(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
R | Accelerated filer | ¨ | Emerging growth company | ||||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company | |||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ |
LENNAR CORPORATION | ||||||||||||||
FORM 10-Q | ||||||||||||||
For the period ended May 31, 2023 | ||||||||||||||
Part I | ||||||||||||||
Item 1. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Part II | ||||||||||||||
Item 1. | ||||||||||||||
Item 1A. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3 - 5. | ||||||||||||||
Item 6. | ||||||||||||||
May 31, | November 30, | ||||||||||
2023 (1) | 2022 (1) | ||||||||||
ASSETS | |||||||||||
Homebuilding: | |||||||||||
Cash and cash equivalents | $ | ||||||||||
Restricted cash | |||||||||||
Receivables, net | |||||||||||
Inventories: | |||||||||||
Finished homes and construction in progress | |||||||||||
Land and land under development | |||||||||||
Consolidated inventory not owned | |||||||||||
Total inventories | |||||||||||
Investments in unconsolidated entities | |||||||||||
Goodwill | |||||||||||
Other assets | |||||||||||
Financial Services | |||||||||||
Multifamily | |||||||||||
Lennar Other | |||||||||||
Total assets | $ |
May 31, | November 30, | ||||||||||
2023 (2) | 2022 (2) | ||||||||||
LIABILITIES AND EQUITY | |||||||||||
Homebuilding: | |||||||||||
Accounts payable | $ | ||||||||||
Liabilities related to consolidated inventory not owned | |||||||||||
Senior notes and other debts payable, net | |||||||||||
Other liabilities | |||||||||||
Financial Services | |||||||||||
Multifamily | |||||||||||
Lennar Other | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock | |||||||||||
Class A common stock of $ | |||||||||||
Class B common stock of $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock, at cost; May 31, 2023 - | ( | ( | |||||||||
Accumulated other comprehensive income | |||||||||||
Total stockholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Homebuilding | $ | ||||||||||||||||||||||
Financial Services | |||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Lennar Other | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Homebuilding | |||||||||||||||||||||||
Financial Services | |||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Lennar Other | |||||||||||||||||||||||
Corporate general and administrative | |||||||||||||||||||||||
Charitable foundation contribution | |||||||||||||||||||||||
Total costs and expenses | |||||||||||||||||||||||
Equity in loss from unconsolidated entities | ( | ( | ( | ( | |||||||||||||||||||
Other income (expense), net and other gains (losses) | ( | ( | ( | ||||||||||||||||||||
Lennar Other unrealized gains (losses) from technology investments | ( | ( | |||||||||||||||||||||
Earnings before income taxes | |||||||||||||||||||||||
Provision for income taxes | ( | ( | ( | ( | |||||||||||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | |||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | |||||||||||||||||||||||
Net earnings attributable to Lennar | $ | ||||||||||||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||||||||
Net unrealized gain on securities available-for-sale | $ | ||||||||||||||||||||||
Reclassification adjustments for gain included in earnings, net of tax | |||||||||||||||||||||||
Total other comprehensive income, net of tax | $ | ||||||||||||||||||||||
Total comprehensive income attributable to Lennar | $ | ||||||||||||||||||||||
Total comprehensive income attributable to noncontrolling interests | $ | ||||||||||||||||||||||
Basic earnings per share | $ | ||||||||||||||||||||||
Diluted earnings per share | $ | ||||||||||||||||||||||
Six Months Ended | |||||||||||
May 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | $ | ||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of discount/premium on debt, net | ( | ( | |||||||||
Equity in loss from unconsolidated entities | |||||||||||
Distributions of earnings from unconsolidated entities | |||||||||||
Share-based compensation expense | |||||||||||
Deferred income tax benefit | ( | ( | |||||||||
Gain on repurchases of senior notes | ( | ||||||||||
Loans held-for-sale unrealized loss | |||||||||||
Lennar Other unrealized (gains) losses from technology investments and other (gains) losses | |||||||||||
Gain on sale of other assets and operating properties and equipment | ( | ( | |||||||||
Valuation adjustments and write-offs of option deposits, pre-acquisition costs and other assets | |||||||||||
Changes in assets and liabilities: | |||||||||||
Decrease in receivables | |||||||||||
(Increase) decrease in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | ( | ||||||||||
Increase in other assets | ( | ( | |||||||||
Decrease in loans held-for-sale | |||||||||||
(Decrease) increase in accounts payable and other liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Net additions of operating properties and equipment | ( | ( | |||||||||
Proceeds from the sale of operating properties and equipment and other assets | |||||||||||
Investments in and contributions to unconsolidated entities | ( | ( | |||||||||
Distributions of capital from unconsolidated entities | |||||||||||
Proceeds from sale of commercial mortgage-backed securities bonds | |||||||||||
Decrease in Financial Services loans held-for-investment | |||||||||||
Purchases of investment securities | ( | ( | |||||||||
Proceeds from maturities/sales of investment securities | |||||||||||
Net cash used in investing activities | $ | ( | ( |
Six Months Ended | |||||||||||
May 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from financing activities: | |||||||||||
Net repayments under warehouse facilities | $ | ( | ( | ||||||||
Repurchases of senior notes | ( | ||||||||||
Principal payments on notes payable and other borrowings | ( | ( | |||||||||
Proceeds from liabilities related to consolidated inventory not owned | |||||||||||
Payments related to consolidated inventory not owned | ( | ( | |||||||||
Payments related to other liabilities, net | ( | ||||||||||
Receipts related to noncontrolling interests | |||||||||||
Payments related to noncontrolling interests | ( | ( | |||||||||
Common stock: | |||||||||||
Repurchases | ( | ( | |||||||||
Dividends | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net decrease in cash and cash equivalents and restricted cash | ( | ( | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | |||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | ||||||||||
Summary of cash and cash equivalents and restricted cash: | |||||||||||
Homebuilding | $ | ||||||||||
Financial Services | |||||||||||
Multifamily | |||||||||||
Lennar Other | |||||||||||
Homebuilding restricted cash | |||||||||||
Financial Services restricted cash | |||||||||||
$ | |||||||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
Homebuilding and Multifamily: | |||||||||||
Purchases of inventories financed by sellers | $ | ||||||||||
Non-cash contributions to unconsolidated entities | |||||||||||
Consolidation/deconsolidation of unconsolidated/consolidated entities, net: | |||||||||||
Inventories | $ | ||||||||||
Other assets | |||||||||||
Investments in unconsolidated entities | ( | ||||||||||
Other liabilities | ( | ||||||||||
Noncontrolling interests | ( |
(In thousands) | May 31, 2023 | ||||||||||||||||||||||||||||
Assets: | Homebuilding | Financial Services | Multifamily | Lennar Other | Total | ||||||||||||||||||||||||
Cash and cash equivalents | $ | ||||||||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||||||||
Receivables, net (1) | |||||||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||||||
Loans held-for-sale (2) | |||||||||||||||||||||||||||||
Investments in equity securities (3) | |||||||||||||||||||||||||||||
Investments available-for-sale (4) | |||||||||||||||||||||||||||||
Loans held-for-investment, net | |||||||||||||||||||||||||||||
Investments held-to-maturity | |||||||||||||||||||||||||||||
Investments in unconsolidated entities | |||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
$ | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Notes and other debts payable, net | $ | ||||||||||||||||||||||||||||
Accounts payable and other liabilities | |||||||||||||||||||||||||||||
$ |
(In thousands) | November 30, 2022 | ||||||||||||||||||||||||||||
Assets: | Homebuilding | Financial Services | Multifamily | Lennar Other | Total | ||||||||||||||||||||||||
Cash and cash equivalents | $ | ||||||||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||||||||
Receivables, net (1) | |||||||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||||||
Loans held-for-sale (2) | |||||||||||||||||||||||||||||
Investments in equity securities (3) | |||||||||||||||||||||||||||||
Investments available-for-sale (4) | |||||||||||||||||||||||||||||
Loans held-for-investment, net | |||||||||||||||||||||||||||||
Investments held-to-maturity | |||||||||||||||||||||||||||||
Investments in unconsolidated entities | |||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
$ | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Notes and other debts payable, net | $ | ||||||||||||||||||||||||||||
Accounts payable and other liabilities | |||||||||||||||||||||||||||||
$ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Homebuilding | $ | ||||||||||||||||||||||
Financial Services | |||||||||||||||||||||||
Multifamily (1) | |||||||||||||||||||||||
Lennar Other | |||||||||||||||||||||||
$ | |||||||||||||||||||||||
Earnings (loss) before income taxes: | |||||||||||||||||||||||
Homebuilding | $ | ||||||||||||||||||||||
Financial Services | |||||||||||||||||||||||
Multifamily | ( | ( | |||||||||||||||||||||
Lennar Other | ( | ( | ( | ( | |||||||||||||||||||
Corporate and Unallocated (2) | ( | ( | ( | ( | |||||||||||||||||||
$ |
May 31, | November 30, | ||||||||||
2023 | 2022 | ||||||||||
(In thousands) | |||||||||||
East | $ | ||||||||||
Central | |||||||||||
Texas | |||||||||||
West | |||||||||||
Other | |||||||||||
Corporate and Unallocated | |||||||||||
Total Homebuilding | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
East | $ | ||||||||||||||||||||||
Central | |||||||||||||||||||||||
Texas | |||||||||||||||||||||||
West | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
$ | |||||||||||||||||||||||
Operating earnings (loss) | |||||||||||||||||||||||
East | $ | ||||||||||||||||||||||
Central | |||||||||||||||||||||||
Texas | |||||||||||||||||||||||
West | |||||||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||
$ |
(In thousands) | Maximum Aggregate Commitment | ||||
Residential facilities maturing: | |||||
June 2023 (1) | $ | ||||
December 2023 | |||||
April 2024 | |||||
May 2024 | |||||
Total residential facilities | $ | ||||
LMF Commercial facilities maturing: | |||||
July 2023 | $ | ||||
November 2023 | |||||
December 2023 | |||||
Total LMF commercial facilities | $ | ||||
Total | $ |
(In thousands) | May 31, 2023 | November 30, 2022 | |||||||||
Borrowings under the residential facilities | $ | ||||||||||
Collateral under the residential facilities | |||||||||||
Borrowings under the LMF Commercial facilities |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Originations (1) | $ | ||||||||||||||||||||||
Sold | |||||||||||||||||||||||
Securitizations | |||||||||||||||||||||||
(Dollars in thousands) | May 31, 2023 | November 30, 2022 | |||||||||
Carrying value | $ | ||||||||||
Outstanding debt, net of debt issuance costs | |||||||||||
Incurred interest rate |
May 31, 2023 | |||||||||||
Discount rates at purchase | — | ||||||||||
Coupon rates | — | ||||||||||
Distribution dates | October 2027 | — | December 2028 | ||||||||
Stated maturity dates | October 2050 | — | December 2051 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Blend Labs (BLND) | $ | ( | ( | ( | ( | ||||||||||||||||||
Hippo (HIPO) | ( | ( | ( | ||||||||||||||||||||
Opendoor (OPEN) | ( | ( | |||||||||||||||||||||
SmartRent (SMRT) | ( | ( | |||||||||||||||||||||
Sonder (SOND) | ( | ( | ( | ( | |||||||||||||||||||
Sunnova (NOVA) | ( | ( | |||||||||||||||||||||
Lennar Other unrealized gains (losses) from technology investments | $ | ( | ( |
(In thousands) | May 31, 2023 | November 30, 2022 | ||||||||||||
Investments in unconsolidated entities (1) (2) | $ | |||||||||||||
Underlying equity in unconsolidated entities' net assets (1) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
General contractor services, net of deferrals | $ | ||||||||||||||||||||||
General contractor costs | |||||||||||||||||||||||
Land sales to joint ventures | |||||||||||||||||||||||
Management fee income, net of deferrals |
May 31, 2023 | |||||||||||
(In thousands) | LMV I | LMV II | |||||||||
Lennar's carrying value of investments | $ | ||||||||||
Equity commitments | |||||||||||
Equity commitments called | |||||||||||
Lennar's equity commitments | |||||||||||
Lennar's equity commitments called | |||||||||||
Lennar's remaining commitments (1) | |||||||||||
Distributions to Lennar during the six months ended May 31, 2023 |
Three Months Ended May 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid - in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Retained Earnings | Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||
Balance at February 28, 2023 | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Employee stock and directors plans | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | ( | — | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cash dividends | ( | — | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||
Receipts related to noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Non-cash purchase or activity of noncontrolling interests, net | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at May 31, 2023 | $ | ( |
Three Months Ended May 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid - in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Retained Earnings | Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||
Balance at February 28, 2022 | $ | ( | ||||||||||||||||||||||||||||||||||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Employee stock and directors plans | ( | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock | — | ( | ( | ( | — | — | — | |||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | ( | — | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Cash dividends | ( | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||
Receipts related to noncontrolling interests | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Payments related to noncontrolling interests | ( | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Non-cash purchase or activity of noncontrolling interests, net | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive income, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Balance at May 31, 2022 | $ | ( |
Six Months Ended May 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid - in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Retained Earnings | Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||
Balance at November 30, 2022 | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Employee stock and directors plans | ( | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | ( | — | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cash dividends | ( | — | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||
Receipts related to noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Payments related to noncontrolling interests | ( | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Non-cash purchase or activity of noncontrolling interests, net | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at May 31, 2023 | $ | ( |
