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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Feb. 29, 2024
Nov. 30, 2023
Inventories:    
Total assets [1] $ 38,951,199 $ 39,234,303
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 5,651,836 5,570,009
Retained earnings [2] 22,949,315 22,369,368
Treasury stock at cost [2] (1,988,200) (1,393,100)
Accumulated other comprehensive income [2] 5,241 4,879
Total stockholders’ equity [2] 26,647,835 26,580,664
Noncontrolling interests [2] 130,095 121,302
Total equity [2] 26,777,930 26,701,966
Total liabilities [2] 12,173,269 12,532,337
Total liabilities and equity [2] 38,951,199 39,234,303
Common Class A    
Stockholders' equity:    
Common stock [2] 25,983 25,848
Common Class B    
Stockholders' equity:    
Common stock [2] 3,660 3,660
Homebuilding    
ASSETS    
Cash and cash equivalents [1] 4,950,128 6,273,724
Restricted cash [1] 12,635 13,481
Receivables, net [1] 897,371 887,992
Inventories:    
Finished homes and construction in progress [1] 11,092,036 10,455,666
Land and land under development [1] 4,734,113 4,904,541
Inventory owned 15,826,149 15,360,207
Consolidated inventory not owned [1] 3,547,921 2,992,528
Inventory owned and consolidated inventory not owned [1] 19,374,070 18,352,735
Deposits and pre-acquisition costs on real estate 2,408,877 2,002,154
Investments in unconsolidated entities [1] 1,206,564 1,143,909
Goodwill [1] 3,442,359 3,442,359
Other assets [1] 1,473,563 1,512,038
Total assets [1] 33,765,567 33,628,392
LIABILITIES AND EQUITY    
Accounts payable [2] 1,565,464 1,631,401
Liabilities related to consolidated inventory not owned [2] 3,043,888 2,540,894
Senior notes and other debts payable, net [2] 2,830,332 2,816,482
Other liabilities [2] 2,689,263 2,739,217
Stockholders' equity:    
Total liabilities [2] 10,128,947 9,727,994
Lennar Financial Services    
Inventories:    
Total assets [1] 3,056,442 3,566,546
Stockholders' equity:    
Total liabilities [2] 1,721,333 2,447,039
Multifamily    
Inventories:    
Total assets [1] 1,379,279 1,381,513
Stockholders' equity:    
Total liabilities [2] 249,625 278,177
Lennar Other    
Inventories:    
Total assets [1] 749,911 657,852
Stockholders' equity:    
Total liabilities [2] 73,364 79,127
Operating Segments    
ASSETS    
Cash and cash equivalents 5,213,765 6,474,497
Restricted cash 47,703 96,441
Receivables, net 1,284,692 1,696,205
Inventories:    
Inventory owned and consolidated inventory not owned 19,942,759 18,897,670
Deposits and pre-acquisition costs on real estate 2,440,662 2,034,217
Investments in unconsolidated entities 2,082,693 2,020,005
Goodwill 3,632,058 3,632,058
Other assets 1,791,040 1,765,066
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 4,394,622 4,984,028
Operating Segments | Homebuilding    
ASSETS    
Cash and cash equivalents 4,950,128 6,273,724
Restricted cash 12,635 13,481
Receivables, net 897,371 887,992
Inventories:    
Inventory owned and consolidated inventory not owned 19,374,070 18,352,735
Deposits and pre-acquisition costs on real estate 2,408,877 2,002,154
Investments in unconsolidated entities 1,206,564 1,143,909
Goodwill 3,442,359 3,442,359
Other assets 1,473,563 1,512,038
Total assets 33,765,567 33,628,392
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 2,830,332 2,816,482
Stockholders' equity:    
Total liabilities 10,128,947 9,727,994
Operating Segments | Lennar Financial Services    
ASSETS    
Cash and cash equivalents 233,846 159,491
Restricted cash 35,068 82,960
Receivables, net 304,716 716,071
Inventories:    
Inventory owned and consolidated inventory not owned 0 0
Deposits and pre-acquisition costs on real estate 0 0
Investments in unconsolidated entities 0 0
Goodwill 189,699 189,699
Other assets 109,847 135,377
Total assets 3,056,442 3,566,546
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 1,564,290 2,163,805
Stockholders' equity:    
Total liabilities 1,721,333 2,447,039
Operating Segments | Multifamily    
ASSETS    
Cash and cash equivalents 27,091 39,334
Restricted cash 0 0
Receivables, net 82,605 92,142
Inventories:    
Inventory owned and consolidated inventory not owned 568,689 544,935
Deposits and pre-acquisition costs on real estate 31,785 32,063
Investments in unconsolidated entities 586,438 599,852
Goodwill 0 0
Other assets 82,671 73,187
Total assets 1,379,279 1,381,513
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 0 3,741
Stockholders' equity:    
Total liabilities 249,625 278,177
Operating Segments | Lennar Other    
ASSETS    
Cash and cash equivalents 2,700 1,948
Restricted cash 0 0
Receivables, net 0 0
Inventories:    
Inventory owned and consolidated inventory not owned 0 0
Deposits and pre-acquisition costs on real estate 0 0
Investments in unconsolidated entities 289,691 276,244
Goodwill 0 0
Other assets 124,959 44,464
Total assets 749,911 657,852
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 0 0
Stockholders' equity:    
Total liabilities $ 73,364 $ 79,127
[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 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.
[2] 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.