercial facilities 28,747 12,525 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 years ended November 30, 2024 and 2023. Loan origination liabilities were $16.7 million and $17.6 million, as of November 30, 2024 and 2023, respectively, and included in Financial Services’ liabilities in the Company's consolidated balance sheets. LMF Commercial - loans held-for-sale LMF Commercial originated commercial loans as follows: Years Ended November 30, (Dollars in thousands) 2024 2023 Originations (1) $ 568,520 466,043 Sold $ 522,647 430,707 Securitizations 13 10 (1) During both years ended November 30, 2024 and 2023, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value. Investments held-to-maturity At November 30, 2024 and 2023, 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 the years ended November 30, 2024 and 2023. 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: At November 30, (Dollars in thousands) 2024 2023 Carrying value $ 135,646 140,676 Outstanding debt, net of debt issuance costs $ 126,164 131,093 Incurred interest rate 3.4 % 3.4 % At November 30, 2024 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 from management and promote fees generated from funds and joint ventures, 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 (losses) from unconsolidated entities and other gains, which includes proceeds of sales of buildings and investments. 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 (losses) 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 Technologies, Inc. ("Opendoor"), SmartRent, Inc. ("SmartRent"), Sonder Holdings, Inc. ("Sonder") and Sunnova Energy International, Inc. ("Sunnova"), which are held at market and the carrying value of which 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: Years Ended November 30, (In thousands) 2024 2023 Blend Labs (BLND) $ 9,474 (130) Hippo (HIPO) 73,243 (19,210) Opendoor (OPEN) (12,587) 21,762 SmartRent (SMRT) (11,609) 5,914 Sonder (SOND) 15 (700) Sunnova (NOVA) (33,356) (57,798) Lennar Other unrealized gains (losses) from technology investments $ 25,180 (50,162) 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. During the year ended November 30, 2024, the Company sold its investment in Doma and recorded a gain of $20.9 million in other income (expense), net, in the consolidated statement of operations and comprehensive income (loss). During the year ended November 30, 2024, there was a $46.5 million one-time realized gain in Lennar Other on the sale of a technology investment that was included in other income (expense), net and other gains (losses) on the Company’s consolidated statements of operations and comprehensive income. During the year ended November 30, 2023, the Company wrote off $65.0 million relating to one of the Company's non-public technology cost method investments which was recorded in Other income (expense), net and other gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss).

Investments In Unconsolidated E

Investments In Unconsolidated Entities	12 Months Ended
	Nov. 30, 2024
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: At November 30, (In thousands) 2024 2023 Investments in unconsolidated entities (1) (2) $ 1,344,836 1,143,909 Underlying equity in unconsolidated entities' net assets (1) 1,636,307 1,436,239 (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 November 30, 2024 and 2023, the carrying amount of the Company's investment was $470.8 million and $422.2 million, respectively. The Company’s partners generally are unrelated homebuilders, land owners/developers and financial or other strategic partners. The unconsolidated entities follow accounting principles that are in all material respects the same as those used by the Company. The Company shares in the profits and losses of these unconsolidated entities generally in accordance with its ownership interests. In many instances, the Company is appointed as the day-to-day manager under the direction of a management committee that has shared powers among the partners of the unconsolidated entities and the Company receives management fees and/or reimbursement of expenses for performing this function. The Company and/or its partners sometimes obtain options or enter into other arrangements under which the Company can purchase portions of the land held by the unconsolidated entities. Option prices are generally negotiated prices that approximate fair value when the Company receives the options. The details of the activity was as follows: Years Ended November 30, (In thousands) 2024 2023 2022 Land sales revenues (1) $ 192,237 222,200 94,513 Management fees and reimbursement of expenses, net of deferrals 12,969 16,306 20,792 (1) The Company does not include in its Homebuilding equity in earnings (losses) from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings (losses) resulting from land sales to the Company's homebuilding divisions. Instead, the Company accounts for those earnings as a reduction of the cost of purchasing the land from the unconsolidated entities. This in effect defers recognition of the Company’s share of the unconsolidated entities’ earnings related to these sales until the Company delivers a home and title passes to a third-party homebuyer. The total debt of the Homebuilding unconsolidated entities in which the Company has investments was $1.3 billion and $1.4 billion as of November 30, 2024 and 2023, respectively, of which the Company's maximum recourse exposure was $44.2 million and $42.1 million as of November 30, 2024 and 2023, respectively. In most instances in which the Company has guaranteed debt of an unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. The maintenance guarantees only apply if the value of the collateral (generally land and improvements) is less than a specified percentage of the loan balance. The Company would be required to make a payment under a maintenance guarantee to bring the value of the collateral above the specified percentage of the loan balance. In a completion guarantee, the Company and its venture partners have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. As of November 30, 2024 and 2023, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $287.0 million and $316.5 million, respectively. If the Company is required to make a payment under any guarantee, the payment would generally constitute a capital contribution or loan to the Homebuilding unconsolidated entity and increase the Company's investment in the unconsolidated entity and its share of any funds the entity distributes. 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 value of the collateral securing it. As of both November 30, 2024 and 2023, the fair values of the repayment guarantees, maintenance guarantees and completion guarantees were not material. The Company believes that as of November 30, 2024, 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 4 of the Notes to Consolidated Financial Statements). The Upward America Ventures LP ("Upward America") is an investment fund that acquires new single-family homes in high growth markets across the United States and rents them to the people who will live in them. Upward America could raise equity commitments totaling $1.0 billion. The commitments are primarily from institutional investors, including $78 million committed by Lennar. As of November 30, 2024 and 2023, the carrying amount of the Company's investment in Upward America was $20.8 million and $14.8 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 the Multifamily unconsolidated joint ventures, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both November 30, 2024 and 2023, the fair value of the completion guarantees was immaterial. As of November 30, 2024 and 2023, the Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $907.8 million and $1.4 billion, respectively. The decrease in the non-recourse debt with completion guarantees was due to completion of projects and sale of rental operation projects in Multifamily Venture Fund I. 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 JV and fund has unilateral decision making rights related to development and other sales activity through its executive committee or asset management committee. 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. In some situations, the Multifamily segment sells land to various joint ventures and funds. The details of the activity were as follows: Years Ended November 30, (In thousands) 2024 2023 2022 General contractor services, net of deferrals $ 302,712 494,630 498,142 General contractor costs 286,991 471,676 478,620 Land sales to joint ventures 36,237 — 237,477 Management fee income, net of deferrals 49,419 67,901 63,823 The Multifamily segment includes managing and investing in Multifamily Venture Fund I ("LMV I"), Multifamily Venture Fund II LP ("LMV II") and Canada Pension Plan Investments Fund (the "CPPIB Fund"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. The Multifamily segment completed the closing of the CPPIB Fund. The Multifamily segment expects the CPPIB Fund to have almost $1.0 billion in equity and Lennar's ownership percentage in the CPPIB Fund is 4%. As of November 30, 2024, the Company has a $26.5 million investment in the CPPIB Fund. Additional dollars will be committed as opportunities are identified by the CPPIB Fund. Details of LMV I and LMV II as of and during the year ended November 30, 2024 are included below: (In thousands) LMV I LMV II Lennar's carrying value of investments $ 126,784 228,496 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 199,519 12,820 (1) While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls. As of November 30, 2023, there were 38 rental operation projects in LMV I. During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell 38 rental operation projects of LMV I as the fund has come to the end of its contractual life. During the year ended November 30, 2024, 33 LMV I rental operation projects were sold to various third-party buyers. The Company recognized a net gain of $211.5 million on the sale of these rental operations projects which was recorded as equity in earnings (losses) in the condensed consolidated statement of operations. As a result, the Company received net cash distributions of $199.5 million. Lennar Other Unconsolidated Entities Lennar Other's unconsolidated entities include 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 $140.1 million and $148.7 million as of November 30, 2024 and November 30, 2023, 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 with a carrying value of $239.3 million and $127.5 million, as of November 30, 2024 and November 30, 2023, respectively. During the year ended November 30, 2024, there was a $46.5 million one-time realized gain in Lennar Other on the sale of a technology investment that was included in other income (expense), net and other gains (losses) on the Company's consolidated statements of operations and comprehensive income (loss). Condensed Financial Information of Unconsolidated Entities Summarized condensed financial information on a combined 100% basis related to the Company's unconsolidated entities that are accounted for under the equity method, of which the Company's investments in unconsolidated entities were $2.2 billion and $2.0 billion as of November 30, 2024 and 2023, respectively. Financial information relating to the Company’s unconsolidated entities was as follows: Balance Sheets (In thousands) At November 30, 2024 Assets: Homebuilding Multifamily Lennar Total Cash and cash equivalents $ 410,948 323,389 95,735 830,072 Loans receivable — — 11,884 11,884 Real estate owned — — 50,621 50,621 Investment securities — — 2,102,204 2,102,204 Investments in partnerships — — 94,183 94,183 Inventories 5,501,970 — — 5,501,970 Operating properties and equipment 37,516 4,988,704 — 5,026,220 Other assets 1,282,274 821,201 102,879 2,206,354 $ 7,232,708 6,133,294 2,457,506 15,823,508 Liabilities and equity: Accounts payable and other liabilities $ 979,910 140,000 114,244 1,234,154 Debt (1) 1,318,759 2,905,913 295,825 4,520,497 Equity 4,934,039 3,087,381 2,047,437 10,068,857 $ 7,232,708 6,133,294 2,457,506 15,823,508 (In thousands) At November 30, 2023 Assets: Homebuilding Multifamily Lennar Total Cash and cash equivalents $ 460,851 67,755 121,110 649,716 Loans receivable — — 27,102 27,102 Real estate owned — — 102,398 102,398 Investment securities — — 2,267,270 2,267,270 Investments in partnerships — — 108,532 108,532 Inventories 5,267,619 — — 5,267,619 Operating properties and equipment 33,151 7,528,024 — 7,561,175 Other assets 1,223,438 861,321 169,858 2,254,617 $ 6,985,059 8,457,100 2,796,270 18,238,429 Liabilities and equity: Accounts payable and other liabilities $ 782,802 253,531 146,593 1,182,926 Debt (1) 1,412,958 4,890,267 332,124 6,635,349 Equity 4,789,299 3,313,302 2,317,553 10,420,154 $ 6,985,059 8,457,100 2,796,270 18,238,429 (1) Debt noted above is net of debt issuance costs. As of November 30, 2024 and 2023, this includes $3.2 million and $13.0 million, respectively, for Homebuilding, $16.1 million and $19.5 million, respectively, for Multifamily and an immaterial amount of debt issuance costs for Lennar Other. Statements of Operations (In thousands) Years Ended: Revenues Costs and expenses Other income (expense), net (1) Net earnings (losses) of unconsolidated entities Equity in earnings (losses) from unconsolidated entities November 30, 2024 $ 1,719,012 1,841,128 608,145 486,029 164,099 November 30, 2023 1,857,757 2,160,564 (563,222) (866,029) (144,610) November 30, 2022 1,747,336 1,695,272 197,056 249,120 (36,302) (1) Other income (expense), net included realized and unrealized gains (losses) on investments.

Homebuilding Senior Notes And O

Homebuilding Senior Notes And Other Debts Payable	12 Months Ended
	Nov. 30, 2024
Debt Disclosure [Abstract]
Homebuilding Senior Notes And Other Debts Payable	Homebuilding Senior Notes and Other Debts Payable At November 30, (Dollars in thousands) 2024 2023 4.75% senior notes due 2025 $ 499,779 499,336 5.25% senior notes due 2026 401,824 403,040 5.00% senior notes due 2027 350,974 351,357 4.75% senior notes due 2027 (1) 698,266 797,347 4.50% senior notes due 2024 — 453,682 Mortgage notes on land and other debt 307,440 311,720 $ 2,258,283 2,816,482 (1) During the year ended November 30, 2024, the Company repurchased $100 million aggregate principal amount of senior notes due November 2027, through open market repurchases. The carrying amounts of the senior notes in the table above are net of debt issuance costs of $2.4 million and $4.2 million, as of November 30, 2024 and 2023, respectively. In April 2024, the Company redeemed $454 million aggregate principal amount of its 4.50% senior notes due April 2024. The redemption price, which was paid in cash, was 100% of the principal amount outstanding. In April 2024, $350 million of the Company's unsecured revolving credit facility matured. In November 2024, the Company amended and restated the credit agreement governing its unsecured revolving credit facility (the "Credit Facility"). The maximum available borrowings on the Credit Facility were as follows: (In thousands) At November 30, 2024 Commitments - maturing in May 2027 $ 225,000 Commitments - maturing in November 2029 2,650,000 Total commitments $ 2,875,000 Accordion feature 625,000 Total maximum borrowings capacity $ 3,500,000 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 agreement also provides that up to $477.5 million in commitments may be used for letters of credit. As of both November 30, 2024 and 2023, the Company had no outstanding borrowings under the Credit Facility. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. The Company believes it was in compliance with its debt covenants at November 30, 2024. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions. Performance letters of credit are generally posted with regulatory bodies to guarantee the Company’s performance of certain development and construction activities. Financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at November 30, 2024, the Company had outstanding surety bonds including performance surety bonds related to site improvements at various projects (including certain projects of the Company’s joint ventures) and financial surety bonds. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. The Company does not presently anticipate any draws upon these bonds or letters of credit, but if any such draws occur, the Company does not believe they would have a material effect on its financial position, results of operations or cash flows. The Company's outstanding letters of credit and surety bonds are below: At November 30, (In thousands) 2024 2023 Performance letters of credit $ 1,668,061 1,404,541 Financial letters of credit 745,578 417,976 Surety bonds 5,140,432 4,508,428 Anticipated future costs primarily for site improvements related to performance surety bonds 2,766,088 2,499,680 The terms of each of the Company's senior notes outstanding at November 30, 2024 were as follows: Senior Notes Outstanding (1) Principal Amount Net Proceeds (2) Price Date Issued (Dollars in thousands) 4.75% senior notes due 2025 $ 500,000 495,528 100 % April 2015 5.25% senior notes due 2026 400,000 (3) (3) (3) 5.00% senior notes due 2027 350,000 (3) (3) (3) 4.75% senior notes due 2027 (4) 900,000 894,650 100 % November 2017 (1) Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. (2) The Company generally has historically used the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes. (3) These notes represent obligations of CalAtlantic when it was acquired that were subsequently exchanged in part for the notes of the Company. As part of the purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018). (4) As of November 30, 2024, the principal amount remaining to be paid upon maturity was $700 million. All of the senior notes are guaranteed by certain of the Company's 100% owned subsidiaries, which are primarily the Company's homebuilding subsidiaries. Although the guarantees are full, unconditional and joint and several while they are in effect, (i) a subsidiary will have its guarantee suspended at any time when it is not directly or indirectly guaranteeing at least $75 million of debt of Lennar Corporation (the parent company) other than senior notes, and (ii) a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of. The terms of the Company's mortgage on land and other debt at November 30, 2024 were as follows: At November 30, Various Maturity Dates Through Interest Rates Up To Average Interest Rate (Dollars in thousands) 2024 2023 Carrying value $ 307,440 311,720 2031 7.5% 4.4% Retired during the year 46,005 11,835 The minimum aggregate principal maturities of Homebuilding senior notes and other debts payable during the five years subsequent to November 30, 2024 and thereafter are as follows: (In thousands) Debt Maturities 2025 $ 532,097 2026 620,942 2027 1,062,192 2028 14,099 2029 11,463 Thereafter 16,647 The Company expects to pay its near-term maturities as they come due through either cash generated from operations, the issuance of additional debt or equity offerings or borrowings under the Company's Credit Facility.