Six Months Ended May 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid - in Capital | Treasury Stock | Accumulated Other Comprehensive Income (loss) | Retained Earnings | Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||
Balance at November 30, 2021 | $ | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Employee stock and directors plans | ( | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock | — | ( | ( | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | ( | — | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cash dividends | ( | — | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||
Receipts related to noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Payments related to noncontrolling interests | ( | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Non-cash purchase or activity of noncontrolling interests, net | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at May 31, 2022 | $ | ( |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
May 31, | May 31 | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except price per share) | Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||||||||||||||||
Shares repurchased | |||||||||||||||||||||||||||||||||||||||||||||||
Total purchase price | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Average price per share | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Provision for income taxes | $ | ||||||||||||||||||||||
Effective tax rate (1) | % | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
(In thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net earnings attributable to Lennar | $ | ||||||||||||||||||||||
Less: distributed earnings allocated to nonvested shares | |||||||||||||||||||||||
Less: undistributed earnings allocated to nonvested shares | |||||||||||||||||||||||
Numerator for basic earnings per share | |||||||||||||||||||||||
Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) | |||||||||||||||||||||||
Numerator for diluted earnings per share | $ | ||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per share - weighted average common shares outstanding | |||||||||||||||||||||||
Denominator for diluted earnings per share - weighted average common shares outstanding | |||||||||||||||||||||||
Basic earnings per share | $ | ||||||||||||||||||||||
Diluted earnings per share | $ |
(Dollars in thousands) | May 31, 2023 | November 30, 2022 | |||||||||
$ | |||||||||||
Mortgage notes on land and other debt | |||||||||||
$ |
(In thousands) | May 31, 2023 | |||||||
Commitments - maturing in April 2024 | $ | |||||||
Commitments - maturing in May 2027 | ||||||||
Total commitment | $ | |||||||
Accordion feature | ||||||||
Total maximum borrowings capacity | $ |
(In thousands) | May 31, 2023 | November 30, 2022 | ||||||||||||
Performance letters of credit | $ | |||||||||||||
Financial letters of credit | ||||||||||||||
Surety bonds | ||||||||||||||
Anticipated future costs primarily for site improvements related to performance surety bonds |
May 31, 2023 | November 30, 2022 | ||||||||||||||||||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Financial Services: | |||||||||||||||||||||||||||||
Loans held-for-investment, net | Level 3 | $ | |||||||||||||||||||||||||||
Investments held-to-maturity | Level 3 | ||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Homebuilding senior notes and other debts payable, net | Level 2 | $ | |||||||||||||||||||||||||||
Financial Services notes and other debts payable, net | Level 2 | ||||||||||||||||||||||||||||
Multifamily notes payable, net | Level 2 | ||||||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value at | ||||||||||||||||
(In thousands) | May 31, 2023 | November 30, 2022 | |||||||||||||||
Financial Services Assets: | |||||||||||||||||
Residential loans held-for-sale | Level 2 | $ | |||||||||||||||
LMF Commercial loans held-for-sale | Level 3 | ||||||||||||||||
Mortgage servicing rights | Level 3 | ||||||||||||||||
Forward options | Level 1 | ||||||||||||||||
Lennar Other Assets: | |||||||||||||||||
Investments in equity securities | Level 1 | $ | |||||||||||||||
Investments available-for-sale | Level 3 |
May 31, 2023 | November 30, 2022 | ||||||||||||||||||||||
(In thousands) | Aggregate Principal Balance | Change in Fair Value | Aggregate Principal Balance | Change in Fair Value | |||||||||||||||||||
Residential loans held-for-sale | $ | ( | |||||||||||||||||||||
LMF Commercial loans held-for-sale | ( |
As of May 31, 2023 | As of November 30, 2022 | ||||||||||
Unobservable inputs | |||||||||||
Mortgage prepayment rate | |||||||||||
Discount rate | |||||||||||
Delinquency rate |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Changes in fair value included in Financial Services revenues: | |||||||||||||||||||||||
Loans held-for-sale | $ | ( | ( | ||||||||||||||||||||
Mortgage loan commitments | ( | ||||||||||||||||||||||
Forward contracts | ( | ( | ( | ||||||||||||||||||||
Forward options | ( | ( | |||||||||||||||||||||
Changes in fair value included in Lennar Other unrealized gains (losses) from technology investments: | |||||||||||||||||||||||
Investments in equity securities | $ | ( | ( | ||||||||||||||||||||
Changes in fair value included in other comprehensive income, net of tax: | |||||||||||||||||||||||
Lennar Other investments available-for-sale | $ | ||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
May 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(In thousands) | Mortgage servicing rights | LMF Commercial loans held-for-sale | Mortgage servicing rights | LMF Commercial loans held-for-sale | |||||||||||||||||||
Beginning balance | $ | ||||||||||||||||||||||
Purchases/loan originations | |||||||||||||||||||||||
Sales/loan originations sold, including those not settled | ( | ( | |||||||||||||||||||||
Disposals/settlements | ( | ( | |||||||||||||||||||||
Changes in fair value (1) | ( | ||||||||||||||||||||||
Interest and principal paydowns | ( | ||||||||||||||||||||||
Ending balance | $ |
Six Months Ended | |||||||||||||||||||||||
May 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(In thousands) | Mortgage servicing rights | LMF Commercial loans held-for-sale | Mortgage servicing rights | LMF Commercial loans held-for-sale | |||||||||||||||||||
Beginning balance | $ | ||||||||||||||||||||||
Purchases/loan originations | |||||||||||||||||||||||
Sales/loan originations sold, including those not settled | ( | ( | |||||||||||||||||||||
Disposals/settlements | ( | ( | |||||||||||||||||||||
Changes in fair value (1) | ( | ( | ( | ||||||||||||||||||||
Interest and principal paydowns | ( | ( | |||||||||||||||||||||
Ending balance | $ |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
May 31, | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value Hierarchy | 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 | $ | ( | ( | |||||||||||||||||||||||||||||||||||||
Land and land under development (2) | Level 3 | ( | ( | ||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated entities (3) | Level 3 | ( |
Six Months Ended | |||||||||||||||||||||||||||||||||||||||||
May 31, | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value Hierarchy | 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 | $ | ( | ( | |||||||||||||||||||||||||||||||||||||
Land and land under development (2) | Level 3 | ( | ( | ||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated entities (3) | Level 3 | ( | |||||||||||||||||||||||||||||||||||||||
Communities with valuation adjustments | |||||||||||||||||||||||||||||
At or for the Six Months Ended | # of active communities | # of communities with potential indicator of impairment | # of communities | Fair Value (in thousands) | Valuation Adjustments (in thousands) | ||||||||||||||||||||||||
May 31, 2023 | $ | $ | |||||||||||||||||||||||||||
May 31, 2022 |
Six Months Ended | |||||||||||||||||
May 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Unobservable inputs | Range | ||||||||||||||||
Average selling price | $ | — | |||||||||||||||
Absorption rate per quarter (homes) | — | ||||||||||||||||
Discount rate |
May 31, 2023 | November 30, 2022 | ||||||||||||||||||||||
(In thousands) | Investments in Unconsolidated VIEs | Lennar’s Maximum Exposure to Loss | Investments in Unconsolidated VIEs | Lennar’s Maximum Exposure to Loss | |||||||||||||||||||
Homebuilding (1) | $ | ||||||||||||||||||||||
Multifamily (2) | |||||||||||||||||||||||
Financial Services (3) | |||||||||||||||||||||||
Lennar Other (4) | |||||||||||||||||||||||
$ |
(Dollars in thousands) | May 31, 2023 | November 30, 2022 | |||||||||
Non-refundable option deposits and pre-acquisition costs | $ | ||||||||||
Letters of credit in lieu of cash deposits under certain land and option contracts |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Warranty reserve, beginning of the period | $ | ||||||||||||||||||||||
Warranties issued | |||||||||||||||||||||||
Adjustments to pre-existing warranties from changes in estimates (1) | |||||||||||||||||||||||
Payments | ( | ( | ( | ( | |||||||||||||||||||
Warranty reserve, end of period | $ |
(Dollars in thousands) | May 31, 2023 | November 30, 2022 | |||||||||
Right-of-use assets | $ | ||||||||||
Lease liabilities | |||||||||||
Weighted-average remaining lease term (in years) | |||||||||||
Weighted-average discount rate |
(In thousands) | Lease Payments | ||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total future minimum lease payments (1) | $ | ||||
Less: Interest (2) | |||||
Present value of lease liabilities (2) | $ |
Six Months Ended | |||||||||||
May 31, | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Rental expense | $ | ||||||||||
Three Months Ended May 31, 2023 | |||||||||||||||||||||||||||||||||||
(In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Sales of homes | $ | 7,636,579 | — | — | — | — | 7,636,579 | ||||||||||||||||||||||||||||
Sales of land | 16,314 | — | — | — | — | 16,314 | |||||||||||||||||||||||||||||
Other revenues | 17,124 | 222,979 | 151,744 | 411 | — | 392,258 | |||||||||||||||||||||||||||||
Total revenues | 7,670,017 | 222,979 | 151,744 | 411 | — | 8,045,151 | |||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Costs of homes sold | 5,916,325 | — | — | — | — | 5,916,325 | |||||||||||||||||||||||||||||
Costs of land sold | 11,932 | — | — | — | — | 11,932 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 510,700 | — | — | — | — | 510,700 | |||||||||||||||||||||||||||||
Other costs and expenses | — | 110,380 | 154,354 | 6,795 | — | 271,529 | |||||||||||||||||||||||||||||
Total costs and expenses | 6,438,957 | 110,380 | 154,354 | 6,795 | — | 6,710,486 | |||||||||||||||||||||||||||||
Equity in loss from unconsolidated entities | (12,279) | — | (5,926) | (31,550) | — | (49,755) | |||||||||||||||||||||||||||||
Other income (expense), net and other gains (losses) | (4,372) | — | 374 | (5,962) | — | (9,960) | |||||||||||||||||||||||||||||
Lennar Other unrealized gains from technology investments | — | — | 25,497 | — | 25,497 | ||||||||||||||||||||||||||||||
Operating earnings (loss) | $ | 1,214,409 | 112,599 | (8,162) | (18,399) | — | 1,300,447 | ||||||||||||||||||||||||||||
Corporate general and administrative expenses | — | — | — | — | 124,752 | 124,752 | |||||||||||||||||||||||||||||
Charitable foundation contribution | — | — | — | — | 17,074 | 17,074 | |||||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | 1,214,409 | 112,599 | (8,162) | (18,399) | (141,826) | 1,158,621 |
Three Months Ended May 31, 2022 | |||||||||||||||||||||||||||||||||||
(In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Sales of homes | $ | 7,963,683 | — | — | — | — | 7,963,683 | ||||||||||||||||||||||||||||
Sales of land | 7,524 | — | — | — | — | 7,524 | |||||||||||||||||||||||||||||
Other revenues | 6,775 | 200,166 | 176,021 | 4,527 | — | 387,489 | |||||||||||||||||||||||||||||
Total revenues | 7,977,982 | 200,166 | 176,021 | 4,527 | — | 8,358,696 | |||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Costs of homes sold | 5,610,783 | — | — | — | — | 5,610,783 | |||||||||||||||||||||||||||||
Costs of land sold | 7,815 | — | — | — | — | 7,815 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 486,555 | — | — | — | — | 486,555 | |||||||||||||||||||||||||||||
Other costs and expenses | — | 96,231 | 175,152 | 8,236 | — | 279,619 | |||||||||||||||||||||||||||||
Total costs and expenses | 6,105,153 | 96,231 | 175,152 | 8,236 | — | 6,384,772 | |||||||||||||||||||||||||||||
Equity in earnings (loss) from unconsolidated entities | 4,862 | — | (202) | (16,467) | — | (11,807) | |||||||||||||||||||||||||||||
Other income (expense), net and other gains (losses) | 2,720 | — | 1 | (10,283) | — | (7,562) | |||||||||||||||||||||||||||||
Lennar Other unrealized losses from technology investments | — | — | — | (77,965) | — | (77,965) | |||||||||||||||||||||||||||||
Operating earnings (loss) | $ | 1,880,411 | 103,935 | 668 | (108,424) | — | 1,876,590 | ||||||||||||||||||||||||||||
Corporate general and administrative expenses | — | — | — | — | 105,207 | 105,207 | |||||||||||||||||||||||||||||
Charitable foundation contribution | — | — | — | — | 16,549 | 16,549 | |||||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | 1,880,411 | 103,935 | 668 | (108,424) | (121,756) | 1,754,834 |
Six Months Ended May 31, 2023 | |||||||||||||||||||||||||||||||||||
(In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Sales of homes | $ | 13,730,406 | — | — | — | — | 13,730,406 | ||||||||||||||||||||||||||||
Sales of land | 26,032 | — | — | — | — | 26,032 | |||||||||||||||||||||||||||||
Other revenues | 69,884 | 405,960 | 295,267 | 8,031 | — | 779,142 | |||||||||||||||||||||||||||||
Total revenues | 13,826,322 | 405,960 | 295,267 | 8,031 | — | 14,535,580 | |||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Costs of homes sold | 10,719,168 | — | — | — | — | 10,719,168 | |||||||||||||||||||||||||||||
Costs of land sold | 34,009 | — | — | — | — | 34,009 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 960,494 | — | — | — | — | 960,494 | |||||||||||||||||||||||||||||
Other costs and expenses | — | 214,624 | 303,310 | 13,271 | — | 531,205 | |||||||||||||||||||||||||||||
Total costs and expenses | 11,713,671 | 214,624 | 303,310 | 13,271 | — | 12,244,876 | |||||||||||||||||||||||||||||
Equity in loss from unconsolidated entities | (9,093) | — | (22,409) | (49,440) | (80,942) | ||||||||||||||||||||||||||||||
Other income (expense), net and other gains (losses) | 17,690 | — | 689 | (5,019) | 13,360 | ||||||||||||||||||||||||||||||
Lennar Other unrealized gains from technology investments | — | — | — | 1,543 | 1,543 | ||||||||||||||||||||||||||||||
Operating earnings (loss) | $ | 2,121,248 | 191,336 | (29,763) | (58,156) | — | 2,224,665 | ||||||||||||||||||||||||||||
Corporate general and administrative expenses | — | — | — | — | 250,858 | 250,858 | |||||||||||||||||||||||||||||
Charitable foundation contribution | — | — | — | — | 30,733 | 30,733 | |||||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | 2,121,248 | 191,336 | (29,763) | (58,156) | (281,591) | 1,943,074 |
Six Months Ended May 31, 2022 | |||||||||||||||||||||||||||||||||||
(In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Sales of homes | $ | 13,685,440 | — | — | — | — | 13,685,440 | ||||||||||||||||||||||||||||
Sales of land | 31,491 | — | — | — | — | 31,491 | |||||||||||||||||||||||||||||
