Operating and Reporting Segments (Tables)

6 Months Ended

May 31, 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)	May 31, 2020
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	1,398,682	224,229	13,061	5,949	1,641,921
Restricted cash	9,569		5,392	—	—	14,961
Receivables, net (1)	299,494		594,620	87,183	—	981,297
Inventories	17,947,406		—	328,497	—	18,275,903
Loans held-for-sale (2)	—		1,163,356	—	—	1,163,356
Loans held-for-investment, net	—		69,846	—	1,422	71,268
Investments held-to-maturity	—		164,982	—	—	164,982
Investments available-for-sale (3)	—		—	—	53,585	53,585
Investments in unconsolidated entities (4)	973,044		70,844	621,465	380,105	2,045,458
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets (5)	1,080,186		94,837	77,723	11,490	1,264,236
	$	25,150,740	2,577,805	1,127,929	452,551	29,309,025
Liabilities:
Notes and other debts payable, net	$	7,495,674	1,435,538	—	6,170	8,937,382
Other liabilities (6)	3,278,602		228,010	222,387	10,020	3,739,019
	$	10,774,276	1,663,548	222,387	16,190	12,676,401

(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 (4)	1,009,035		—	561,190	403,688	1,973,913
Goodwill	3,442,359		215,516	—	—	3,657,875
Other assets (5)	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 (6)	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 May 31, 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)Lennar Other investments in unconsolidated entities decreased primarily due to a $25.0 million write-down of assets held by Rialto legacy funds because of disruption in the capital markets as a result of COVID-19 and the economic shutdown.

(5)As of May 31, 2020 and November 30, 2019, Financial Services other assets included mortgage loan commitments carried at fair value of $45.0 million and $16.3 million, respectively, and mortgage servicing rights carried at fair value of $1.2 million and $24.7 million, respectively.

(6)As of May 31, 2020 and November 30, 2019, Financial Services other liabilities included $62.4 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 May 31, 2020 and November 30, 2019, Financial Services other liabilities also included forward contracts carried at fair value of $4.7 million and $3.9 million, respectively.

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

	Three Months Ended May 31, 2020
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate and unallocated	Total
Revenues	$	4,949,484	196,263	123,117	18,509	—	5,287,373
Operating earnings (loss) (1)	631,361		147,326	(638)	(18,021)	—	760,028
Corporate general and administrative expenses	—		—	—	—	83,451	83,451
Earnings (loss) before income taxes	631,361		147,326	(638)	(18,021)	(83,451)	676,577
	Three Months Ended May 31, 2019
Revenues	$	5,195,599	204,216	147,412	15,663	—	5,562,890
Operating earnings (loss)	581,789		56,217	(4,322)	1,828	—	635,512
Corporate general and administrative expenses	—		—	—	—	76,113	76,113
Earnings (loss) before income taxes	581,789		56,217	(4,322)	1,828	(76,113)	559,399

	Six Months Ended May 31, 2020
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate and unallocated	Total
Revenues	$	9,121,600	394,924	255,734	20,452	—	9,792,710
Operating earnings (loss) (1)	1,091,759		194,643	1,147	(17,122)	—	1,270,427
Corporate general and administrative expenses	—		—	—	—	170,298	170,298
Earnings (loss) before income taxes	1,091,759		194,643	1,147	(17,122)	(170,298)	1,100,129
	Six Months Ended May 31, 2019
Revenues	$	8,819,320	347,527	244,806	19,319	—	9,430,972
Operating earnings	951,384		75,189	2,475	4,931	—	1,033,979
Corporate general and administrative expenses	—		—	—	—	155,456	155,456
Earnings before income taxes	951,384		75,189	2,475	4,931	(155,456)	878,523

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 May 31, 2020	$	6,676,730	2,664,309	2,305,777	10,815,820	1,143,132	1,544,972	25,150,740
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 May 31, 2020
(In thousands)	East		Central	Texas	West	Other	Total Homebuilding
Revenues	$	1,577,716	685,999	712,756	1,959,823	13,190	4,949,484
Operating earnings (loss)	229,726		67,065	99,887	280,094	(45,411)	631,361
	Three Months Ended May 31, 2019
Revenues	$	1,737,342	613,785	693,212	2,143,023	8,237	5,195,599
Operating earnings (loss)	210,464		55,344	75,374	272,904	(32,297)	581,789

	Six Months Ended May 31, 2020
(In thousands)	East		Central	Texas	West	Other	Total Homebuilding
Revenues	$	2,984,582	1,220,975	1,185,984	3,708,592	21,467	9,121,600
Operating earnings (loss)	404,731		96,537	152,960	505,001	(67,470)	1,091,759
	Six Months Ended May 31, 2019
Revenues	$	2,964,155	1,048,852	1,111,729	3,683,920	10,664	8,819,320
Operating earnings (loss)	345,847		86,270	107,652	463,565	(51,950)	951,384

Schedule of Line of Credit Facilities

At May 31, 2020, the Financial Services warehouse facilities were all 364-day repurchase facilities and used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:

(In thousands)	Maximum Aggregate Commitment
Residential facilities maturing:
June 2020 (1)	$	500,000
July 2020	300,000
January 2021	500,000
March 2021	300,000
Total - Residential facilities	$	1,600,000
LMF Commercial facilities maturing:
November 2020	$	200,000
December 2020 (2)	700,000
Total - LMF Commercial facilities	$	900,000
Total	$	2,500,000

(1)Subsequent to May 31, 2020, the maturity date was extended to June 2021.

(2)Includes $50.0 million LMF Commercial warehouse repurchase facility used 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 May 31, 2020.

Borrowings and collateral under the facilities and their prior year predecessors were as follows:

(In thousands)	May 31, 2020		November 30, 2019
Borrowings under the residential facilities	$	1,054,588	$	1,374,063
Collateral under the residential facilities	1,085,503		1,423,650
Borrowings under the LMF Commercial facilities	227,003		216,870

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

	May 31, 2020		November 30, 2019
(In thousands)
Performance letters of credit	$	726,191	715,793
Financial letters of credit	220,264		184,075
Surety bonds	2,995,941		2,946,167
Anticipated future costs related to site improvements subject to performance surety bonds	1,496,571		1,427,145

Schedule of Loan Origination Liabilities

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

	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2020		2019	2020	2019
Loan origination liabilities, beginning of period	$	9,996	6,697	9,364	48,584
Provision for losses	1,139		914	1,915	1,587
Payments/settlements	(255)		(187)	(399)	(42,747)
Loan origination liabilities, end of period	$	10,880	7,424	10,880	7,424