Income Taxes

Income Taxes	12 Months Ended
	Nov. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes consisted of the following: Years Ended November 30, (In thousands) 2024 2023 2022 Current: Federal $ 863,867 1,037,229 1,282,037 State 292,960 271,752 330,681 $ 1,156,827 1,308,981 1,612,718 Deferred: Federal $ 48,080 (53,474) (193,667) State 12,346 (14,494) (52,986) 60,426 (67,968) (246,653) $ 1,217,253 1,241,013 1,366,065 A reconciliation of the statutory rate and the effective tax rate was as follows: Percentage of Pretax Income 2024 2023 2022 Statutory rate 21.00 % 21.00 % 21.00 % State income taxes, net of federal income tax benefit 4.74 4.09 4.52 Tax credits (1) (1.85) (1.48) (2.16) Tax reserves and interest expense, net (2) (0.01) — (0.83) Deferred tax asset valuation allowance, net — (0.01) — Other (0.24) 0.36 0.31 Effective rate 23.64 % 23.96 % 22.84 % (1) During 2022, Congress enacted the Inflation Reduction Act which included a retroactive extension of the new energy efficient home tax credit through 2032. (2) Includes a $50.2 million benefit related to the resolution of an uncertain tax position during 2022. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant temporary differences that give rise to the net deferred tax assets were as follows: At November 30, (In thousands) 2024 2023 Deferred tax assets: Inventory valuation adjustments $ 22,979 39,641 Reserves and accruals 198,753 193,156 Net operating loss carryforwards 43,894 52,591 Capitalized expenses 244,198 208,392 Investments in unconsolidated entities 62,395 65,254 Employee stock incentive plan 49,655 40,270 Unrealized losses on investments in equity securities — 53,684 Other assets 39,011 51,785 Total deferred tax assets 660,885 704,773 Valuation allowance (2,593) (2,333) Total deferred tax assets after valuation allowance 658,292 702,440 Deferred tax liabilities: Capitalized expenses 170,557 151,912 Deferred income 181,145 168,316 Unrealized gains on investments in equity securities 5,358 — Other liabilities 28,855 55,734 Total deferred tax liabilities 385,915 375,962 Net deferred tax assets $ 272,377 326,478 The detail of the Company's net deferred tax assets (liabilities) was as follows: At November 30, (In thousands) 2024 2023 Net deferred tax assets: Homebuilding $ 146,299 163,917 Financial Services 40,738 36,821 Multifamily 72,049 54,786 Lennar Other 13,291 70,954 Net deferred tax assets $ 272,377 326,478 A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the consideration of all available positive and negative evidence using a "more-likely-than-not" standard with respect to whether deferred tax assets will be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, actual earnings, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives. At November 30, (In thousands) 2024 2023 Valuation allowance (1) $ (2,593) (2,333) Federal tax effected NOL carryforwards (2) 23,079 26,375 State tax effected NOL carryforwards (3) 20,815 26,216 (1) As of November 30, 2024 and 2023, the deferred tax assets included valuation allowances primarily related to state net operating loss ("NOL") carryforwards that are not more likely than not to be utilized due to an inability to carry back these losses in most states and short carryforward periods that exist in certain states. (2) As of November 30, 2024 and 2023, the Company had federal tax effected NOL carryforwards that may be carried forward to offset future taxable income and begin to expire in 2029. (3) As of November 30, 2024 and 2023, the Company had state tax effected NOL carryforwards that may be carried forward from 10 to 20 years or indefinitely, depending on the tax jurisdiction, with certain losses expiring between 2025 and 2041. The following table summarizes the changes in gross unrecognized tax benefits: Years Ended November 30, (In thousands) 2024 2023 2022 Gross unrecognized tax benefits, beginning of year $ — — 12,285 Decreases due to settlements with tax authorities — — (12,285) Gross unrecognized tax benefits, end of year $ — — — The following summarizes the changes in interest and penalties accrued with respect to gross unrecognized tax benefits: November 30, (In thousands) 2024 2023 Accrued interest and penalties, beginning of the year $ — — Accrual of interest and penalties — 95 Interest income from audits and refund claims (434) — Increase (reduction) of interest and penalties 434 (95) Accrued interest and penalties, end of the year $ — — The Company participates in an IRS examination program, the Compliance Assurance Process ("CAP"). This program operates as a contemporaneous exam throughout the year in order to keep exam cycles current and achieve a higher level of compliance. Certain state taxing authorities are examining various fiscal years. The final outcome of these examinations is not yet determinable. The statute of limitations for the Company's major tax jurisdictions remains open for examination for 2019 and subsequent years.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Nov. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows: Years Ended November 30, (In thousands, except per share amounts) 2024 2023 2022 Numerator: Net earnings attributable to Lennar $ 3,932,533 3,938,511 4,614,125 Less: distributed earnings allocated to nonvested shares 4,980 5,514 4,471 Less: undistributed earnings allocated to nonvested shares 33,843 43,022 47,509 Numerator for basic earnings per share 3,893,710 3,889,975 4,562,145 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) — — 4,919 Numerator for diluted earnings per share $ 3,893,710 3,889,975 4,557,226 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 272,019 283,319 289,824 Denominator for diluted earnings per share - weighted average common shares outstanding 272,019 283,319 289,824 Basic earnings per share $ 14.31 13.73 15.74 Diluted earnings per share $ 14.31 13.73 15.72 (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 the years ended November 30, 2024, 2023 and 2022, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosure	12 Months Ended
	Nov. 30, 2024
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosure	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 November 30, 2024 and 2023, 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. At November 30, 2024 2023 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 60,969 61,044 55,463 55,463 Investments held-to-maturity Level 3 135,646 138,160 140,676 139,396 LIABILITIES Homebuilding senior notes and other debt payable, net Level 2 $ 2,258,283 2,264,375 2,816,482 2,785,712 Financial Services notes and other debt payable, net Level 2 1,930,956 1,931,515 2,163,805 2,164,441 Multifamily notes payable, net Level 2 — — 3,741 3,741 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 at November 30, (In thousands) Fair 2024 2023 Financial Services Assets: Residential loans held-for-sale Level 2 $ 2,200,402 2,073,350 LMF Commercial loans held-for-sale Level 3 50,316 13,459 Mortgage servicing rights Level 3 3,463 3,440 Forward options Level 1 1,458 5,937 Lennar Other Assets: Investments in equity securities Level 1 204,777 176,198 Investments available-for-sale Level 3 40,578 37,953 Residential and LMF Commercial loans held-for-sale in the table above include: November 30, 2024 2023 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 2,263,310 (62,907) 2,083,776 (10,426) LMF Commercial loans held-for-sale 50,020 296 13,650 (191) The estimated fair values of the Company’s financial instruments have been determined by 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 following methods and assumptions are used by the Company in estimating fair values: 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 November 30, 2024 and 2023. 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. 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 Company estimates CMBS spreads by observing the pricing of recent CMBS offerings, secondary CMBS markets, changes in the CMBX index, and general capital and commercial real estate market conditions. Considerations in estimating CMBS spreads include comparing the Company’s current loan portfolio with comparable CMBS offerings containing loans with similar duration, credit quality and collateral composition. 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: November 30, 2024 Unobservable inputs Mortgage prepayment rate 8% Discount rate 13% Delinquency rate 12% 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 consolidated statements of operations and comprehensive income (loss). Lennar Other investments available-for-sale - The fair value of investments available-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Years Ended November 30, (In thousands) 2024 2023 2022 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ (52,482) (26,658) (33,287) Mortgage loan commitments (44,106) 1,016 43,695 Forward contracts 61,372 (28,431) (48,790) Forward options (133) (522) (142) Changes in fair value included in Lennar Other unrealized gains (losses) from technology investments: Investments in equity securities $ 25,180 (50,162) (655,094) Changes in fair value included in other comprehensive income, net of tax: Lennar Other investments available-for-sale $ 2,650 2,471 1,464 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: Years Ended November 30, 2024 2023 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 3,440 13,459 3,463 25,599 Purchases/loan originations 463 568,520 200 466,043 Sales/loan originations sold, including those not settled — (522,647) — (430,707) Disposals/settlements (1) (261) (9,500) (277) (45,667) Changes in fair value (2) (179) 296 54 (191) Interest and principal paydowns — 188 — (1,618) Ending balance $ 3,463 50,316 3,440 13,459 (1) LMF Commercial includes $9.5 million of loans that was converted to loans held-for-sale during the year ended November 30, 2024. (2) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues. The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: Years Ended November 30, 2024 2023 2022 (In thousands) Fair Carrying Value Fair Value Total 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 $ 516,081 467,946 (48,135) 458,569 396,795 (61,774) 347,300 295,663 (51,637) Land and land under development (2) Level 3 — — — 52,147 49,539 (2,608) 135,844 126,135 (9,709) Deposits and pre-acquisition costs on real estate (3) Level 3 5,120 — (5,120) 19,914 — (19,914) 47,893 — (47,893) Investments in unconsolidated entities (4) Level 3 — — — 78,834 37,792 (41,042) 1,454 — (1,454) Non-financial assets Multifamily: Land and land under development (5) Level 3 $ 139,980 49,970 (90,010) — — — — — — Investments in unconsolidated entities (6) Level 3 24,753 — (24,753) — — — — — — (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. (3) Forfeited deposits and write-off of pre-acquisition costs on real estate were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss). (4) Valuation adjustments related to Homebuilding investments in unconsolidated entities were primarily included in other income (expense), net in the Company's consolidated statements of operations and comprehensive income (loss) for the years ended November 30, 2023 and 2022, respectively. (5) Valuation adjustments for land and land under development were included in Multifamily costs and expenses. (6) Valuation adjustments related to Multifamily investments in unconsolidated entities were included in other income (expense), net in the Company's consolidated statements of operations and comprehensive income (loss) for the year ended November 30, 2024. During the year ended November 30, 2023, the Company wrote off $65.0 million relating to one of the Company's non-public technology cost method investments which was recorded in Other income (expense), net and other gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). See Note 1 for a detailed description of the Company’s process for identifying and recording valuation adjustments related to Homebuilding inventory and investments in unconsolidated entities.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Nov. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company evaluated the joint venture ("JV") agreements of its JV's that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements during the year ended November 30, 2024 and based on the Company's evaluation, it consolidated one entity that had a total assets and liabilities of $3.6 million and $3.2 million, respectively. During the year ended November 30, 2024, there were no variable interest entities ("VIEs") that were deconsolidated. The carrying amount of the Company's consolidated VIE's assets and non-recourse liabilities are disclosed in the footnotes to the 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, other than as a result of capital calls in accordance with business plans, unless the Company and/or the other partner(s) have entered into debt guarantees with the 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: At November 30, 2024 2023 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Investments in Lennar’s Maximum Exposure to Loss Homebuilding (1) $ 802,901 876,035 659,224 787,226 Multifamily (2) 136,158 140,120 384,718 402,735 Financial Services (3) 135,646 135,646 140,676 140,676 Lennar Other (4) 119,258 119,258 56,009 56,009 $ 1,193,963 1,271,059 1,240,627 1,386,646 (1) As of November 30, 2024 and 2023, 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 $20.4 million and $69.8 million, respectively. In addition, as of November 30, 2024 and 2023, there was recourse debt of VIEs of $44.2 million and $42.1 million, respectively. (2) As of November 30, 2024 and 2023, 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 II, in addition to the investment, also included the remaining combined equity commitment of $12.8 million as of November 30, 2023, for expenditures related to the construction and development of its projects. The decrease in exposure as of November 30, 2024 is primarily due to the removal of LMV II as the fund does not expect to call for equity in the future. As a result, LMV II is not a VIE as of November 30, 2024. (3) As of both November 30, 2024 and 2023, 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 held-to-maturity investments. (4) At November 30, 2024 and 2023, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs. The increase in exposure was due to the Company entering into a new JV which is a VIE and its continued contributions to 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 November 30, 2024 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 banks) 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 and 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. As of November 30, 2024, land under option with third parties that the Company was economically compelled to takedown was $2.8 billion, of which $1.5 billion were land purchase contract obligations due to land banks upon maturity of the contracts. The Company’s intention is to have other land banks close on the land purchase commitments and the Company will option the land from the land banks. Land under option with third parties 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 $1.2 billion as of November 30, 2024. The Company’s exposure to losses on its option contracts with third parties and unconsolidated entities was as follows: At November 30, (In thousands) 2024 2023 Non-refundable option deposits and pre-acquisition costs $ 3,529,889 1,949,219 Non-refundable option deposits included in consolidated inventory not owned 520,731 451,632 Letters of credit in lieu of cash deposits under certain land and option contracts 341,834 198,920 For the year ended November 30, 2024, the Company purchased a significant portion of land from two land banks (the "Land Banks”). There were no amounts due to the Land Banks as of November 30, 2024, resulting from land purchases as the full purchase price of the land is typically paid to the Land Banks at closing when land is purchased by the Company. As of November 30, 2024, the total deposits and pre-acquisition costs on real estate relating to contracts with the Land Banks were $1.4 billion. As of November 30, 2024, total consolidated inventory not owned and liabilities related to consolidated inventory not owned relating to contracts with the Land Banks were $726.5 million and $560.0 million, respectively.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
	Nov. 30, 2024
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 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. The Company is subject to the usual obligations associated with entering into contracts (including option contracts) for the purchase, development and sale of real estate, which it does in the routine conduct of its business. Option contracts generally enable the Company to control portions of properties owned by third parties (including land banks) and unconsolidated entities until the Company determines whether to exercise the option. The use of option contracts allows the Company to reduce the financial risks associated with long-term land holdings. At November 30, 2024, the Company had $3.5 billion of non-refundable option deposits and pre-acquisition costs related to certain of these homesites, which were recorded in deposits and pre-acquisition costs on real estate in the consolidated balance sheet. 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) At November 30, 2024 Right-of-use assets $ 275,248 Lease liabilities $ 262,119 Weighted-average remaining lease term (in years) 4.7 Weighted-average discount rate 5.0% The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at November 30, 2024 were as follows: (In thousands) Lease Payments 2025 $ 98,143 2026 61,238 2027 38,911 2028 30,326 2029 and thereafter 65,188 Total future minimum lease payments (1) $ 293,806 Less: Interest (2) 31,687 Present value of lease liabilities (2) $ 262,119 (1) Total future minimum lease payments exclude variable lease costs of $24.6 million and short-term lease costs of $2.2 million. (2) The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. As of November 30, 2024, the Company recognized the lease liabilities on its consolidated balance sheets within accounts payable and other liabilities of the respective segments. The Company's rental expense on lease liabilities were as follows: Years Ended November 30, (In thousands) 2024 2023 2022 Rental expense $ 125,621 104,653 105,414 In December 2023, the Company purchased its corporate headquarters building in which the Company had previously leased office space. This building contains approximately 213,200 square feet of office space, of which the Company leases approximately 53,000 square feet of unused office space to other tenants. On occasion, the Company may sublease other rented space which is no longer used for the Company's operations. For both the years ended November 30, 2024 and 2023, the Company had an immaterial amount of sublease income. The Company is committed, under various letters of credit, to perform certain development and construction activities and provide certain guarantees in the normal course of business. Outstanding letters of credit under these arrangements totaled $2.4 billion at November 30, 2024. Additionally, at November 30, 2024, the Company had outstanding surety bonds of $5.1 billion including performance surety bonds related to site improvements at various projects (including certain projects of the Company’s joint ventures) and financial surety bonds. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. As of November 30, 2024, there were approximately $2.8 billion, or 54%, of anticipated future costs to complete related to these site improvements. The Company does not presently anticipate any draws upon these bonds that would have a material effect on its consolidated financial statements. Substantially all of the 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 any losses incurred by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors or others 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 mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Financial Services’ liabilities in the Company's consolidated balance sheets.

Schedule II-Valuation And Quali

Schedule II-Valuation And Qualifying Accounts	12 Months Ended
	Nov. 30, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II-Valuation And Qualifying Accounts	Schedule II—Valuation and Qualifying Accounts Years Ended November 30, 2024, 2023 and 2022 Additions (In thousands) Beginning Charged to costs and expenses Charged (credited) to other accounts Deductions Ending Year ended November 30, 2024 Allowances deducted from assets to which they apply: Allowance for credit losses against notes and other receivables $ 2,374 677 (652) — 2,399 Allowance for loan losses against loans receivable $ 15,414 174 — (3,650) 11,938 Allowance against net deferred tax assets $ 2,333 268 — (8) 2,593 Year ended November 30, 2023 Allowances deducted from assets to which they apply: Allowance for credit losses against notes and other receivables $ 2,179 274 (79) — 2,374 Allowance for loan losses against loans receivable $ 11,130 5,419 — (1,135) 15,414 Allowance against net deferred tax assets $ 2,903 89 — (659) 2,333 Year ended November 30, 2022 Allowances deducted from assets to which they apply: Allowance for credit losses against notes and other receivables $ 2,531 145 (497) — 2,179 Allowance for loan losses against loans receivable $ 2,091 9,127 — (88) 11,130 Allowance against net deferred tax assets $ 2,693 784 — (574) 2,903

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Pay vs Performance Disclosure
Net earnings attributable to Lennar	$ 3,932,533	$ 3,938,511	$ 4,614,125

