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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Aug. 31, 2021
Nov. 30, 2020
ASSETS    
Cash and cash equivalents $ 2,779,141 $ 2,863,038
Restricted cash 32,849 69,692
Receivables, net 874,508 938,079
Inventories:    
Total inventories 19,457,696 17,175,148
Investments in unconsolidated entities 2,053,701 2,064,921
Goodwill 3,632,058 3,632,058
Other assets 1,245,618 1,343,012
Total assets [1] 32,744,190 29,935,177
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 6,650,866 7,421,583
Total liabilities [2] 11,964,651 11,835,776
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 8,778,609 8,676,056
Retained earnings [2] 13,570,626 10,564,994
Treasury stock, at cost; August 31, 2021 - 28,647,421 shares of Class A common stock and 1,822,016 shares of Class B common stock; November 30, 2020 - 23,864,589 shares of Class A common stock and 1,822,016 shares of Class B common stock [2] (1,731,741) (1,279,227)
Accumulated other comprehensive loss [2] (1,300) (805)
Total stockholders’ equity [2] 20,650,188 17,994,856
Noncontrolling interests [2] 129,351 104,545
Total equity [2] 20,779,539 18,099,401
Total liabilities and equity [2] 32,744,190 29,935,177
Common Class A    
Stockholders' equity:    
Common stock [2] 30,050 29,894
Common Class B    
Stockholders' equity:    
Common stock [2] 3,944 3,944
Homebuilding    
ASSETS    
Cash and cash equivalents [1] 2,623,320 2,703,986
Restricted cash [1] 21,519 15,211
Receivables, net [1] 369,492 298,671
Inventories:    
Finished homes and construction in progress [1] 10,891,592 8,593,399
Land and land under development [1] 7,210,032 7,495,262
Consolidated inventory not owned [1] 1,004,319 836,567
Total inventories [1] 19,105,943 16,925,228
Investments in unconsolidated entities [1] 983,429 953,177
Goodwill [1] 3,442,359 3,442,359
Other assets [1] 1,034,691 1,190,793
Total assets [1] 27,580,753 25,529,425
LIABILITIES AND EQUITY    
Accounts payable [2] 1,230,577 1,037,338
Liabilities related to consolidated inventory not owned [2] 841,539 706,691
Senior notes and other debts payable, net [2] 5,542,513 5,955,758
Other liabilities [2] 2,716,872 2,225,864
Total liabilities [2] 10,331,501 9,925,651
Financial Services    
ASSETS    
Cash and cash equivalents 137,021 116,171
Restricted cash 11,330 54,481
Receivables, net 408,367 552,779
Inventories:    
Total inventories 0 0
Investments in unconsolidated entities 0 0
Goodwill 189,699 189,699
Other assets 59,052 68,027
Total assets [1] 2,282,873 2,708,118
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 1,106,447 1,463,919
Total liabilities [2] 1,272,218 1,644,248
Multifamily    
ASSETS    
Cash and cash equivalents 15,302 38,963
Restricted cash 0 0
Receivables, net 96,649 86,629
Inventories:    
Total inventories 351,753 249,920
Investments in unconsolidated entities 682,819 724,647
Goodwill 0 0
Other assets 80,169 75,749
Total assets [1] 1,226,692 1,175,908
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 0 0
Total liabilities [2] 259,145 252,911
Lennar Other    
ASSETS    
Cash and cash equivalents 3,498 3,918
Restricted cash 0 0
Receivables, net 0 0
Inventories:    
Total inventories 0 0
Investments in unconsolidated entities 387,453 387,097
Goodwill 0 0
Other assets 71,706 8,443
Total assets [1] 1,653,872 521,726
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 1,906 1,906
Total liabilities [2] $ 101,787 $ 12,966
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of August 31, 2021, total assets include $1.0 billion related to consolidated VIEs of which $61.1 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $623.9 million in Homebuilding land and land under development, $284.7 million in Homebuilding consolidated inventory not owned, $1.3 million in Homebuilding investments in unconsolidated entities, $17.1 million in Homebuilding other assets and $17.7 million in Multifamily assets.
As of November 30, 2020, total assets include $1.1 billion related to consolidated VIEs of which $32.1 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $14.2 million in Homebuilding finished homes and construction in progress, $486.8 million in Homebuilding land and land under development, $426.3 million in Homebuilding consolidated inventory not owned, $1.6 million in Homebuilding investments in unconsolidated entities, $120.6 million in Homebuilding other assets and $39.9 million in Multifamily assets.
[2] Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of August 31, 2021, total liabilities include $320.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $25.4 million is included in Homebuilding accounts payable, $232.8 million in Homebuilding liabilities related to consolidated inventory not owned, $50.0 million in Homebuilding senior notes and other debts payable and $12.5 million in Homebuilding other liabilities.
As of November 30, 2020, total liabilities include $528.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $28.4 million is included in Homebuilding accounts payable, $351.4 million in Homebuilding liabilities related to consolidated inventory not owned, $129.1 million in Homebuilding senior notes and other debt payable, $9.9 million in Homebuilding other liabilities and $9.8 million in Multifamily liabilities.