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Document And Entity Information - USD ($) | 12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2021 | Dec. 31, 2021 | May 31, 2021 | |||||||||||||||||||
Document Type | 10-K | ||||||||||||||||||||
Document Annual Report | true | ||||||||||||||||||||
Document Period End Date | Nov. 30, 2021 | ||||||||||||||||||||
Current Fiscal Year End Date | --11-30 | ||||||||||||||||||||
Document Transition Report | false | ||||||||||||||||||||
Entity File Number | 1-11749 | ||||||||||||||||||||
Entity Registrant Name | LENNAR CORP /NEW/ | ||||||||||||||||||||
Entity Incorporation, State or Country Code | DE | ||||||||||||||||||||
Entity Tax Identification Number | 95-4337490 | ||||||||||||||||||||
Entity Address, Address Line One | 700 Northwest 107th Avenue | ||||||||||||||||||||
Entity Address, City or Town | Miami | ||||||||||||||||||||
Entity Address, State or Province | FL | ||||||||||||||||||||
Entity Address, Postal Zip Code | 33172 | ||||||||||||||||||||
City Area Code | 305 | ||||||||||||||||||||
Local Phone Number | 559-4000 | ||||||||||||||||||||
Entity Well-known Seasoned Issuer | Yes | ||||||||||||||||||||
Entity Voluntary Filers | No | ||||||||||||||||||||
Entity Current Reporting Status | Yes | ||||||||||||||||||||
Entity Interactive Data Current | Yes | ||||||||||||||||||||
Entity Filer Category | Large Accelerated Filer | ||||||||||||||||||||
Entity Emerging Growth Company | false | ||||||||||||||||||||
Entity Small Business | false | ||||||||||||||||||||
ICFR Auditor Attestation Flag | true | ||||||||||||||||||||
Entity Shell Company | false | ||||||||||||||||||||
Entity Public Float | $ 27,924,845,491 | ||||||||||||||||||||
Documents Incorporated by Reference |
| ||||||||||||||||||||
Amendment Flag | false | ||||||||||||||||||||
Document Fiscal Year Focus | 2021 | ||||||||||||||||||||
Document Fiscal Period Focus | FY | ||||||||||||||||||||
Entity Central Index Key | 0000920760 | ||||||||||||||||||||
Class A Common Stock | |||||||||||||||||||||
Title of 12(b) Security | Class A Common Stock, par value 10¢ | ||||||||||||||||||||
Trading Symbol | LEN | ||||||||||||||||||||
Security Exchange Name | NYSE | ||||||||||||||||||||
Entity Common Stock, Shares Outstanding | 261,373,994 | ||||||||||||||||||||
Class B Common Stock | |||||||||||||||||||||
Title of 12(b) Security | Class B Common Stock, par value 10¢ | ||||||||||||||||||||
Trading Symbol | LEN.B | ||||||||||||||||||||
Security Exchange Name | NYSE | ||||||||||||||||||||
Entity Common Stock, Shares Outstanding | 37,505,788 |
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Lennar Corp.
Lennar Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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During 2020, our cash used in financing activities was primarily impacted by (1) redemption of $300 million aggregate principal amount of our 2.95% senior notes due November 2020, (2) redemption of $400 million aggregate principal amount of our 8.375% senior notes due January 2021, (3) redemption of $500 million aggregate principal amount of our 4.75% senior notes due April 2021, (4) redemption of $300 million aggregate principal amount of our 6.625% senior notes due May 2020, (5) $605 million principal payments on notes payable and other borrowings, (6) repurchase of our common stock for $322 million, which included $289 million of repurchases of our stock under our repurchase program and $33 million of repurchases related to our equity compensation plan, (7) $282 million of net repayments under our Financial Services warehouse facilities, and (8) $195 million of dividend payments.
On January 12, 2022, our Board of Directors increased the annual dividend rate to $1.50 per share, resulting in a quarterly cash dividend of $0.375 per share on both our Class A and Class B common stock.