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Nov. 30, 2024
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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Nov. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Nov. 30, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We rely extensively on information technology (“IT”) systems, including Internet sites, data hosting facilities and other hardware and software platforms, some of which are hosted by third parties, to assist in conducting our businesses. These systems, like those used by most companies, may be vulnerable to a variety of disruptions, including, but not limited to, those caused by natural disasters, telecommunications failures, hackers, and other security issues. Moreover, these IT systems, like those used by most companies, are subject to the possibility of computer viruses or other malicious codes, and to security breaches, cyber incidents, ransomware attack or phishing-attacks. Cybersecurity is an integral part of risk management at our Company, and we maintain a comprehensive process for assessing, identifying and managing material risks from cybersecurity threats, which is part of our overall risk management system and processes. We have installed and continually upgrade an array of protections against cyber-intrusions. Our cybersecurity risk management processes are based upon the National Institute of Standards and Technology (NIST) Cybersecurity Framework, as well as various other regulatory requirements and industry-specific standards. We implement risk-based controls to protect our information, the information of our customers, suppliers, and other third parties, our information systems, our business operations, and our products and related services. These controls include multifactor authentication on all critical systems, firewalls, encryption, anti-virus protections, intrusion detection and prevention systems and identity management systems. We provide mandatory cybersecurity awareness training of threats to associates at least annually and routinely deploy simulated phishing tests to increase security awareness. Our IT team regularly tests our controls through penetration testing, vulnerability scanning, internal compliance assessments, threat-hunting operations and attack simulation. Additionally, in connection with our cybersecurity risk management processes, from time to time, we engage independent third parties to assess our cybersecurity program and to assist us with defining our cybersecurity strategy, uplifting our processes and aligning our objectives. Outside counsel has also advised the Board about legal obligations in managing cybersecurity issues and risks. We maintain a cybersecurity incident response plan, which provides a framework for handling cybersecurity incidents based on, among other factors, the potential severity of the incident and facilitates cross-functional coordination across the Company. We also conduct “tabletop” exercises, including exercises facilitated by third parties, during which we simulate cybersecurity incidents to ensure that we are prepared to respond to such an incident and to highlight any areas for potential improvement in our cybersecurity incident response plan. These exercises are conducted at both the technical level and senior management level and have included participation by members of our Board. Our cybersecurity risk management processes extend to the oversight and identification of threats associated with our use of third-party service providers, including through due diligence of such providers’ cybersecurity practices, contractual obligations to operate their IT systems in accordance with certain cybersecurity standards and ongoing monitoring. Our business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of previous cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such risks and any future material incidents. See “Risk Factors” in Item 1A of this Annual Report on Form 10-K for more information on risks from cybersecurity threats that are reasonably likely to materially affect our business strategy, results of operations and financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Cybersecurity is an integral part of risk management at our Company, and we maintain a comprehensive process for assessing, identifying and managing material risks from cybersecurity threats, which is part of our overall risk management system and processes.We have installed and continually upgrade an array of protections against cyber-intrusions. Our cybersecurity risk management processes are based upon the National Institute of Standards and Technology (NIST) Cybersecurity Framework, as well as various other regulatory requirements and industry-specific standards. We implement risk-based controls to protect our information, the information of our customers, suppliers, and other third parties, our information systems, our business operations, and our products and related services. These controls include multifactor authentication on all critical systems, firewalls, encryption, anti-virus protections, intrusion detection and prevention systems and identity management systems. We provide mandatory cybersecurity awareness training of threats to associates at least annually and routinely deploy simulated phishing tests to increase security awareness.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Management Our Chief Technology Officer (“CTO”) is responsible for assessing and managing our material risks from cybersecurity threats. We have also established a cross-functional Cyber Steering Committee, which includes our CTO, Chief Information Security Officer (“CISO”), General Counsel, certain business leaders on a rotating basis and representatives of human resources and communications. The CISO, supported by inputs from the CTO team leads, delivers quarterly updates to the Committee on key risks and overall security program posture, as well as monthly strategic updates to the CTO on high visibility and key action items. Our CTO regularly reports to our Board and the Audit Committee. Our CTO has served in this role since 2023 and has over 25 years of experience in the technology industry. Prior to his current role, he served as the CTO of Tyson Foods and before arriving at Tyson, he was the Chief Information Officer at Hewlett Packard, and then CIO at Hewlett Packard Enterprise. Board of Directors Our Audit Committee is responsible for the oversight of cybersecurity risks and receives a cybersecurity report from our CTO at least quarterly, and more often as needed, including in the event of a significant cybersecurity incident. The report includes information regarding the nature of threats, defense and detection capabilities, incident response plans and associate training activities. Our Board retains responsibility for the oversight of our overall risk management systems and processes and is briefed our CTO on cybersecurity risks on a quarterly basis.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee is responsible for the oversight of cybersecurity risks and receives a cybersecurity report from our CTO at least quarterly, and more often as needed, including in the event of a significant cybersecurity incident. The report includes information regarding the nature of threats, defense and detection capabilities, incident response plans and associate training activities. Our Board retains responsibility for the oversight of our overall risk management systems and processes and is briefed our CTO on cybersecurity risks on a quarterly basis.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Chief Technology Officer (“CTO”) is responsible for assessing and managing our material risks from cybersecurity threats. We have also established a cross-functional Cyber Steering Committee, which includes our CTO, Chief Information Security Officer (“CISO”), General Counsel, certain business leaders on a rotating basis and representatives of human resources and communications. The CISO, supported by inputs from the CTO team leads, delivers quarterly updates to the Committee on key risks and overall security program posture, as well as monthly strategic updates to the CTO on high visibility and key action items. Our CTO regularly reports to our Board and the Audit Committee.
Cybersecurity Risk Role of Management [Text Block]	Our Chief Technology Officer (“CTO”) is responsible for assessing and managing our material risks from cybersecurity threats. We have also established a cross-functional Cyber Steering Committee, which includes our CTO, Chief Information Security Officer (“CISO”), General Counsel, certain business leaders on a rotating basis and representatives of human resources and communications. The CISO, supported by inputs from the CTO team leads, delivers quarterly updates to the Committee on key risks and overall security program posture, as well as monthly strategic updates to the CTO on high visibility and key action items. Our CTO regularly reports to our Board and the Audit Committee. Our CTO has served in this role since 2023 and has over 25 years of experience in the technology industry. Prior to his current role, he served as the CTO of Tyson Foods and before arriving at Tyson, he was the Chief Information Officer at Hewlett Packard, and then CIO at Hewlett Packard Enterprise.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Technology Officer (“CTO”) is responsible for assessing and managing our material risks from cybersecurity threats. We have also established a cross-functional Cyber Steering Committee, which includes our CTO, Chief Information Security Officer (“CISO”), General Counsel, certain business leaders on a rotating basis and representatives of human resources and communications. The CISO, supported by inputs from the CTO team leads, delivers quarterly updates to the Committee on key risks and overall security program posture, as well as monthly strategic updates to the CTO on high visibility and key action items. Our CTO regularly reports to our Board and the Audit Committee.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CTO has served in this role since 2023 and has over 25 years of experience in the technology industry. Prior to his current role, he served as the CTO of Tyson Foods and before arriving at Tyson, he was the Chief Information Officer at Hewlett Packard, and then CIO at Hewlett Packard Enterprise.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Chief Technology Officer (“CTO”) is responsible for assessing and managing our material risks from cybersecurity threats. We have also established a cross-functional Cyber Steering Committee, which includes our CTO, Chief Information Security Officer (“CISO”), General Counsel, certain business leaders on a rotating basis and representatives of human resources and communications. The CISO, supported by inputs from the CTO team leads, delivers quarterly updates to the Committee on key risks and overall security program posture, as well as monthly strategic updates to the CTO on high visibility and key action items. Our CTO regularly reports to our Board and the Audit Committee. Our CTO has served in this role since 2023 and has over 25 years of experience in the technology industry. Prior to his current role, he served as the CTO of Tyson Foods and before arriving at Tyson, he was the Chief Information Officer at Hewlett Packard, and then CIO at Hewlett Packard Enterprise. Board of Directors Our Audit Committee is responsible for the oversight of cybersecurity risks and receives a cybersecurity report from our CTO at least quarterly, and more often as needed, including in the event of a significant cybersecurity incident. The report includes information regarding the nature of threats, defense and detection capabilities, incident response plans and associate training activities. Our Board retains responsibility for the oversight of our overall risk management systems and processes and is briefed our CTO on cybersecurity risks on a quarterly basis.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
	Nov. 30, 2024
Accounting Policies [Abstract]
Basis Of Consolidation	The accompanying consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 8) in which Lennar Corporation is deemed the primary beneficiary (the "Company"). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation.
Use Of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Revenue Recognition	Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. In order to promote sales of homes, the Company may offer sales incentives to homebuyers. The types of incentives vary on a community-by-community basis and home-by-home basis. They include primarily price discounts on individual homes and financing incentives, all of which are reflected as a reduction of home sales revenues. For the years ended November 30, 2024, 2023 and 2022, sales incentives offered to homebuyers averaged $48,800 per home, or 10.3% as a percentage of home sales revenues, $42,900 per home, or 8.8% as a percentage of home sales revenues and $17,300 per home, or 3.5% as a percentage of home sales revenues, respectively. The Company’s performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. Cash proceeds from home closings are included in Homebuilding cash and cash equivalents in the Company's consolidated balance sheets. Contract liabilities include customer deposits liability related to sold but undelivered homes that are included in other liabilities in the Company's consolidated balance sheets. The Company periodically elects to sell parcels of land to third parties. Cash consideration from land sales is typically due on the closing date, which is generally when performance obligations are satisfied, and revenue is recognized as title to and possession of the property are transferred to the buyer. Premiums on title policies issued directly by the Company are recognized as revenue on the effective date of the title policies. Escrow fees and loan origination revenues are recognized at the time the related real estate transactions are completed, usually upon the close of escrow. Expected gains and losses from the sale of loans and their related servicing rights are included in the measurement of all written loan commitments that are accounted for at fair value through earnings at the time of commitment. Interest income on loans held-for-sale and loans held-for-investment is recognized as earned over the terms of the mortgage loans based on the contractual interest rates. Management Fees and General Contractor Revenue The Multifamily segment provides management services with respect to the development, construction and property management of rental projects in joint ventures in which the Company has investments or the funds the Company manages. As a result, the Multifamily segment earns and receives fees, which are generally based upon a stated percentage of development and construction costs and a percentage of gross rental collections. In addition, the Multifamily segment provides general contractor services for the construction of some of the rental projects. Both management fees and general contractor revenue are recognized over the period in which the services are performed using an input method, which properly depicts the level of effort required to complete the management or construction services. These customer contracts require the Company to provide management and general contractor services which represents a performance obligation that the Company satisfies over time. Management fees and general contractor services in the Multifamily segment are included in Multifamily revenue.
Advertising Costs	The Company expenses advertising costs as incurred. Advertising costs were $190.9 million, $146.0 million and $102.1 million for the years ended November 30, 2024, 2023 and 2022, respectively. These costs were included in Homebuilding costs and expenses in the Company's consolidated statements of operations and comprehensive income (loss) for the years ended November 30, 2024, 2023 and 2022.
Share-Based Payments	The Company has share-based awards outstanding under the 2016 Equity Incentive Plan (the "Plan"), which provides for the granting of stock options, stock appreciation rights, restricted common stock ("nonvested shares") and other share based awards to officers, associates and directors. The exercise prices of stock options may not be less than the market value of the common stock on the date of the grant. Exercises are permitted in installments determined when options are granted. Each stock option will expire on a date determined at the time of the grant, but not more than 10 years after the date of the grant. The Company accounts for stock option awards and nonvested share awards granted under the Plan based on the estimated grant date fair value.
Cash And Cash Equivalents	The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Due to the short maturity period of cash equivalents, the carrying amounts of these instruments approximate their fair values. Homebuilding restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on deposit to secure and support performance obligations. Financial Services restricted cash consists of upfront deposits and application fees LMF Commercial receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan service provider on behalf of customers and lenders which is disbursed in accordance with agreements between the transacting parties.
Restricted Cash	The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Due to the short maturity period of cash equivalents, the carrying amounts of these instruments approximate their fair values. Homebuilding restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on deposit to secure and support performance obligations. Financial Services restricted cash consists of upfront deposits and application fees LMF Commercial receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan service provider on behalf of customers and lenders which is disbursed in accordance with agreements between the transacting parties.
Receivables	At November 30, 2024 and 2023, Homebuilding accounts receivable primarily related to receivables from land banks for land development, rebates and joint ventures. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for accounts receivable. Receivables from land banks represent development costs incurred by the Company which are reimbursable from the land banks. Mortgages and notes receivable arising from the sale of homes and land are generally collateralized by the property sold to the buyer. Allowances are maintained for potential credit losses based on historical experience, present economic conditions and other factors considered relevant by the Company.
Inventories	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. Inventory costs include land, land development, home construction costs, real estate taxes, and interest related to development and construction. Construction overhead and selling expenses are expensed as incurred. Homes held-for-sale are classified as inventories until delivered. Land, land development, amenities and other costs are accumulated by specific area and allocated to homes within the respective areas. The Company reviews its inventory for indicators of impairment by evaluating each community during each reporting period. The inventory within each community is categorized as finished homes, construction in progress or land under development based on the development state of the community. There were 1,436 and 1,255 active communities, excluding unconsolidated entities, as of November 30, 2024 and 2023, respectively. If the undiscounted projected cash flows expected to be generated by a community are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such community to its estimated fair value. In conducting its review for indicators of impairment on a community level, the Company evaluates, among other things, the margins on homes that have been delivered, margins on homes under sales contracts in backlog, projected margins with regard to future home sales over the life of the community, projected margins with regard to future land sales and the estimated fair value of the land itself. The Company pays particular attention to communities in which inventory is moving at a slower than anticipated absorption pace and communities whose average sales price and/or margins are trending downward and are anticipated to continue to trend downward. From this review, the Company identifies communities in which to assess if the carrying values exceed their undiscounted projected cash flows. The Company estimates the fair value of its communities using a discounted cash flow model. The projected cash flows for each community are significantly impacted by estimates related to market supply and demand, product type by community, homesite sizes, sales pace, sales prices, sales incentives, construction costs, sales and marketing expenses, the local economy, competitive conditions, labor costs, costs of materials and other factors for that particular community. Every division evaluates the historical performance of each of its communities as well as current trends in the market and economy impacting the community and its surrounding areas. These trends are analyzed for each of the estimates listed above. Each of the homebuilding markets in which the Company operates is unique, as homebuilding has historically been a local business driven by local market conditions and demographics. Each of the Company’s homebuilding markets has specific supply and demand relationships reflective of local economic conditions. The Company’s projected cash flows are impacted by many assumptions. Some of the most critical assumptions in the Company’s cash flow model are projected absorption pace for home sales, sales prices and costs to build and deliver homes on a community by community basis. In order to arrive at the assumed absorption pace for home sales and the assumed sales prices included in the Company’s cash flow model, the Company analyzes its historical absorption pace and historical sales prices in the community and in other comparable communities in the geographical area. In addition, the Company considers internal and external market studies and places greater emphasis on more current metrics and trends, which generally include, but are not limited to, statistics and forecasts on population demographics and on sales prices in neighboring communities, unemployment rates and availability and sales prices of competing product in the geographical area where the community is located as well as the absorption pace realized in its most recent quarters and the sales prices included in the Company's current backlog for such communities. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected absorption pace and sales prices in the cash flow model for a community. In order to arrive at the Company’s assumed costs to build and deliver homes, the Company generally assumes a cost structure reflecting contracts currently in place with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure. Those costs assumed are used in the cash flow model for the Company’s communities. Since the estimates and assumptions included in the Company’s cash flow models are based upon historical results and projected trends, they do not anticipate unexpected changes in market conditions or strategies that may lead the Company to incur additional impairment charges in the future. The determination of fair value requires discounting the projected cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. 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. Interest and real estate taxes attributable to land and homes are capitalized as inventory costs while they are being actively developed. Interest related to homebuilding and land, including interest costs relieved from inventories, is included in costs of homes sold and costs of land sold. Interest expense related to the Financial Services and Multifamily operations is included in its costs and expenses.
Inventories, Land Under Option Contracts	In the course of executing on the Company’s land light strategy, the Company may sell land to third parties (including land banks) and unconsolidated entities while maintaining an option to repurchase the land in the future. Although, such transactions include cash consideration from the buyer and the transfer of title from the Company to the buyer, such transactions do not meet the criteria for revenue recognition under GAAP due to the Company’s option to repurchase the land from the buyer in the future. As such, land related to such transactions remains on the Company’s accompanying consolidated balance sheet and is reclassified from land and land under development to consolidated inventory not owned. 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. During the year ended November 30, 2024, consolidated inventory not owned increased by $1.1 billion with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying consolidated balance sheet as of November 30, 2024. The increase was primarily due to consolidation of land bank option contracts and reclassifications from land and land under development to consolidated inventory not owned during the year ended November 30, 2024 as the Company continued to focus on increasing its controlled homesites as compared to owned homesites. The increase was partially offset by takedowns during the year ended November 30, 2024.
Investments in Unconsolidated Entities	The Company evaluates the long-lived assets in unconsolidated entities for indicators of impairment during each reporting period. The Company’s proportionate share of a valuation adjustment is reflected in the Company's Homebuilding, Multifamily or Lennar Other equity in earnings (losses) from unconsolidated entities with a corresponding decrease to its Homebuilding, Multifamily or Lennar Other investment in unconsolidated entities. Additionally, the Company evaluates whether a decrease in the fair value of an investment below its carrying value is other-than- temporary. This evaluation includes an assessment of: (1) projected future distributions from the unconsolidated entities, (2) the length of the time and the extent to which the market value has been less than cost and (3) various other factors, which include, but are not limited to, relationships with the other partners and banks, general economic market conditions, unfavorable regulatory actions, land status and liquidity needs of the unconsolidated entity. If the Company determines from the evaluation of the indicators that the decline in the fair value of the investment is other-than-temporary, the Company will write-down the investment to fair value. The impairment, if any, would be included in Homebuilding other income, net, Multifamily other gain (loss) or Lennar Other other gain (loss). During the year ended November 30, 2024, the Company evaluated its investments in unconsolidated entities and concluded that no material other-than-temporary impairments were required. During the year ended November 30, 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 other income (expense) The Company tracks its share of cumulative earnings and distributions of its joint ventures ("JVs"). For purposes of classifying distributions received from JVs in the Company’s consolidated statements of cash flows, cumulative distributions are treated as returns on capital to the extent of cumulative earnings and included in the Company’s consolidated statements of cash flows as operating activities. Cumulative distributions in excess of the Company’s share of cumulative earnings are treated as returns of capital and included in the Company’s consolidated statements of cash flows as cash from investing activities.
Variable Interest Entities	GAAP requires the assessment of whether an entity is a variable interest entity ("VIE") and, if so, if the Company is the primary beneficiary at the inception of the entity or at a reconsideration event. Additionally, GAAP requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s variable interest in VIEs may be in the form of (1) equity ownership, (2) contracts to purchase assets, (3) management and development agreements between the Company and a VIE, (4) loans provided by the Company to a VIE or other partner and/or (5) guarantees provided by members to banks and other third parties. The Company examines specific criteria and uses its judgment when determining if it is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality, if any, between the Company and the other partner(s) and contracts to purchase assets from VIEs. The determination of whether an entity is a VIE and, if so, whether the Company is the primary beneficiary may require management to exercise significant judgment. Generally, all major decision making in the Company’s joint ventures is shared among all partners. In particular, business plans and budgets are generally required to be unanimously approved by all partners. Generally, the Company has options on less than a majority of the JV’s assets at the balance sheet date and the purchase prices under its option contracts are initially negotiated at fair value. Generally, Homebuilding, Multifamily and Lennar Other unconsolidated entities are determined to be VIEs due to insufficient equity at risk for the JV entity as the partner(s) continue to provide subordinated financial support in the form of capital contributions. Homebuilding, Multifamily and Lennar Other unconsolidated entities become VIEs and consolidate if the other partner(s) lack the intent or financial wherewithal to remain in the entity. As a result, the Company continues to fund operations and debt paydowns through partner loans or substituted capital contributions.
Goodwill	Goodwill Goodwill is recorded with regard to acquisitions of businesses when the purchase price of the business exceeds the fair value of the net tangible and identifiable assets acquired. In accordance with ASC 350, Intangibles-Goodwill and Other , the Company evaluates goodwill for potential impairment on at least an annual basis. The Company has the option to perform a qualitative or quantitative assessment to determine whether the fair value of a reporting unit exceeds its carrying value. Qualitative factors may include, but are not limited to, economic conditions, industry and market considerations, cost factors, overall financial performance of the reporting units and other entity and reporting unit specific events. If a quantitative assessment is performed, the fair value estimate is derived through various valuation methods, including the use of discounted expected future cash flows of each reporting unit. The expected future cash flows for each reporting unit are significantly impacted by current market conditions. If these market conditions and resulting expected future cash flows for each reporting unit decline significantly, the actual results for each segment could differ from the Company's estimate, which may cause goodwill to be impaired. The annual qualitative goodwill impairment analysis was performed as of September 30, 2024, and no impairment was recorded.
Operating Properties And Equipment	Operating properties and equipment are recorded at cost and are included in other assets in the consolidated balance sheets. The assets are depreciated over their estimated useful lives using the straight-line method. At the time operating properties and equipment are disposed of, the asset and related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to earnings. The estimated useful life for operating properties is 30 years, for furniture, fixtures and equipment is two
Investment Securities	The Company holds investment securities classified as available-for-sale or held-to-maturity. Available-for-sale securities are recorded at fair value. Any unrealized holding gains or losses on available-for-sale securities are reported as accumulated other comprehensive income or loss, which is a separate component of stockholders’ equity, net of tax, until realized. Securities classified as held-to-maturity are carried at amortized cost because they are purchased with the intent and ability to hold to maturity.
Income Taxes	The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and attributable to operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or paid. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted. Interest related to unrecognized tax benefits is recognized in the financial statements as a component of income tax expense. A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the consideration of all available positive and negative evidence using a "more-likely-than-not" standard with respect to whether deferred tax assets will be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, actual earnings, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives. Based on the analysis of positive and negative evidence, the Company believed that there was enough positive evidence for the Company to conclude that it was more likely than not that the Company would realize the majority of its deferred tax assets. As of November 30, 2024 and 2023, the Company's net deferred tax assets of $272.4 million and $326.5 million included a valuation allowance of $2.6 million and $2.3 million, respectively. See Note 5 for additional information.
Other Liabilities	Reflected within the consolidated balance sheets, the other liabilities balance as of November 30, 2024 and 2023, included accrued interest payable, product warranty (as noted below), accrued bonuses, accrued wages and benefits, lease liabilities, deferred income, customer deposits, income taxes payable, and other accrued liabilities.
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 Company regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties in order to reflect changes in trends and historical data as information becomes available. Warranty reserves are included in Homebuilding other liabilities in the consolidated balance sheets.
Self-Insurance	Reserves for estimated losses for construction defects, general liability and workers’ compensation have been established using the assistance of a third-party actuary. The third-party actuary uses the Company's historical warranty and construction defect data to assist management in estimating the unpaid claims, claim adjustment expenses and incurred but not reported claims reserves for the risks that the Company is assuming under the general liability and construction defect programs. The estimates include provisions for inflation, claims handling and legal fees. These estimates are subject to a high degree of variability due to uncertainties such as trends in construction defect claims relative to the markets and the types of products the Company builds, claim settlement patterns, insurance industry practices and legal interpretations. Given the high degree of judgment required in determining these estimated liability amounts, actual future costs could differ significantly from the Company's currently estimated amounts. The Company’s self-insurance reserve, net of expected recoveries, as of November 30, 2024 and 2023 was $277.4 million and $245.8 million, respectively, and was included in Homebuilding other liabilities. Amounts incurred in excess of the Company's self-insurance occurrence or aggregate retention limits are covered by insurance up to the Company's purchased coverage levels. The Company's insurance policies are maintained with highly-rated underwriters for whom the Company believes counterparty default risk is not significant.
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 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") are considered participating securities.
Restrictions on Payment of Dividends	There are no restrictions on the payment of dividends on common stock by the Company. There are no agreements which restrict the payment of dividends by subsidiaries of the Company other than the need to maintain the financial ratios and net worth requirements under the Financial Services segment’s warehouse lines of credit, which restrict the payment of dividends from the Company’s mortgage subsidiaries following the occurrence and during the continuance of an event of default thereunder.
401 (k) Plan	Under the Company’s 401(k) Plan (the "Plan"), contributions made by associates can be invested in a variety of mutual funds or proprietary funds provided by the Plan trustee. The Company may also make contributions for the benefit of associates. The Company records as compensation expense its contribution to the Plan. For the years ended November 30, 2024, 2023 and 2022, this amount was $69.7 million, $53.4 million and $37.5 million, respectively.
Loans Held-for-Sale	Loans held-for-sale by the Financial Services segment, including the rights to service the mortgage loans, are carried at fair value and changes in fair value are reflected in earnings. Premiums and discounts recorded on these loans are presented as an adjustment to the carrying amount of the loans and are not amortized. Management believes carrying loans held-for-sale at fair value improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. In addition, the Financial Services segment 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 servicing rights is included in Financial Services' other assets as of November 30, 2024 and 2023. Fair value of the servicing rights is determined based on values in the Company’s servicing sales contracts. The originated mortgage loans are classified as loans held-for-sale and are recorded at fair value. The Company elected the fair value option for LMF Commercial's loans held-for-sale in accordance with ASC 825, Financial Instruments
Provision for Losses	The Company establishes reserves for possible losses associated with mortgage loans previously originated and sold to investors 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. Loan origination liabilities are included in Financial Services’ liabilities in the consolidated balance sheets.
Loans Held-for-Investment, Net	Loans for which the Company has the positive intent and ability to hold to maturity consist of mortgage loans carried at the principal amounts outstanding, net of unamortized discounts and allowance for credit losses. Discounts are amortized over the estimated lives of the loans using the interest method. The Financial Services segment provides an allowance for credit losses. The provision recorded and the adequacy of the related allowance is determined by management’s continuing evaluation of the loan portfolio in light of past loan loss experience, credit worthiness and nature of underlying collateral, present economic conditions and other factors considered relevant by the Company’s management. Anticipated changes in economic factors, which may influence the level of the allowance, are considered in the evaluation by the Company’s management when the likelihood of the changes can be reasonably determined. While the Company’s management uses the best information available to make such evaluations, future adjustments to the allowance may be necessary as a result of future economic and other conditions that may be beyond management’s control.
Derivative Financial Instruments	The Financial Services segment, in the normal course of business, uses derivative financial instruments to reduce its exposure to fluctuations in mortgage-related interest rates. The segment uses mortgage-backed securities ("MBS") forward commitments, option contracts, future contracts and investor commitments to protect the value of fixed rate-locked loan commitments and loans held-for-sale from fluctuations in mortgage-related interest rates. These derivative financial instruments are carried at fair value with the changes in fair value included in Financial Services revenues.
New Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements on an interim and annual basis. ASU 2024-03 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements. In December, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires public companies to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating ASU 2023-09 and does not expect it to have a material effect on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company is currently reviewing the impact that the adoption of ASU 2023-07 may have on its consolidated financial statements and disclosure. Reclassifications Certain prior year segment information in the consolidated financial statements has been reclassified to conform with the 2024 presentation. This reclassification was for operational purposes and between segments and had no impact on the Company's total assets, total equity, revenue, or net income in the consolidated financial statements.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Nov. 30, 2024
Accounting Policies [Abstract]
Schedule Of Lennar Homebuilding Receivables	Balances as of November 30, 2024 and 2023 are noted below: At November 30, (In thousands) 2024 2023 Accounts receivable $ 901,290 640,292 Mortgages and notes receivable 154,320 250,074 1,055,610 890,366 Allowance for credit losses (2,399) (2,374) Receivables, net $ 1,053,211 887,992 LMF Commercial originated commercial loans as follows: Years Ended November 30, (Dollars in thousands) 2024 2023 Originations (1) $ 568,520 466,043 Sold $ 522,647 430,707 Securitizations 13 10 (1) During both years ended November 30, 2024 and 2023, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Communities Reviewed for Indicators of Impairment and Communities with Valuation Adjustments Needed	The Company's valuation adjustments for finished homes and construction in progress were included in Homebuilding costs and expenses in the Company's consolidated statements of operations and comprehensive income (loss) for the years ended November 30, 2024 and 2023. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded: At November 30, Communities with valuation adjustments # of communities with potential indicators of impairment # of communities Fair Value Valuation Adjustments 2024 33 6 $40,465 $18,599 2023 25 18 95,731 37,500 Years Ended November 30, 2024 2023 2022 (In thousands) Fair Carrying Value Fair Value Total 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 $ 516,081 467,946 (48,135) 458,569 396,795 (61,774) 347,300 295,663 (51,637) Land and land under development (2) Level 3 — — — 52,147 49,539 (2,608) 135,844 126,135 (9,709) Deposits and pre-acquisition costs on real estate (3) Level 3 5,120 — (5,120) 19,914 — (19,914) 47,893 — (47,893) Investments in unconsolidated entities (4) Level 3 — — — 78,834 37,792 (41,042) 1,454 — (1,454) Non-financial assets Multifamily: Land and land under development (5) Level 3 $ 139,980 49,970 (90,010) — — — — — — Investments in unconsolidated entities (6) Level 3 24,753 — (24,753) — — — — — — (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. (3) Forfeited deposits and write-off of pre-acquisition costs on real estate were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss). (4) Valuation adjustments related to Homebuilding investments in unconsolidated entities were primarily included in other income (expense), net in the Company's consolidated statements of operations and comprehensive income (loss) for the years ended November 30, 2023 and 2022, respectively. (5) Valuation adjustments for land and land under development were included in Multifamily costs and expenses. (6) Valuation adjustments related to Multifamily investments in unconsolidated entities were included in other income (expense), net in the Company's consolidated statements of operations and comprehensive income (loss) for the year ended November 30, 2024.
Schedule of Significant Unobservable Inputs Used to Determine Fair Value of Communities	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: Years Ended November 30, 2024 2023 Unobservable inputs Range Range Average selling price (1) $178,000 — $702,000 $179,000 — $850,000 Absorption rate per quarter (homes) 6 — 15 3 — 26 Discount rate 20% 20% (1) Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during the years ended November 30, 2024 and 2023. At November 30, 2024 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 November 30, 2024 Unobservable inputs Mortgage prepayment rate 8% Discount rate 13% Delinquency rate 12%
Schedule Of Operating Properties And Equipment	Operating properties and equipment are included in Homebuilding other assets in the consolidated balance sheets and were as follows: At November 30, (In thousands) 2024 2023 Operating properties (1) $ 358,130 300,351 Leasehold improvements 77,921 72,994 Furniture, fixtures and equipment 371,567 297,275 807,618 670,620 Accumulated depreciation and amortization (291,420) (265,831) Total $ 516,198 404,789 (1) Operating properties primarily include solar systems, rental operations and commercial properties.
Schedule Of Interest Expense	Interest expense was included in costs of homes sold, costs of land sold and other interest expense as follows: Years Ended November 30, (In thousands) 2024 2023 2022 Interest expense in costs of homes sold $ 160,848 240,871 293,105 Interest expense in costs of land sold 373 1,588 498 Other interest expense (1) 18,771 15,434 19,128 Total interest expense $ 179,992 257,893 312,731 (1) Included in Homebuilding other income (expense), net.
Schedule Of Warranty Reserve	The activity in the Company’s warranty reserve was as follows: Years Ended November 30, (In thousands) 2024 2023 Warranty reserve, beginning of year $ 414,796 418,017 Warranties issued 288,941 286,019 Adjustments to pre-existing warranties from changes in estimates (1) 28,797 566 Payments (286,294) (289,806) Warranty reserve, end of year $ 446,240 414,796 (1) The adjustments to pre-existing warranties from changes in estimates during the years ended November 30, 2024 and 2023 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
Repurchase of Company's Common Stock	Years Ended November 30, 2024 2023 (Dollars in thousands, except price per share) Class A Class B Class A Class B Shares repurchased 11,942,725 1,612,501 7,499,660 2,500,340 Total purchase price $ 1,906,049 $ 243,860 $ 851,502 $ 248,835 Average price per share $ 159.60 $ 151.23 $ 113.54 $ 99.52
Compensation Expense Related to Company's Share-based Awards	Compensation expense related to the Company’s share-based awards was as follows: Years Ended November 30, (In thousands) 2024 2023 2022 Total compensation expense for nonvested share-based awards $ 176,676 160,720 184,086
Schedule of Nonvested Shares Activity	A summary of the Company’s nonvested shares activity for the year ended November 30, 2024 was as follows: Shares Weighted Average Grant Date Fair Value Nonvested shares at November 30, 2023 2,970,760 $ 92.51 Grants 1,504,041 $ 141.11 Vested (1,665,703) $ 98.95 Forfeited (98,077) $ 114.46 Nonvested shares at November 30, 2024 2,711,021 $ 114.72
Loan Origination Liabilities	The activity in the Company’s loan origination liabilities was as follows: Years Ended November 30, (In thousands) 2024 2023 Loan origination liabilities, beginning of year $ 17,598 11,787 Provision for losses (482) 6,939 Payments (402) (1,128) Loan origination liabilities, end of year $ 16,714 17,598

