Operating and Reporting Segments (Tables)
 3 Months Ended
Feb. 28, 2022
Segment Reporting [Abstract]  
Disclosure Of Financial Information Relating To Company's Operations
The assets and liabilities related to the Company’s segments were as follows:

(In thousands)February 28, 2022
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$1,366,597 168,032 34,439 2,757 1,571,825 
Restricted cash27,025 6,724 — — 33,749 
Receivables, net (1)456,185 358,866 101,334 — 916,385 
Inventories20,592,702 — 395,507 — 20,988,209 
Loans held-for-sale (2)— 1,199,603 — — 1,199,603 
Investments in equity securities (3)— — — 670,980 670,980 
Investments available-for-sale (4)— — — 34,760 34,760 
Loans held-for-investment, net— 33,168 — — 33,168 
Investments held-to-maturity— 156,587 — — 156,587 
Investments in unconsolidated entities1,066,256 — 661,252 333,755 2,061,263 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,141,362 70,654 58,038 66,611 1,336,665 
$28,092,486 2,183,333 1,250,570 1,108,863 32,635,252 
Liabilities:
Notes and other debts payable, net$4,639,222 1,197,360 16,930 — 5,853,512 
Accounts payable and other liabilities5,382,549 136,785 294,845 120,129 5,934,308 
$10,021,771 1,334,145 311,775 120,129 11,787,820 
(In thousands)November 30, 2021
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$2,735,213 167,021 16,850 2,660 2,921,744 
Restricted cash21,927 12,012 — — 33,939 
Receivables, net (1)490,278 708,165 98,405 — 1,296,848 
Inventories18,715,304 — 454,093 — 19,169,397 
Loans held-for-sale (2)— 1,636,351 — — 1,636,351 
Investments in equity securities (3)— — — 1,006,599 1,006,599 
Investments available-for-sale (4)— — — 41,654 41,654 
Loans held-for-investment, net— 44,582 — — 44,582 
Investments held-to-maturity— 157,808 — — 157,808 
Investments in unconsolidated entities972,084 — 654,029 346,270 1,972,383 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,090,654 48,729 88,370 66,662 1,294,415 
$27,467,819 2,964,367 1,311,747 1,463,845 33,207,778 
Liabilities:
Notes and other debts payable, net$4,652,338 1,726,026 — — 6,378,364 
Accounts payable and other liabilities5,217,904 180,317 288,930 145,981 5,833,132 
$9,870,242 1,906,343 288,930 145,981 12,211,496 
(1)Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2022 and November 30, 2021, respectively.
(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value.
(3)Investments in equity securities include investments of $168.2 million and $100.1 million without readily available fair values as of February 28, 2022 and November 30, 2021, respectively.
(4)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet.
Financial information relating to the Company’s segments was as follows:
Three Months Ended February 28, 2022
(In thousands)HomebuildingFinancial ServicesMultifamilyLennar OtherCorporate and
unallocated		Total
Revenues (1)$5,752,205 176,701 267,359 7,251 — 6,203,516 
Operating earnings (loss)1,109,850 90,791 5,427 (403,134)— 802,934 
Corporate general and administrative expenses— — — — 113,661 113,661 
Charitable foundation contribution— — — — 12,538 12,538 
Earnings (loss) before income taxes1,109,850 90,791 5,427 (403,134)(126,199)676,735 
Three Months Ended February 28, 2021
Revenues$4,943,056 244,069 131,443 6,900 — 5,325,468 
Operating earnings (loss)833,180 146,207 (874)471,346 — 1,449,859 
Corporate general and administrative expenses— — — — 110,531 110,531 
Charitable foundation contribution— — — — 12,314 12,314 
Earnings (loss) before income taxes833,180 146,207 (874)471,346 (122,845)1,327,014 
(1)Revenues for Multifamily for the three months ended February 28, 2022 includes $131.6 million of land sales to unconsolidated entities
The assets related to the Company’s homebuilding segments were as follows:
(In thousands)EastCentralTexasWestOtherCorporate and UnallocatedTotal Homebuilding
February 28, 2022$6,552,930 3,939,627 3,240,006 11,854,213 1,414,532 1,091,178 28,092,486 
November 30, 20215,854,057 3,782,847 2,801,192 11,171,741 1,443,163 2,414,819 27,467,819 
Financial information relating to the Company’s homebuilding segments was as follows:
Three Months Ended February 28, 2022
(In thousands)EastCentralTexasWestOtherTotal Homebuilding
Revenues
$1,670,186 1,109,272 812,619 2,150,798 9,330 5,752,205 
Operating earnings (loss)351,995 152,078 171,312 441,448 (6,983)1,109,850 
Three Months Ended February 28, 2021
Revenues
$1,355,942 928,442 644,078 2,009,579 5,015 4,943,056 
Operating earnings (loss)262,083 132,023 129,643 321,706 (12,275)833,180 
Schedule of Line of Credit Facilities
At February 28, 2022, the Financial Services warehouse facilities were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:
(In thousands)Maximum Aggregate Commitment
Residential facilities maturing:
April 2022$100,000 
July 2022400,000 
October 2022200,000 
December 2022500,000 
Total - Residential facilities
$1,200,000 
LMF Commercial facilities maturing
November 2022$100,000 
December 2022400,000 
July 202350,000 
Total - LMF Commercial facilities
$550,000 
Total
$1,750,000 
Borrowings and collateral under the facilities and their prior year predecessors were as follows:
(In thousands)February 28, 2022November 30, 2021
Borrowings under the residential facilities$1,021,791 1,482,258 
Collateral under the residential facilities
1,059,876 1,539,641 
Borrowings under the LMF Commercial facilities
29,247 96,294 
The Company's outstanding performance letters of credit and surety bonds are described below:
(In thousands)February 28, 2022November 30, 2021
Performance letters of credit$1,007,295 924,584 
Financial letters of credit542,072 425,843 
Surety bonds3,660,958 3,553,047 
Anticipated future costs primarily for site improvements related to performance surety bonds1,739,779 1,690,861 
Schedule of Loan Origination Liabilities The activity in the Company’s loan origination liabilities was as follows:
Three Months Ended
February 28,
(In thousands)20222021
Loan origination liabilities, beginning of period$11,670 7,569 
Provision for losses966 966 
Payments/settlements(165)(102)
Loan origination liabilities, end of period$12,471 8,433 
Schedule of Loans Held for Sale
LMF Commercial originated commercial loans as follows:
Three Months Ended
February 28,
(Dollars in thousands)20222021
Originations (1)$264,845 219,500 
Sold178,082 282,965 
Securitizations12
(1)During both the three months ended February 28, 2022 and 2021 all the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Schedule of Commercial Mortgage-Backed Securities
Details related to Financial Services' CMBS were as follows:
(Dollars in thousands)February 28, 2022November 30, 2021
Carrying value$156,587 157,808 
Outstanding debt, net of debt issuance costs146,322 147,474 
Incurred interest rate3.4 %3.4 %
Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities
February 28, 2022
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 2050—December 2051
The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:
Unobservable inputsAs of February 28, 2022As of November 30, 2021
Mortgage prepayment rate11%13%
Discount rate13%13%
Delinquency rate 5%4%
Unrealized Gain (Loss) on Investments The following is a detail of Lennar Other unrealized gain (loss):
Three Months Ended
February 28,
20222021
Opendoor (OPEN) mark to market$(143,361)469,745 
Hippo (HIPO) mark to market(124,457)— 
Sunnova (NOVA) mark to market(75,041)— 
SmartRent (SMRT) mark to market(44,363)— 
Blend Labs (BLND) mark to market(7,442)— 
Sonder (SOND) mark to market(506)— 
$(395,170)469,745