As of the end of each fiscal quarter, we are required to maintain minimum consolidated tangible net worth of approximately $7.1 billion plus the sum of 50% of the cumulative consolidated net income for each completed fiscal quarter subsequent to February 28, 2019, if positive, and 50% of the net cash proceeds from any equity offerings from and after February 28, 2019, minus the lesser of 50% of the amount paid after April 11, 2019 to repurchase common stock and $375 million.
During 2021, cash provided by operating activities was positively impacted by our net earnings, net of Lennar Other unrealized/realized gains of $681 million primarily due to mark to market gains on strategic investments that went public during the year ended November 30, 2021 (Opendoor, Hippo and SmartRent) and the sale of our solar business to Sunnova.
If these market conditions and resulting expected future cash flows for each reporting unit decline significantly, the actual results for each segment could differ from our estimate, which would cause goodwill to be impaired.
During 2021, our cash used...Read more
Changes in Capital Structure In...Read more
The increase in the average...Read more
The increase in the average...Read more
The increase in the average...Read more
The increase in the average...Read more
A controlling financial interest will...Read more
In October 2021, the Board...Read more
We established an operating plan...Read more
The arrangement with the investor...Read more
The following table provides information...Read more
We believe that the accounting...Read more
If our interest coverage ratio...Read more
We are continually exploring various...Read more
If the undiscounted cash flows...Read more
This was partially offset by...Read more
The projected cash flows for...Read more
The details of the Multifamily...Read more
During the year ended November...Read more
The following tables provide information...Read more
Inventory costs include land, land...Read more
As we look to 2022,...Read more
For the years ended November...Read more
Personal savings for deposits are...Read more
While we believe that the...Read more
Qualitative factors may include, but...Read more
Because of changes in economic...Read more
These were partially offset by...Read more
The gross margin percentage on...Read more
Lennar Other Segment Our Lennar...Read more
During 2020, cash provided by...Read more
Homebuilding East: Revenues from home...Read more
Homebuilding Central: Revenues from home...Read more
Homebuilding Texas: Revenues from home...Read more
Revenues were higher primarily due...Read more
Homebuilding West: Revenues from home...Read more
At November 30, 2021, we...Read more
As of both November 30,...Read more
Therefore, either inflation or deflation...Read more
The increase in assets during...Read more
Under the Credit Facility agreement,...Read more
We are required to maintain...Read more
The following summarizes our required...Read more
Gross margin percentage on home...Read more
Gross margin percentage on home...Read more
Gross margin percentage on home...Read more
Gross margin percentage on home...Read more
The following table sets forth...Read more
The dividend is payable on...Read more
Usually, management and other fees...Read more
The year ended November 30,...Read more
This was partially offset by...Read more
Homebuilding Segments At November 30,...Read more
We have articulated a drive...Read more
Interest Rates and Changing Prices...Read more
Cash proceeds from home closings...Read more
As a result, our Multifamily...Read more
New Accounting Pronouncements See Note...Read more
The determination of fair value...Read more
As of the end of...Read more
Homebuilding debt to total capital...Read more
These transactions may include the...Read more
The overall effective income tax...Read more
We remain focused on an...Read more
Excluding this fiscal 2020 gain,...Read more
Additionally, in recent years, we...Read more
During 2020, our cash used...Read more
The use of these entities...Read more
This increase was largely related...Read more
Most of the unconsolidated entities...Read more
Our accounting for goodwill represents...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Lennar Corp provided additional information to their SEC Filing as exhibits
Ticker: LEN
CIK: 920760
Form Type: 10-K Annual Report
Accession Number: 0001628280-22-001450
Submitted to the SEC: Fri Jan 28 2022 4:35:48 PM EST
Accepted by the SEC: Fri Jan 28 2022
Period: Tuesday, November 30, 2021
Industry: General Bldg Contractors Residential Bldgs