Operating And Reporting Segme_2

Operating And Reporting Segments (Tables)	12 Months Ended
	Nov. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The assets and liabilities related to the Company’s segments were as follows: (In thousands) At November 30, 2024 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 4,662,643 175,382 30,948 40,691 4,909,664 Restricted cash 11,799 68,747 — — 80,546 Receivables, net (1) 1,053,211 545,752 53,595 — 1,652,558 Inventory owned and consolidated inventory not owned 19,719,551 — 592,879 — 20,312,430 Deposits and pre-acquisition costs on real estate 3,625,372 — 32,643 — 3,658,015 Investments in unconsolidated entities 1,344,836 — 503,303 379,435 2,227,574 Loans held-for-sale (2) — 2,250,718 — — 2,250,718 Investments in equity securities (3) — — — 347,810 347,810 Investments available-for-sale (4) — — — 40,578 40,578 Loans held-for-investment, net — 60,969 — — 60,969 Investments held-to-maturity — 135,646 — — 135,646 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,734,698 89,637 93,450 86,430 2,004,215 Total assets $ 35,594,469 3,516,550 1,306,818 894,944 41,312,781 Liabilities: Notes and other debts payable, net $ 2,258,283 1,930,956 — — 4,189,239 Liabilities related to consolidated inventory not owned 3,563,934 — — — 3,563,934 Accounts payable and other liabilities 5,040,992 209,752 181,883 105,756 5,538,383 Total liabilities $ 10,863,209 2,140,708 181,883 105,756 13,291,556 (In thousands) At November 30, 2023 Assets: Homebuilding Financial Multifamily Lennar Total Cash and cash equivalents $ 6,273,724 159,491 39,334 1,948 6,474,497 Restricted cash 13,481 82,960 — — 96,441 Receivables, net (1) 887,992 716,071 92,142 — 1,696,205 Inventory owned and consolidated inventory not owned 18,352,735 — 544,935 — 18,897,670 Deposits and pre-acquisition costs on real estate 2,002,154 — 32,063 — 2,034,217 Investments in unconsolidated entities 1,143,909 — 599,852 276,244 2,020,005 Loans held-for-sale (2) — 2,086,809 — — 2,086,809 Investments in equity securities (3) — — — 297,243 297,243 Investments available-for-sale (4) — — — 37,953 37,953 Loans held-for-investment, net — 55,463 — — 55,463 Investments held-to-maturity — 140,676 — — 140,676 Goodwill 3,442,359 189,699 — — 3,632,058 Other assets 1,512,038 135,377 73,187 44,464 1,765,066 Total assets $ 33,628,392 3,566,546 1,381,513 657,852 39,234,303 Liabilities: Notes and other debts payable, net $ 2,816,482 2,163,805 3,741 — 4,984,028 Liabilities related to consolidated inventory not owned 2,540,894 — — — 2,540,894 Accounts payable and other liabilities 4,370,618 283,234 274,436 79,127 5,007,415 Total liabilities $ 9,727,994 2,447,039 278,177 79,127 12,532,337 (1) Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2024 and 2023, 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 $143.0 million and $121.0 million without readily available fair values as of November 30, 2024 and 2023, 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 consolidated balance sheet. Financial information relating to the Company’s segments was as follows: Years Ended November 30, (In thousands) 2024 2023 2022 Revenues: Homebuilding $ 33,906,426 32,660,987 31,951,335 Financial Services 1,109,263 976,859 809,680 Multifamily (1) 411,537 573,485 865,603 Lennar Other 14,226 22,035 44,392 $ 35,441,452 34,233,366 33,671,010 Earnings (loss) before income taxes: Homebuilding $ 5,342,252 5,527,707 6,777,317 Financial Services (2) 577,184 509,461 383,302 Multifamily 42,635 (50,651) 69,493 Lennar Other (3) (47,967) (209,788) (734,649) Corporate and Unallocated (4) (729,196) (574,425) (480,897) $ 5,184,908 5,202,304 6,014,566 (1) Revenues for Multifamily for the year ended November 30, 2022 included $237.5 million of land sales to unconsolidated entities. (2) Financial Services operating earnings for the year ended November 30, 2022, included a $35.5 million one-time charge due to an increase in a litigation accrual related to a court judgement. (3) Operating loss for Lennar Other for the year ended November 30, 2024 included $25.2 million of mark-to-market unrealized gains on the Company's publicly traded technology investments and a $46.5 million one-time gain on the sale of a technology investment. Operating loss for Lennar Other for the year ended November 30, 2023 included $50.2 million of mark-to-market unrealized losses on the Company's publicly traded technology investments and a $65.0 million write-off of one of the Company's non-public technology investments. Operating loss for Lennar Other for the year ended November 30, 2022 included $655.1 million of mark-to-market unrealized losses on the Company's publicly traded technology investments. (4) Corporate and unallocated expenses primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit and human resources. Also included are property expenses related to the leases of corporate offices, data processing, general corporate expenses and charitable foundation contributions to the Lennar Foundation. The assets related to the Company's Homebuilding segments were as follows: At November 30, (In thousands) 2024 2023 East $ 7,168,086 6,563,568 Central 5,366,936 4,511,496 Texas 4,238,587 3,337,280 West 12,148,434 11,298,812 Other 1,729,407 1,511,541 Corporate and Unallocated 4,943,019 6,405,695 Total Homebuilding $ 35,594,469 33,628,392 Financial information relating to the Company’s homebuilding segments was as follows: Years Ended November 30, (In thousands) 2024 2023 2022 Revenues: East $ 8,492,955 8,727,154 8,389,182 Central 7,637,003 7,101,560 6,722,854 Texas 4,787,125 4,707,285 4,227,771 West 12,955,853 12,086,172 12,571,386 Other 33,490 38,816 40,142 $ 33,906,426 32,660,987 31,951,335 Operating earnings (loss): East $ 1,599,024 1,991,950 2,062,654 Central 1,083,734 1,104,930 1,066,833 Texas 753,722 788,627 929,237 West 1,857,870 1,712,966 2,773,597 Other 47,902 (70,766) (55,004) $ 5,342,252 5,527,707 6,777,317 Interest expense: East $ 40,041 55,216 70,809 Central 28,929 46,556 62,083 Texas 13,967 29,754 29,442 West 84,609 115,600 140,017 Other 12,446 10,467 10,380 $ 179,992 257,593 312,731 Depreciation and amortization: East $ 32,098 33,279 23,084 Central 27,761 27,087 17,023 Texas 10,623 10,227 9,354 West 58,368 62,374 54,055 Other 346 286 774 $ 129,196 133,253 104,290 Net addition to operating properties and equipment: East $ 734 637 2,065 Central 3,613 1,531 949 Texas 2,049 679 136 West 3,798 1,176 1,414 Other 54,202 45,754 6,537 $ 64,396 49,777 11,101
Schedule of Line of Credit Facilities	At November 30, 2024, 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: Maximum Aggregate Commitment (In thousands) Committed Amount Uncommitted Amount Total Residential facilities maturing: April 2025 $ 250,000 250,000 500,000 June 2025 1,400,000 — 1,400,000 August 2025 325,000 325,000 650,000 October 2025 100,000 100,000 200,000 December 2026 375,000 — 375,000 Total residential facilities $ 2,450,000 675,000 3,125,000 LMF commercial facilities maturing: December 2024 (1) 200,000 — 200,000 January 2025 100,000 — 100,000 Total LMF commercial facilities $ 300,000 — 300,000 Total $ 3,425,000 (1) Subsequent to November 30, 2024, the maturity date was extended to December 2025. Borrowings and collateral under the facilities were as follows: At November 30, (In thousands) 2024 2023 Borrowings under residential facilities $ 1,776,045 2,020,187 Collateral under residential facilities 1,837,833 2,097,020 Borrowings under LMF Commercial facilities 28,747 12,525 (In thousands) At November 30, 2024 Commitments - maturing in May 2027 $ 225,000 Commitments - maturing in November 2029 2,650,000 Total commitments $ 2,875,000 Accordion feature 625,000 Total maximum borrowings capacity $ 3,500,000 The Company's outstanding letters of credit and surety bonds are below: At November 30, (In thousands) 2024 2023 Performance letters of credit $ 1,668,061 1,404,541 Financial letters of credit 745,578 417,976 Surety bonds 5,140,432 4,508,428 Anticipated future costs primarily for site improvements related to performance surety bonds 2,766,088 2,499,680
Schedule Of Lennar Homebuilding Receivables	Balances as of November 30, 2024 and 2023 are noted below: At November 30, (In thousands) 2024 2023 Accounts receivable $ 901,290 640,292 Mortgages and notes receivable 154,320 250,074 1,055,610 890,366 Allowance for credit losses (2,399) (2,374) Receivables, net $ 1,053,211 887,992 LMF Commercial originated commercial loans as follows: Years Ended November 30, (Dollars in thousands) 2024 2023 Originations (1) $ 568,520 466,043 Sold $ 522,647 430,707 Securitizations 13 10 (1) During both years ended November 30, 2024 and 2023, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Debt Securities, Held-to-maturity	Details related to Financial Services' CMBS were as follows: At November 30, (Dollars in thousands) 2024 2023 Carrying value $ 135,646 140,676 Outstanding debt, net of debt issuance costs $ 126,164 131,093 Incurred interest rate 3.4 % 3.4 %
Schedule of Significant Unobservable Inputs Used to Determine Fair Value of Communities	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: Years Ended November 30, 2024 2023 Unobservable inputs Range Range Average selling price (1) $178,000 — $702,000 $179,000 — $850,000 Absorption rate per quarter (homes) 6 — 15 3 — 26 Discount rate 20% 20% (1) Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during the years ended November 30, 2024 and 2023. At November 30, 2024 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 November 30, 2024 Unobservable inputs Mortgage prepayment rate 8% Discount rate 13% Delinquency rate 12%
Unrealized Gain (Loss) on Investments	Years Ended November 30, (In thousands) 2024 2023 Blend Labs (BLND) $ 9,474 (130) Hippo (HIPO) 73,243 (19,210) Opendoor (OPEN) (12,587) 21,762 SmartRent (SMRT) (11,609) 5,914 Sonder (SOND) 15 (700) Sunnova (NOVA) (33,356) (57,798) Lennar Other unrealized gains (losses) from technology investments $ 25,180 (50,162)

Lennar Homebuilding Investments

Lennar Homebuilding Investments In Unconsolidated Entities (Tables)	12 Months Ended
	Nov. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Unconsolidated Entities	The investments in the Company's Homebuilding unconsolidated entities were as follows: At November 30, (In thousands) 2024 2023 Investments in unconsolidated entities (1) (2) $ 1,344,836 1,143,909 Underlying equity in unconsolidated entities' net assets (1) 1,636,307 1,436,239 (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 November 30, 2024 and 2023, the carrying amount of the Company's investment was $470.8 million and $422.2 million, respectively. Years Ended November 30, (In thousands) 2024 2023 2022 Land sales revenues (1) $ 192,237 222,200 94,513 Management fees and reimbursement of expenses, net of deferrals 12,969 16,306 20,792 (1) The Company does not include in its Homebuilding equity in earnings (losses) from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings (losses) resulting from land sales to the Company's homebuilding divisions. Instead, the Company accounts for those earnings as a reduction of the cost of purchasing the land from the unconsolidated entities. This in effect defers recognition of the Company’s share of the unconsolidated entities’ earnings related to these sales until the Company delivers a home and title passes to a third-party homebuyer. Years Ended November 30, (In thousands) 2024 2023 2022 General contractor services, net of deferrals $ 302,712 494,630 498,142 General contractor costs 286,991 471,676 478,620 Land sales to joint ventures 36,237 — 237,477 Management fee income, net of deferrals 49,419 67,901 63,823 Details of LMV I and LMV II as of and during the year ended November 30, 2024 are included below: (In thousands) LMV I LMV II Lennar's carrying value of investments $ 126,784 228,496 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 199,519 12,820 (1) While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls. Summarized condensed financial information on a combined 100% basis related to the Company's unconsolidated entities that are accounted for under the equity method, of which the Company's investments in unconsolidated entities were $2.2 billion and $2.0 billion as of November 30, 2024 and 2023, respectively. Financial information relating to the Company’s unconsolidated entities was as follows: Balance Sheets (In thousands) At November 30, 2024 Assets: Homebuilding Multifamily Lennar Total Cash and cash equivalents $ 410,948 323,389 95,735 830,072 Loans receivable — — 11,884 11,884 Real estate owned — — 50,621 50,621 Investment securities — — 2,102,204 2,102,204 Investments in partnerships — — 94,183 94,183 Inventories 5,501,970 — — 5,501,970 Operating properties and equipment 37,516 4,988,704 — 5,026,220 Other assets 1,282,274 821,201 102,879 2,206,354 $ 7,232,708 6,133,294 2,457,506 15,823,508 Liabilities and equity: Accounts payable and other liabilities $ 979,910 140,000 114,244 1,234,154 Debt (1) 1,318,759 2,905,913 295,825 4,520,497 Equity 4,934,039 3,087,381 2,047,437 10,068,857 $ 7,232,708 6,133,294 2,457,506 15,823,508 (In thousands) At November 30, 2023 Assets: Homebuilding Multifamily Lennar Total Cash and cash equivalents $ 460,851 67,755 121,110 649,716 Loans receivable — — 27,102 27,102 Real estate owned — — 102,398 102,398 Investment securities — — 2,267,270 2,267,270 Investments in partnerships — — 108,532 108,532 Inventories 5,267,619 — — 5,267,619 Operating properties and equipment 33,151 7,528,024 — 7,561,175 Other assets 1,223,438 861,321 169,858 2,254,617 $ 6,985,059 8,457,100 2,796,270 18,238,429 Liabilities and equity: Accounts payable and other liabilities $ 782,802 253,531 146,593 1,182,926 Debt (1) 1,412,958 4,890,267 332,124 6,635,349 Equity 4,789,299 3,313,302 2,317,553 10,420,154 $ 6,985,059 8,457,100 2,796,270 18,238,429 (1) Debt noted above is net of debt issuance costs. As of November 30, 2024 and 2023, this includes $3.2 million and $13.0 million, respectively, for Homebuilding, $16.1 million and $19.5 million, respectively, for Multifamily and an immaterial amount of debt issuance costs for Lennar Other. Statements of Operations (In thousands) Years Ended: Revenues Costs and expenses Other income (expense), net (1) Net earnings (losses) of unconsolidated entities Equity in earnings (losses) from unconsolidated entities November 30, 2024 $ 1,719,012 1,841,128 608,145 486,029 164,099 November 30, 2023 1,857,757 2,160,564 (563,222) (866,029) (144,610) November 30, 2022 1,747,336 1,695,272 197,056 249,120 (36,302) (1) Other income (expense), net included realized and unrealized gains (losses) on investments.