Other revenues (1) | 13,256 | 376,867 | 443,380 | 11,778 | — | 845,281 | |||||||||||||||||||||||||||||
Total revenues | 13,730,187 | 376,867 | 443,380 | 11,778 | — | 14,562,212 | |||||||||||||||||||||||||||||
Homebuilding costs and expenses: | |||||||||||||||||||||||||||||||||||
Costs of homes sold | 9,795,647 | — | — | — | — | 9,795,647 | |||||||||||||||||||||||||||||
Costs of land sold | 36,371 | — | — | — | — | 36,371 | |||||||||||||||||||||||||||||
Selling, general and administrative | 915,033 | — | — | — | — | 915,033 | |||||||||||||||||||||||||||||
Other costs and expenses | — | 182,141 | 438,889 | 13,643 | — | 634,673 | |||||||||||||||||||||||||||||
Total costs and expenses | 10,747,051 | 182,141 | 438,889 | 13,643 | — | 11,381,724 | |||||||||||||||||||||||||||||
Equity in earnings (loss) from unconsolidated entities | 4,576 | — | 1,566 | (27,701) | — | (21,559) | |||||||||||||||||||||||||||||
Other income (expense), net and other gains (losses) | 2,549 | — | 38 | (8,857) | — | (6,270) | |||||||||||||||||||||||||||||
Lennar Other unrealized losses from technology investments | — | — | — | (473,135) | — | (473,135) | |||||||||||||||||||||||||||||
Operating earnings | $ | 2,990,261 | 194,726 | 6,095 | (511,558) | — | 2,679,524 | ||||||||||||||||||||||||||||
Corporate general and administrative expenses | — | — | — | — | 218,868 | 218,868 | |||||||||||||||||||||||||||||
Charitable foundation contribution | — | — | — | — | 29,087 | 29,087 | |||||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | 2,990,261 | 194,726 | 6,095 | (511,558) | (247,955) | 2,431,569 |
Three Months Ended May 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Margins | Operating Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin % | Net Margins on Sales of Homes (1) | Gross Margins (Loss) on Sales of Land | Other Revenue | Equity in Earnings (Loss) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
East | $ | 2,318,431 | 1,638,651 | 29.3 | % | 508,830 | 554 | 4,130 | 3,110 | (10,701) | 505,923 | ||||||||||||||||||||||||||||||||||||||||||
Central | 1,400,226 | 1,095,239 | 21.8 | % | 197,812 | 4,803 | 2,740 | (915) | 10,636 | 215,076 | |||||||||||||||||||||||||||||||||||||||||||
Texas | 1,137,517 | 890,432 | 21.7 | % | 171,391 | 1,318 | 1,454 | — | 8,878 | 183,041 | |||||||||||||||||||||||||||||||||||||||||||
West | 2,773,005 | 2,282,859 | 17.7 | % | 333,314 | (2,293) | 4,581 | 1,814 | 18,056 | 355,472 | |||||||||||||||||||||||||||||||||||||||||||
Other (2) | 7,400 | 9,144 | (23.6) | % | (1,793) | — | 4,219 | (16,288) | (31,241) | (45,103) | |||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 7,636,579 | 5,916,325 | 22.5 | % | 1,209,554 | 4,382 | 17,124 | (12,279) | (4,372) | 1,214,409 |
Three Months Ended May 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Margins | Operating Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin % | Net Margins on Sales of Homes (1) | Gross Margins (Loss) on Sales of Land | Other Revenue | Equity in Earnings (Loss) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
East | $ | 2,209,967 | 1,510,758 | 31.6 | % | 546,589 | (619) | 1,195 | (659) | 7,313 | 553,819 | ||||||||||||||||||||||||||||||||||||||||||
Central | 1,283,763 | 981,832 | 23.5 | % | 206,893 | — | 226 | 302 | (626) | 206,795 | |||||||||||||||||||||||||||||||||||||||||||
Texas | 1,093,533 | 747,861 | 31.6 | % | 272,934 | 473 | 255 | — | (805) | 272,857 | |||||||||||||||||||||||||||||||||||||||||||
West | 3,367,261 | 2,360,554 | 29.9 | % | 846,340 | (145) | 678 | 2,571 | (1,595) | 847,849 | |||||||||||||||||||||||||||||||||||||||||||
Other (2) | 9,159 | 9,778 | (6.8) | % | (6,411) | — | 4,421 | 2,648 | (1,567) | (909) | |||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 7,963,683 | 5,610,783 | 29.5 | % | 1,866,345 | (291) | 6,775 | 4,862 | 2,720 | 1,880,411 |
Six Months Ended May 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Margins | Operating Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin % | Net Margins on Sales of Homes (1) | Gross Margins (Loss) on Sales of Land | Other Revenue | Equity in Earnings (Loss) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
East | $ | 4,176,479 | 2,970,129 | 28.9 | % | 882,462 | (1,830) | 24,293 | 6,358 | 18,836 | 930,119 | ||||||||||||||||||||||||||||||||||||||||||
Central | 2,423,845 | 1,922,951 | 20.7 | % | 306,832 | 6,665 | 21,681 | (227) | 10,647 | 345,598 | |||||||||||||||||||||||||||||||||||||||||||
Texas | 2,154,490 | 1,708,077 | 20.7 | % | 297,967 | (733) | 5,163 | — | 5,963 | 308,360 | |||||||||||||||||||||||||||||||||||||||||||
West | 4,967,027 | 4,105,946 | 17.3 | % | 571,791 | (12,079) | 10,485 | 1,662 | 14,113 | 585,972 | |||||||||||||||||||||||||||||||||||||||||||
Other (2) | 8,565 | 12,065 | (40.9) | % | (8,308) | — | 8,262 | (16,886) | (31,869) | (48,801) | |||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 13,730,406 | 10,719,168 | 21.9 | % | 2,050,744 | (7,977) | 69,884 | (9,093) | 17,690 | 2,121,248 |
Six Months Ended May 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Margins | Operating Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin % | Net Margins on Sales of Homes (1) | Gross Margins (Loss) on Sales of Land | Other Revenue | Equity in Earnings (Loss) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
East | $ | 3,872,958 | 2,687,311 | 30.6 | % | 898,143 | (6,293) | 1,992 | (2,017) | 13,989 | 905,814 | ||||||||||||||||||||||||||||||||||||||||||
Central | 2,389,693 | 1,852,445 | 22.5 | % | 357,268 | 1,619 | 460 | 431 | (905) | 358,873 | |||||||||||||||||||||||||||||||||||||||||||
Texas | 1,899,163 | 1,321,703 | 30.4 | % | 442,875 | 2,871 | 497 | — | (2,074) | 444,169 | |||||||||||||||||||||||||||||||||||||||||||
West | 5,509,465 | 3,918,290 | 28.9 | % | 1,290,864 | (984) | 1,559 | 2,707 | (4,849) | 1,289,297 | |||||||||||||||||||||||||||||||||||||||||||
Other (2) | 14,161 | 15,898 | (12.3) | % | (14,390) | (2,093) | 8,748 | 3,455 | (3,612) | (7,892) | |||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 13,685,440 | 9,795,647 | 28.4 | % | 2,974,760 | (4,880) | 13,256 | 4,576 | 2,549 | 2,990,261 |
Three Months Ended | |||||||||||||||||||||||||||||||||||
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||||||||||||||||||
May 31, | May 31, | May 31, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
East | 5,372 | 5,198 | $ | 2,349,348 | 2,225,725 | $ | 437,000 | 428,000 | |||||||||||||||||||||||||||
Central | 3,220 | 2,944 | 1,400,226 | 1,283,763 | 435,000 | 436,000 | |||||||||||||||||||||||||||||
Texas | 3,908 | 3,288 | 1,137,517 | 1,093,533 | 291,000 | 333,000 | |||||||||||||||||||||||||||||
West | 4,565 | 5,110 | 2,773,005 | 3,367,261 | 607,000 | 659,000 | |||||||||||||||||||||||||||||
Other | 9 | 9 | 7,401 | 9,159 | 822,000 | 1,018,000 | |||||||||||||||||||||||||||||
Total | 17,074 | 16,549 | $ | 7,667,497 | 7,979,441 | $ | 449,000 | 483,000 |
Six Months Ended | |||||||||||||||||||||||||||||||||||
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||||||||||||||||||
May 31, | May 31, | May 31, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
East | 9,667 | 9,280 | $ | 4,239,069 | 3,898,097 | $ | 439,000 | 420,000 | |||||||||||||||||||||||||||
Central | 5,520 | 5,465 | 2,423,845 | 2,389,692 | 439,000 | 437,000 | |||||||||||||||||||||||||||||
Texas | 7,329 | 5,825 | 2,154,490 | 1,899,163 | 294,000 | 326,000 | |||||||||||||||||||||||||||||
West | 8,207 | 8,502 | 4,967,027 | 5,509,465 | 605,000 | 648,000 | |||||||||||||||||||||||||||||
Other | 10 | 15 | 8,566 | 14,161 | 857,000 | 944,000 | |||||||||||||||||||||||||||||
Total | 30,733 | 29,087 | $ | 13,792,997 | 13,710,578 | $ | 449,000 | 472,000 |
Three Months Ended | |||||||||||||||||||||||
Average Sales Incentives Per Home Delivered | Sales Incentives as a % of Revenue | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
East | $ | 30,900 | 5,600 | 6.6 | % | 1.3 | % | ||||||||||||||||
Central | 28,600 | 5,100 | 6.2 | % | 1.1 | % | |||||||||||||||||
Texas | 57,600 | 12,000 | 16.5 | % | 3.5 | % | |||||||||||||||||
West | 47,300 | 6,700 | 7.2 | % | 1.0 | % | |||||||||||||||||
Other | 101,800 | 103,200 | 11.0 | % | 9.2 | % | |||||||||||||||||
Total | $ | 41,000 | 7,200 | 8.4 | % | 1.5 | % |
Six Months Ended | |||||||||||||||||||||||
Average Sales Incentives Per Home Delivered | Sales Incentives as a % of Revenue | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
East | $ | 31,500 | 6,100 | 6.7 | % | 1.4 | % | ||||||||||||||||
Central | 32,700 | 6,000 | 6.9 | % | 1.4 | % | |||||||||||||||||
Texas | 62,200 | 12,800 | 17.5 | % | 3.8 | % | |||||||||||||||||
West | 54,700 | 7,300 | 8.3 | % | 1.1 | % | |||||||||||||||||
Other | 100,200 | 95,200 | 10.5 | % | 9.2 | % | |||||||||||||||||
Total | $ | 45,300 | 7,800 | 9.2 | % | 1.6 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Active Communities | Homes | Dollar Value (In thousands) | Average Sales Price | ||||||||||||||||||||||||||||||||||||||||||||
May 31, | May 31, | May 31, | May 31, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
East | 370 | 354 | 5,484 | 5,973 | $ | 2,356,554 | 2,753,770 | $ | 430,000 | 461,000 | |||||||||||||||||||||||||||||||||||||
Central | 299 | 315 | 3,618 | 3,576 | 1,539,430 | 1,663,354 | 425,000 | 465,000 | |||||||||||||||||||||||||||||||||||||||
Texas | 226 | 205 | 3,732 | 3,375 | 1,079,757 | 1,189,263 | 289,000 | 352,000 | |||||||||||||||||||||||||||||||||||||||
West | 365 | 348 | 5,045 | 4,858 | 3,190,159 | 3,482,679 | 632,000 | 717,000 | |||||||||||||||||||||||||||||||||||||||
Other | 3 | 3 | 6 | 10 | 5,544 | 9,203 | 924,000 | 920,000 | |||||||||||||||||||||||||||||||||||||||
Total | 1,263 | 1,225 | 17,885 | 17,792 | $ | 8,171,444 | 9,098,269 | $ | 457,000 | 511,000 |
Six Months Ended | |||||||||||||||||||||||||||||||||||
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||||||||||||||||||
May 31, | May 31, | May 31, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
East | 9,761 | 10,883 | $ | 4,208,450 | 4,886,826 | $ | 431,000 | 449,000 | |||||||||||||||||||||||||||
Central | 5,923 | 6,688 | 2,509,528 | 3,065,492 | 424,000 | 458,000 | |||||||||||||||||||||||||||||
Texas | 6,874 | 6,141 | 1,959,213 | 2,111,048 | 285,000 | 344,000 | |||||||||||||||||||||||||||||
West | 9,510 | 9,812 | 5,898,485 | 6,818,611 | 620,000 | 695,000 | |||||||||||||||||||||||||||||
Other | 11 | 15 | 9,229 | 13,831 | 839,000 | 922,000 | |||||||||||||||||||||||||||||
Total | 32,079 | 33,539 | $ | 14,584,905 | 16,895,808 | $ | 455,000 | 504,000 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
East | 13 | % | 7 | % | 18 | % | 7 | % | |||||||||||||||
Central | 11 | % | 7 | % | 19 | % | 7 | % | |||||||||||||||
Texas | 19 | % | 21 | % | 21 | % | 20 | % | |||||||||||||||
West | 12 | % | 14 | % | 13 | % | 12 | % | |||||||||||||||
Other | 14 | % | — | % | 15 | % | 56 | % | |||||||||||||||
Total | 14 | % | 12 | % | 17 | % | 11 | % | |||||||||||||||
At | |||||||||||||||||||||||||||||||||||
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||||||||||||||||||
May 31, | May 31, | May 31, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
East | 8,799 | 9,882 | $ | 3,789,706 | 4,566,295 | $ | 431,000 | 462,000 | |||||||||||||||||||||||||||
Central | 4,428 | 6,381 | 1,941,113 | 3,010,596 | 438,000 | 472,000 | |||||||||||||||||||||||||||||
Texas | 2,242 | 4,582 | 641,806 | 1,665,155 | 286,000 | 363,000 | |||||||||||||||||||||||||||||
West | 4,743 | 7,775 | 3,157,935 | 5,444,307 | 666,000 | 700,000 | |||||||||||||||||||||||||||||
Other | 2 | 4 | 1,828 | 3,611 | 914,000 | 903,000 | |||||||||||||||||||||||||||||
Total | 20,214 | 28,624 | $ | 9,532,388 | 14,689,964 | $ | 472,000 | 513,000 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Dollar value of mortgages originated | $ | 3,942,000 | 3,507,000 | 7,096,000 | 6,267,000 | ||||||||||||||||||
Number of mortgages originated | 10,700 | 9,200 | 19,200 | 16,500 | |||||||||||||||||||
Mortgage capture rate of Lennar homebuyers | 79% | 69% | 78% | 71% | |||||||||||||||||||
Number of title and closing service transactions | 17,600 | 17,400 | 31,900 | 31,100 |
Balance Sheets | |||||||||||
(In thousands) | May 31, 2023 | November 30, 2022 | |||||||||
Multifamily investments in unconsolidated entities | $ | 629,649 | 648,126 | ||||||||
Lennar's net investment in Multifamily | 1,003,069 | 935,961 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Blend Labs (BLND) | $ | (1,332) | (13,550) | (746) | (20,992) | ||||||||||||||||||
Hippo (HIPO) | (4,399) | (37,946) | 2,233 | (162,403) | |||||||||||||||||||
Opendoor (OPEN) | 22,512 | (20,999) | 14,821 | (164,360) | |||||||||||||||||||
SmartRent (SMRT) | 8,621 | (3,950) | 9,926 | (48,313) | |||||||||||||||||||
Sonder (SOND) | (138) | (1,626) | (458) | (2,132) | |||||||||||||||||||
Sunnova (NOVA) | 233 | 106 | (24,233) | (74,935) | |||||||||||||||||||
Lennar Other unrealized gains (losses) from technology investments | $ | 25,497 | (77,965) | 1,543 | (473,135) |
(Dollars in thousands) | May 31, 2023 | November 30, 2022 | May 31, 2022 | ||||||||||||||
Homebuilding debt | $ | 3,852,258 | 4,047,294 | 4,645,791 | |||||||||||||
Stockholders’ equity | 25,015,145 | 24,100,500 | 21,598,255 | ||||||||||||||
Total capital | $ | 28,867,403 | 28,147,794 | 26,244,046 | |||||||||||||
Homebuilding debt to total capital | 13.3 | % | 14.4 | % | 17.7 | % | |||||||||||
Homebuilding debt | $ | 3,852,258 | 4,047,294 | 4,645,791 | |||||||||||||
Less: Homebuilding cash and cash equivalents | 4,004,679 | 4,616,124 | 1,314,741 | ||||||||||||||
Net Homebuilding debt | $ | (152,421) | (568,830) | 3,331,050 | |||||||||||||
Net Homebuilding debt to total capital (1) | (0.6) | % | (2.4) | % | 13.4 | % |
Six Months Ended | |||||||||||
May 31, | |||||||||||
(Dollars in thousands) | 2023 | 2022 | |||||||||
Homebuilding average debt outstanding | $ | 4,010,108 | $ | 5,087,360 | |||||||
Average interest rate | 4.9% | 4.6% | |||||||||
Interest incurred | $ | 99,281 | 121,732 |
(In thousands) | May 31, 2023 | |||||||
Commitments - maturing in April 2024 | $ | 350,000 | ||||||
Commitments - maturing in May 2027 | 2,225,000 | |||||||
Total commitment | $ | 2,575,000 | ||||||
Accordion feature | 425,000 | |||||||
Total maximum borrowings capacity | $ | 3,000,000 |
(Dollars in thousands) | Covenant Level | Level Achieved as of May 31, 2023 | |||||||||
Minimum net worth test | $ | 12,853,382 | 18,674,331 | ||||||||
Maximum leverage ratio | 65.0% | 0.8% | |||||||||
Liquidity test | 1.00 | 48.11 |
(In thousands) | May 31, 2023 | November 30, 2022 | |||||||||
Due from non-guarantor subsidiaries | $ | 19,612,429 | 17,959,091 | ||||||||
Equity method investments | 1,002,316 | 1,090,831 | |||||||||
Total assets | 42,229,274 | 40,929,435 | |||||||||
Total liabilities | 9,485,998 | 10,455,359 |
Six Months Ended | |||||
(In thousands) | May 31, 2023 | ||||
Total revenues | $ | 13,665,442 | |||
Operating earnings | 2,077,023 | ||||
Earnings before income taxes | 1,801,060 | ||||
Net earnings attributable to Lennar | 1,366,664 |
Principal Maturities of Unconsolidated JVs by Period | |||||||||||||||||||||||||||||||||||
(In thousands) | Total JV Debt | 2023 | 2024 | 2025 | Thereafter | Other | |||||||||||||||||||||||||||||
Bank debt without recourse to Lennar | $ | 1,358,757 | 122,008 | 385,674 | 734,563 | 116,512 | — | ||||||||||||||||||||||||||||
Land seller and other debt without recourse to Lennar | 11,349 | — | — | — | 11,349 | — | |||||||||||||||||||||||||||||
Maximum recourse debt exposure to Lennar | 9,770 | — | — | — | 9,770 | — | |||||||||||||||||||||||||||||
Debt issuance costs | (16,278) | — | — | — | — | (16,278) | |||||||||||||||||||||||||||||
