Operating and Reporting Segments (Tables)

3 Months Ended

Feb. 28, 2023

Segment Reporting [Abstract]

Disclosure Of Financial Information Relating To Company's Operations

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

(In thousands)	February 28, 2023
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	4,057,956	163,000	15,075	6,825	4,242,856
Restricted cash	22,504		8,797	—	—	31,301
Receivables, net (1)	559,939		329,331	110,696	—	999,966
Inventories	21,627,886		—	439,947	—	22,067,833
Loans held-for-sale (2)	—		1,233,466	—	—	1,233,466
Investments in equity securities (3)	—		—	—	367,369	367,369
Investments available-for-sale (4)	—		—	—	36,332	36,332
Loans held-for-investment, net	—		45,327	—	—	45,327
Investments held-to-maturity	—		141,854	—	—	141,854
Investments in unconsolidated entities	1,178,802		—	635,499	315,632	2,129,933
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,412,654		101,947	65,560	64,698	1,644,859
	$	32,302,100	2,213,421	1,266,777	790,856	36,573,154
Liabilities:
Notes and other debts payable, net	$	4,033,335	1,171,638	16,828	—	5,221,801
Accounts payable and other liabilities	6,295,653		146,137	266,552	87,724	6,796,066
	$	10,328,988	1,317,775	283,380	87,724	12,017,867

(In thousands)	November 30, 2022
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	4,616,124	139,378	17,827	5,391	4,778,720
Restricted cash	23,046		14,004	—	—	37,050
Receivables, net (1)	673,980		826,163	114,134	—	1,614,277
Inventories	21,432,011		—	430,442	—	21,862,453
Loans held-for-sale (2)	—		1,776,311	—	—	1,776,311
Investments in equity securities (3)	—		—	—	391,026	391,026
Investments available-for-sale (4)	—		—	—	35,482	35,482
Loans held-for-investment, net	—		45,636	—	—	45,636
Investments held-to-maturity	—		143,251	—	—	143,251
Investments in unconsolidated entities	1,173,164		—	648,126	316,523	2,137,813
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,323,478		119,815	46,808	40,117	1,530,218
	$	32,684,162	3,254,257	1,257,337	788,539	37,984,295
Liabilities:
Notes and other debts payable, net	$	4,047,294	2,135,093	16,749	—	6,199,136
Accounts payable and other liabilities	6,931,352		218,811	296,735	97,894	7,544,792
	$	10,978,646	2,353,904	313,484	97,894	13,743,928

(1)Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2023 and November 30, 2022, respectively.

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

(3)Investments in equity securities include investments of $178.0 million without readily available fair values as of both February 28, 2023 and November 30, 2022, respectively.

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

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

	Three Months Ended February 28, 2023
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate and Unallocated	Total
Revenues	$	6,156,305	182,981	143,523	7,620	—	6,490,429
Operating earnings (loss)	906,839		78,737	(21,601)	(39,757)	—	924,218
Corporate general and administrative expenses	—		—	—	—	126,106	126,106
Charitable foundation contribution	—		—	—	—	13,659	13,659
Earnings (loss) before income taxes	906,839		78,737	(21,601)	(39,757)	(139,765)	784,453
	Three Months Ended February 28, 2022
Revenues	$	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

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, 2023	$	6,800,191	4,074,510	3,592,725	12,076,029	1,371,403	4,387,242	32,302,100
November 30, 2022	6,877,581		4,010,610	3,742,663	12,182,709	1,382,864	4,487,735	32,684,162

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

	Three Months Ended February 28, 2023
(In thousands)	East		Central	Texas	West	Other	Total Homebuilding
Revenues	$	1,875,977	1,048,007	1,022,052	2,205,061	5,208	6,156,305
Operating earnings (loss)	424,196		130,522	125,319	230,500	(3,698)	906,839
	Three Months Ended February 28, 2022
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

Schedule of Line of Credit Facilities

At February 28, 2023, 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:
May 2023	$	200,000
August 2023	600,000
December 2023	500,000
Total - Residential facilities	$	1,300,000
LMF Commercial facilities maturing
July 2023	$	50,000
November 2023	100,000
December 2023	400,000
Total - LMF Commercial facilities	$	550,000
Total	$	1,850,000

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

(In thousands)	February 28, 2023		November 30, 2022
Borrowings under the residential facilities	$	1,028,283	1,877,411
Collateral under the residential facilities	1,064,394		1,950,155
Borrowings under the LMF Commercial facilities	11,397		124,399

The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:

(In thousands)	February 28, 2023
Commitment - maturing in April 2024	$	350,000
Commitment - maturing in May 2027	2,225,000
Total commitment	$	2,575,000
Accordion feature	425,000
Total maximum borrowings capacity	$	3,000,000

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

(In thousands)	February 28, 2023		November 30, 2022
Performance letters of credit	$	1,236,516	1,259,033
Financial letters of credit	457,117		503,659
Surety bonds	4,166,287		4,136,715
Anticipated future costs primarily for site improvements related to performance surety bonds	2,288,199		2,273,694

Schedule of Loans Held for Sale

LMF Commercial originated commercial loans as follows:

	Three Months Ended
	February 28,
(Dollars in thousands)	2023		2022
Originations (1)	$	79,480	264,845
Sold	77,200		178,082
Securitizations	1		1

(1)During both the three months ended February 28, 2023 and 2022, 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, 2023		November 30, 2022
Carrying value	$	141,854	143,251
Outstanding debt, net of debt issuance costs	131,959		133,283
Incurred interest rate	3.4%		3.4%

Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities

	February 28, 2023
Discount rates at purchase	6%	—	84%
Coupon rates	2.0%	—	5.3%
Distribution dates	October 2027	—	December 2028
Stated maturity dates	October 2050	—	December 2051

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, 2023	As of November 30, 2022
Mortgage prepayment rate	8%	8%
Discount rate	13%	13%
Delinquency rate	8%	7%

Unrealized Gain (Loss) on Investments

The following is a detail of Lennar Other unrealized gains (loss) from mark-to-market adjustments on the Company's technology investments:

	Three Months Ended
	February 28,
(In thousands)	2023		2022
Blend Labs (BLND)	$	586	(7,442)
Hippo (HIPO)	6,632		(124,457)
Opendoor (OPEN)	(7,691)		(143,361)
SmartRent (SMRT)	1,305		(44,363)
Sonder (SOND)	(320)		(506)
Sunnova (NOVA)	(24,466)		(75,041)
Lennar Other unrealized losses from technology investments	$	(23,954)	(395,170)