Homebuilding Senior Notes And_2

Homebuilding Senior Notes And Other Debts Payable (Tables)	12 Months Ended
	Nov. 30, 2024
Debt Disclosure [Abstract]
Schedule Of Senior Notes And Other Debts Payable	At November 30, (Dollars in thousands) 2024 2023 4.75% senior notes due 2025 $ 499,779 499,336 5.25% senior notes due 2026 401,824 403,040 5.00% senior notes due 2027 350,974 351,357 4.75% senior notes due 2027 (1) 698,266 797,347 4.50% senior notes due 2024 — 453,682 Mortgage notes on land and other debt 307,440 311,720 $ 2,258,283 2,816,482 (1) During the year ended November 30, 2024, the Company repurchased $100 million aggregate principal amount of senior notes due November 2027, through open market repurchases. The terms of each of the Company's senior notes outstanding at November 30, 2024 were as follows: Senior Notes Outstanding (1) Principal Amount Net Proceeds (2) Price Date Issued (Dollars in thousands) 4.75% senior notes due 2025 $ 500,000 495,528 100 % April 2015 5.25% senior notes due 2026 400,000 (3) (3) (3) 5.00% senior notes due 2027 350,000 (3) (3) (3) 4.75% senior notes due 2027 (4) 900,000 894,650 100 % November 2017 (1) Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. (2) The Company generally has historically used the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes. (3) These notes represent obligations of CalAtlantic when it was acquired that were subsequently exchanged in part for the notes of the Company. As part of the purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018). (4) As of November 30, 2024, the principal amount remaining to be paid upon maturity was $700 million. The terms of the Company's mortgage on land and other debt at November 30, 2024 were as follows: At November 30, Various Maturity Dates Through Interest Rates Up To Average Interest Rate (Dollars in thousands) 2024 2023 Carrying value $ 307,440 311,720 2031 7.5% 4.4% Retired during the year 46,005 11,835
Schedule of Line of Credit Facilities	At November 30, 2024, 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: Maximum Aggregate Commitment (In thousands) Committed Amount Uncommitted Amount Total Residential facilities maturing: April 2025 $ 250,000 250,000 500,000 June 2025 1,400,000 — 1,400,000 August 2025 325,000 325,000 650,000 October 2025 100,000 100,000 200,000 December 2026 375,000 — 375,000 Total residential facilities $ 2,450,000 675,000 3,125,000 LMF commercial facilities maturing: December 2024 (1) 200,000 — 200,000 January 2025 100,000 — 100,000 Total LMF commercial facilities $ 300,000 — 300,000 Total $ 3,425,000 (1) Subsequent to November 30, 2024, the maturity date was extended to December 2025. Borrowings and collateral under the facilities were as follows: At November 30, (In thousands) 2024 2023 Borrowings under residential facilities $ 1,776,045 2,020,187 Collateral under residential facilities 1,837,833 2,097,020 Borrowings under LMF Commercial facilities 28,747 12,525 (In thousands) At November 30, 2024 Commitments - maturing in May 2027 $ 225,000 Commitments - maturing in November 2029 2,650,000 Total commitments $ 2,875,000 Accordion feature 625,000 Total maximum borrowings capacity $ 3,500,000 The Company's outstanding letters of credit and surety bonds are below: At November 30, (In thousands) 2024 2023 Performance letters of credit $ 1,668,061 1,404,541 Financial letters of credit 745,578 417,976 Surety bonds 5,140,432 4,508,428 Anticipated future costs primarily for site improvements related to performance surety bonds 2,766,088 2,499,680
Schedule Of Maturities Of Senior Notes And Other Debts Payable	The minimum aggregate principal maturities of Homebuilding senior notes and other debts payable during the five years subsequent to November 30, 2024 and thereafter are as follows: (In thousands) Debt Maturities 2025 $ 532,097 2026 620,942 2027 1,062,192 2028 14,099 2029 11,463 Thereafter 16,647

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Nov. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Benefit (Provision) for Income Taxes	The provision for income taxes consisted of the following: Years Ended November 30, (In thousands) 2024 2023 2022 Current: Federal $ 863,867 1,037,229 1,282,037 State 292,960 271,752 330,681 $ 1,156,827 1,308,981 1,612,718 Deferred: Federal $ 48,080 (53,474) (193,667) State 12,346 (14,494) (52,986) 60,426 (67,968) (246,653) $ 1,217,253 1,241,013 1,366,065
Reconciliation Of Statutory Rate And Effective Tax Rate	A reconciliation of the statutory rate and the effective tax rate was as follows: Percentage of Pretax Income 2024 2023 2022 Statutory rate 21.00 % 21.00 % 21.00 % State income taxes, net of federal income tax benefit 4.74 4.09 4.52 Tax credits (1) (1.85) (1.48) (2.16) Tax reserves and interest expense, net (2) (0.01) — (0.83) Deferred tax asset valuation allowance, net — (0.01) — Other (0.24) 0.36 0.31 Effective rate 23.64 % 23.96 % 22.84 % (1) During 2022, Congress enacted the Inflation Reduction Act which included a retroactive extension of the new energy efficient home tax credit through 2032. (2) Includes a $50.2 million benefit related to the resolution of an uncertain tax position during 2022.
Schedule of Deferred Income Taxes Assets And Liabilities	The tax effects of significant temporary differences that give rise to the net deferred tax assets were as follows: At November 30, (In thousands) 2024 2023 Deferred tax assets: Inventory valuation adjustments $ 22,979 39,641 Reserves and accruals 198,753 193,156 Net operating loss carryforwards 43,894 52,591 Capitalized expenses 244,198 208,392 Investments in unconsolidated entities 62,395 65,254 Employee stock incentive plan 49,655 40,270 Unrealized losses on investments in equity securities — 53,684 Other assets 39,011 51,785 Total deferred tax assets 660,885 704,773 Valuation allowance (2,593) (2,333) Total deferred tax assets after valuation allowance 658,292 702,440 Deferred tax liabilities: Capitalized expenses 170,557 151,912 Deferred income 181,145 168,316 Unrealized gains on investments in equity securities 5,358 — Other liabilities 28,855 55,734 Total deferred tax liabilities 385,915 375,962 Net deferred tax assets $ 272,377 326,478 The detail of the Company's net deferred tax assets (liabilities) was as follows: At November 30, (In thousands) 2024 2023 Net deferred tax assets: Homebuilding $ 146,299 163,917 Financial Services 40,738 36,821 Multifamily 72,049 54,786 Lennar Other 13,291 70,954 Net deferred tax assets $ 272,377 326,478 At November 30, (In thousands) 2024 2023 Valuation allowance (1) $ (2,593) (2,333) Federal tax effected NOL carryforwards (2) 23,079 26,375 State tax effected NOL carryforwards (3) 20,815 26,216 (1) As of November 30, 2024 and 2023, the deferred tax assets included valuation allowances primarily related to state net operating loss ("NOL") carryforwards that are not more likely than not to be utilized due to an inability to carry back these losses in most states and short carryforward periods that exist in certain states. (2) As of November 30, 2024 and 2023, the Company had federal tax effected NOL carryforwards that may be carried forward to offset future taxable income and begin to expire in 2029. (3) As of November 30, 2024 and 2023, the Company had state tax effected NOL carryforwards that may be carried forward from 10 to 20 years or indefinitely, depending on the tax jurisdiction, with certain losses expiring between 2025 and 2041.
Schedule of Unrecognized Tax Benefits Roll Forward	The following table summarizes the changes in gross unrecognized tax benefits: Years Ended November 30, (In thousands) 2024 2023 2022 Gross unrecognized tax benefits, beginning of year $ — — 12,285 Decreases due to settlements with tax authorities — — (12,285) Gross unrecognized tax benefits, end of year $ — — —
Summary Of Changes In Gross Unrecognized Tax Benefits	The following summarizes the changes in interest and penalties accrued with respect to gross unrecognized tax benefits: November 30, (In thousands) 2024 2023 Accrued interest and penalties, beginning of the year $ — — Accrual of interest and penalties — 95 Interest income from audits and refund claims (434) — Increase (reduction) of interest and penalties 434 (95) Accrued interest and penalties, end of the year $ — —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Nov. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Years Ended November 30, (In thousands, except per share amounts) 2024 2023 2022 Numerator: Net earnings attributable to Lennar $ 3,932,533 3,938,511 4,614,125 Less: distributed earnings allocated to nonvested shares 4,980 5,514 4,471 Less: undistributed earnings allocated to nonvested shares 33,843 43,022 47,509 Numerator for basic earnings per share 3,893,710 3,889,975 4,562,145 Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) — — 4,919 Numerator for diluted earnings per share $ 3,893,710 3,889,975 4,557,226 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 272,019 283,319 289,824 Denominator for diluted earnings per share - weighted average common shares outstanding 272,019 283,319 289,824 Basic earnings per share $ 14.31 13.73 15.74 Diluted earnings per share $ 14.31 13.73 15.72 (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.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosure (Tables)	12 Months Ended
	Nov. 30, 2024
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 November 30, 2024 and 2023, 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. At November 30, 2024 2023 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 60,969 61,044 55,463 55,463 Investments held-to-maturity Level 3 135,646 138,160 140,676 139,396 LIABILITIES Homebuilding senior notes and other debt payable, net Level 2 $ 2,258,283 2,264,375 2,816,482 2,785,712 Financial Services notes and other debt payable, net Level 2 1,930,956 1,931,515 2,163,805 2,164,441 Multifamily notes payable, net Level 2 — — 3,741 3,741
Fair Value Measured on a Recurring Basis	The Company’s financial instruments measured at fair value on a recurring basis are summarized below: Fair Value at November 30, (In thousands) Fair 2024 2023 Financial Services Assets: Residential loans held-for-sale Level 2 $ 2,200,402 2,073,350 LMF Commercial loans held-for-sale Level 3 50,316 13,459 Mortgage servicing rights Level 3 3,463 3,440 Forward options Level 1 1,458 5,937 Lennar Other Assets: Investments in equity securities Level 1 204,777 176,198 Investments available-for-sale Level 3 40,578 37,953 Residential and LMF Commercial loans held-for-sale in the table above include: November 30, 2024 2023 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 2,263,310 (62,907) 2,083,776 (10,426) LMF Commercial loans held-for-sale 50,020 296 13,650 (191)
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: Years Ended November 30, 2024 2023 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 3,440 13,459 3,463 25,599 Purchases/loan originations 463 568,520 200 466,043 Sales/loan originations sold, including those not settled — (522,647) — (430,707) Disposals/settlements (1) (261) (9,500) (277) (45,667) Changes in fair value (2) (179) 296 54 (191) Interest and principal paydowns — 188 — (1,618) Ending balance $ 3,463 50,316 3,440 13,459 (1) LMF Commercial includes $9.5 million of loans that was converted to loans held-for-sale during the year ended November 30, 2024. (2) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
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: Years Ended November 30, (In thousands) 2024 2023 2022 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ (52,482) (26,658) (33,287) Mortgage loan commitments (44,106) 1,016 43,695 Forward contracts 61,372 (28,431) (48,790) Forward options (133) (522) (142) Changes in fair value included in Lennar Other unrealized gains (losses) from technology investments: Investments in equity securities $ 25,180 (50,162) (655,094) Changes in fair value included in other comprehensive income, net of tax: Lennar Other investments available-for-sale $ 2,650 2,471 1,464
Schedule of Significant Unobservable Inputs Used to Determine Fair Value of Communities	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: Years Ended November 30, 2024 2023 Unobservable inputs Range Range Average selling price (1) $178,000 — $702,000 $179,000 — $850,000 Absorption rate per quarter (homes) 6 — 15 3 — 26 Discount rate 20% 20% (1) Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during the years ended November 30, 2024 and 2023. At November 30, 2024 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 November 30, 2024 Unobservable inputs Mortgage prepayment rate 8% Discount rate 13% Delinquency rate 12%
Communities Reviewed for Indicators of Impairment and Communities with Valuation Adjustments Needed	The Company's valuation adjustments for finished homes and construction in progress were included in Homebuilding costs and expenses in the Company's consolidated statements of operations and comprehensive income (loss) for the years ended November 30, 2024 and 2023. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded: At November 30, Communities with valuation adjustments # of communities with potential indicators of impairment # of communities Fair Value Valuation Adjustments 2024 33 6 $40,465 $18,599 2023 25 18 95,731 37,500 Years Ended November 30, 2024 2023 2022 (In thousands) Fair Carrying Value Fair Value Total 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 $ 516,081 467,946 (48,135) 458,569 396,795 (61,774) 347,300 295,663 (51,637) Land and land under development (2) Level 3 — — — 52,147 49,539 (2,608) 135,844 126,135 (9,709) Deposits and pre-acquisition costs on real estate (3) Level 3 5,120 — (5,120) 19,914 — (19,914) 47,893 — (47,893) Investments in unconsolidated entities (4) Level 3 — — — 78,834 37,792 (41,042) 1,454 — (1,454) Non-financial assets Multifamily: Land and land under development (5) Level 3 $ 139,980 49,970 (90,010) — — — — — — Investments in unconsolidated entities (6) Level 3 24,753 — (24,753) — — — — — — (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. (3) Forfeited deposits and write-off of pre-acquisition costs on real estate were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss). (4) Valuation adjustments related to Homebuilding investments in unconsolidated entities were primarily included in other income (expense), net in the Company's consolidated statements of operations and comprehensive income (loss) for the years ended November 30, 2023 and 2022, respectively. (5) Valuation adjustments for land and land under development were included in Multifamily costs and expenses. (6) Valuation adjustments related to Multifamily investments in unconsolidated entities were included in other income (expense), net in the Company's consolidated statements of operations and comprehensive income (loss) for the year ended November 30, 2024.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Nov. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Unconsolidated VIEs	The Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows: At November 30, 2024 2023 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Investments in Lennar’s Maximum Exposure to Loss Homebuilding (1) $ 802,901 876,035 659,224 787,226 Multifamily (2) 136,158 140,120 384,718 402,735 Financial Services (3) 135,646 135,646 140,676 140,676 Lennar Other (4) 119,258 119,258 56,009 56,009 $ 1,193,963 1,271,059 1,240,627 1,386,646 (1) As of November 30, 2024 and 2023, 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 $20.4 million and $69.8 million, respectively. In addition, as of November 30, 2024 and 2023, there was recourse debt of VIEs of $44.2 million and $42.1 million, respectively. (2) As of November 30, 2024 and 2023, 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 II, in addition to the investment, also included the remaining combined equity commitment of $12.8 million as of November 30, 2023, for expenditures related to the construction and development of its projects. The decrease in exposure as of November 30, 2024 is primarily due to the removal of LMV II as the fund does not expect to call for equity in the future. As a result, LMV II is not a VIE as of November 30, 2024. (3) As of both November 30, 2024 and 2023, 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 held-to-maturity investments. (4) At November 30, 2024 and 2023, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs. The increase in exposure was due to the Company entering into a new JV which is a VIE and its continued contributions to VIEs. The Company’s exposure to losses on its option contracts with third parties and unconsolidated entities was as follows: At November 30, (In thousands) 2024 2023 Non-refundable option deposits and pre-acquisition costs $ 3,529,889 1,949,219 Non-refundable option deposits included in consolidated inventory not owned 520,731 451,632 Letters of credit in lieu of cash deposits under certain land and option contracts 341,834 198,920

Commitments And Contingent Li_2

Commitments And Contingent Liabilities (Tables)	12 Months Ended
	Nov. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Assets And Liabilities, Lessee	The following table includes additional information about the Company's leases: (Dollars in thousands) At November 30, 2024 Right-of-use assets $ 275,248 Lease liabilities $ 262,119 Weighted-average remaining lease term (in years) 4.7 Weighted-average discount rate 5.0%
Lessee, Operating Lease, Liability, Maturity	The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at November 30, 2024 were as follows: (In thousands) Lease Payments 2025 $ 98,143 2026 61,238 2027 38,911 2028 30,326 2029 and thereafter 65,188 Total future minimum lease payments (1) $ 293,806 Less: Interest (2) 31,687 Present value of lease liabilities (2) $ 262,119 (1) Total future minimum lease payments exclude variable lease costs of $24.6 million and short-term lease costs of $2.2 million. (2) The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. As of November 30, 2024, the Company recognized the lease liabilities on its 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: Years Ended November 30, (In thousands) 2024 2023 2022 Rental expense $ 125,621 104,653 105,414

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2024 USD ($)	Nov. 30, 2024 USD ($) vote communities $ / shares shares	Nov. 30, 2023 USD ($) communities $ / shares shares	Nov. 30, 2022 USD ($) $ / shares shares
Segment Reporting Information [Line Items]
Advertising costs		$ 190,900,000	$ 146,000,000	$ 102,100,000
Cash held in escrow		$ 265,600,000	$ 594,800,000
Escrow deposit period		2 days	2 days
Number of active communities | communities		1,436	1,255
Land under Purchase Options, Deposit		$ 3,500,000,000
Held-to-maturity securities, term		3 years
Deferred tax assets after valuation allowance		$ 658,292,000	$ 702,440,000
Deferred tax assets, valuation allowance		2,593,000	2,333,000
Self-insurance reserve		277,400,000	245,800,000
Compensation expense		69,700,000	53,400,000	$ 37,500,000
Right-of-use assets		275,248,000
Operating lease liability		262,119,000
Net deferred tax assets		272,377,000	326,478,000
Impairment of long lived assets			$ 36,800,000
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]			Nonoperating Income (Expense)
Stock Repurchase Program, Additional Shares Authorized For RepurchaseAmount	$ 5,000,000,000
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Segment Reporting Information [Line Items]
Increase in consolidated inventory not owned		1,100,000,000
Operating Segments
Segment Reporting Information [Line Items]
Available-for-sale securities		40,578,000	$ 37,953,000
Held-to-maturity securities		135,646,000	140,676,000
Investments in equity securities		$ 347,810,000	$ 297,243,000
Executive Chairman
Segment Reporting Information [Line Items]
Voting power		40%
Preferred Stock
Segment Reporting Information [Line Items]
Preferred stock, shares authorized (in shares) | shares		500,000
Preferred stock, par value (in usd per share) | $ / shares		$ 10
Participating Preferred Stock
Segment Reporting Information [Line Items]
Preferred stock, shares authorized (in shares) | shares		100,000,000
Preferred stock, par value (in usd per share) | $ / shares		$ 0.10
Preferred stock, shares issued (in shares) | shares		0	0
Class A Common Stock
Segment Reporting Information [Line Items]
Cash dividends (in USD per share) | $ / shares		$ 2	$ 1.50	$ 1.50
Votes per share | vote		1
Class B Common Stock
Segment Reporting Information [Line Items]
Cash dividends (in USD per share) | $ / shares		$ 2	$ 1.50	$ 1.50
Votes per share | vote		10
Share Repurchase Program, Remaining Authorized, Amount		$ 3,400,000,000
Financial Services
Segment Reporting Information [Line Items]
Net deferred tax assets		40,738,000	$ 36,821,000
Financial Services | Operating Segments
Segment Reporting Information [Line Items]
Available-for-sale securities		0	0
Held-to-maturity securities		135,646,000	140,676,000
Investments in equity securities		0	0
Lennar Other
Segment Reporting Information [Line Items]
Available-for-sale securities		40,600,000	38,000,000
Net deferred tax assets		13,291,000	70,954,000
Lennar Other | Operating Segments
Segment Reporting Information [Line Items]
Available-for-sale securities		40,578,000	37,953,000
Held-to-maturity securities		0	0
Investments in equity securities		347,810,000	297,243,000
Homebuilding
Segment Reporting Information [Line Items]
Sales incentive, amount per home		$ 48,800	$ 42,900	$ 17,300
Sales incentive, amount per home, percentage		10.30%	8.80%	3.50%
Inventory write-down		$ 5,100,000	$ 19,900,000
Interest incurred		129,300,000	187,600,000	$ 230,800,000
Interest capitalized		110,500,000	172,000,000	$ 211,700,000
Net deferred tax assets		146,299,000	163,917,000
Homebuilding | Operating Segments
Segment Reporting Information [Line Items]
Available-for-sale securities		0	0
Held-to-maturity securities		0	0
Investments in equity securities		$ 0	$ 0
Stock Option Awards
Segment Reporting Information [Line Items]
Expiration period		10 years
Nonvested shares
Segment Reporting Information [Line Items]
Unrecognized compensation expense related to unvested share-based awards granted		$ 134,200,000
Weighted average remaining contractual life of unrecognized compensation expense related to unvested share-based awards		1 year 9 months 18 days
Nonvested shares vested (in shares) | shares		1,665,703	2,000,000	1,600,000
Discount rate | Valuation Technique, Discounted Cash Flow
Segment Reporting Information [Line Items]
Communities, unobservable inputs			0.15
Operating properties
Segment Reporting Information [Line Items]
Estimated useful life		30 years
Furniture, fixtures and equipment | Minimum
Segment Reporting Information [Line Items]
Estimated useful life		2 years
Furniture, fixtures and equipment | Maximum
Segment Reporting Information [Line Items]
Estimated useful life		10 years
Leasehold improvements
Segment Reporting Information [Line Items]
Estimated useful life		5 years