Total | $ | 1,363,598 | 122,008 | 385,674 | 734,563 | 137,631 | (16,278) |
Principal Maturities of Unconsolidated JVs by Period | |||||||||||||||||||||||||||||||||||
(In thousands) | Total JV Debt | 2023 | 2024 | 2025 | Thereafter | Other | |||||||||||||||||||||||||||||
Debt without recourse to Lennar | $ | 4,652,220 | 829,721 | 1,431,615 | 1,237,832 | 1,153,052 | — | ||||||||||||||||||||||||||||
Debt issuance costs | (23,135) | — | — | — | — | (23,135) | |||||||||||||||||||||||||||||
Total | $ | 4,629,085 | 829,721 | 1,431,615 | 1,237,832 | 1,153,052 | (23,135) |
Years of | |||||||||||||||||||||||
May 31, 2023 | Controlled Homesites | Owned Homesites | Total Homesites | Supply Owned (1) | |||||||||||||||||||
East | 88,396 | 34,718 | 123,114 | ||||||||||||||||||||
Central | 40,298 | 26,922 | 67,220 | ||||||||||||||||||||
Texas | 75,316 | 28,734 | 104,050 | ||||||||||||||||||||
West | 60,118 | 24,462 | 84,580 | ||||||||||||||||||||
Other | 5,758 | 1,891 | 7,649 | ||||||||||||||||||||
Total homesites | 269,886 | 116,727 | 386,613 | 1.7 | |||||||||||||||||||
% of total homesites | 70% | 30% |
Years of | |||||||||||||||||||||||
May 31, 2022 | Controlled Homesites | Owned Homesites | Total Homesites | Supply Owned (1) | |||||||||||||||||||
East | 109,986 | 40,905 | 150,891 | ||||||||||||||||||||
Central | 42,281 | 33,652 | 75,933 | ||||||||||||||||||||
Texas | 90,443 | 35,194 | 125,637 | ||||||||||||||||||||
West | 70,434 | 35,502 | 105,936 | ||||||||||||||||||||
Other | 5,758 | 1,891 | 7,649 | ||||||||||||||||||||
Total homesites | 318,902 | 147,144 | 466,046 | 2.4 | |||||||||||||||||||
% of total homesites | 68% | 32% |
Six Months Ending November 30, | Years Ending November 30, | Fair Value at May 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | 2023 | ||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes and other debts payable: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | 40.7 | 1,347.6 | 677.9 | 465.3 | 1,275.9 | 38.0 | — | 3,845.4 | 3,813.7 | |||||||||||||||||||||||||||||||||||||||||||
Average interest rate | 4.8 | % | 5.0 | % | 4.7 | % | 5.0 | % | 4.8 | % | 6.2 | % | — | 4.9 | % | — | |||||||||||||||||||||||||||||||||||||
Financial Services: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes and other debts payable: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | — | — | — | — | — | — | 131.7 | 131.7 | 132.3 | |||||||||||||||||||||||||||||||||||||||||||
Average interest rate | — | — | — | — | — | — | 3.4 | % | 3.4 | % | — | ||||||||||||||||||||||||||||||||||||||||||
Variable rate | $ | 1,025.4 | — | — | — | — | — | — | 1,025.4 | 1,025.4 | |||||||||||||||||||||||||||||||||||||||||||
Average interest rate | 6.9 | % | — | — | — | — | — | — | 6.9 | % | — | ||||||||||||||||||||||||||||||||||||||||||
Multifamily: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | 13.5 | — | — | — | — | — | — | 13.5 | 13.5 | |||||||||||||||||||||||||||||||||||||||||||
Average interest rate | 0.0 | % | — | — | — | — | — | — | 0.0 | % | — | ||||||||||||||||||||||||||||||||||||||||||
Variable rate | $ | — | 3.4 | — | — | — | — | — | 3.4 | 3.4 | |||||||||||||||||||||||||||||||||||||||||||
Average interest rate | — | 3.6 | % | — | — | — | — | — | 3.6 | % | — | ||||||||||||||||||||||||||||||||||||||||||
Period: | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number of Shares that may yet be Purchased under the Plans or Programs (2) | |||||||||||||||||||
March 1 to March 31, 2023 | 358,466 | $ | 98.42 | 350,000 | 23,254,347 | ||||||||||||||||||
April 1 to April 30, 2023 | 659,707 | $ | 98.73 | 659,707 | 22,594,640 | ||||||||||||||||||
May 1 to May 31, 2023 | 990,955 | $ | 109.34 | 990,293 | 21,604,347 |
31.1* | |||||
31.2* | |||||
31.3* | |||||
32.** | |||||
101.* | The following financial statements from Lennar Corporation's Quarterly Report on Form 10-Q for the quarter ended May 31, 2023, filed on June 30, 2023, were formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income, (iii) Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Condensed Consolidated Financial Statements. | ||||
104*** | Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101) |
Lennar Corporation | |||||||||||
(Registrant) | |||||||||||
Date: | June 30, 2023 | /s/ Diane Bessette | |||||||||
Diane Bessette | |||||||||||
Vice President, Chief Financial Officer and Treasurer | |||||||||||
Date: | June 30, 2023 | /s/ David Collins | |||||||||
David Collins | |||||||||||
Vice President and Controller |
Date: | June 30, 2023 | /s/ Rick Beckwitt | |||||||||
Name: | Rick Beckwitt | ||||||||||
Title: | Co-Chief Executive Officer and Co-President |
Date: | June 30, 2023 | /s/ Jonathan M. Jaffe | |||||||||
Name: | Jonathan M. Jaffe | ||||||||||
Title: | Co-Chief Executive Officer and Co-President |
Date: | June 30, 2023 | /s/ Diane Bessette | |||||||||
Name: | Diane Bessette | ||||||||||
Title: | Vice President, Chief Financial Officer and Treasurer |
Date: | June 30, 2023 | /s/ Rick Beckwitt | |||||||||
Name: | Rick Beckwitt | ||||||||||
Title: | Co-Chief Executive Officer and Co-President | ||||||||||
Date: | June 30, 2023 | /s/ Jonathan M. Jaffe | |||||||||
Name: | Jonathan M. Jaffe | ||||||||||
Title: | Co-Chief Executive Officer and Co-President | ||||||||||
Date: | June 30, 2023 | /s/ Diane Bessette | |||||||||
Name: | Diane Bessette | ||||||||||
Title: | Vice President, Chief Financial Officer and Treasurer |
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
||||
---|---|---|---|---|---|---|
Inventories: | ||||||
Total assets | [1] | $ 36,857,687 | $ 37,984,295 | |||
Stockholders' equity: | ||||||
Preferred stock | [2] | 0 | 0 | |||
Additional paid-in capital | [2] | 5,546,128 | 5,417,796 | |||
Retained earnings | [2] | 20,111,368 | 18,861,417 | |||
Treasury stock at cost | [2] | (675,686) | (210,389) | |||
Accumulated other comprehensive income | [2] | 3,832 | 2,408 | |||
Total stockholders’ equity | [2] | 25,015,145 | 24,100,500 | |||
Noncontrolling interests | [2] | 145,974 | 139,867 | |||
Total equity | [2] | 25,161,119 | 24,240,367 | |||
Total liabilities | [2] | 11,696,568 | 13,743,928 | |||
Total liabilities and equity | [2] | 36,857,687 | 37,984,295 | |||
Operating Segments | ||||||
ASSETS | ||||||
Cash and cash equivalents | 4,287,731 | 4,778,720 | ||||
Restricted cash | 28,113 | 37,050 | ||||
Receivables, net | 1,090,133 | 1,614,277 | ||||
Inventories: | ||||||
Total inventories | 22,166,632 | 21,862,453 | ||||
Investments in unconsolidated entities | 2,058,924 | 2,137,813 | ||||
Goodwill | 3,632,058 | 3,632,058 | ||||
Other assets | 1,791,240 | 1,530,218 | ||||
Total assets | 36,857,687 | 37,984,295 | ||||
LIABILITIES AND EQUITY | ||||||
Senior notes and other debts payable, net | 5,026,210 | 6,199,136 | ||||
Stockholders' equity: | ||||||
Total liabilities | 11,696,568 | 13,743,928 | ||||
Common Class A | ||||||
Stockholders' equity: | ||||||
Common stock | [2] | 25,843 | 25,608 | |||
Common Class B | ||||||
Stockholders' equity: | ||||||
Common stock | [2] | 3,660 | 3,660 | |||
Homebuilding | ||||||
Inventories: | ||||||
Finished homes and construction in progress | [1] | 12,190,243 | 11,718,507 | |||
Land and land under development | [1] | 7,114,082 | 7,382,273 | |||
Consolidated inventory not owned | [1] | 2,382,495 | 2,331,231 | |||
Total inventories | [1] | 21,686,820 | 21,432,011 | |||
Investments in unconsolidated entities | [1] | 1,137,189 | 1,173,164 | |||
Goodwill | [1] | 3,442,359 | 3,442,359 | |||
Other assets | [1] | 1,582,299 | 1,323,478 | |||
Total assets | [1] | 32,492,066 | 32,684,162 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable | [2] | 1,700,895 | 1,616,128 | |||
Liabilities related to consolidated inventory not owned | [2] | 2,014,506 | 1,967,551 | |||
Senior notes and other debts payable, net | [2] | 3,852,258 | 4,047,294 | |||
Other liabilities | [2] | 2,433,038 | 3,347,673 | |||
Stockholders' equity: | ||||||
Total liabilities | [2] | 10,000,697 | 10,978,646 | |||
Homebuilding | Operating Segments | ||||||
ASSETS | ||||||
Cash and cash equivalents | [1] | 4,004,679 | 4,616,124 | |||
Restricted cash | [1] | 19,000 | 23,046 | |||
Receivables, net | [1] | 619,720 | 673,980 | |||
Inventories: | ||||||
Total inventories | 21,686,820 | 21,432,011 | ||||
Investments in unconsolidated entities | 1,137,189 | 1,173,164 | ||||
Goodwill | 3,442,359 | 3,442,359 | ||||
Other assets | 1,582,299 | 1,323,478 | ||||
Total assets | 32,492,066 | 32,684,162 | ||||
LIABILITIES AND EQUITY | ||||||
Senior notes and other debts payable, net | 3,852,258 | 4,047,294 | ||||
Stockholders' equity: | ||||||
Total liabilities | 10,000,697 | 10,978,646 | ||||
Lennar Financial Services | ||||||
Inventories: | ||||||
Total assets | [1] | 2,264,658 | 3,254,257 | |||
Stockholders' equity: | ||||||
Total liabilities | [2] | 1,311,928 | 2,353,904 | |||
Lennar Financial Services | Operating Segments | ||||||
ASSETS | ||||||
Cash and cash equivalents | 259,738 | 139,378 | ||||
Restricted cash | 9,113 | 14,004 | ||||
Receivables, net | 354,548 | 826,163 | ||||
Inventories: | ||||||
Total inventories | 0 | 0 | ||||
Investments in unconsolidated entities | 0 | 0 | ||||
Goodwill | 189,699 | 189,699 | ||||
Other assets | 98,203 | 119,815 | ||||
Total assets | 2,264,658 | 3,254,257 | ||||
LIABILITIES AND EQUITY | ||||||
Senior notes and other debts payable, net | 1,157,040 | 2,135,093 | ||||
Stockholders' equity: | ||||||
Total liabilities | 1,311,928 | 2,353,904 | ||||
Lennar Multifamily [Member] | ||||||
Inventories: | ||||||
Total assets | [1] | 1,309,548 | 1,257,337 | |||
Stockholders' equity: | ||||||
Total liabilities | [2] | 298,523 | 313,484 | |||
Lennar Multifamily [Member] | Operating Segments | ||||||
ASSETS | ||||||
Cash and cash equivalents | 18,539 | 17,827 | ||||
Restricted cash | 0 | 0 | ||||
Receivables, net | 115,865 | 114,134 | ||||
Inventories: | ||||||
Total inventories | 479,812 | 430,442 | ||||
Investments in unconsolidated entities | 629,649 | 648,126 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 65,683 | 46,808 | ||||
Total assets | 1,309,548 | 1,257,337 | ||||
LIABILITIES AND EQUITY | ||||||
Senior notes and other debts payable, net | 16,912 | 16,749 | ||||
Stockholders' equity: | ||||||
Total liabilities | 298,523 | 313,484 | ||||
Lennar Other | ||||||
Inventories: | ||||||
Total assets | [1] | 791,415 | 788,539 | |||
Stockholders' equity: | ||||||
Total liabilities | [2] | 85,420 | 97,894 | |||
Lennar Other | Operating Segments | ||||||
ASSETS | ||||||
Cash and cash equivalents | 4,775 | 5,391 | ||||
Restricted cash | 0 | 0 | ||||
Receivables, net | 0 | 0 | ||||
Inventories: | ||||||
Total inventories | 0 | 0 | ||||
Investments in unconsolidated entities | 292,086 | 316,523 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 45,055 | 40,117 | ||||
Total assets | 791,415 | 788,539 | ||||
LIABILITIES AND EQUITY | ||||||
Senior notes and other debts payable, net | 0 | 0 | ||||
Stockholders' equity: | ||||||
Total liabilities | $ 85,420 | $ 97,894 | ||||
|
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
||||
---|---|---|---|---|---|---|
Total assets | [1] | $ 36,857,687 | $ 37,984,295 | |||
Total liabilities | [2] | $ 11,696,568 | $ 13,743,928 | |||
Common Class A | ||||||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | ||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | ||||
Common stock, shares issued | 258,433,210 | 256,084,147 | ||||
Treasury stock, shares | 5,907,705 | 2,455,387 | ||||
Common Class B | ||||||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | ||||
Common stock, shares authorized | 90,000,000 | 90,000,000 | ||||
Common stock, shares issued | 36,601,215 | 36,601,215 | ||||
Treasury stock, shares | 1,703,974 | 419,860 | ||||
Homebuilding | ||||||
Total assets | [1] | $ 32,492,066 | $ 32,684,162 | |||
Finished homes and construction in progress | [1] | 12,190,243 | 11,718,507 | |||
Land and land under development | [1] | 7,114,082 | 7,382,273 | |||
Consolidated inventory not owned | [1] | 2,382,495 | 2,331,231 | |||
Investments in unconsolidated entities | [1] | 1,137,189 | 1,173,164 | |||
Other assets | [1] | 1,582,299 | 1,323,478 | |||
Total liabilities | [2] | 10,000,697 | 10,978,646 | |||
Accounts payable | [2] | 1,700,895 | 1,616,128 | |||
Liabilities related to consolidated inventory not owned | [2] | 2,014,506 | 1,967,551 | |||
Senior notes and other debts payable, net | [2] | 3,852,258 | 4,047,294 | |||
Other liabilities | [2] | 2,433,038 | 3,347,673 | |||
Lennar Multifamily [Member] | ||||||
Total assets | [1] | 1,309,548 | 1,257,337 | |||
Total liabilities | [2] | 298,523 | 313,484 | |||
Lennar Other | ||||||
Total assets | [1] | 791,415 | 788,539 | |||
Total liabilities | [2] | 85,420 | 97,894 | |||
Variable Interest Entity, Primary Beneficiary | ||||||
Total assets | 1,600,000 | 1,400,000 | ||||
Total liabilities | 715,300 | 620,400 | ||||
Variable Interest Entity, Primary Beneficiary | Homebuilding | ||||||
Cash and cash equivalents | 30,600 | 56,900 | ||||
Receivables, net | 300 | 300 | ||||
Finished homes and construction in progress | 59,000 | 29,400 | ||||
Land and land under development | 779,100 | 736,500 | ||||
Consolidated inventory not owned | 622,400 | 533,800 | ||||
Investments in unconsolidated entities | 500 | 1,000 | ||||
Other assets | 23,500 | 23,000 | ||||
Accounts payable | 85,600 | 66,900 | ||||
Liabilities related to consolidated inventory not owned | 597,900 | 510,900 | ||||
Senior notes and other debts payable, net | 25,900 | 29,400 | ||||
Other liabilities | 7,200 | |||||
Variable Interest Entity, Primary Beneficiary | Lennar Multifamily [Member] | ||||||
Total assets | 34,400 | 33,200 | ||||
Total liabilities | 3,900 | 3,800 | ||||
Variable Interest Entity, Primary Beneficiary | Lennar Other | ||||||
Total assets | 6,900 | 9,000 | ||||
Total liabilities | $ 2,000 | $ 2,200 | ||||
|
Basis of Presentation |
6 Months Ended |
---|---|
May 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Consolidation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2022. The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2022. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. Seasonality The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three and six months ended May 31, 2023 are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Homebuilding cash and cash equivalents as of May 31, 2023 and November 30, 2022 included $231.4 million and $1.0 billion, respectively, of cash held in escrow for approximately two days. Share-based Payments During both the three months ended May 31, 2023 and 2022, the Company granted employees an immaterial number of nonvested shares. During the six months ended May 31, 2023 and 2022, the Company granted employees 2.0 million and 1.4 million of nonvested shares, respectively. Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04, “Reference Rate Reform,” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2024, with earlier adoption permitted. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform - Scope,” which clarified the scope and application of the original guidance. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform - Deferral of the Sunset Date of Topic 848," which defers the sunset date from December 31, 2022 to December 31, 2024. The adoption of ASU 2020-04 did not have a material impact on the Company's condensed consolidated financial statements. Reclassifications Certain amounts in the Company's condensed consolidated statement of operations of prior year have been reclassified to conform to the fiscal 2023 presentation.
