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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Aug. 31, 2023
Nov. 30, 2022
Inventories:    
Total assets [1] $ 37,438,125 $ 37,984,295
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 5,561,793 5,417,796
Retained earnings [2] 21,113,282 18,861,417
Treasury stock at cost [2] (1,052,000) (210,389)
Accumulated other comprehensive income [2] 4,040 2,408
Total stockholders’ equity [2] 25,656,619 24,100,500
Noncontrolling interests [2] 131,923 139,867
Total equity [2] 25,788,542 24,240,367
Total liabilities [2] 11,649,583 13,743,928
Total liabilities and equity [2] 37,438,125 37,984,295
Operating Segments    
ASSETS    
Cash and cash equivalents 4,089,081 4,778,720
Restricted cash 34,951 37,050
Receivables, net 1,320,626 1,614,277
Inventories:    
Total inventories 22,578,983 21,862,453
Investments in unconsolidated entities 2,068,824 2,137,813
Goodwill 3,632,058 3,632,058
Other assets 1,798,475 1,530,218
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 4,477,759 6,199,136
Common Class A    
Stockholders' equity:    
Common stock [2] 25,844 25,608
Common Class B    
Stockholders' equity:    
Common stock [2] 3,660 3,660
Homebuilding    
Inventories:    
Finished homes and construction in progress [1] 12,368,338 11,718,507
Land and land under development [1] 6,993,835 7,382,273
Consolidated inventory not owned [1] 2,687,343 2,331,231
Total inventories [1] 22,049,516 21,432,011
Investments in unconsolidated entities [1] 1,157,021 1,173,164
Goodwill [1] 3,442,359 3,442,359
Other assets [1] 1,578,692 1,323,478
Total assets [1] 32,975,348 32,684,162
LIABILITIES AND EQUITY    
Accounts payable [2] 1,721,530 1,616,128
Liabilities related to consolidated inventory not owned [2] 2,300,686 1,967,551
Senior notes and other debts payable, net [2] 3,320,119 4,047,294
Other liabilities [2] 2,600,807 3,347,673
Stockholders' equity:    
Total liabilities [2] 9,943,142 10,978,646
Homebuilding | Operating Segments    
ASSETS    
Cash and cash equivalents [1] 3,887,809 4,616,124
Restricted cash [1] 16,201 23,046
Receivables, net [1] 843,750 673,980
Inventories:    
Total inventories 22,049,516 21,432,011
Investments in unconsolidated entities 1,157,021 1,173,164
Goodwill 3,442,359 3,442,359
Other assets 1,578,692 1,323,478
Total assets 32,975,348 32,684,162
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 3,320,119 4,047,294
Stockholders' equity:    
Total liabilities 9,943,142 10,978,646
Lennar Financial Services    
Inventories:    
Total assets [1] 2,334,594 3,254,257
Stockholders' equity:    
Total liabilities [2] 1,333,485 2,353,904
Lennar Financial Services | Operating Segments    
ASSETS    
Cash and cash equivalents 167,216 139,378
Restricted cash 18,750 14,004
Receivables, net 372,265 826,163
Inventories:    
Total inventories 0 0
Investments in unconsolidated entities 0 0
Goodwill 189,699 189,699
Other assets 106,594 119,815
Total assets 2,334,594 3,254,257
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 1,154,163 2,135,093
Stockholders' equity:    
Total liabilities 1,333,485 2,353,904
Lennar Multifamily [Member]    
Inventories:    
Total assets [1] 1,354,587 1,257,337
Stockholders' equity:    
Total liabilities [2] 290,266 313,484
Lennar Multifamily [Member] | Operating Segments    
ASSETS    
Cash and cash equivalents 28,712 17,827
Restricted cash 0 0
Receivables, net 104,611 114,134
Inventories:    
Total inventories 529,467 430,442
Investments in unconsolidated entities 623,269 648,126
Goodwill 0 0
Other assets 68,528 46,808
Total assets 1,354,587 1,257,337
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 3,477 16,749
Stockholders' equity:    
Total liabilities 290,266 313,484
Lennar Other    
Inventories:    
Total assets [1] 773,596 788,539
Stockholders' equity:    
Total liabilities [2] 82,690 97,894
Lennar Other | Operating Segments    
ASSETS    
Cash and cash equivalents 5,344 5,391
Restricted cash 0 0
Receivables, net 0 0
Inventories:    
Total inventories 0 0
Investments in unconsolidated entities 288,534 316,523
Goodwill 0 0
Other assets 44,661 40,117
Total assets 773,596 788,539
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 0 0
Stockholders' equity:    
Total liabilities $ 82,690 $ 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 August 31, 2023, total assets include $1.9 billion related to consolidated VIEs of which $33.4 million is included in Homebuilding cash and cash equivalents, $2.3 million in Homebuilding receivables, net, $37.5 million in Homebuilding finished homes and construction in progress, $847.8 million in Homebuilding land and land under development, $921.4 million in Homebuilding consolidated inventory not owned, $0.5 million in Homebuilding investments in unconsolidated entities, $25.3 million in Homebuilding other assets and $31.9 million in Multifamily 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 August 31, 2023, total liabilities include $1.1 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $147.8 million is included in Homebuilding accounts payable, $878.2 million in Homebuilding liabilities related to consolidated inventory not owned, $25.9 million in Homebuilding senior notes and other debts payable and $4.0 million in Multifamily 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.