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Receivables, Net) (Details) - Homebuilding - USD ($) $ in Thousands	Nov. 30, 2024	Nov. 30, 2023
Segment Reporting Information [Line Items]
Accounts receivable	$ 901,290	$ 640,292
Mortgages and notes receivable	154,320	250,074
Receivables, gross	1,055,610	890,366
Allowance for credit losses	(2,399)	(2,374)
Receivables, net	$ 1,053,211	$ 887,992

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies (Communities with Indicators of Impairment and Communities with Valuation Adjustments Recorded) (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2024 USD ($) community	Nov. 30, 2023 USD ($) community
Accounting Policies [Abstract]
# of communities with potential indicators of impairment | community	33	25
Communities with valuation adjustments, # of communities | community	6	18
Communities with valuation adjustments, Fair Value | $	$ 40,465	$ 95,731
Communities with valuation adjustments, Valuation Adjustments | $	$ 18,599	$ 37,500

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies (Unobservable inputs) (Details) - Level 3 - Discounted Cash Flow Model - Fair Value, Measurements, Nonrecurring	Nov. 30, 2024 USD ($) home	Nov. 30, 2023 home USD ($)
Average selling price (1) | Minimum
Segment Reporting Information [Line Items]
Communities, unobservable inputs | $	178,000	179,000
Average selling price (1) | Maximum
Segment Reporting Information [Line Items]
Communities, unobservable inputs | $	702,000	850,000
Absorption rate per quarter (homes) | Minimum
Segment Reporting Information [Line Items]
Communities, unobservable inputs | home	6	3
Absorption rate per quarter (homes) | Maximum
Segment Reporting Information [Line Items]
Communities, unobservable inputs | home	15	26
Discount rate | Minimum
Segment Reporting Information [Line Items]
Communities, unobservable inputs	0.20	0.20

Summary Of Significant Accoun_8

Summary Of Significant Accounting Policies (Operating Properties and Equipment) (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Nov. 30, 2023
Property, Plant and Equipment [Line Items]
Operating properties and equipment, gross	$ 807,618	$ 670,620
Accumulated depreciation and amortization	(291,420)	(265,831)
Operating properties and equipment, net	516,198	404,789
Operating properties
Property, Plant and Equipment [Line Items]
Operating properties and equipment, gross	358,130	300,351
Leasehold improvements
Property, Plant and Equipment [Line Items]
Operating properties and equipment, gross	77,921	72,994
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Operating properties and equipment, gross	$ 371,567	$ 297,275

Summary Of Significant Accoun_9

Summary Of Significant Accounting Policies (Schedule Of Interest Expense) (Details) - Homebuilding - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Segment Reporting Information [Line Items]
Other interest expense	$ 18,771	$ 15,434	$ 19,128
Total interest expense	179,992	257,893	312,731
Inventory, Homes
Segment Reporting Information [Line Items]
Interest expense	160,848	240,871	293,105
Inventory, Land
Segment Reporting Information [Line Items]
Interest expense	$ 373	$ 1,588	$ 498

Summary Of Significant Accou_10

Summary Of Significant Accounting Policies (Schedule Of Warranty Reserve) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of year	$ 414,796	$ 418,017
Warranties issued	288,941	286,019
Adjustments to pre-existing warranties from changes in estimates	28,797	566
Payments	(286,294)	(289,806)
Warranty reserve, end of year	$ 446,240	$ 414,796

Summary Of Significant Accou_11

Summary Of Significant Accounting Policies (Repurchase of Company's Common Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Class A Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares)	11,942,725	7,499,660
Total purchase price	$ 1,906,049	$ 851,502
Average price per share (in usd per share)	$ 159.60	$ 113.54
Class B Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares)	1,612,501	2,500,340
Total purchase price	$ 243,860	$ 248,835
Average price per share (in usd per share)	$ 151.23	$ 99.52

Summary Of Significant Accou_12

Summary Of Significant Accounting Policies (Compensation Expense Related to the Company's Share-based Awards) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Accounting Policies [Abstract]
Total compensation expense for nonvested share-based awards	$ 176,676	$ 160,720	$ 184,086

Summary Of Significant Accou_13

Summary Of Significant Accounting Policies (Schedule Of Nonvested Shares Activity) (Details) - Nonvested shares - $ / shares	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Shares
Beginning balance (in shares)	2,970,760
Grants (in shares)	1,504,041
Vested (in shares)	(1,665,703)	(2,000,000)	(1,600,000)
Forfeited (in shares)	(98,077)
Ending balance (in shares)	2,711,021	2,970,760
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 92.51
Grants (in USD per share)	141.11	$ 91.61	$ 88.92
Vested (in USD per share)	98.95
Forfeited (in USD per share)	114.46
Ending balance (in USD per share)	$ 114.72	$ 92.51

Summary Of Significant Accou_14

Summary Of Significant Accounting Policies (Loan Origination Liabilities) (Details) - Financial Services - Loan Origination Liabilities - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Loan Origination Liabilities [Roll Forward]
Loan origination liabilities, beginning of year	$ 17,598	$ 11,787
Provision for losses	(482)	6,939
Payments/settlements	(402)	(1,128)
Loan origination liabilities, end of year	$ 16,714	$ 17,598

Operating And Reporting Segme_3

Operating And Reporting Segments (Schedule of Segment Assets and Liabilities) (Details) - USD ($) $ in Thousands		Nov. 30, 2024		Nov. 30, 2023	Nov. 30, 2022
Segment Reporting Information [Line Items]
Assets	[1]	$ 41,312,781		$ 39,234,303
Total liabilities	[2]	13,291,556		12,532,337
Equity Securities without Readily Determinable Fair Value, Amount		143,000		121,000
Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		4,909,664		6,474,497
Restricted cash		80,546		96,441
Receivables, net		1,652,558		1,696,205
Inventory owned and consolidated inventory not owned		20,312,430		18,897,670
Loans held-for-sale		2,250,718		2,086,809
Investments in equity securities		347,810		297,243
Loans held-for-investment, net		60,969		55,463
Investments held-to-maturity		135,646		140,676
Deposits and pre-acquisition costs on real estate		3,658,015		2,034,217
Investments available-for-sale		40,578		37,953
Investments in unconsolidated entities		2,227,574		2,020,005
Goodwill		3,632,058		3,632,058
Other assets		2,004,215		1,765,066
Notes and other debts payable, net		4,189,239		4,984,028
Liabilities related to consolidated inventory not owned		3,563,934		2,540,894
Accounts payable and other liabilities		5,538,383		5,007,415
Homebuilding
Segment Reporting Information [Line Items]
Cash and cash equivalents	[1]	4,662,643		6,273,724
Restricted cash	[1]	11,799		13,481
Receivables, net	[1]	1,053,211		887,992
Inventory owned and consolidated inventory not owned	[1]	19,719,551		18,352,735
Deposits and pre-acquisition costs on real estate		3,625,372		2,002,154
Investments in unconsolidated entities	[1]	1,344,836		1,143,909
Goodwill		3,442,359	[1]	3,442,359
Other assets	[1]	1,734,698		1,512,038
Assets	[1]	35,594,469		33,628,392
Notes and other debts payable, net	[2]	2,258,283		2,816,482
Liabilities related to consolidated inventory not owned	[2]	3,563,934		2,540,894
Total liabilities	[2]	10,863,209		9,727,994
Homebuilding | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		4,662,643		6,273,724	$ 4,616,124
Restricted cash		11,799		13,481	23,046
Receivables, net		1,053,211		887,992
Inventory owned and consolidated inventory not owned		19,719,551		18,352,735
Loans held-for-sale		0		0
Investments in equity securities		0		0
Loans held-for-investment, net		0		0
Investments held-to-maturity		0		0
Deposits and pre-acquisition costs on real estate		3,625,372		2,002,154
Investments available-for-sale		0		0
Investments in unconsolidated entities		1,344,836		1,143,909
Goodwill		3,442,359		3,442,359
Other assets		1,734,698		1,512,038
Assets		35,594,469		33,628,392
Notes and other debts payable, net		2,258,283		2,816,482
Liabilities related to consolidated inventory not owned		3,563,934		2,540,894
Accounts payable and other liabilities		5,040,992		4,370,618
Total liabilities		10,863,209		9,727,994
Financial Services
Segment Reporting Information [Line Items]
Assets	[1]	3,516,550		3,566,546
Total liabilities	[2]	2,140,708		2,447,039
Financial Services | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		175,382		159,491	139,378
Restricted cash		68,747		82,960	14,004
Receivables, net		545,752		716,071
Inventory owned and consolidated inventory not owned		0		0
Loans held-for-sale		2,250,718		2,086,809
Investments in equity securities		0		0
Loans held-for-investment, net		60,969		55,463
Investments held-to-maturity		135,646		140,676
Deposits and pre-acquisition costs on real estate		0		0
Investments available-for-sale		0		0
Investments in unconsolidated entities		0		0
Goodwill		189,699		189,699
Other assets		89,637		135,377
Assets		3,516,550		3,566,546
Notes and other debts payable, net		1,930,956		2,163,805
Liabilities related to consolidated inventory not owned		0		0
Accounts payable and other liabilities		209,752		283,234
Total liabilities		2,140,708		2,447,039
Multifamily
Segment Reporting Information [Line Items]
Assets	[1]	1,306,818		1,381,513
Total liabilities	[2]	181,883		278,177
Multifamily | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		30,948		39,334	17,827
Restricted cash		0		0
Receivables, net		53,595		92,142
Inventory owned and consolidated inventory not owned		592,879		544,935
Loans held-for-sale		0		0
Investments in equity securities		0		0
Loans held-for-investment, net		0		0
Investments held-to-maturity		0		0
Deposits and pre-acquisition costs on real estate		32,643		32,063
Investments available-for-sale		0		0
Investments in unconsolidated entities		503,303		599,852
Goodwill		0		0
Other assets		93,450		73,187
Assets		1,306,818		1,381,513
Notes and other debts payable, net		0		3,741
Liabilities related to consolidated inventory not owned		0		0
Accounts payable and other liabilities		181,883		274,436
Total liabilities		181,883		278,177
Lennar Other
Segment Reporting Information [Line Items]
Investments available-for-sale		40,600		38,000
Assets	[1]	894,944		657,852
Total liabilities	[2]	105,756		79,127
Lennar Other | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		40,691		1,948	$ 5,391
Restricted cash		0		0
Receivables, net		0		0
Inventory owned and consolidated inventory not owned		0		0
Loans held-for-sale		0		0
Investments in equity securities		347,810		297,243
Loans held-for-investment, net		0		0
Investments held-to-maturity		0		0
Deposits and pre-acquisition costs on real estate		0		0
Investments available-for-sale		40,578		37,953
Investments in unconsolidated entities		379,435		276,244
Goodwill		0		0
Other assets		86,430		44,464
Assets		894,944		657,852
Notes and other debts payable, net		0		0
Liabilities related to consolidated inventory not owned		0		0
Accounts payable and other liabilities		105,756		79,127
Total liabilities		$ 105,756		$ 79,127
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $1.2 billion in Homebuilding consolidated inventory not owned, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets. As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities and $1.0 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities and $4.1 million in Multifamily liabilities.

Operating and Reporting Segme_4

Operating and Reporting Segments (Financial Information Relating to Company's Segments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 35,441,452	$ 34,233,366	$ 33,671,010
Earnings before income taxes	5,184,908	5,202,304	6,014,566
Lennar Other
Segment Reporting Information [Line Items]
Unrealized gain (loss) on investments	25,180	(50,162)
Operating Segments
Segment Reporting Information [Line Items]
Total revenues	35,441,452	34,233,366	33,671,010
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Total revenues	33,906,426	32,660,987	31,951,335
Operating earnings (loss):	5,342,252	5,527,707	6,777,317
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Total revenues	1,109,263	976,859	809,680
Operating earnings (loss):	577,184	509,461	383,302
Operating Segments | Financial Services | Court Judgment
Segment Reporting Information [Line Items]
Provision for losses			35,500
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Total revenues	411,537	573,485	865,603
Operating earnings (loss):	42,635	(50,651)	69,493
Operating Segments | Lennar Other
Segment Reporting Information [Line Items]
Total revenues	14,226	22,035	44,392
Operating earnings (loss):	(47,967)	(209,788)	(734,649)
Unrealized gain (loss) on investments	25,180	(50,162)	(655,094)
Other realized gain	46,500
Write Off of non public technology		65,000
Corporate and unallocated
Segment Reporting Information [Line Items]
Operating earnings (loss):	(729,196)	(574,425)	(480,897)
Operating Segments And Corporate Non Segment
Segment Reporting Information [Line Items]
Operating earnings (loss):	$ 5,184,908	$ 5,202,304	$ 6,014,566

Operating And Reporting Segme_5

Operating And Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands		Nov. 30, 2024	Nov. 30, 2023
Segment Reporting Information [Line Items]
Assets	[1]	$ 41,312,781	$ 39,234,303
Corporate and unallocated
Segment Reporting Information [Line Items]
Assets		4,943,019	6,405,695
East | Operating Segments
Segment Reporting Information [Line Items]
Assets		7,168,086	6,563,568
Central | Operating Segments
Segment Reporting Information [Line Items]
Assets		5,366,936	4,511,496
Texas | Operating Segments
Segment Reporting Information [Line Items]
Assets		4,238,587	3,337,280
West | Operating Segments
Segment Reporting Information [Line Items]
Assets		12,148,434	11,298,812
Other | Operating Segments
Segment Reporting Information [Line Items]
Assets		1,729,407	1,511,541
Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	35,594,469	33,628,392
Homebuilding | Operating Segments
Segment Reporting Information [Line Items]
Assets		35,594,469	33,628,392
Homebuilding | Operating Segments And Corporate Non Segment
Segment Reporting Information [Line Items]
Assets		$ 35,594,469	$ 33,628,392
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $1.2 billion in Homebuilding consolidated inventory not owned, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.

Operating And Reporting Segme_6

Operating And Reporting Segments (Homebuilding Financial Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 35,441,452	$ 34,233,366	$ 33,671,010
Depreciation and amortization	115,528	110,164	87,075
Operating Segments
Segment Reporting Information [Line Items]
Revenues	35,441,452	34,233,366	33,671,010
Homebuilding
Segment Reporting Information [Line Items]
Interest expense:	179,992	257,893	312,731
Homebuilding | Operating Segments
Segment Reporting Information [Line Items]
Revenues	33,906,426	32,660,987	31,951,335
Operating earnings (loss):	5,342,252	5,527,707	6,777,317
Interest expense:	179,992	257,593	312,731
Depreciation and amortization	129,196	133,253	104,290
Net addition to operating properties and equipment:	64,396	49,777	11,101
East | Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,492,955	8,727,154	8,389,182
Operating earnings (loss):	1,599,024	1,991,950	2,062,654
Interest expense:	40,041	55,216	70,809
Depreciation and amortization	32,098	33,279	23,084
Net addition to operating properties and equipment:	734	637	2,065
Central | Operating Segments
Segment Reporting Information [Line Items]
Revenues	7,637,003	7,101,560	6,722,854
Operating earnings (loss):	1,083,734	1,104,930	1,066,833
Interest expense:	28,929	46,556	62,083
Depreciation and amortization	27,761	27,087	17,023
Net addition to operating properties and equipment:	3,613	1,531	949
Texas | Operating Segments
Segment Reporting Information [Line Items]
Revenues	4,787,125	4,707,285	4,227,771
Operating earnings (loss):	753,722	788,627	929,237
Interest expense:	13,967	29,754	29,442
Depreciation and amortization	10,623	10,227	9,354
Net addition to operating properties and equipment:	2,049	679	136
West | Operating Segments
Segment Reporting Information [Line Items]
Revenues	12,955,853	12,086,172	12,571,386
Operating earnings (loss):	1,857,870	1,712,966	2,773,597
Interest expense:	84,609	115,600	140,017
Depreciation and amortization	58,368	62,374	54,055
Net addition to operating properties and equipment:	3,798	1,176	1,414
Other | Operating Segments
Segment Reporting Information [Line Items]
Revenues	33,490	38,816	40,142
Operating earnings (loss):	47,902	(70,766)	(55,004)
Interest expense:	12,446	10,467	10,380
Depreciation and amortization	346	286	774
Net addition to operating properties and equipment:	$ 54,202	$ 45,754	$ 6,537

Operating And Reporting Segme_7

Operating And Reporting Segments (Financial Services Warehouse Facilities) (Details) - USD ($)	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Short-term Debt [Line Items]
Total revenues	$ 35,441,452,000	$ 34,233,366,000	$ 33,671,010,000
Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	$ 3,425,000,000
Warehouse repurchase facility term	364 days
Residential Warehouse Repurchase Facility | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	$ 3,125,000,000
Borrowings under facilities	1,776,045,000	2,020,187,000
Residential Warehouse Repurchase Facility | Warehouse Repurchase Facility | Financial Services | Committed
Short-term Debt [Line Items]
Maximum Aggregate Commitment	2,450,000,000
Residential Warehouse Repurchase Facility | Warehouse Repurchase Facility | Financial Services | Uncommitted
Short-term Debt [Line Items]
Maximum Aggregate Commitment	675,000,000
Residential Warehouse Repurchase Facility Due April 2025 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	500,000,000
Residential Warehouse Repurchase Facility Due April 2025 | Warehouse Repurchase Facility | Financial Services | Committed
Short-term Debt [Line Items]
Maximum Aggregate Commitment	250,000,000
Residential Warehouse Repurchase Facility Due April 2025 | Warehouse Repurchase Facility | Financial Services | Uncommitted
Short-term Debt [Line Items]
Maximum Aggregate Commitment	250,000,000
Residential Warehouse Repurchase Facility Due June 2025 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	1,400,000,000
Residential Warehouse Repurchase Facility Due August 2025 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	650,000,000
Residential Warehouse Repurchase Facility Due August 2025 | Warehouse Repurchase Facility | Financial Services | Committed
Short-term Debt [Line Items]
Maximum Aggregate Commitment	325,000,000
Residential Warehouse Repurchase Facility Due August 2025 | Warehouse Repurchase Facility | Financial Services | Uncommitted
Short-term Debt [Line Items]
Maximum Aggregate Commitment	325,000,000
Residential Warehouse Repurchase Facility Due October 2025 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	200,000,000
Residential Warehouse Repurchase Facility Due October 2025 | Warehouse Repurchase Facility | Financial Services | Committed
Short-term Debt [Line Items]
Maximum Aggregate Commitment	100,000,000
Residential Warehouse Repurchase Facility Due October 2025 | Warehouse Repurchase Facility | Financial Services | Uncommitted
Short-term Debt [Line Items]
Maximum Aggregate Commitment	100,000,000
Residential Warehouse Repurchase Facility Due December 2026 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	375,000,000
Commercial Warehouse Repurchase Facility | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	300,000,000
Borrowings under facilities	28,747,000	$ 12,525,000
Commercial Warehouse Repurchase Facility | Warehouse Repurchase Facility | Financial Services | Committed
Short-term Debt [Line Items]
Maximum Aggregate Commitment	300,000,000
Commercial Warehouse Repurchase Facility Due in December 2025 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	200,000,000
Commercial Warehouse Repurchase Facility Due in December 2025 | Warehouse Repurchase Facility | Financial Services | Committed
Short-term Debt [Line Items]
Maximum Aggregate Commitment	200,000,000
Commercial Warehouse Repurchase Facility Due in January 2025 | Warehouse Repurchase Facility | Financial Services
Short-term Debt [Line Items]
Maximum Aggregate Commitment	100,000,000
Commercial Warehouse Repurchase Facility Due in January 2025 | Warehouse Repurchase Facility | Financial Services | Committed
Short-term Debt [Line Items]
Maximum Aggregate Commitment	$ 100,000,000

Operating And Reporting Segme_8

Operating And Reporting Segments (Narrative) (Details) $ in Thousands		12 Months Ended
		Nov. 30, 2024 USD ($) transaction	Nov. 30, 2023 USD ($) transaction	Nov. 30, 2022 USD ($)	Nov. 30, 2021
Segment Reporting Information [Line Items]
Non-public technology written off			$ 65,000
Homebuilding equity in loss from unconsolidated entities		$ 164,099	(144,610)	$ (36,302)
Nonoperating Income (Expense)		225,866	30,517	(15,286)
Operating Segments
Segment Reporting Information [Line Items]
Investments held-to-maturity		135,646	140,676
Senior notes and other debts payable, net		4,189,239	4,984,028
Investments in unconsolidated entities		2,227,574	2,020,005
Doma Holdings, Inc
Segment Reporting Information [Line Items]
Ownership percentage					25%
Homebuilding equity in loss from unconsolidated entities		20,900
Financial Services
Segment Reporting Information [Line Items]
Origination of loans		568,520	466,043
Loans sold		$ 522,647	$ 430,707
Number of securitizations | transaction		13	10
Financial Services | Operating Segments
Segment Reporting Information [Line Items]
Investments held-to-maturity		$ 135,646	$ 140,676
Senior notes and other debts payable, net		1,930,956	2,163,805
Investments in unconsolidated entities		0	0
Financial Services | Loan Origination Liabilities
Segment Reporting Information [Line Items]
Loss Contingency Accrual		$ 16,714	17,598	$ 11,787
Financial Services | Commercial Mortgage-Backed Securities | Minimum
Segment Reporting Information [Line Items]
Discount rate		6%
Coupon rate		2%
Financial Services | Commercial Mortgage-Backed Securities | Maximum
Segment Reporting Information [Line Items]
Discount rate		84%
Coupon rate		5.30%
Financial Services | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Percentage of loan collateralized		80%
Lennar Other | Operating Segments
Segment Reporting Information [Line Items]
Investments held-to-maturity		$ 0	0
Senior notes and other debts payable, net		0	0
Investments in unconsolidated entities		379,435	276,244
Nonoperating Income (Expense)		46,500
Homebuilding
Segment Reporting Information [Line Items]
Senior notes and other debts payable, net	[1]	$ 2,258,283	2,816,482
Interest rate		7.50%
Investments in unconsolidated entities	[2]	$ 1,344,836	1,143,909
Homebuilding | Operating Segments
Segment Reporting Information [Line Items]
Investments held-to-maturity		0	0
Senior notes and other debts payable, net		2,258,283	2,816,482
Investments in unconsolidated entities		$ 1,344,836	$ 1,143,909
[1] As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities and $1.0 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities and $4.1 million in Multifamily liabilities. Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $1.2 billion in Homebuilding consolidated inventory not owned, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.

