Operating and Reporting Segments (Tables)

3 Months Ended

Feb. 28, 2022

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 28, 2022
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	1,366,597	168,032	34,439	2,757	1,571,825
Restricted cash	27,025		6,724	—	—	33,749
Receivables, net (1)	456,185		358,866	101,334	—	916,385
Inventories	20,592,702		—	395,507	—	20,988,209
Loans held-for-sale (2)	—		1,199,603	—	—	1,199,603
Investments in equity securities (3)	—		—	—	670,980	670,980
Investments available-for-sale (4)	—		—	—	34,760	34,760
Loans held-for-investment, net	—		33,168	—	—	33,168
Investments held-to-maturity	—		156,587	—	—	156,587
Investments in unconsolidated entities	1,066,256		—	661,252	333,755	2,061,263
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,141,362		70,654	58,038	66,611	1,336,665
	$	28,092,486	2,183,333	1,250,570	1,108,863	32,635,252
Liabilities:
Notes and other debts payable, net	$	4,639,222	1,197,360	16,930	—	5,853,512
Accounts payable and other liabilities	5,382,549		136,785	294,845	120,129	5,934,308
	$	10,021,771	1,334,145	311,775	120,129	11,787,820

(In thousands)	November 30, 2021
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	2,735,213	167,021	16,850	2,660	2,921,744
Restricted cash	21,927		12,012	—	—	33,939
Receivables, net (1)	490,278		708,165	98,405	—	1,296,848
Inventories	18,715,304		—	454,093	—	19,169,397
Loans held-for-sale (2)	—		1,636,351	—	—	1,636,351
Investments in equity securities (3)	—		—	—	1,006,599	1,006,599
Investments available-for-sale (4)	—		—	—	41,654	41,654
Loans held-for-investment, net	—		44,582	—	—	44,582
Investments held-to-maturity	—		157,808	—	—	157,808
Investments in unconsolidated entities	972,084		—	654,029	346,270	1,972,383
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,090,654		48,729	88,370	66,662	1,294,415
	$	27,467,819	2,964,367	1,311,747	1,463,845	33,207,778
Liabilities:
Notes and other debts payable, net	$	4,652,338	1,726,026	—	—	6,378,364
Accounts payable and other liabilities	5,217,904		180,317	288,930	145,981	5,833,132
	$	9,870,242	1,906,343	288,930	145,981	12,211,496

(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 28, 2022 and November 30, 2021, 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 $168.2 million and $100.1 million without readily available fair values as of February 28, 2022 and November 30, 2021, respectively.

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

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

	Three Months Ended February 28, 2022
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate and unallocated	Total
Revenues (1)	$	5,752,205	176,701	267,359	7,251	—	6,203,516
Operating earnings (loss)	1,109,850		90,791	5,427	(403,134)	—	802,934
Corporate general and administrative expenses	—		—	—	—	113,661	113,661
Charitable foundation contribution	—		—	—	—	12,538	12,538
Earnings (loss) before income taxes	1,109,850		90,791	5,427	(403,134)	(126,199)	676,735
	Three Months Ended February 28, 2021
Revenues	$	4,943,056	244,069	131,443	6,900	—	5,325,468
Operating earnings (loss)	833,180		146,207	(874)	471,346	—	1,449,859
Corporate general and administrative expenses	—		—	—	—	110,531	110,531
Charitable foundation contribution	—		—	—	—	12,314	12,314
Earnings (loss) before income taxes	833,180		146,207	(874)	471,346	(122,845)	1,327,014

(1)Revenues for Multifamily for the three months ended February 28, 2022 includes $131.6 million of land sales to unconsolidated entities

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

(In thousands)	East		Central	Texas	West	Other	Corporate and Unallocated	Total Homebuilding
February 28, 2022	$	6,552,930	3,939,627	3,240,006	11,854,213	1,414,532	1,091,178	28,092,486
November 30, 2021	5,854,057		3,782,847	2,801,192	11,171,741	1,443,163	2,414,819	27,467,819

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

	Three Months Ended February 28, 2022
(In thousands)	East		Central	Texas	West	Other	Total Homebuilding
Revenues	$	1,670,186	1,109,272	812,619	2,150,798	9,330	5,752,205
Operating earnings (loss)	351,995		152,078	171,312	441,448	(6,983)	1,109,850
	Three Months Ended February 28, 2021
Revenues	$	1,355,942	928,442	644,078	2,009,579	5,015	4,943,056
Operating earnings (loss)	262,083		132,023	129,643	321,706	(12,275)	833,180

Schedule of Line of Credit Facilities

At February 28, 2022, the Financial Services warehouse facilities were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:

(In thousands)	Maximum Aggregate Commitment
Residential facilities maturing:
April 2022	$	100,000
July 2022	400,000
October 2022	200,000
December 2022	500,000
Total - Residential facilities	$	1,200,000
LMF Commercial facilities maturing
November 2022	$	100,000
December 2022	400,000
July 2023	50,000
Total - LMF Commercial facilities	$	550,000
Total	$	1,750,000

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

(In thousands)	February 28, 2022		November 30, 2021
Borrowings under the residential facilities	$	1,021,791	1,482,258
Collateral under the residential facilities	1,059,876		1,539,641
Borrowings under the LMF Commercial facilities	29,247		96,294

The Company's outstanding performance letters of credit and surety bonds are described below:

(In thousands)	February 28, 2022		November 30, 2021
Performance letters of credit	$	1,007,295	924,584
Financial letters of credit	542,072		425,843
Surety bonds	3,660,958		3,553,047
Anticipated future costs primarily for site improvements related to performance surety bonds	1,739,779		1,690,861

Schedule of Loan Origination Liabilities

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

	Three Months Ended
	February 28,
(In thousands)	2022		2021
Loan origination liabilities, beginning of period	$	11,670	7,569
Provision for losses	966		966
Payments/settlements	(165)		(102)
Loan origination liabilities, end of period	$	12,471	8,433

Schedule of Loans Held for Sale

LMF Commercial originated commercial loans as follows:

	Three Months Ended
	February 28,
(Dollars in thousands)	2022		2021
Originations (1)	$	264,845	219,500
Sold	178,082		282,965
Securitizations	1		2

(1)During both the three months ended February 28, 2022 and 2021 all the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.

Schedule of Commercial Mortgage-Backed Securities

Details related to Financial Services' CMBS were as follows:

(Dollars in thousands)	February 28, 2022			November 30, 2021
Carrying value	$	156,587		157,808
Outstanding debt, net of debt issuance costs	146,322			147,474
Incurred interest rate	3.4		%	3.4	%

Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities

	February 28, 2022
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

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:

Unobservable inputs	As of February 28, 2022	As of November 30, 2021
Mortgage prepayment rate	11%	13%
Discount rate	13%	13%
Delinquency rate	5%	4%

Unrealized Gain (Loss) on Investments

The following is a detail of Lennar Other unrealized gain (loss):

	Three Months Ended
	February 28,
	2022		2021
Opendoor (OPEN) mark to market	$	(143,361)	469,745
Hippo (HIPO) mark to market	(124,457)		—
Sunnova (NOVA) mark to market	(75,041)		—
SmartRent (SMRT) mark to market	(44,363)		—
Blend Labs (BLND) mark to market	(7,442)		—
Sonder (SOND) mark to market	(506)		—
	$	(395,170)	469,745