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Operating and Reporting Segments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating and Reporting Segments | Operating and Reporting Segments 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:
(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, 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 $185.0 million and $178.0 million without readily available fair values as of both May 31, 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 (loss) on the condensed consolidated balance sheet. Financial information relating to the Company’s segments was as follows:
(1)Revenues for Multifamily for the six months ended May 31, 2022, included $147.8 million of land sales to unconsolidated entities. (2)Corporate and unallocated consists primarily of corporate general and administrative expenses and charitable foundation contributions. 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 (loss) 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, Pennsylvania and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North 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:
Financial information relating to the Company’s homebuilding segments was as follows:
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. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and 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 May 31, 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:
(1)Subsequent to May 31, 2023, the maturity date was extended to June 2024. The Financial Services segment uses 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:
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 three and six months ended May 31, 2023 and 2022. Loan origination liabilities were $14.0 million and $11.8 million as of May 31, 2023 and November 30, 2022, respectively, and included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. LMF Commercial - loans held-for-sale LMF Commercial originated commercial loans as follows:
(1)During both the three and six months ended May 31, 2023 and 2022, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value. Investments held-to-maturity At May 31, 2023 and November 30, 2022, 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 either the three or six months ended May 31, 2023 or 2022. 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:
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 management and promote fees generated from joint ventures and other gains (which includes sales of buildings), 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 (loss) from unconsolidated entities. Lennar Other Lennar Other primarily includes strategic investments in technology companies, primarily managed by the Company's LENX 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 (loss) 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, Inc. ("Opendoor"), SmartRent, Inc. ("SmartRent"), Sonder Holdings, Inc. ("Sonder") and Sunnova Energy International, Inc. ("Sunnova"), which are held at market and 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: Doma Holdings, Inc. ("Doma"), which went public during the year ended November 30, 2021, is an investment that continues to be accounted for under the equity method due to the Company's significant ownership interest which allows the Company to exercise significant influence. As of May 31, 2023, the Company owned approximately 25% of Doma
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Investments in Unconsolidated Entities |
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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:
(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 the FivePoint entity. (2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of May 31, 2023 and November 30, 2022, the carrying amount of the Company's investment was $391.4 million and $382.9 million, respectively. As of May 31, 2023 and November 30, 2022, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $312.8 million and $333.6 million, respectively. 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 the value of the collateral securing it. As of both May 31, 2023 and November 30, 2022, the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were not material. The Company believes that as of May 31, 2023, 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 7 of the Notes to Condensed Consolidated Financial Statements). The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2022. In 2021, the Company formed the Upward America Venture LP ("Upward America"), and is managing and participating in Upward America. Upward America is an investment fund that acquires new single-family homes in high growth markets across the United States and rents them to people who will live in them. Upward America has raised equity commitments totaling $1.6 billion. The commitments are primarily from institutional investors, including $125 million committed by Lennar. As of May 31, 2023 and November 30, 2022, the carrying amount of the Company's investment in Upward America was $22.6 million and $37.7 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 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. The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2022. As of both May 31, 2023 and November 30, 2022, the fair value of the completion guarantees was immaterial. As of May 31, 2023 and November 30, 2022, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.3 billion and $1.0 billion, respectively. 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 has unilateral decision making rights related to development activities through its board of directors. 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. The details of the activity were as follows:
The Multifamily segment includes Multifamily Venture Fund I ("LMV I"), Multifamily Venture Fund II LP ("LMV II") and Canada Pension Plan Investments Fund (the "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 initial closing of the Fund. The Multifamily segment expects the Fund to have almost $1 billion in equity and Lennar's ownership percentage in the Fund is 4%. As of May 31, 2023, the Company has a $28.2 million investment in the Fund. Additional dollars will be committed as opportunities are identified by the Fund. Details of LMV I and LMV II as of and during the six months ended May 31, 2023 are included below:
(1)While there are remaining commitments with LMV I, there are no plans for additional capital calls. Other Unconsolidated Entities Lennar Other's unconsolidated entities includes 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 $170.8 million and $185.1 million as of May 31, 2023 and November 30, 2022, 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 of $121.3 million and $131.5 million, as of May 31, 2023 and November 30, 2022, respectively.
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders' Equity The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three and six months ended May 31, 2023 and 2022:
On June 22, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.375 per share of both its Class A and Class B common stock, payable on July 21, 2023 to holders of record at the close of business on July 7, 2023. On May 10, 2023, the Company paid cash dividends of $0.375 per share on both its Class A and Class B common stock to holders of record at the close of business on April 26, 2023, as declared by its Board of Directors on April 12, 2023. The Company approved and paid cash dividends of $0.375 per share for each of the four quarters of 2022 on both its Class A and Class B common stock. In March 2022, the Company's Board of Directors approved an authorization for the Company to repurchase up to the lesser of $2 billion in value, or 30 million in shares, of its outstanding Class A or Class B common stock. The repurchase authorization has no expiration date. The authorization was in addition to what was remaining of the October 2021 stock repurchase program. The following table sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs:
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Income Taxes |
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Income Taxes | Income TaxesThe provision for income taxes and effective tax rate were as follows:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | 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 the 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") is considered participating securities. Basic and diluted earnings per share were calculated as follows:
(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 both the three and six months ended May 31, 2023 and 2022, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.
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Homebuilding Senior Notes and Other Debts Payable |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Homebuilding Senior Notes and Other Debts Payable | Homebuilding Senior Notes and Other Debts Payable
(1)During the three and six months ended May 31, 2023, the Company repurchased $2.0 million and $155.8 million aggregate principal amount of 4.875% senior notes and 4.50% senior notes, respectively, through open market repurchases. The carrying amounts of the senior notes in the table above are net of debt issuance costs of $6.0 million and $7.6 million as of May 31, 2023 and November 30, 2022, respectively. The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:
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 Facility also provides that up to $500 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2022. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions. The Company's processes for posting performance and financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2022. The Company's outstanding letters of credit and surety bonds are disclosed below:
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Financial Instruments and Fair Value Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Disclosures | 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 May 31, 2023 and November 30, 2022, 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.
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:
Residential and LMF Commercial loans held-for-sale in the table above include:
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 May 31, 2023 and November 30, 2022. 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. The details and methods of the calculation are unchanged from the fair value disclosure in the Company's Notes to the Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2022. 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:
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 gain (loss) from technology investments on the Company’s condensed consolidated statements of operations and comprehensive income. 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:
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:
(1)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:
(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. During the three and six months ended May 31, 2023, total losses, net, for land and land underdevelopment included $2.7 million and $17.1 million, respectively, of deposit and pre-acquisition cost write-offs. (3)Valuation adjustments related to investments in unconsolidated entities were included in Homebuilding other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income for the three and six months ended May 31, 2023. 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. The Company disclosed its accounting policy related to inventories and its review for indicators of impairment in the Summary of Significant Accounting Policies in its Annual Report on Form 10-K for the year ended November 30, 2022. 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. On a quarterly basis, the Company reviews its active communities for indicators of potential impairments. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:
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:
The Company disclosed its accounting policy related to investments in unconsolidated entities and its review for indicators of impairment for the long-lived assets of an unconsolidated entity and the decline in the fair value of an investment below the carrying value in the Summary of Significant Accounting Policies in its Annual Report on Form 10-K for the year ended November 30, 2022. The Company evaluates if a decrease in the fair value of an investment below the carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions and (3) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status and liquidity needs of the unconsolidated entity. The Company generally estimates the fair value of an investment in an unconsolidated entity by using a cash flow analysis for estimated future net distributions from an unconsolidated entity, subject to the perceived risks associated with the unconsolidated entity’s cash flow streams. During the three and six months ended May 31, 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 Homebuilding other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income.
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Variable Interest Entities |
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Variable Interest Entities | Variable Interest Entities During the six months ended May 31, 2023, 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. Based on the Company's evaluation, there were no variable interest entities ("VIEs") that were consolidated or deconsolidated during the six months ended May 31, 2023. The carrying amount of the Company's consolidated VIEs' assets and non-recourse liabilities are disclosed in the footnote to the condensed 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 unless the Company and/or the other partner(s) have entered into debt guarantees with 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:
(1)As of May 31, 2023 and November 30, 2022, 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 $70.3 million and $77.3 million, respectively. In addition, as of May 31, 2023, there was recourse debt of a VIE of $9.8 million and as of November 30, 2022, there was $52.7 million of receivables relating to a short-term loan and management fee owed to the Company by Upward America. (2)As of May 31, 2023 and November 30, 2022, 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 1 and LMV II in addition to the investment also included the remaining combined equity commitment of $12.8 million and $19.3 million as of May 31, 2023 and November 30, 2022, respectively, for future expenditures related to the construction and development of its projects. Decrease in exposure for the six months ended May 31, 2023 is primarily due to the removal of LMV I as the Fund does not expect to call for equity in the future. As a result, LMV I is not a VIE as of May 31, 2023. (3)As of May 31, 2023 and November 30, 2022, 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 investments held-to-maturity. (4)As of May 31, 2023, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated 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 May 31, 2023 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 funds) 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, 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. Land under option with third party holding companies included in consolidated inventory not owned which was consolidated as a result of VIE assessments was $628.4 million as of May 31, 2023. 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 $1.8 billion as of May 31, 2023. During the six months ended May 31, 2023, consolidated inventory not owned increased by $51.3 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of May 31, 2023. The increase was primarily due to land financing transactions and the consolidation of homesites under option that the Company is economically compelled to takedown. These increases were partially offset by homesite takedowns. To reflect the purchase price of the homesite takedowns, 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 condensed consolidated balance sheet as of May 31, 2023. 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. The Company's exposure to losses on its option contracts with third parties and unconsolidated entities was as follows:
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Commitments and Contingent Liabilities |
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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 condensed 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. 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 activity in the Company’s warranty reserve, which is included in Homebuilding other liabilities, was as follows:
(1)The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2023 and 2022 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments. 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:
Future minimum payments under the noncancellable leases in effect at May 31, 2023 were as follows:
(1)Total future minimum lease payments exclude variable lease costs of $22.7 million and short-term lease costs of $2.3 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. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments. The Company's rental expense on lease liabilities were as follows:
On occasion, the Company may sublease rented space which is no longer used for the Company's operations. For both the six months ended May 31, 2023 and 2022, the Company had an immaterial amount of sublease income.
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Basis of Presentation (Policy) |
6 Months Ended |
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May 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. |
Basis of Consolidation | These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2022. The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2022. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
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Recently Adopted Accounting Pronouncements | Recently Adopted Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04, “Reference Rate Reform,” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2024, with earlier adoption permitted. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform - Scope,” which clarified the scope and application of the original guidance. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform - Deferral of the Sunset Date of Topic 848," which defers the sunset date from December 31, 2022 to December 31, 2024. The adoption of ASU 2020-04 did not have a material impact on the Company's condensed consolidated financial statements. |
Operating and Reporting Segments (Tables) |
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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:
(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, 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 $185.0 million and $178.0 million without readily available fair values as of both May 31, 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 (loss) on the condensed consolidated balance sheet. Financial information relating to the Company’s segments was as follows:
(1)Revenues for Multifamily for the six months ended May 31, 2022, included $147.8 million of land sales to unconsolidated entities. (2)Corporate and unallocated consists primarily of corporate general and administrative expenses and charitable foundation contributions. The assets related to the Company’s homebuilding segments were as follows:
Financial information relating to the Company’s homebuilding segments was as follows:
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Schedule of Line of Credit Facilities | At May 31, 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:
(1)Subsequent to May 31, 2023, the maturity date was extended to June 2024. Borrowings and collateral under the facilities were as follows:
The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:
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Schedule of Loans Held for Sale | LMF Commercial originated commercial loans as follows:
(1)During both the three and six months ended May 31, 2023 and 2022, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
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Schedule of Commercial Mortgage-Backed Securities | Details related to Financial Services' CMBS were as follows:
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Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities |
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:
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Unrealized Gain (Loss) on Investments | The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on the Company's technology investments:
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Investments in Unconsolidated Entities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Entities | The investments in the Company's Homebuilding unconsolidated entities were as follows:
(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 the FivePoint entity. (2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of May 31, 2023 and November 30, 2022, the carrying amount of the Company's investment was $391.4 million and $382.9 million, respectively. 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 has unilateral decision making rights related to development activities through its board of directors. 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. The details of the activity were as follows:
Details of LMV I and LMV II as of and during the six months ended May 31, 2023 are included below:
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Equity | The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three and six months ended May 31, 2023 and 2022:
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income Tax Benefit (Provision) and Effective Tax Rate | The provision for income taxes and effective tax rate were as follows:
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Numerator and Denominator In Earnings Per Share | Basic and diluted earnings per share were calculated as follows:
(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.
