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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
[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 May 31, 2023, total assets include $1.6 billion related to consolidated VIEs of which $30.6 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $59.0 million in Homebuilding finished homes and construction in progress, $779.1 million in Homebuilding land and land under development, $622.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $23.5 million in Homebuilding other assets, $34.4 million in Multifamily assets and $6.9 million in Lennar Other assets.
As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets.
[2] As of May 31, 2023, total liabilities include $715.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $85.6 million is included in Homebuilding accounts payable, $597.9 million in Homebuilding liabilities related to consolidated inventory not owned, $25.9 million in Homebuilding senior notes and other debts payable, $3.9 million in Multifamily liabilities and $2.0 million in Lennar Other liabilities.As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debt payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 million in Lennar Other liabilities.