Operating and Reporting Segments (Tables)

3 Months Ended

Feb. 29, 2020

Segment Reporting [Abstract]

Disclosure Of Financial Information Relating To Company's Operations

The assets and liabilities related to the Company’s segments were as follows:

(In thousands)	February 29, 2020
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	784,950	246,712	15,790	5,030	1,052,482
Restricted cash	8,666		13,894	—	—	22,560
Receivables, net (1)	311,817		281,941	80,319	—	674,077
Inventories	18,643,480		—	357,051	—	19,000,531
Loans held-for-sale (2)	—		1,170,696	—	—	1,170,696
Loans held-for-investment, net	—		70,763	—	—	70,763
Investments held-to-maturity	—		183,945	—	—	183,945
Investments available-for-sale (3)	—		7,922	—	53,402	61,324
Investments in unconsolidated entities	946,716		—	589,646	406,179	1,942,541
Goodwill	3,442,359		215,516	—	—	3,657,875
Other assets (4)	1,061,852		184,175	71,097	19,781	1,336,905
	$	25,199,840	2,375,564	1,113,903	484,392	29,173,699
Liabilities:
Notes and other debts payable, net	$	8,115,498	990,152	—	15,178	9,120,828
Other liabilities (5)	3,279,597		368,571	201,992	9,334	3,859,494
	$	11,395,095	1,358,723	201,992	24,512	12,980,322

(In thousands)	November 30, 2019
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	1,200,832	234,113	8,711	2,340	1,445,996
Restricted cash	9,698		12,022	—	975	22,695
Receivables, net (1)	329,124		500,847	76,906	—	906,877
Inventories	17,776,507		—	315,107	—	18,091,614
Loans held-for-sale (2)	—		1,644,939	—	—	1,644,939
Loans held-for-investment, net	—		73,867	—	—	73,867
Investments held-to-maturity	—		190,289	—	54,117	244,406
Investments available-for-sale (3)	—		3,732	48,206	—	51,938
Investments in unconsolidated entities	1,009,035		—	561,190	403,688	1,973,913
Goodwill	3,442,359		215,516	—	—	3,657,875
Other assets (4)	1,021,684		130,699	58,711	34,297	1,245,391
	$	24,789,239	3,006,024	1,068,831	495,417	29,359,511
Liabilities:
Notes and other debts payable, net	$	7,776,638	1,745,755	36,125	15,178	9,573,696
Other liabilities (5)	3,230,400		310,695	196,030	14,860	3,751,985
	$	11,007,038	2,056,450	232,155	30,038	13,325,681

(1) Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of February 29, 2020 and November 30, 2019, respectively.

(2) Loans held-for-sale related to unsold residential and commercial loans carried at fair value.

(3) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet.

(4) As of February 29, 2020 and November 30, 2019, Financial Services other assets included mortgage loan commitments carried at fair value of $31.2 million and $16.3 million, respectively, and mortgage servicing rights carried at fair value of $12.6 million and $24.7 million, respectively.

(5) As of February 29, 2020 and November 30, 2019, Financial Services other liabilities included $62.0 million and $60.7 million, respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. In addition, as of February 29, 2020 and November 30, 2019, Financial Services other liabilities also included forward contracts carried at fair value of $13.2 million and $3.9 million, respectively.

Financial information relating to the Company’s segments was as follows:

	Three Months Ended February 29, 2020
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate and unallocated		Total
Revenues	$	4,172,116	198,661	132,617	1,943	—		4,505,337
Operating earnings	460,398		47,317	1,785	899	—		510,399
Corporate general and administrative expenses	—		—	—	—	86,847		86,847
Earnings before income taxes	460,398		47,317	1,785	899	(86,847	)	423,552
	Three Months Ended February 28, 2019
Revenues	$	3,623,721	143,311	97,394	3,656	—		3,868,082
Operating earnings	369,595		18,972	6,797	3,103	—		398,467
Corporate general and administrative expenses	—		—	—	—	79,343		79,343
Earnings before income taxes	369,595		18,972	6,797	3,103	(79,343	)	319,124

The assets related to the Company’s homebuilding segments were as follows:

(In thousands)
Assets:	East		Central	Texas	West	Other	Corporate and Unallocated	Total Homebuilding
Balance at February 29, 2020	$	6,867,299	2,779,966	2,388,579	11,083,548	1,141,924	938,524	25,199,840
Balance at November 30, 2019	$	6,708,586	2,732,872	2,246,893	10,663,666	1,173,163	1,264,059	24,789,239

Financial information relating to the Company’s homebuilding segments was as follows:

	Three Months Ended February 29, 2020
(In thousands)	East		Central	Texas	West	Other		Total Homebuilding
Revenues	$	1,406,866	534,976	473,228	1,748,769	8,277		4,172,116
Operating earnings (loss)	175,005		29,472	53,073	224,907	(22,059	)	460,398
	Three Months Ended February 28, 2019
Revenues	$	1,226,814	435,067	418,517	1,540,896	2,427		3,623,721
Operating earnings (loss)	135,383		30,926	32,278	190,661	(19,653	)	369,595

Schedule of Line of Credit Facilities

(In thousands)	Maximum Aggregate Commitment
Residential facilities maturing:
March 2020 (1)	$	100,000
May 2020	300,000
June 2020	300,000
October 2020	500,000
Total - Residential facilities	$	1,200,000
LMF Commercial facilities maturing
November 2020	$	200,000
December 2020	650,000
December 2020 (two - one year extensions) (2)	50,000
Total - LMF Commercial facilities	$	900,000
Total	$	2,100,000

(1) Subsequent to February 2020, the maturity date was extended to March 2021.

(2)

LMF Commercial uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net. There were borrowings under this facility of $11.4 million as of February 29, 2020.

The company's letter of credit and surety bond facilities are described below:

	February 29, 2020		November 30, 2019
(In thousands)
Performance letters of credit	$	739,944	715,793
Financial letters of credit	208,871		184,075
Surety bonds	2,966,393		2,946,167
Anticipated future costs related to site improvements related to performance surety bonds	1,440,444		1,427,145

Schedule of Loan Origination Liabilities

The activity in the Company’s loan origination liabilities was as follows:

	Three Months Ended
	February 29,			February 28,
(In thousands)	2020			2019
Loan origination liabilities, beginning of period	$	9,364		48,584
Provision for losses	776			673
Payments/settlements	(144		)	(42,560	)
Loan origination liabilities, end of period	$	9,996		6,697