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Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended |
--- | --- | ---
Feb. 29, 2024 | Nov. 30, 2023
Variable Interest Entity [Line Items] |  |  |
Total liabilities | [1] | $ 12,173,269 | $ 12,532,337
Homebuilding |  |  |
Variable Interest Entity [Line Items] |  |  |
Total liabilities | [1] | 10,128,947 | 9,727,994
Consolidated inventory not owned | [2] | 3,547,921 | 2,992,528
Deposits and pre-acquisition costs on real estate |  | 2,408,877 | 2,002,154
Liabilities related to consolidated inventory not owned | [1] | 3,043,888 | 2,540,894
Land Bank | Homebuilding |  |  |
Variable Interest Entity [Line Items] |  |  |
Consolidated inventory not owned |  | 886,200 |
Deposits and pre-acquisition costs on real estate |  | 669,900 |
Liabilities related to consolidated inventory not owned |  | 749,200 |
Variable Interest Entity, Not Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Increase in consolidated inventory |  | 555,400 |
Consolidated inventory not owned |  | 1,900,000 |
Consolidated inventory not owned, not recorded |  | 1,700,000 |
Variable Interest Entity, Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Total liabilities |  | 1,800,000 | 1,200,000
Variable Interest Entity, Primary Beneficiary | Homebuilding |  |  |
Variable Interest Entity [Line Items] |  |  |
Consolidated inventory not owned |  | 1,900,000 | 1,200,000
Liabilities related to consolidated inventory not owned |  | $ 1,700,000 | $ 1,100,000
[1] | As of February 29, 2024, total liabilities include $1.8 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $17.7 million is included in Homebuilding accounts payable, $1.7 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, $88.5 million in Homebuilding other liabilities, and $0.9 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities, and $4.1 million in Multifamily liabilities.
[2] | 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 February 29, 2024, total assets include $2.7 billion related to consolidated VIEs of which $40.8 million is included in Homebuilding cash and cash equivalents, $2.0 million in Homebuilding receivables, net, $9.8 million in Homebuilding finished homes and construction in progress, $633.4 million in Homebuilding land and land under development, $67.1 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.9 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $26.7 million in Homebuilding other assets and $33.1 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.

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