Operating and Reporting Segme_9

Operating and Reporting Segments (Loans Held-for-Sale) (Details) - Financial Services $ in Thousands	12 Months Ended
	Nov. 30, 2024 USD ($) transaction	Nov. 30, 2023 USD ($) transaction
Segment Reporting Information [Line Items]
Origination of loans	$ 568,520	$ 466,043
Loans sold	$ 522,647	$ 430,707
Number of securitizations | transaction	13	10

Operating and Reporting Segm_10

Operating and Reporting Segments (Commercial Mortgage-Backed Securities) (Details) - Financial Services - USD ($) $ in Thousands	Nov. 30, 2024	Nov. 30, 2023
Carrying Amount
Segment Reporting Information [Line Items]
Carrying value	$ 135,646	$ 140,676
Financing Agreement to Purchase Commercial Mortgage Backed Securities | Secured Debt
Segment Reporting Information [Line Items]
Notes and other debts payable, net	$ 126,164	$ 131,093
Incurred interest rate	3.40%	3.40%

Operating and Reporting Segm_11

Operating and Reporting Segments (Fair Value Inputs for Commercial Mortgage-Backed Securities) (Details) - Commercial Mortgage-Backed Securities - Financial Services	12 Months Ended
	Nov. 30, 2024
Minimum
Segment Reporting Information [Line Items]
Discount rate	6%
Coupon rate	2%
Maximum
Segment Reporting Information [Line Items]
Discount rate	84%
Coupon rate	5.30%

Operating And Reporting Segm_12

Operating And Reporting Segments (Financial Services Warehouse Facilities Outstanding) (Details) - Financial Services - Warehouse Repurchase Facility - USD ($) $ in Thousands	Nov. 30, 2024	Nov. 30, 2023
Residential Warehouse Repurchase Facility
Short-term Debt [Line Items]
Borrowings under facilities	$ 1,776,045	$ 2,020,187
Commercial Warehouse Repurchase Facility
Short-term Debt [Line Items]
Borrowings under facilities	28,747	12,525
Residential Warehouse Repurchase Facility Due | Asset Pledged as Collateral
Short-term Debt [Line Items]
Borrowings under facilities	$ 1,837,833	$ 2,097,020

Operating and Reporting Segm_13

Operating and Reporting Segments - Unrealized Gain (Loss) on Investments (Details) - Lennar Other - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	$ 25,180	$ (50,162)
Blend Labs (BLND)
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	9,474	(130)
Hippo (HIPO)
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	73,243	(19,210)
Opendoor (OPEN)
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(12,587)	21,762
SmartRent (SMRT)
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(11,609)	5,914
Sonder (SOND)
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	15	(700)
Sunnova (NOVA)
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	$ (33,356)	$ (57,798)

Investments In Unconsolidated_2

Investments In Unconsolidated Entities (Homebuilding Unconsolidated Entities) (Details) $ in Thousands		Nov. 30, 2024 USD ($) investment	Nov. 30, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Underlying equity in unconsolidated entities' net assets		$ 1,636,307	$ 1,436,239
Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	1,344,836	1,143,909
Homebuilding | FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 470,800	$ 422,200
Strategic joint ventures contributed | investment		3
Ownership percentage		40%
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $1.2 billion in Homebuilding consolidated inventory not owned, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.

Investments In Unconsolidated_3

Investments In Unconsolidated Entities (Homebuilding Unconsolidated Entities Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 35,441,452	$ 34,233,366	$ 33,671,010
Land sales revenues | Unconsolidated Entities | Homebuilding
Schedule of Equity Method Investments [Line Items]
Total revenues	192,237	222,200	94,513
Management fees and reimbursement of expenses, net of deferrals | Unconsolidated Entities | Homebuilding
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 12,969	$ 16,306	$ 20,792

Investments In Unconsolidated_4

Investments In Unconsolidated Entities (Narrative) (Details) $ in Thousands		1 Months Ended	12 Months Ended
		Apr. 30, 2024 USD ($)	Nov. 30, 2024 USD ($)	Nov. 30, 2023 USD ($) project	Nov. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Nonoperating Income (Expense)			$ 225,866	$ 30,517	$ (15,286)
Operating Segments
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			2,227,574	2,020,005
Upward America Venture
Schedule of Equity Method Investments [Line Items]
Equity Method Investment , Total Equity Commitments			78,000
Investments in unconsolidated entities			20,800	14,800
Nonconsolidated Investees, Other
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			2,200,000	2,000,000
Homebuilding
Schedule of Equity Method Investments [Line Items]
Debt			1,300,000	1,400,000
Maximum recourse exposure			44,200	42,100
Unconsolidated entities non-recourse debt with completion guarantees			287,000	316,500
Investments in unconsolidated entities	[1]		$ 1,344,836	1,143,909
Interest rate			7.50%
Homebuilding | 4.500% senior notes due 2024 | Senior Notes
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Principal Amount Redeemed		$ 454,000
Interest rate		4.50%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		100%
Homebuilding | Operating Segments
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			$ 1,344,836	1,143,909
Homebuilding | FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			470,800	422,200
Financial Services | Operating Segments
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			0	0
Multifamily
Schedule of Equity Method Investments [Line Items]
Unconsolidated entities non-recourse debt with completion guarantees			907,800	1,400,000
Multifamily | Operating Segments
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			503,303	$ 599,852
Multifamily | Lennar Multifamily Fund
Schedule of Equity Method Investments [Line Items]
Equity Method Investment , Total Equity Commitments			1,000,000
Investments in unconsolidated entities			$ 26,500
Fund Investment, Ownership Percentage			4%
Multifamily | LMV I
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			$ 126,784
Number of Projects | project				38
Lennar Other | Operating Segments
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			379,435	$ 276,244
Nonoperating Income (Expense)			46,500
Lennar Other | Rialto Funds and Investment Vehicles
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			140,100	148,700
Lennar Other | Strategic Technology Investments
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			239,300	$ 127,500
Upward America Venture
Schedule of Equity Method Investments [Line Items]
Equity Method Investment , Total Equity Commitments			$ 1,000,000
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $1.2 billion in Homebuilding consolidated inventory not owned, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.

Investments In Unconsolidated_5

Investments In Unconsolidated Entities (Multifamily Services Provided to Unconsolidated Entities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 35,441,452	$ 34,233,366	$ 33,671,010
General Contractor | Unconsolidated Entities | Multifamily
Schedule of Equity Method Investments [Line Items]
Total revenues	302,712	494,630	498,142
Costs	286,991	471,676	478,620
Land sales revenues | Unconsolidated Entities | Multifamily
Schedule of Equity Method Investments [Line Items]
Total revenues	36,237	0	237,477
Management fees and reimbursement of expenses, net of deferrals | Unconsolidated Entities | Multifamily
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 49,419	$ 67,901	$ 63,823

Investments In Unconsolidated_6

Investments In Unconsolidated Entities (Multifamily Venture Funds) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Schedule of Equity Method Investments [Line Items]
Distributions to Lennar	$ 155,565	$ 53,125	$ 71,301
Multifamily | LMV I
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	126,784
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 to Lennar	199,519
Multifamily | LMV II
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	228,496
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 to Lennar	$ 12,820

Investments In Unconsolidated_7

Investments In Unconsolidated Entities (Summarized Financial Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands		12 Months Ended
		Nov. 30, 2024		Nov. 30, 2023		Nov. 30, 2022
Assets:
Total assets	[1]	$ 41,312,781		$ 39,234,303
LIABILITIES AND EQUITY
Equity		28,021,225	[2]	26,701,966	[2]	$ 24,240,367
Total liabilities and equity	[2]	41,312,781		39,234,303
Statements of Operations (In thousands) Years Ended:
Total revenues		35,441,452		34,233,366		33,671,010
Net earnings (including net earnings attributable to noncontrolling interests)		3,967,655		3,961,291		4,648,501
Operating Segments
LIABILITIES AND EQUITY
Investments in unconsolidated entities		2,227,574		2,020,005
Statements of Operations (In thousands) Years Ended:
Total revenues		35,441,452		34,233,366		33,671,010
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets:
Cash and cash equivalents		830,072		649,716
Loans receivable		11,884		27,102
Real estate owned		50,621		102,398
Investment securities		2,102,204		2,267,270
Investments in partnerships		94,183		108,532
Inventories		5,501,970		5,267,619
Operating properties and equipment		5,026,220		7,561,175
Other assets		2,206,354		2,254,617
Total assets		15,823,508		18,238,429
LIABILITIES AND EQUITY
Accounts payable and other liabilities		1,234,154		1,182,926
Debt		4,520,497		6,635,349
Equity		10,068,857		10,420,154
Total liabilities and equity		15,823,508		18,238,429
Statements of Operations (In thousands) Years Ended:
Total revenues		1,719,012		1,857,757		1,747,336
Costs and expenses		1,841,128		2,160,564		1,695,272
Other income		608,145		(563,222)		197,056
Net earnings (including net earnings attributable to noncontrolling interests)		486,029		(866,029)		249,120
Equity in earnings (loss) from unconsolidated entities		164,099		(144,610)		(36,302)
Homebuilding
Assets:
Total assets	[1]	35,594,469		33,628,392
LIABILITIES AND EQUITY
Investments in unconsolidated entities	[1]	1,344,836		1,143,909
Debt issuance costs		3,200		13,000
Homebuilding | Operating Segments
Assets:
Total assets		35,594,469		33,628,392
LIABILITIES AND EQUITY
Investments in unconsolidated entities		1,344,836		1,143,909
Statements of Operations (In thousands) Years Ended:
Total revenues		33,906,426		32,660,987		31,951,335
Homebuilding | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets:
Cash and cash equivalents		410,948		460,851
Loans receivable		0		0
Real estate owned		0		0
Investment securities		0		0
Investments in partnerships		0		0
Inventories		5,501,970		5,267,619
Operating properties and equipment		37,516		33,151
Other assets		1,282,274		1,223,438
Total assets		7,232,708		6,985,059
LIABILITIES AND EQUITY
Accounts payable and other liabilities		979,910		782,802
Debt		1,318,759		1,412,958
Equity		4,934,039		4,789,299
Total liabilities and equity		7,232,708		6,985,059
Financial Services
Assets:
Total assets	[1]	3,516,550		3,566,546
Financial Services | Operating Segments
Assets:
Total assets		3,516,550		3,566,546
LIABILITIES AND EQUITY
Investments in unconsolidated entities		0		0
Statements of Operations (In thousands) Years Ended:
Total revenues		1,109,263		976,859		809,680
Multifamily
Assets:
Total assets	[1]	1,306,818		1,381,513
LIABILITIES AND EQUITY
Debt issuance costs		16,100		19,500
Multifamily | Operating Segments
Assets:
Total assets		1,306,818		1,381,513
LIABILITIES AND EQUITY
Investments in unconsolidated entities		503,303		599,852
Statements of Operations (In thousands) Years Ended:
Total revenues		411,537		573,485		865,603
Multifamily | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets:
Cash and cash equivalents		323,389		67,755
Loans receivable		0		0
Real estate owned		0		0
Investment securities		0		0
Investments in partnerships		0		0
Inventories		0		0
Operating properties and equipment		4,988,704		7,528,024
Other assets		821,201		861,321
Total assets		6,133,294		8,457,100
LIABILITIES AND EQUITY
Accounts payable and other liabilities		140,000		253,531
Debt		2,905,913		4,890,267
Equity		3,087,381		3,313,302
Total liabilities and equity		6,133,294		8,457,100
Lennar Other
Assets:
Total assets	[1]	894,944		657,852
Lennar Other | Operating Segments
Assets:
Total assets		894,944		657,852
LIABILITIES AND EQUITY
Investments in unconsolidated entities		379,435		276,244
Statements of Operations (In thousands) Years Ended:
Total revenues		14,226		22,035		$ 44,392
Lennar Other | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets:
Cash and cash equivalents		95,735		121,110
Loans receivable		11,884		27,102
Real estate owned		50,621		102,398
Investment securities		2,102,204		2,267,270
Investments in partnerships		94,183		108,532
Inventories		0		0
Operating properties and equipment		0		0
Other assets		102,879		169,858
Total assets		2,457,506		2,796,270
LIABILITIES AND EQUITY
Accounts payable and other liabilities		114,244		146,593
Debt		295,825		332,124
Equity		2,047,437		2,317,553
Total liabilities and equity		$ 2,457,506		$ 2,796,270
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $1.2 billion in Homebuilding consolidated inventory not owned, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets. As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities and $1.0 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities and $4.1 million in Multifamily liabilities.

Homebuilding Senior Notes And_3

Homebuilding Senior Notes And Other Debts Payable (Schedule Of Senior Notes And Other Debts Payable) (Details) - USD ($) $ in Thousands		12 Months Ended
		Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Debt Instrument [Line Items]
Repayment/ repurchase of senior debt		$ 553,865	$ 1,121,133	$ 575,000
Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]	$ 2,258,283	2,816,482
Interest rate		7.50%
Senior Notes | Homebuilding | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 0	453,682
Interest rate		4.50%
Senior Notes | Homebuilding | 4.75% senior notes due 2025
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 499,779	499,336
Interest rate		4.75%
Senior Notes | Homebuilding | 5.25% senior notes due 2026
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 401,824	403,040
Interest rate		5.25%
Senior Notes | Homebuilding | 5.00% senior notes due 2027
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 350,974	351,357
Interest rate		5%
Senior Notes | Homebuilding | 4.75% senior notes due 2027 (1)
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 698,266	797,347
Interest rate		4.75%
Repayment/ repurchase of senior debt		$ 100,000
Mortgage notes on land and other debt | Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable, net		$ 307,440	$ 311,720
[1] As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities and $1.0 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities and $4.1 million in Multifamily liabilities.

Homebuilding Senior Notes And_4

Homebuilding Senior Notes And Other Debts Payable (Narrative) (Details) - USD ($)		1 Months Ended	12 Months Ended
		Apr. 30, 2024	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Debt Instrument [Line Items]
Mortgages notes on land and other debt retired			$ 43,524,000	$ 105,118,000	$ 48,079,000
Gain on the extinguishment of debt, gross			825,000	9,611,000	0
Repayment/ repurchase of senior debt			553,865,000	1,121,133,000	$ 575,000,000
Line of Credit, Matured		$ 350,000,000
Homebuilding
Debt Instrument [Line Items]
Senior notes and other debts payable, net	[1]		2,258,283,000	2,816,482,000
Minimum required guarantee of debt by subsidiaries to be a guarantor			$ 75,000,000
Interest rate			7.50%
Weighted average interest rate			4.40%
Homebuilding | Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debts payable, net			$ 307,440,000	311,720,000
Mortgages notes on land and other debt retired			46,005,000	11,835,000
Homebuilding | Senior Notes
Debt Instrument [Line Items]
Debt issuance costs			2,400,000	4,200,000
Homebuilding | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowings			2,875,000,000
Senior notes and other debts payable, net			0	$ 0
Accordion feature			625,000,000
Maximum borrowings after accordion feature			3,500,000,000
Homebuilding | Letters of Credit
Debt Instrument [Line Items]
Maximum borrowings			$ 477,500,000
[1] As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities and $1.0 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities and $4.1 million in Multifamily liabilities.

