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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Aug. 31, 2024
Nov. 30, 2023
Total assets [1] $ 39,740,982 $ 39,234,303
Total liabilities [2] $ 12,183,274 $ 12,532,337
Common Class A    
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized 400,000,000 400,000,000
Common stock, shares issued 259,978,383 258,475,012
Treasury stock, shares 21,171,248 11,207,889
Common Class B    
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized 90,000,000 90,000,000
Common stock, shares issued 36,601,215 36,601,215
Treasury stock, shares 4,163,503 2,920,200
Homebuilding    
Total assets [1] $ 34,482,291 $ 33,628,392
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
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
Consolidated inventory not owned [1] 3,842,592 2,992,528
Investments in unconsolidated entities [1] 1,309,622 1,143,909
Other assets [1] 1,616,314 1,512,038
Total liabilities [2] 10,122,586 9,727,994
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
Multifamily    
Total assets [1] 1,310,555 1,381,513
Total liabilities [2] 195,327 278,177
Lennar Other    
Total assets [1] 854,263 657,852
Total liabilities [2] 105,540 79,127
Variable Interest Entity, Primary Beneficiary    
Total assets 3,300,000 1,900,000
Total liabilities 2,400,000 1,200,000
Variable Interest Entity, Primary Beneficiary | Homebuilding    
Cash and cash equivalents 68,800 22,800
Receivables, net 7,000 1,800
Finished homes and construction in progress 6,700 18,300
Land and land under development 625,100 628,000
Consolidated inventory not owned 2,500,000 1,200,000
Investments in unconsolidated entities 300 300
Other assets 41,000 23,000
Accounts payable 80,000 53,700
Liabilities related to consolidated inventory not owned 2,300,000 1,100,000
Senior notes and other debt payable, net 6,000  
Other liabilities 46,500 38,100
Inventory, Real Estate, Homebuilding Deposits and Pre-Acquisition Costs 67,300 55,000
Variable Interest Entity, Primary Beneficiary | Multifamily    
Total assets 34,000 32,600
Total liabilities $ 1,000 $ 4,100
[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.