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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Inventories:    
Total assets [1] $ 39,740,982 $ 39,234,303
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 5,706,711 5,570,009
Retained earnings [2] 24,791,519 22,369,368
Treasury stock at cost [2] (3,122,408) (1,393,100)
Accumulated other comprehensive income [2] 7,040 4,879
Total stockholders’ equity [2] 27,412,520 26,580,664
Noncontrolling interests [2] 145,188 121,302
Total equity [2] 27,557,708 26,701,966
Total liabilities [2] 12,183,274 12,532,337
Total liabilities and equity [2] 39,740,982 39,234,303
Common Class A    
Stockholders' equity:    
Common stock [2] 25,998 25,848
Common Class B    
Stockholders' equity:    
Common stock [2] 3,660 3,660
Homebuilding    
ASSETS    
Cash and cash equivalents [1] 4,037,405 6,273,724
Restricted cash [1] 12,600 13,481
Receivables, net [1] 995,417 887,992
Inventories:    
Finished homes and construction in progress [1] 11,373,606 10,455,666
Land and land under development [1] 4,872,341 4,904,541
Inventory owned 16,245,947 15,360,207
Consolidated inventory not owned [1] 3,842,592 2,992,528
Inventory owned and consolidated inventory not owned [1] 20,088,539 18,352,735
Deposits and pre-acquisition costs on real estate 2,980,035 2,002,154
Investments in unconsolidated entities [1] 1,309,622 1,143,909
Goodwill [1] 3,442,359 3,442,359
Other assets [1] 1,616,314 1,512,038
Total assets [1] 34,482,291 33,628,392
LIABILITIES AND EQUITY    
Accounts payable [2] 1,788,117 1,631,401
Liabilities related to consolidated inventory not owned [2] 3,343,871 2,540,894
Senior notes and other debt payable, net [2] 2,263,256 2,816,482
Other liabilities [2] 2,727,342 2,739,217
Stockholders' equity:    
Total liabilities [2] 10,122,586 9,727,994
Lennar Financial Services    
Inventories:    
Total assets [1] 3,093,873 3,566,546
Stockholders' equity:    
Total liabilities [2] 1,759,821 2,447,039
Multifamily    
Inventories:    
Total assets [1] 1,310,555 1,381,513
Stockholders' equity:    
Total liabilities [2] 195,327 278,177
Lennar Other    
Inventories:    
Total assets [1] 854,263 657,852
Stockholders' equity:    
Total liabilities [2] 105,540 79,127
Operating Segments    
ASSETS    
Cash and cash equivalents 4,252,662 6,474,497
Restricted cash 58,482 96,441
Receivables, net 1,607,421 1,696,205
Inventories:    
Inventory owned and consolidated inventory not owned 20,640,509 18,897,670
Deposits and pre-acquisition costs on real estate 3,012,981 2,034,217
Investments in unconsolidated entities 2,205,431 2,020,005
Goodwill 3,632,058 3,632,058
Other assets 1,908,570 1,765,066
LIABILITIES AND EQUITY    
Senior notes and other debt payable, net 3,808,672 4,984,028
Operating Segments | Homebuilding    
ASSETS    
Cash and cash equivalents 4,037,405 6,273,724
Restricted cash 12,600 13,481
Receivables, net 995,417 887,992
Inventories:    
Inventory owned and consolidated inventory not owned 20,088,539 18,352,735
Deposits and pre-acquisition costs on real estate 2,980,035 2,002,154
Investments in unconsolidated entities 1,309,622 1,143,909
Goodwill 3,442,359 3,442,359
Other assets 1,616,314 1,512,038
Total assets 34,482,291 33,628,392
LIABILITIES AND EQUITY    
Senior notes and other debt payable, net 2,263,256 2,816,482
Stockholders' equity:    
Total liabilities 10,122,586 9,727,994
Operating Segments | Lennar Financial Services    
ASSETS    
Cash and cash equivalents 156,840 159,491
Restricted cash 45,882 82,960
Receivables, net 546,868 716,071
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 111,333 135,377
Total assets 3,093,873 3,566,546
LIABILITIES AND EQUITY    
Senior notes and other debt payable, net 1,545,416 2,163,805
Stockholders' equity:    
Total liabilities 1,759,821 2,447,039
Operating Segments | Multifamily    
ASSETS    
Cash and cash equivalents 24,755 39,334
Restricted cash 0 0
Receivables, net 65,136 92,142
Inventories:    
Inventory owned and consolidated inventory not owned 551,970 544,935
Deposits and pre-acquisition costs on real estate 32,946 32,063
Investments in unconsolidated entities 544,635 599,852
Goodwill 0 0
Other assets 91,113 73,187
Total assets 1,310,555 1,381,513
LIABILITIES AND EQUITY    
Senior notes and other debt payable, net 0 3,741
Stockholders' equity:    
Total liabilities 195,327 278,177
Operating Segments | Lennar Other    
ASSETS    
Cash and cash equivalents 33,662 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 351,174 276,244
Goodwill 0 0
Other assets 89,810 44,464
Total assets 854,263 657,852
LIABILITIES AND EQUITY    
Senior notes and other debt payable, net 0 0
Stockholders' equity:    
Total liabilities $ 105,540 $ 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 August 31, 2024, total assets include $3.3 billion related to consolidated VIEs of which $68.8 million is included in Homebuilding cash and cash equivalents, $7.0 million in Homebuilding receivables, net, $6.7 million in Homebuilding finished homes and construction in progress, $625.1 million in Homebuilding land and land under development, $2.5 billion in Homebuilding consolidated inventory not owned, $67.3 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $41.0 million in Homebuilding other assets and $34.0 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, $1.2 billion in Homebuilding consolidated inventory not owned, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $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 August 31, 2024, total liabilities include $2.4 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $80.0 million is included in Homebuilding accounts payable, $2.3 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $46.5 million in Homebuilding other liabilities, and $1.0 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.