Homebuilding Senior Notes And_5

Homebuilding Senior Notes And Other Debts Payable (Schedule of Letter of Credit Facilities) (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Nov. 30, 2023
Line of Credit Facility
Letters of credit outstanding	$ 2,400,000
Performance letters of credit
Line of Credit Facility
Letters of credit outstanding	1,668,061	$ 1,404,541
Financial Letters Of Credit
Line of Credit Facility
Letters of credit outstanding	745,578	417,976
Surety bonds
Line of Credit Facility
Letters of credit outstanding	5,140,432	4,508,428
Anticipated future costs primarily for site improvements related to performance surety bonds
Line of Credit Facility
Letters of credit outstanding	$ 2,766,088	$ 2,499,680

Homebuilding Senior Notes And_6

Homebuilding Senior Notes And Other Debts Payable (Credit Facility) (Details) - Unsecured Revolving Credit Facility - Homebuilding	Nov. 30, 2024 USD ($)
Line of Credit Facility
Maximum Aggregate Commitment	$ 2,875,000,000
Accordion feature	625,000,000
Maximum borrowings after accordion feature	3,500,000,000
Credit Facility, Maturing May 2027
Line of Credit Facility
Maximum Aggregate Commitment	225,000,000
Credit Facility, Maturing November 2029
Line of Credit Facility
Maximum Aggregate Commitment	$ 2,650,000,000

Homebuilding Senior Notes And_7

Homebuilding Senior Notes And Other Debts Payable (Schedule of Senior and Convertible Senior Notes) (Details) - Homebuilding - USD ($)	1 Months Ended
	Nov. 30, 2017	Apr. 30, 2015	Nov. 30, 2024	Nov. 30, 2020	Feb. 12, 2018
Debt Instrument [Line Items]
Interest rate			7.50%
Senior Notes | 4.500% senior notes due 2024
Debt Instrument [Line Items]
Interest rate			4.50%
Senior Notes | 4.75% senior notes due 2025
Debt Instrument [Line Items]
Principal Amount		$ 500,000,000
Net Proceeds		$ 495,528,000
Price		100%
Interest rate			4.75%
Senior Notes | 5.25% senior notes due 2026
Debt Instrument [Line Items]
Principal Amount					$ 400,000,000
Interest rate			5.25%
Senior Notes | 5.00% senior notes due 2027
Debt Instrument [Line Items]
Principal Amount					$ 350,000,000
Interest rate			5%
Senior Notes | 4.75% senior notes due 2027 (1)
Debt Instrument [Line Items]
Principal Amount			$ 700,000,000	$ 900,000,000
Net Proceeds	$ 894,650,000
Price				100%
Interest rate			4.75%

Homebuilding Senior Notes And_8

Homebuilding Senior Notes And Other Debts Payable (Schedule Of Maturities Of Senior Notes And Other Debts Payable) (Details) - Homebuilding $ in Thousands	Nov. 30, 2024 USD ($)
Segment Reporting Information [Line Items]
2025	$ 532,097
2026	620,942
2027	1,062,192
2028	14,099
2029	11,463
Thereafter	$ 16,647

Income Taxes (Component Of Inco

Income Taxes (Component Of Income Taxes Benefit (Provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Current:
Federal	$ 863,867	$ 1,037,229	$ 1,282,037
State	292,960	271,752	330,681
Current income tax benefit (expense)	1,156,827	1,308,981	1,612,718
Deferred:
Federal	48,080	(53,474)	(193,667)
State	12,346	(14,494)	(52,986)
Deferred income tax benefit (expense)	60,426	(67,968)	(246,653)
Income tax benefit (expense)	$ 1,217,253	$ 1,241,013	$ 1,366,065

Income Taxes (Reconciliation Of

Income Taxes (Reconciliation Of Statutory Rate And Effective Tax Rate) (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Income Tax Disclosure [Abstract]
Statutory rate	21%	21%	21%
State income taxes, net of federal income tax benefit	4.74%	4.09%	4.52%
Tax credits	(1.85%)	(1.48%)	(2.16%)
Tax reserves and interest expense, net	(0.01%)	0%	(0.83%)
Deferred tax asset valuation allowance, net	0%	(0.01%)	0%
Other	(0.24%)	0.36%	0.31%
Effective rate	23.64%	23.96%	22.84%
Resolution of uncertain tax positions, benefit			$ 50.2

Income Taxes (Deferred Income T

Income Taxes (Deferred Income Taxes Assets And Liabilities, Carrying Amount) (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Nov. 30, 2023
Deferred tax assets:
Inventory valuation adjustments	$ 22,979	$ 39,641
Reserves and accruals	198,753	193,156
Net operating loss carryforwards	43,894	52,591
Capitalized expenses	244,198	208,392
Investments in unconsolidated entities	62,395	65,254
Employee stock incentive plan	49,655	40,270
Unrealized losses on investments in equity securities	0	53,684
Other assets	39,011	51,785
Total deferred tax assets	660,885	704,773
Valuation allowance	(2,593)	(2,333)
Total deferred tax assets after valuation allowance	658,292	702,440
Deferred tax liabilities:
Capitalized expenses	170,557	151,912
Deferred income	181,145	168,316
Unrealized gains on investments in equity securities	5,358	0
Other liabilities	28,855	55,734
Total deferred tax liabilities	385,915	375,962
Net deferred tax assets	$ 272,377	$ 326,478

Income Taxes (Net Deferred Tax

Income Taxes (Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Nov. 30, 2023
Segment Reporting Information [Line Items]
Net deferred tax assets	$ 272,377	$ 326,478
Homebuilding
Segment Reporting Information [Line Items]
Net deferred tax assets	146,299	163,917
Financial Services
Segment Reporting Information [Line Items]
Net deferred tax assets	40,738	36,821
Multifamily
Segment Reporting Information [Line Items]
Net deferred tax assets	72,049	54,786
Lennar Other
Segment Reporting Information [Line Items]
Net deferred tax assets	$ 13,291	$ 70,954

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2022	Nov. 30, 2023
Operating Loss Carryforwards [Line Items]
Deferred tax assets, valuation allowance	$ 2,593		$ 2,333
Resolution of uncertain tax positions, benefit		$ 50,200
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	23,079		26,375
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 20,815		$ 26,216
State | Minimum
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward, term	10 years
State | Maximum
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward, term	20 years

Income Taxes (Summary Of Change

Income Taxes (Summary Of Changes In Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Gross Unrecognized Tax Benefits [Roll Forward]
Gross unrecognized tax benefits, beginning of year	$ 0	$ 0	$ 12,285
Decreases due to settlements with tax authorities	0	0	(12,285)
Gross unrecognized tax benefits, end of year	$ 0	$ 0	$ 0

Income Taxes (Accrued Interests

Income Taxes (Accrued Interests and Penalties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Accrued Interests and Penalties [Roll Forward]
Accrued interest and penalties, beginning of the year	$ 0	$ 0
Accrual of interest and penalties	0	95
Interest income from audits and refund claims	(434)	0
Increase (reduction) of interest and penalties	434	(95)
Accrued interest and penalties, end of the year	$ 0	$ 0

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Numerator:
Net earnings attributable to Lennar	$ 3,932,533	$ 3,938,511	$ 4,614,125
Less: distributed earnings allocated to nonvested shares	4,980	5,514	4,471
Less: undistributed earnings allocated to nonvested shares	33,843	43,022	47,509
Numerator for basic earnings per share	3,893,710	3,889,975	4,562,145
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan	0	0	4,919
Numerator for diluted earnings per share	$ 3,893,710	$ 3,889,975	$ 4,557,226
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding (in shares)	272,019	283,319	289,824
Denominator for diluted earnings per share - weighted average common shares outstanding (in shares)	272,019	283,319	289,824
Basic earnings per share (in USD per share)	$ 14.31	$ 13.73	$ 15.74
Diluted earnings per share (in USD per share)	$ 14.31	$ 13.73	$ 15.72

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Stock Option Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase outstanding and anti-dilutive shares (in shares)	0	0	0

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosure (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Nov. 30, 2023
Homebuilding | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	$ 2,258,283	$ 2,816,482
Financial Services | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment, net	60,969	55,463
Investments held-to-maturity	135,646	140,676
Notes and other debts payable	1,930,956	2,163,805
Level 3 | Financial Services | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment, net	61,044	55,463
Investments held-to-maturity	138,160	139,396
Level 2 | Homebuilding | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	2,264,375	2,785,712
Level 2 | Financial Services | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	1,931,515	2,164,441
Level 2 | Multifamily | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	0	3,741
Level 2 | Multifamily | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	$ 0	$ 3,741

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosure (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Nov. 30, 2023
Residential Portfolio Segment
Financial Instruments [Line Items]
Aggregate principal balance of loans held-for-sale	$ 2,263,310	$ 2,083,776
Aggregate fair value of loans held-for-sale in excess of principal balance	(62,907)	(10,426)
Commercial Portfolio Segment
Financial Instruments [Line Items]
Aggregate principal balance of loans held-for-sale	50,020	13,650
Aggregate fair value of loans held-for-sale in excess of principal balance	296	(191)
Lennar Other
Financial Instruments [Line Items]
Investments available-for-sale	40,600	38,000
Fair Value, Measurements, Recurring | Financial Services | Level 1 | Forward options
Financial Instruments [Line Items]
Derivative asset	1,458	5,937
Fair Value, Measurements, Recurring | Financial Services | Level 2 | Residential Portfolio Segment
Financial Instruments [Line Items]
Loans held-for-sale	2,200,402	2,073,350
Fair Value, Measurements, Recurring | Financial Services | Level 3
Financial Instruments [Line Items]
Mortgage servicing rights	3,463	3,440
Fair Value, Measurements, Recurring | Financial Services | Level 3 | Commercial Portfolio Segment
Financial Instruments [Line Items]
Loans held-for-sale	50,316	13,459
Fair Value, Measurements, Recurring | Lennar Other | Level 1
Financial Instruments [Line Items]
Investments in equity securities	204,777	176,198
Fair Value, Measurements, Recurring | Lennar Other | Level 3
Financial Instruments [Line Items]
Investments available-for-sale	$ 40,578	$ 37,953

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosure (Narrative) (Details) - Financial Services - Mortgage servicing rights - Level 3	Nov. 30, 2024
Mortgage prepayment rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights, key assumptions	0.08
Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights, key assumptions	0.13
Delinquency rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights, key assumptions	0.12

Financial Instruments and Fai_6

Financial Instruments and Fair Value Disclosure (Schedule Of Gains And Losses Of Financial Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Debt and Equity Securities, FV-NI [Line Items]
Changes in fair value included in other comprehensive income	$ 2,650	$ 2,471	$ 1,464
Lennar Other
Debt and Equity Securities, FV-NI [Line Items]
Lennar Other unrealized gains (losses) from technology investments	25,180	(50,162)
Fair Value, Measurements, Recurring | Loans held-for-sale | Financial Services
Debt and Equity Securities, FV-NI [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(52,482)	(26,658)	(33,287)
Fair Value, Measurements, Recurring | Mortgage loan commitments | Financial Services
Debt and Equity Securities, FV-NI [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(44,106)	1,016	43,695
Fair Value, Measurements, Recurring | Forward contracts | Financial Services
Debt and Equity Securities, FV-NI [Line Items]
Lennar Other unrealized gains (losses) from technology investments	61,372	(28,431)	(48,790)
Fair Value, Measurements, Recurring | Forward options | Financial Services
Debt and Equity Securities, FV-NI [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(133)	(522)	(142)
Fair Value, Measurements, Recurring | Equity Securities | Lennar Other
Debt and Equity Securities, FV-NI [Line Items]
Lennar Other unrealized gains (losses) from technology investments	25,180	(50,162)	(655,094)
Fair Value, Measurements, Recurring | Lennar Other investments available-for-sale | Lennar Other
Debt and Equity Securities, FV-NI [Line Items]
Changes in fair value included in other comprehensive income	$ 2,650	$ 2,471	$ 1,464

Financial Instruments and Fai_7

Financial Instruments and Fair Value Disclosure (Reconciliation of Beginning and Ending Balance of the Company's Level 3 Recurring Fair Value Measurements (Details) - Financial Services $ in Thousands	12 Months Ended
	Nov. 30, 2024 USD ($) transaction	Nov. 30, 2023 USD ($) transaction
Fair Value Assets Measures on Recurring Basis, Unobservable Inputs [Roll Forward]
Number of securitizations | transaction	13	10
Mortgage servicing rights
Fair Value Assets Measures on Recurring Basis, Unobservable Inputs [Roll Forward]
Beginning balance	$ 3,440	$ 3,463
Purchases/loan originations	463	200
Sales/loan originations sold, including those not settled	0	0
Disposals/settlements	(261)	(277)
Changes in fair value	(179)	54
Interest and principal paydowns	0	0
Ending balance	3,463	3,440
Mortgage servicing rights | Disposal Group, Held-for-Sale, Not Discontinued Operations
Fair Value Assets Measures on Recurring Basis, Unobservable Inputs [Roll Forward]
Ending balance	9,500
Loans held-for-sale
Fair Value Assets Measures on Recurring Basis, Unobservable Inputs [Roll Forward]
Beginning balance	13,459	25,599
Purchases/loan originations	568,520	466,043
Sales/loan originations sold, including those not settled	(522,647)	(430,707)
Disposals/settlements	(9,500)	(45,667)
Changes in fair value	296	(191)
Interest and principal paydowns	188	(1,618)
Ending balance	$ 50,316	$ 13,459

Financial Instruments and Fai_8

Financial Instruments and Fair Value Disclosure (Fair Value Assets Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Homebuilding
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Inventory write-down	$ 5,100	$ 19,900
Fair Value, Measurements, Nonrecurring | Homebuilding | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finished homes and construction in progress, carrying value	516,081	458,569	$ 347,300
Finished homes and construction in progress, fair value	467,946	396,795	295,663
Finished homes and construction in progress, total gains and losses	(48,135)	(61,774)	(51,637)
Land and land under development, carrying value	0	52,147	135,844
Land and land under development, fair value	0	49,539	126,135
Land and land under development, total gains (losses)	0	(2,608)	(9,709)
Deposits And Pre-acquisition Costs On Real Estate, Carrying Value	5,120	19,914	47,893
Deposits And Pre-acquisition Costs On Real Estate, Fair Value	0	0	0
Deposits And Pre-acquisition Costs On Real Estate, Net	(5,120)	(19,914)	(47,893)
Fair Value, Measurements, Nonrecurring | Homebuilding | Level 3 | Equity Method Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Adjustment	0	(41,042)	(1,454)
Fair Value, Measurements, Nonrecurring | Homebuilding | Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of equity investment	0	78,834	(1,454)
Fair Value, Measurements, Nonrecurring | Homebuilding | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of equity investment	0	(37,792)	0
Fair Value, Measurements, Nonrecurring | Lennar Other | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
REO - held-for-sale upon acquisition/transfer, carrying value	139,980	0	0
REO - held-for-sale upon acquisition/transfer, fair value	49,970	0	0
REO - held-for-sale upon acquisition/transfer, total gains (losses)	(90,010)	0	0
REO - held-for-sale upon management periodic valuations, carrying value	24,753	0	0
REO - held-for-sale upon management periodic valuations, fair value	0	0	0
REO - held-for-sale upon management periodic valuations, total gains (losses)	$ (24,753)	$ 0	$ 0

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Thousands		6 Months Ended	12 Months Ended
		Nov. 30, 2024 USD ($) project	Nov. 30, 2024 USD ($)	Dec. 31, 2023 ft²	Nov. 30, 2023 USD ($) project
Variable Interest Entity [Line Items]
Assets	[1]	$ 41,312,781	$ 41,312,781		$ 39,234,303
Liabilities	[2]	13,291,556	13,291,556		12,532,337
Letters of credit outstanding		2,400,000	2,400,000
Headquarters
Variable Interest Entity [Line Items]
Area of Real Estate Property | ft²				213,200
Corporate Joint Venture
Variable Interest Entity [Line Items]
Assets		3,600	3,600
Liabilities		3,200	3,200
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		3,700,000	3,700,000		1,900,000
Liabilities		2,700,000	2,700,000		1,200,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		1,193,963	1,193,963		1,240,627
Consolidated inventory not owned		2,800,000	2,800,000
Land under Purchase Options, Not Recorded		1,200,000	1,200,000
Land under Purchase Options, Matured			1,500,000
Homebuilding
Variable Interest Entity [Line Items]
Assets	[1]	35,594,469	35,594,469		33,628,392
Liabilities	[2]	10,863,209	10,863,209		9,727,994
Deposits and pre-acquisition costs on real estate		3,625,372	3,625,372		2,002,154
Liabilities related to consolidated inventory not owned	[2]	3,563,934	3,563,934		2,540,894
Consolidated inventory not owned	[1]	4,084,665	4,084,665		2,992,528
Homebuilding | Land Bank
Variable Interest Entity [Line Items]
Deposits and pre-acquisition costs on real estate		1,400,000	1,400,000
Liabilities related to consolidated inventory not owned		560,000	560,000
Consolidated inventory not owned		726,500	726,500
Homebuilding | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Liabilities related to consolidated inventory not owned		2,600,000	2,600,000		1,100,000
Consolidated inventory not owned		2,800,000	2,800,000		1,200,000
Homebuilding | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		802,901	802,901		659,224
Multifamily
Variable Interest Entity [Line Items]
Assets	[1]	1,306,818	1,306,818		1,381,513
Liabilities	[2]	$ 181,883	181,883		$ 278,177
Multifamily | LMV I
Variable Interest Entity [Line Items]
Number of Projects | project					38
Number Of Projects Sold | project		33
Gain (Loss) on Disposition of Assets		$ 211,500
Proceeds from Sales of Assets, Investing Activities		199,500
Multifamily | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		33,900	33,900		$ 32,600
Liabilities		1,000	1,000		4,100
Multifamily | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		136,158	136,158		384,718
Financial Services
Variable Interest Entity [Line Items]
Assets	[1]	3,516,550	3,516,550		3,566,546
Liabilities	[2]	2,140,708	2,140,708		2,447,039
Financial Services | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		$ 135,646	$ 135,646		$ 140,676
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $1.2 billion in Homebuilding consolidated inventory not owned, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets. As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities and $1.0 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities and $4.1 million in Multifamily liabilities.

Variable Interest Entities (Est

Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - USD ($) $ in Thousands		Nov. 30, 2024	Nov. 30, 2023
Variable Interest Entity [Line Items]
Assets	[1]	$ 41,312,781	$ 39,234,303
Letters of credit outstanding		2,400,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		1,193,963	1,240,627
Lennar's Maximum Exposure to Loss		1,271,059	1,386,646
Variable Interest Entity, Not Primary Beneficiary Including Third Parties
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs		3,529,889	1,949,219
Non-refundable option deposits included in consolidated inventory not owned		520,731	451,632
Variable Interest Entity, Not Primary Beneficiary Including Third Parties | Letters of Credit
Variable Interest Entity [Line Items]
Letters of credit outstanding		341,834	198,920
Homebuilding
Variable Interest Entity [Line Items]
Assets	[1]	35,594,469	33,628,392
Homebuilding | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		802,901	659,224
Lennar's Maximum Exposure to Loss		876,035	787,226
Homebuilding | Upward America Venture | Variable Interest Entity, Not Primary Beneficiary | Commitment To Fund Capital
Variable Interest Entity [Line Items]
Obligations related to VIEs		20,400	69,800
Homebuilding | Upward America Venture | Variable Interest Entity, Not Primary Beneficiary | Commitment For Short-term Loan And Management Fee Receivable
Variable Interest Entity [Line Items]
Obligations related to VIEs			42,100
Homebuilding | Upward America Venture | Variable Interest Entity, Not Primary Beneficiary | Commitment For Recourse Debt
Variable Interest Entity [Line Items]
Obligations related to VIEs		44,200
Multifamily
Variable Interest Entity [Line Items]
Assets	[1]	1,306,818	1,381,513
Multifamily | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		136,158	384,718
Lennar's Maximum Exposure to Loss		140,120	402,735
Multifamily | Equity Commitments | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Obligations related to VIEs			12,800
Financial Services
Variable Interest Entity [Line Items]
Assets	[1]	3,516,550	3,566,546
Financial Services | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		135,646	140,676
Lennar's Maximum Exposure to Loss		135,646	140,676
Lennar Other
Variable Interest Entity [Line Items]
Assets	[1]	894,944	657,852
Lennar Other | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		119,258	56,009
Lennar's Maximum Exposure to Loss		$ 119,258	$ 56,009
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $1.2 billion in Homebuilding consolidated inventory not owned, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.

Commitments and Contingent Li_3

Commitments and Contingent Liabilities (Narrative) (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2024 USD ($)	Nov. 30, 2023 USD ($)	Nov. 30, 2022 USD ($)	Dec. 31, 2023 ft²
Other Commitments [Line Items]
Non-refundable option deposits and pre-acquisition costs	$ 3,500,000
Rental Expense	125,621	$ 104,653	$ 105,414
Letters of credit outstanding	2,400,000
Headquarters
Other Commitments [Line Items]
Area of Real Estate Property | ft²				213,200
Leased Unused Office Space
Other Commitments [Line Items]
Area of Real Estate Property | ft²				53,000
Costs to Complete Related to Site Improvements
Other Commitments [Line Items]
Costs to complete related to site improvements	$ 2,800,000
Costs to complete related to site improvements as a percent	54%
Surety bonds
Other Commitments [Line Items]
Outstanding surety bonds	$ 5,100,000

Commitment and Contingencies (A

Commitment and Contingencies (Additional Information about Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 275,248
Operating lease liability	$ 262,119
Operating Lease, Weighted Average Remaining Lease Term	4 years 8 months 12 days
Lessee, Operating Lease, Discount Rate	5%
Rental Expense	$ 125,621	$ 104,653	$ 105,414
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities

Commitments And Contingent Li_4

Commitments And Contingent Liabilities (Future Minimum Payments Under Noncancellable Leases) (Details) $ in Thousands	Nov. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	$ 98,143
Lessee, Operating Lease, Liability, Payments, Due Year Two	61,238
Lessee, Operating Lease, Liability, Payments, Due Year Three	38,911
Lessee, Operating Lease, Liability, Payments, Due Year Four	30,326
Lessee, Operating Lease, Liability, Payments, Due after Year Four	65,188
Lessee, Operating Lease, Liability, Payments, Due	293,806
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	31,687
Operating lease liability	262,119
Variable lease costs	24,600
Short-term lease costs	$ 2,200

Schedule II-Valuation And Qua_2

Schedule II-Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2022
Allowance for credit losses against notes and other receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 2,374	$ 2,179	$ 2,531
Additions, Charged to costs and expenses	677	274	145
Additions, Charged (credited) to other accounts	(652)	(79)	(497)
Deductions	0	0	0
Ending balance	2,399	2,374	2,179
Allowance for loan losses against loans receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	15,414	11,130	2,091
Additions, Charged to costs and expenses	174	5,419	9,127
Additions, Charged (credited) to other accounts	0	0	0
Deductions	(3,650)	(1,135)	(88)
Ending balance	11,938	15,414	11,130
Allowance against net deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	2,333	2,903	2,693
Additions, Charged to costs and expenses	268	89	784
Additions, Charged (credited) to other accounts	0	0	0
Deductions	(8)	(659)	(574)
Ending balance	$ 2,593	$ 2,333	$ 2,903