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Homebuilding Senior Notes and Other Debts Payable (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Senior Notes and Other Debts Payable |
(1)During the three and six months ended May 31, 2023, the Company repurchased $2.0 million and $155.8 million aggregate principal amount of 4.875% senior notes and 4.50% senior notes, respectively, through open market repurchases.
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Schedule of Letter of Credit Facilities | At May 31, 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:
(1)Subsequent to May 31, 2023, the maturity date was extended to June 2024. Borrowings and collateral under the facilities were as follows:
The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:
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Financial Instruments and Fair Value Disclosures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 May 31, 2023 and November 30, 2022, 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.
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Fair Value Measured On Recurring Basis | The Company’s financial instruments measured at fair value on a recurring basis are summarized below:
Residential and LMF Commercial loans held-for-sale in the table above include:
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Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the 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:
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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:
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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:
(1)Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
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Fair Value Measurements, Nonrecurring | The assets measured at fair value on a nonrecurring basis are summarized below:
(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. During the three and six months ended May 31, 2023, total losses, net, for land and land underdevelopment included $2.7 million and $17.1 million, respectively, of deposit and pre-acquisition cost write-offs. (3)Valuation adjustments related to investments in unconsolidated entities were included in Homebuilding other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income for the three and six months ended May 31, 2023. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:
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Variable Interest Entities (Tables) |
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May 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Maximum Exposure To Loss | The Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows:
(1)As of May 31, 2023 and November 30, 2022, 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 $70.3 million and $77.3 million, respectively. In addition, as of May 31, 2023, there was recourse debt of a VIE of $9.8 million and as of November 30, 2022, there was $52.7 million of receivables relating to a short-term loan and management fee owed to the Company by Upward America. (2)As of May 31, 2023 and November 30, 2022, 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 1 and LMV II in addition to the investment also included the remaining combined equity commitment of $12.8 million and $19.3 million as of May 31, 2023 and November 30, 2022, respectively, for future expenditures related to the construction and development of its projects. Decrease in exposure for the six months ended May 31, 2023 is primarily due to the removal of LMV I as the Fund does not expect to call for equity in the future. As a result, LMV I is not a VIE as of May 31, 2023. (3)As of May 31, 2023 and November 30, 2022, 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 investments held-to-maturity. (4)As of May 31, 2023, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs. The Company's exposure to losses on its option contracts with third parties and unconsolidated entities was as follows:
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Reserve | The activity in the Company’s warranty reserve, which is included in Homebuilding other liabilities, was as follows:
(1)The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2023 and 2022 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
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Additional Information About Leases | The following table includes additional information about the Company's leases:
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Future Minimum Payments Under Noncancellable Leases | Future minimum payments under the noncancellable leases in effect at May 31, 2023 were as follows:
(1)Total future minimum lease payments exclude variable lease costs of $22.7 million and short-term lease costs of $2.3 million. (2)The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.
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Lease, Cost | The Company's rental expense on lease liabilities were as follows:
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Basis of Presentation - Narrative (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
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May 31, 2023 |
May 31, 2023 |
May 31, 2022 |
Nov. 30, 2022 |
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash and cash equivalents held in escrow | $ 231.4 | $ 231.4 | $ 1,000.0 | |
Cash and cash equivalents held in escrow, deposit period | 2 days | |||
Nonvested shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested shares granted (in shares) | 2.0 | 1.4 |
Operating and Reporting Segments (Disclosure Of Assets and Liabilities) (Details) - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
May 31, 2022 |
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Segment Reporting Information [Line Items] | |||||||||
Total assets | [1] | $ 36,857,687 | $ 37,984,295 | ||||||
Total liabilities | [2] | 11,696,568 | 13,743,928 | ||||||
Equity securities without readily determinable fair values | 185,000 | 178,000 | |||||||
Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Cash and cash equivalents | 4,287,731 | 4,778,720 | |||||||
Restricted cash | 28,113 | 37,050 | |||||||
Receivables, net | 1,090,133 | 1,614,277 | |||||||
Inventories | 22,166,632 | 21,862,453 | |||||||
Loans held-for-sale | 1,175,280 | 1,776,311 | |||||||
Investments in equity securities | 412,593 | 391,026 | |||||||
Investments available-for-sale | 36,906 | 35,482 | |||||||
Loans held-for-investment, net | 36,717 | 45,636 | |||||||
Debt Securities, Held-to-maturity | 141,360 | 143,251 | |||||||
Investments in unconsolidated entities | 2,058,924 | 2,137,813 | |||||||
Goodwill | 3,632,058 | 3,632,058 | |||||||
Other assets | 1,791,240 | 1,530,218 | |||||||
Total assets | 36,857,687 | 37,984,295 | |||||||
Senior notes and other debts payable, net | 5,026,210 | 6,199,136 | |||||||
Accounts payable and other liabilities | 6,670,358 | 7,544,792 | |||||||
Total liabilities | 11,696,568 | 13,743,928 | |||||||
Homebuilding | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Inventories | [1] | 21,686,820 | 21,432,011 | ||||||
Investments in unconsolidated entities | [1] | 1,137,189 | 1,173,164 | ||||||
Goodwill | [1] | 3,442,359 | 3,442,359 | ||||||
Other assets | [1] | 1,582,299 | 1,323,478 | ||||||
Total assets | [1] | 32,492,066 | 32,684,162 | ||||||
Senior notes and other debts payable, net | [2] | 3,852,258 | 4,047,294 | ||||||
Total liabilities | [2] | 10,000,697 | 10,978,646 | ||||||
Homebuilding | Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Cash and cash equivalents | 4,004,679 | [1] | 4,616,124 | [1] | $ 1,314,741 | ||||
Restricted cash | 19,000 | [1] | 23,046 | [1] | 28,440 | ||||
Receivables, net | [1] | 619,720 | 673,980 | ||||||
Inventories | 21,686,820 | 21,432,011 | |||||||
Loans held-for-sale | 0 | 0 | |||||||
Investments in equity securities | 0 | 0 | |||||||
Investments available-for-sale | 0 | 0 | |||||||
Loans held-for-investment, net | 0 | 0 | |||||||
Debt Securities, Held-to-maturity | 0 | 0 | |||||||
Investments in unconsolidated entities | 1,137,189 | 1,173,164 | |||||||
Goodwill | 3,442,359 | 3,442,359 | |||||||
Other assets | 1,582,299 | 1,323,478 | |||||||
Total assets | 32,492,066 | 32,684,162 | |||||||
Senior notes and other debts payable, net | 3,852,258 | 4,047,294 | |||||||
Accounts payable and other liabilities | 6,148,439 | 6,931,352 | |||||||
Total liabilities | 10,000,697 | 10,978,646 | |||||||
Lennar Financial Services | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Total assets | [1] | 2,264,658 | 3,254,257 | ||||||
Total liabilities | [2] | 1,311,928 | 2,353,904 | ||||||
Lennar Financial Services | Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Cash and cash equivalents | 259,738 | 139,378 | 138,662 | ||||||
Restricted cash | 9,113 | 14,004 | 8,225 | ||||||
Receivables, net | 354,548 | 826,163 | |||||||
Inventories | 0 | 0 | |||||||
Loans held-for-sale | 1,175,280 | 1,776,311 | |||||||
Investments in equity securities | 0 | 0 | |||||||
Investments available-for-sale | 0 | 0 | |||||||
Loans held-for-investment, net | 36,717 | 45,636 | |||||||
Debt Securities, Held-to-maturity | 141,360 | 143,251 | |||||||
Investments in unconsolidated entities | 0 | 0 | |||||||
Goodwill | 189,699 | 189,699 | |||||||
Other assets | 98,203 | 119,815 | |||||||
Total assets | 2,264,658 | 3,254,257 | |||||||
Senior notes and other debts payable, net | 1,157,040 | 2,135,093 | |||||||
Accounts payable and other liabilities | 154,888 | 218,811 | |||||||
Total liabilities | 1,311,928 | 2,353,904 | |||||||
Lennar Multifamily [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Total assets | [1] | 1,309,548 | 1,257,337 | ||||||
Total liabilities | [2] | 298,523 | 313,484 | ||||||
Lennar Multifamily [Member] | Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Cash and cash equivalents | 18,539 | 17,827 | 61,190 | ||||||
Restricted cash | 0 | 0 | |||||||
Receivables, net | 115,865 | 114,134 | |||||||
Inventories | 479,812 | 430,442 | |||||||
Loans held-for-sale | 0 | 0 | |||||||
Investments in equity securities | 0 | 0 | |||||||
Investments available-for-sale | 0 | 0 | |||||||
Loans held-for-investment, net | 0 | 0 | |||||||
Debt Securities, Held-to-maturity | 0 | 0 | |||||||
Investments in unconsolidated entities | 629,649 | 648,126 | |||||||
Goodwill | 0 | 0 | |||||||
Other assets | 65,683 | 46,808 | |||||||
Total assets | 1,309,548 | 1,257,337 | |||||||
Senior notes and other debts payable, net | 16,912 | 16,749 | |||||||
Accounts payable and other liabilities | 281,611 | 296,735 | |||||||
Total liabilities | 298,523 | 313,484 | |||||||
Lennar Other | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Total assets | [1] | 791,415 | 788,539 | ||||||
Total liabilities | [2] | 85,420 | 97,894 | ||||||
Lennar Other | Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Cash and cash equivalents | 4,775 | 5,391 | $ 2,151 | ||||||
Restricted cash | 0 | 0 | |||||||
Receivables, net | 0 | 0 | |||||||
Inventories | 0 | 0 | |||||||
Loans held-for-sale | 0 | 0 | |||||||
Investments in equity securities | 412,593 | 391,026 | |||||||
Investments available-for-sale | 36,906 | 35,482 | |||||||
Loans held-for-investment, net | 0 | 0 | |||||||
Debt Securities, Held-to-maturity | 0 | 0 | |||||||
Investments in unconsolidated entities | 292,086 | 316,523 | |||||||
Goodwill | 0 | 0 | |||||||
Other assets | 45,055 | 40,117 | |||||||
Total assets | 791,415 | 788,539 | |||||||
Senior notes and other debts payable, net | 0 | 0 | |||||||
Accounts payable and other liabilities | 85,420 | 97,894 | |||||||
Total liabilities | $ 85,420 | $ 97,894 | |||||||
|
Operating and Reporting Segments (Financial Information Related to Segments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Revenues | $ 8,045,151 | $ 8,358,696 | $ 14,535,580 | $ 14,562,212 |
Operating Segments And Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating earnings (loss) | 1,158,621 | 1,754,834 | 1,943,074 | 2,431,569 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 8,045,151 | 8,358,696 | 14,535,580 | 14,562,212 |
Operating Segments | Homebuilding | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,670,017 | 7,977,982 | 13,826,322 | 13,730,187 |
Operating earnings (loss) | 1,214,409 | 1,880,411 | 2,121,248 | 2,990,261 |
Operating Segments | Lennar Financial Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 222,979 | 200,166 | 405,960 | 376,867 |
Operating earnings (loss) | 112,599 | 103,935 | 191,336 | 194,726 |
Operating Segments | Lennar Multifamily [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 151,744 | 176,021 | 295,267 | 443,380 |
Operating earnings (loss) | (8,162) | 668 | (29,763) | 6,095 |
Operating Segments | Lennar Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 411 | 4,527 | 8,031 | 11,778 |
Operating earnings (loss) | (18,399) | (108,424) | (58,156) | (511,558) |
Corporate and Unallocated | ||||
Segment Reporting Information [Line Items] | ||||
Operating earnings (loss) | $ (141,826) | $ (121,756) | $ (281,591) | $ (247,955) |
Operating and Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
||
---|---|---|---|---|
Segment Reporting Information [Line Items] | ||||
Assets | [1] | $ 36,857,687 | $ 37,984,295 | |
Homebuilding | ||||
Segment Reporting Information [Line Items] | ||||
Assets | [1] | 32,492,066 | 32,684,162 | |
Operating Segments And Corporate | Homebuilding | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 32,492,066 | 32,684,162 | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 36,857,687 | 37,984,295 | ||
Operating Segments | Homebuilding | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 32,492,066 | 32,684,162 | ||
Operating Segments | East | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 7,027,996 | 6,877,581 | ||
Operating Segments | Central | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 4,115,812 | 4,010,610 | ||
Operating Segments | Texas | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 3,522,252 | 3,742,663 | ||
Operating Segments | West | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 11,854,686 | 12,182,709 | ||
Operating Segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 1,391,807 | 1,382,864 | ||
Corporate and Unallocated | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $ 4,579,513 | $ 4,487,735 | ||
|
Operating and Reporting Segments (Homebuilding Financial Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Revenues | $ 8,045,151 | $ 8,358,696 | $ 14,535,580 | $ 14,562,212 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 8,045,151 | 8,358,696 | 14,535,580 | 14,562,212 |
Homebuilding | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,670,017 | 7,977,982 | 13,826,322 | 13,730,187 |
Operating earnings (loss) | 1,214,409 | 1,880,411 | 2,121,248 | 2,990,261 |
East | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,323,281 | 2,214,451 | 4,199,258 | 3,884,637 |
Operating earnings (loss) | 505,923 | 553,819 | 930,119 | 905,814 |
Central | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,412,408 | 1,283,990 | 2,460,415 | 2,393,262 |
Operating earnings (loss) | 215,076 | 206,795 | 345,598 | 358,873 |
Texas | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,141,612 | 1,095,500 | 2,163,664 | 1,908,119 |
Operating earnings (loss) | 183,041 | 272,857 | 308,360 | 444,169 |
West | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,781,097 | 3,370,462 | 4,986,158 | 5,521,260 |
Operating earnings (loss) | 355,472 | 847,849 | 585,972 | 1,289,297 |
Other | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 11,619 | 13,579 | 16,827 | 22,909 |
Operating earnings (loss) | $ (45,103) | $ (909) | $ (48,801) | $ (7,892) |
Operating and Reporting Segments (Disclosure of Facilities) (Details) - Lennar Financial Services - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
May 31, 2023 |
Nov. 30, 2022 |
|
Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 2,350,000 | |
Residential facilities | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 1,800,000 | |
Borrowings under facility | 1,020,958 | $ 1,877,411 |
Residential facilities | Warehouse Repurchase Facility | Asset Pledged as Collateral | ||
Line of Credit Facility [Line Items] | ||
Borrowings under facility | 1,054,138 | 1,950,155 |
June 2023 (1) | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 200,000 | |
December 2023 | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 500,000 | |
April 2024 | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 500,000 | |
May 2024 | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 600,000 | |
Commercial facilities | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 550,000 | |
July 2023 | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 50,000 | |
November 2023 | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 100,000 | |
December 2023 | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 400,000 | |
Warehouse Repurchase Facility | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Facility, term | 364 days | |
Warehouse Repurchase Facility | Commercial facilities | ||
Line of Credit Facility [Line Items] | ||
Borrowings under facility | $ 4,425 | $ 124,399 |
Operating and Reporting Segments (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Nov. 30, 2022 |
|
Doma Holdings, Inc | |||||
Segment Reporting Information [Line Items] | |||||
Unconsolidated entities ownership percentage | 25.00% | 25.00% | |||
Lennar Financial Services | Loss origination liability | |||||
Segment Reporting Information [Line Items] | |||||
Loan origination liabilities | $ 14,000,000 | $ 14,000,000 | $ 11,800,000 | ||
Lennar Financial Services | Warehouse Repurchase Facility | |||||
Segment Reporting Information [Line Items] | |||||
Collateral percentage | 80.00% | 80.00% | |||
CMBS | Lennar Financial Services | |||||
Segment Reporting Information [Line Items] | |||||
Impairment charges for CMBS securities | $ 0 | $ 0 | $ 0 | $ 0 |
Operating and Reporting Segments (Loans Held-for-Sale) (Details) - Lennar Financial Services $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 31, 2023
USD ($)
transaction
|
May 31, 2022
USD ($)
transaction
|
May 31, 2023
USD ($)
transaction
|
May 31, 2022
USD ($)
transaction
|
|
Segment Reporting Information [Line Items] | ||||
Originations | $ 84,590 | $ 143,650 | $ 164,070 | $ 408,495 |
Sold | $ 88,102 | $ 145,385 | $ 165,302 | $ 323,467 |
Securitizations | transaction | 2 | 1 | 3 | 2 |
Operating and Reporting Segments (Commercial Mortgage-Backed Securities) (Details) - Lennar Financial Services - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
---|---|---|
Financing Agreement to Purchase Commercial Mortgage Backed Securities | Secured Debt | ||
Segment Reporting Information [Line Items] | ||
Outstanding debt, net of debt issuance costs | $ 131,656 | $ 133,283 |
Incurred interest rate | 3.40% | 3.40% |
CMBS | ||
Segment Reporting Information [Line Items] | ||
Debt Securities, Held-to-maturity | $ 141,360 | $ 143,251 |
Operating and Reporting Segments (Fair Value Inputs for Commercial Mortgage-Backed Securities) (Details) - CMBS - Lennar Financial Services |
6 Months Ended |
---|---|
May 31, 2023 | |
Minimum | |
Segment Reporting Information [Line Items] | |
Discount rates at purchase | 6.00% |
Coupon rates | 2.00% |
Maximum | |
Segment Reporting Information [Line Items] | |
Discount rates at purchase | 84.00% |
Coupon rates | 5.30% |
Operating and Reporting Segments - Unrealized Gain (Loss) on Investments (Details) - Lennar Other - Operating Segments - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Lennar Other unrealized gains (losses) from technology investments | $ 25,497 | $ (77,965) | $ 1,543 | $ (473,135) |
Blend Labs | ||||
Segment Reporting Information [Line Items] | ||||
Lennar Other unrealized gains (losses) from technology investments | (1,332) | (13,550) | (746) | (20,992) |
Hippo | ||||
Segment Reporting Information [Line Items] | ||||
Lennar Other unrealized gains (losses) from technology investments | (4,399) | (37,946) | 2,233 | (162,403) |
Opendoor | ||||
Segment Reporting Information [Line Items] | ||||
Lennar Other unrealized gains (losses) from technology investments | 22,512 | (20,999) | 14,821 | (164,360) |
SmartRent | ||||
Segment Reporting Information [Line Items] | ||||
Lennar Other unrealized gains (losses) from technology investments | 8,621 | (3,950) | 9,926 | (48,313) |
Sonder | ||||
Segment Reporting Information [Line Items] | ||||
Lennar Other unrealized gains (losses) from technology investments | (138) | (1,626) | (458) | (2,132) |
Sunnova | ||||
Segment Reporting Information [Line Items] | ||||
Lennar Other unrealized gains (losses) from technology investments | $ 233 | $ 106 | $ (24,233) | $ (74,935) |
Investments in Unconsolidated Entities (Homebuilding Unconsolidated Entities) (Details) - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
||
---|---|---|---|---|
FivePoint Unconsolidated Entity | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in unconsolidated entities | $ 391,400 | $ 382,900 | ||
Unconsolidated entities ownership percentage | 40.00% | |||
Homebuilding | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in unconsolidated entities | [1] | $ 1,137,189 | 1,173,164 | |
Underlying equity in unconsolidated partners' net assets | $ 1,501,303 | $ 1,504,315 | ||
|
Investments in Unconsolidated Entities (Narrative) (Details) - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
||
---|---|---|---|---|
Upward America Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total equity commitments | $ 1,600,000 | |||
Upward America Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total equity commitments | 125,000 | |||
Lennar's carrying value of investments | 22,600 | $ 37,700 | ||
Homebuilding | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Non-recourse debt with completion guarantees | 312,800 | 333,600 | ||
Lennar's carrying value of investments | [1] | 1,137,189 | 1,173,164 | |
Lennar Multifamily [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Non-recourse debt with completion guarantees | 1,300,000 | 1,000,000 | ||
Lennar Multifamily [Member] | Lennar Multifamily Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total equity commitments | $ 1,000,000 | |||
Fund ownership percentage | 4.00% | |||
Lennar's carrying value of investments | $ 28,200 | |||
Lennar Other | Rialto Funds and Investment Vehicles | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Lennar's carrying value of investments | 170,800 | 185,100 | ||
Lennar Other | Strategic Technology Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Lennar's carrying value of investments | $ 121,300 | $ 131,500 | ||
|
Investments in Unconsolidated Entities (Multifamily Income and Costs) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 8,045,151 | $ 8,358,696 | $ 14,535,580 | $ 14,562,212 |
General Contractor Services | Lennar Multifamily [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 253,773 | 242,869 | ||
Cost of revenue | 242,797 | 232,035 | ||
General Contractor Services | Lennar Multifamily [Member] | Unconsolidated Entities | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 128,371 | 125,606 | ||
Cost of revenue | 122,064 | 118,802 | ||
Land | Lennar Multifamily [Member] | Unconsolidated Entities | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 0 | 16,207 | 0 | 147,760 |
Management Fee | Lennar Multifamily [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 35,615 | $ 29,454 | ||
Management Fee | Lennar Multifamily [Member] | Unconsolidated Entities | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 17,494 | $ 16,327 |
Investments in Unconsolidated Entities (Details of Multifamily Unconsolidated Entities) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
May 31, 2023 |
May 31, 2022 |
|
Schedule of Equity Method Investments [Line Items] | ||
Distributions of earnings from unconsolidated entities | $ 16,657 | $ 11,050 |
Lennar Multifamily [Member] | LMV I | ||
Schedule of Equity Method Investments [Line Items] | ||
Lennar's carrying value of investments | 204,631 | |
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 of earnings from unconsolidated entities | 0 | |
Lennar Multifamily [Member] | LMV II | ||
Schedule of Equity Method Investments [Line Items] | ||
Lennar's carrying value of investments | 282,347 | |
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 of earnings from unconsolidated entities | $ 0 |
Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 22, 2023 |
May 10, 2023 |
May 31, 2023 |
Feb. 28, 2023 |
Nov. 30, 2022 |
Aug. 31, 2022 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
Mar. 31, 2022 |
|||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | $ 24,555,287,000 | $ 24,240,367,000 | [1] | $ 21,789,774,000 | $ 20,847,432,000 | $ 24,240,367,000 | [1] | $ 20,996,282,000 | ||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 877,742,000 | 1,322,558,000 | 1,477,050,000 | 1,831,873,000 | ||||||||||||
Employee stock and directors plans | 4,229,000 | (2,533,000) | (62,761,000) | (57,419,000) | ||||||||||||
Purchases of treasury stock | (209,928,000) | (320,710,000) | (400,859,000) | (847,071,000) | ||||||||||||
Amortization of restricted stock | 40,173,000 | 35,053,000 | 126,731,000 | 116,510,000 | ||||||||||||
Cash dividends | (110,386,000) | (110,846,000) | (218,277,000) | (220,968,000) | ||||||||||||
Receipts related to noncontrolling interests | 2,421,000 | 11,111,000 | 4,918,000 | 18,095,000 | ||||||||||||
Payments related to noncontrolling interests | (3,708,000) | (20,623,000) | (65,521,000) | |||||||||||||
Non-cash purchase or activity of noncontrolling interests, net | 1,008,000 | 11,355,000 | 13,149,000 | 14,904,000 | ||||||||||||
Total other comprehensive income, net of tax | 573,000 | 62,000 | 1,424,000 | 3,089,000 | ||||||||||||
Balance, ending | 25,161,119,000 | [1] | $ 24,555,287,000 | $ 24,240,367,000 | [1] | $ 21,789,774,000 | 25,161,119,000 | [1] | 21,789,774,000 | |||||||
Cash dividend paid (in dollars per share) | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | |||||||||||
Stock repurchase program, authorized value | $ 2,000,000,000 | |||||||||||||||
Stock repurchase program, authorized shares (in shares) | 30,000,000 | |||||||||||||||
Subsequent Event | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Cash dividend paid (in dollars per share) | $ 0.375 | |||||||||||||||
Additional Paid - in Capital | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | 5,503,789,000 | $ 5,417,796,000 | $ 5,355,182,000 | $ 8,855,151,000 | 5,417,796,000 | 8,807,891,000 | ||||||||||
Employee stock and directors plans | 1,631,000 | 994,000 | 1,442,000 | 854,000 | ||||||||||||
Retirement of treasury stock | (3,533,425,000) | (3,533,425,000) | ||||||||||||||
Amortization of restricted stock | 40,173,000 | 35,053,000 | 126,731,000 | 116,510,000 | ||||||||||||
Non-cash purchase or activity of noncontrolling interests, net | 535,000 | (2,591,000) | 159,000 | (36,648,000) | ||||||||||||
Balance, ending | 5,546,128,000 | 5,503,789,000 | $ 5,417,796,000 | 5,355,182,000 | 5,546,128,000 | 5,355,182,000 | ||||||||||
Treasury Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | (468,347,000) | (210,389,000) | (76,615,000) | (3,290,748,000) | (210,389,000) | (2,709,448,000) | ||||||||||
Employee stock and directors plans | 2,589,000 | (3,533,000) | (64,438,000) | (58,472,000) | ||||||||||||
Retirement of treasury stock | 3,538,376,000 | 3,538,376,000 | ||||||||||||||
Purchases of treasury stock | (209,928,000) | (320,710,000) | (400,859,000) | (847,071,000) | ||||||||||||
Balance, ending | (675,686,000) | (468,347,000) | (210,389,000) | (76,615,000) | (675,686,000) | (76,615,000) | ||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | 3,259,000 | 2,408,000 | 1,748,000 | 1,686,000 | 2,408,000 | (1,341,000) | ||||||||||
Total other comprehensive income, net of tax | 573,000 | 62,000 | 1,424,000 | 3,089,000 | ||||||||||||
Balance, ending | 3,832,000 | 3,259,000 | 2,408,000 | 1,748,000 | 3,832,000 | 1,748,000 | ||||||||||
Retained Earnings | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | 19,350,060,000 | 18,861,417,000 | 16,288,698,000 | 15,078,788,000 | 18,861,417,000 | 14,685,329,000 | ||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 871,694,000 | 1,320,756,000 | 1,468,228,000 | 1,824,337,000 | ||||||||||||
Cash dividends | (110,386,000) | (110,846,000) | (218,277,000) | (220,968,000) | ||||||||||||
Balance, ending | 20,111,368,000 | 19,350,060,000 | 18,861,417,000 | 16,288,698,000 | 20,111,368,000 | 16,288,698,000 | ||||||||||
Noncontrolling Interests | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | 137,032,000 | 139,867,000 | 191,519,000 | 168,368,000 | 139,867,000 | 179,857,000 | ||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 6,048,000 | 1,802,000 | 8,822,000 | 7,536,000 | ||||||||||||
Receipts related to noncontrolling interests | 2,421,000 | 11,111,000 | 4,918,000 | 18,095,000 | ||||||||||||
Payments related to noncontrolling interests | (3,708,000) | (20,623,000) | (65,521,000) | |||||||||||||
Non-cash purchase or activity of noncontrolling interests, net | 473,000 | 13,946,000 | 12,990,000 | 51,552,000 | ||||||||||||
Balance, ending | $ 145,974,000 | 137,032,000 | 139,867,000 | $ 191,519,000 | $ 145,974,000 | $ 191,519,000 | ||||||||||
Common Class A | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Shares repurchased during period (in shares) | 1,269,681 | 3,630,000 | 2,715,886 | 8,246,000 | ||||||||||||
Total purchase price | $ 138,800,000 | $ 289,358,000 | $ 281,868,000 | $ 762,282,000 | ||||||||||||
Average share price of shares repurchased (in dollars per share) | $ 109.32 | $ 79.71 | $ 103.78 | $ 92.44 | ||||||||||||
Common Class A | Common Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | $ 25,834,000 | 25,608,000 | 25,582,000 | $ 30,243,000 | $ 25,608,000 | $ 30,050,000 | ||||||||||
Employee stock and directors plans | 9,000 | 6,000 | 235,000 | 199,000 | ||||||||||||
Retirement of treasury stock | (4,667,000) | (4,667,000) | ||||||||||||||
Balance, ending | $ 25,843,000 | 25,834,000 | 25,608,000 | $ 25,582,000 | $ 25,843,000 | $ 25,582,000 | ||||||||||
Common Class B | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Shares repurchased during period (in shares) | 730,319 | 470,000 | 1,284,114 | 1,122,000 | ||||||||||||
Total purchase price | $ 69,010,000 | $ 31,270,000 | $ 115,116,000 | $ 84,601,000 | ||||||||||||
Average share price of shares repurchased (in dollars per share) | $ 94.49 | $ 66.53 | $ 89.65 | $ 75.40 | ||||||||||||
Common Class B | Common Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | $ 3,660,000 | 3,660,000 | $ 3,660,000 | $ 3,944,000 | $ 3,660,000 | $ 3,944,000 | ||||||||||
Retirement of treasury stock | (284,000) | (284,000) | ||||||||||||||
Balance, ending | $ 3,660,000 | $ 3,660,000 | $ 3,660,000 | $ 3,660,000 | $ 3,660,000 | $ 3,660,000 | ||||||||||
|
Income Taxes (Income Tax Benefit (Provision) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 280,879 | $ 432,276 | $ 466,024 | $ 599,696 |
Effective tax rate | 24.40% | 24.70% | 24.10% | 24.70% |
Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
|
Numerator: | ||||
Net earnings attributable to Lennar | $ 871,694 | $ 1,320,756 | $ 1,468,228 | $ 1,824,337 |
Less: distributed earnings allocated to nonvested shares | 3,572 | 2,395 | 4,296 | 3,175 |
Less: undistributed earnings allocated to nonvested shares | 9,935 | 14,980 | 15,695 | 19,189 |
Numerator for basic earnings per share | 858,187 | 1,303,381 | 1,448,237 | 1,801,973 |
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan | 0 | 1,045 | 0 | 2,843 |
Numerator for diluted earnings per share | $ 858,187 | $ 1,302,336 | $ 1,448,237 | $ 1,799,130 |
Denominator: | ||||
Denominator for basic earnings per share-weighted average common shares outstanding (shares) | 284,910 | 289,895 | 285,492 | 291,913 |
Denominator for diluted earnings per share-weighted average common shares outstanding (shares) | 284,910 | 289,895 | 285,492 | 291,913 |
Basic earnings per share (in dollars per share) | $ 3.01 | $ 4.50 | $ 5.07 | $ 6.17 |
Diluted earnings per share (in dollars per share) | $ 3.01 | $ 4.49 | $ 5.07 | $ 6.16 |
Earnings Per Share (Narrative) (Details) - shares |
3 Months Ended | |
---|---|---|
May 31, 2023 |
May 31, 2022 |
|
Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options to purchase outstanding and anti-dilutive shares (in shares) | 0 | 0 |
Homebuilding Senior Notes and Other Debts Payable (Schedule of Senior Notes and Other Debts Payable) (Details) - Homebuilding - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
||
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Senior notes and other debts payable, net | [1] | $ 3,852,258 | $ 4,047,294 | |
Senior Notes | 4.875% senior notes due December 2023 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.875% | |||
Senior notes and other debts payable, net | $ 397,615 | 399,169 | ||
Debt amount redeemed | $ 2,000 | |||
Senior Notes | 4.50% senior notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.50% | |||
Senior notes and other debts payable, net | $ 493,690 | 648,975 | ||
Debt amount redeemed | $ 155,800 | |||
Senior Notes | 5.875% senior notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.875% | |||
Senior notes and other debts payable, net | $ 431,794 | 434,128 | ||
Senior Notes | 4.75% senior notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.75% | |||
Senior notes and other debts payable, net | $ 499,114 | 498,892 | ||
Senior Notes | 5.25% senior notes due 2026 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.25% | |||
Senior notes and other debts payable, net | $ 403,648 | 404,257 | ||
Senior Notes | 5.00% senior notes due 2027 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.00% | |||
Senior notes and other debts payable, net | $ 351,549 | 351,741 | ||
Senior Notes | 4.75% senior notes due 2027 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.75% | |||
Senior notes and other debts payable, net | $ 896,633 | 896,259 | ||
Mortgage notes on land and other debt | ||||
Debt Instrument [Line Items] | ||||
Senior notes and other debts payable, net | $ 378,215 | $ 413,873 | ||
|
Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details) - Homebuilding - USD ($) |
May 31, 2023 |
Nov. 30, 2022 |
---|---|---|
Letter of Credit | ||
Debt Instrument [Line Items] | ||
Maximum borrowings | $ 500,000,000 | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt issuance cost | $ 6,000,000 | $ 7,600,000 |
Homebuilding Senior Notes and Other Debts Payable (Credit Facility) (Details) - Unsecured revolving credit facility - Homebuilding |
May 31, 2023
USD ($)
|
---|---|
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 2,575,000,000 |
Accordion feature | 425,000,000 |
Maximum borrowing capacity after accordion feature | 3,000,000,000 |
Commitments - maturing in April 2024 | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | 350,000,000 |
Commitments - maturing in May 2027 | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 2,225,000,000 |
Homebuilding Senior Notes and Other Debts Payable (Letter of Credit Facilities) (Details) - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
---|---|---|
Performance letters of credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit | $ 1,362,785 | $ 1,259,033 |
Financial letters of credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit | 384,752 | 503,659 |
Surety bonds | ||
Line of Credit Facility [Line Items] | ||
Letters of credit | 4,196,718 | 4,136,715 |
Anticipated future costs primarily for site improvements related to performance surety bonds | ||
Line of Credit Facility [Line Items] | ||
Letters of credit | $ 2,173,244 | $ 2,273,694 |
Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
---|---|---|
Lennar Financial Services | Level 3 | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable and loans held-for-investment | $ 36,717 | $ 45,636 |
Investments held-to-maturity | 141,360 | 143,251 |
Lennar Financial Services | Level 3 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable and loans held-for-investment | 36,717 | 45,647 |
Investments held-to-maturity | 141,767 | 143,208 |
Lennar Financial Services | Level 1 | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and other debts payable | 1,157,040 | 2,135,093 |
Lennar Financial Services | Level 1 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and other debts payable | 1,157,682 | 2,135,797 |
Homebuilding | Level 1 | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and other debts payable | 3,852,258 | 4,047,294 |
Homebuilding | Level 1 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and other debts payable | 3,813,686 | 3,993,242 |
Lennar Multifamily [Member] | Level 1 | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | 16,912 | 16,749 |
Lennar Multifamily [Member] | Level 1 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | $ 16,912 | $ 16,749 |
Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
---|---|---|
Level 1 | Lennar Financial Services | Forward options | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 7,261 | $ 9,473 |
Level 1 | Lennar Other | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Investments in equity securities | 227,548 | 212,981 |
Level 3 | Lennar Financial Services | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 3,398 | 3,463 |
Level 3 | Lennar Other | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Investments available-for-sale | 36,906 | 35,482 |
Residential | Loans held-for-sale | Lennar Financial Services | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Aggregate principal balance | 1,159,857 | 1,734,480 |
Aggregate fair value of loans (below) in excess of principal balance | (7,331) | 16,233 |
Residential | Level 1 | Lennar Financial Services | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 1,152,526 | 1,750,712 |
Commercial | Loans held-for-sale | Lennar Financial Services | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Aggregate principal balance | 22,765 | 24,000 |
Aggregate fair value of loans (below) in excess of principal balance | (11) | 1,599 |
Commercial | Level 3 | Lennar Financial Services | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 22,754 | $ 25,599 |
Financial Instruments and Fair Value Disclosures - (Mortgage Servicing Rights Unobservable Inputs) (Details) - Lennar Financial Services - Level 3 |
May 31, 2023 |
Nov. 30, 2022 |
---|---|---|
Mortgage prepayment rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs for valuation of mortgage servicing rights | 0.08 | 0.08 |
Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs for valuation of mortgage servicing rights | 0.13 | 0.13 |
Delinquency rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs for valuation of mortgage servicing rights | 0.09 | 0.07 |
Financial Instruments and Fair Value Disclosures - (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
|
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Changes in fair value included in other comprehensive income (loss), net of tax | $ 573 | $ 62 | $ 1,424 | $ 804 |
Fair Value, Measurements, Recurring | Lennar Financial Services | Loans held-for-sale | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Lennar Other unrealized gains (losses) from technology investments | 7,899 | 350 | (23,563) | (27,037) |
Fair Value, Measurements, Recurring | Lennar Financial Services | Mortgage loan commitments | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Lennar Other unrealized gains (losses) from technology investments | 13,783 | 12,758 | (35,061) | 26,555 |
Fair Value, Measurements, Recurring | Lennar Financial Services | Forward contracts | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Lennar Other unrealized gains (losses) from technology investments | (18,807) | (18,480) | 72,702 | (8,490) |
Fair Value, Measurements, Recurring | Lennar Financial Services | Forward options | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Lennar Other unrealized gains (losses) from technology investments | (100) | 0 | (952) | 0 |
Fair Value, Measurements, Recurring | Lennar Other | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Changes in fair value included in other comprehensive income (loss), net of tax | 573 | 62 | 1,424 | 804 |
Fair Value, Measurements, Recurring | Lennar Other | Equity Securities | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Lennar Other unrealized gains (losses) from technology investments | $ 25,497 | $ (77,965) | $ 1,543 | $ (473,135) |
Financial Instruments and Fair Value Disclosures - (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details) - Lennar Financial Services - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
|
Mortgage servicing rights | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 3,450 | $ 2,793 | $ 3,463 | $ 2,492 |
Purchases/loan originations | 69 | 99 | 120 | 181 |
Sales/loan originations sold, including those not settled | 0 | 0 | 0 | 0 |
Disposals/settlements | (80) | (106) | (143) | (265) |
Changes in fair value | (41) | 435 | (42) | 813 |
Interest and principal paydowns | 0 | 0 | 0 | 0 |
Ending balance | 3,398 | 3,221 | 3,398 | 3,221 |
LMF Commercial loans held-for-sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 25,835 | 85,795 | 25,599 | 68 |
Purchases/loan originations | 84,590 | 143,650 | 164,070 | 408,495 |
Sales/loan originations sold, including those not settled | (88,102) | (145,385) | (165,302) | (323,467) |
Disposals/settlements | 0 | 0 | 0 | 0 |
Changes in fair value | 434 | 145 | (11) | (445) |
Interest and principal paydowns | (3) | 0 | (1,602) | (446) |
Ending balance | $ 22,754 | $ 84,205 | $ 22,754 | $ 84,205 |
Financial Instruments and Fair Value Disclosures - (Fair Value Assets Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
|
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||||
Inventory Write-down | $ 12,247 | $ 0 | ||
Homebuilding | ||||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||||
Inventory Write-down | $ 2,700 | 17,100 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Homebuilding | ||||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||||
Finished homes and construction in progress, carrying value | 126,680 | $ 18,665 | 183,816 | 34,023 |
Finished homes and construction in progress, fair value | 108,073 | 17,200 | 158,902 | 31,041 |
Finished homes and construction in progress, total losses, net | (18,607) | (1,465) | (24,914) | (2,982) |
Land and land under development, carrying value | 3,249 | 8,785 | 42,866 | 29,538 |
Land and land under development, fair value | 561 | 7,149 | 23,704 | 17,909 |
Land and land under development, total losses, net | (2,688) | (1,636) | (19,162) | (11,629) |
Other assets, carrying value | 75,769 | 0 | 78,834 | 0 |
Other assets, fair value | 37,792 | 0 | 37,792 | 0 |
Other assets, total losses, net | $ (37,977) | $ 0 | $ (41,042) | $ 0 |
Financial Instruments and Fair Value Disclosures - (Narrative) (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
May 31, 2023
USD ($)
community
|
May 31, 2023
USD ($)
community
|
May 31, 2022
community
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Active communities | community | 1,256 | 1,256 | 1,218 |
Other than temporary impairment losses, investments | $ | $ 36.8 | $ 36.8 | |
Valuation Technique, Discounted Cash Flow | Discount rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investment, measurement input | 0.15 | 0.15 |
Financial Instruments and Fair Value Disclosures - (Communities with Indicators for Impairment) (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
May 31, 2023
USD ($)
community
|
May 31, 2022
USD ($)
community
|
|
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Active communities | 1,256 | 1,218 |
Number of Communities with potential indicator of impairment | 34 | 6 |
Number of communities with valuation adjustments | 5 | 0 |
Valuation adjustments | $ | $ 12,247 | $ 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Fair value of communities with valuation adjustments | $ | $ 42,408 | $ 0 |
Financial Instruments and Fair Value Disclosures - (Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities) (Details) |
May 31, 2023 |
May 31, 2022 |
---|---|---|
Average selling price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 635,000,000 | |
Absorption rate per quarter (homes) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 11 | |
Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 0.20 | 0.20 |
Minimum | Average selling price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 371,000 | |
Minimum | Absorption rate per quarter (homes) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 6 | |
Maximum | Average selling price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 663,000,000 | |
Maximum | Absorption rate per quarter (homes) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 26 |
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | |||||
---|---|---|---|---|---|---|
May 31, 2023 |
Nov. 30, 2022 |
|||||
Variable Interest Entity [Line Items] | ||||||
Assets | [1] | $ 36,857,687 | $ 37,984,295 | |||
Total liabilities | [2] | 11,696,568 | 13,743,928 | |||
Variable Interest Entity, Not Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Increase in consolidated inventory | 51,300 | |||||
Consolidated inventory not owned | 628,400 | |||||
Consolidated inventory not owned, not recorded | 1,800,000 | |||||
Variable Interest Entity, Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 1,600,000 | 1,400,000 | ||||
Total liabilities | $ 715,300 | $ 620,400 | ||||
|
Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | $ 1,247,256 | $ 1,393,622 |
Lennar’s Maximum Exposure to Loss | 1,351,728 | 1,551,856 |
Homebuilding | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | 663,157 | 586,935 |
Lennar’s Maximum Exposure to Loss | 749,070 | 718,719 |
Homebuilding | Upward America Venture | Commitment to fund capital | ||
Variable Interest Entity [Line Items] | ||
Obligations related to VIEs | 70,300 | 77,300 |
Homebuilding | Upward America Venture | Commitment for short-term loan and management fee receivable | ||
Variable Interest Entity [Line Items] | ||
Obligations related to VIEs | 52,700 | |
Homebuilding | Upward America Venture | Commitment for recourse debt | ||
Variable Interest Entity [Line Items] | ||
Obligations related to VIEs | 9,800 | |
Lennar Multifamily [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | 393,090 | 607,484 |
Lennar’s Maximum Exposure to Loss | 411,649 | 633,934 |
Lennar Multifamily [Member] | Equity Commitments | ||
Variable Interest Entity [Line Items] | ||
Obligations related to VIEs | (12,800) | (19,300) |
Lennar Financial Services | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | 141,360 | 143,251 |
Lennar’s Maximum Exposure to Loss | 141,360 | 143,251 |
Lennar Other | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | 49,649 | 55,952 |
Lennar’s Maximum Exposure to Loss | $ 49,649 | $ 55,952 |
Variable Interest Entities (Exposure to Losses) (Details) - Variable Interest Entity, Not Primary Beneficiary Including Third Parties - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Non-refundable option deposits and pre-acquisition costs | $ 2,049,836 | $ 1,990,946 |
Financial Standby Letters of Credit | ||
Variable Interest Entity [Line Items] | ||
Letters of credit in lieu of cash deposits under certain land and option contracts | $ 137,593 | $ 163,942 |
Commitments and Contingent Liabilities - (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 31, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2022 |
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Warranty reserve, beginning of the period | $ 403,334 | $ 374,146 | $ 418,017 | $ 377,021 |
Warranties issued | 67,221 | 67,815 | 120,900 | 117,007 |
Adjustments to pre-existing warranties from changes in estimates | 14,246 | 998 | 10,188 | 5,722 |
Payments | (69,647) | (64,969) | (133,951) | (121,760) |
Warranty reserve, end of period | $ 415,154 | $ 377,990 | $ 415,154 | $ 377,990 |
Commitments and Contingent Liabilities - (Additional Information About Leases) (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
May 31, 2023 |
May 31, 2022 |
Nov. 30, 2022 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Right-of-use assets | $ 138,746 | $ 149,966 | |
Lease liabilities | $ 147,222 | $ 158,832 | |
Weighted-average remaining lease term (in years) | 7 years 8 months 12 days | 7 years 10 months 24 days | |
Weighted-average discount rate | 3.10% | 3.00% | |
Rental expense | $ 52,998 | $ 50,698 |
Commitments and Contingent Liabilities - (Future MInimum Payments Under Noncancellable Leases) (Details) - USD ($) $ in Thousands |
May 31, 2023 |
Nov. 30, 2022 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
2023 | $ 17,412 | |
2024 | 29,701 | |
2025 | 25,185 | |
2026 | 19,571 | |
2027 | 16,366 | |
Thereafter | 56,958 | |
Total future minimum lease payments | 165,193 | |
Less: Interest | 17,971 | |
Present value of lease liabilities | 147,222 | $ 158,832 |
Variable lease costs | 22,700 | |
Short-term lease costs | $ 2,300 | |
Weighted-average remaining lease term (in years) | 7 years 8 months 12 days | 7 years 10 months 24 days |
Weighted-average discount rate | 3.10% | 3.00% |
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