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Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Feb. 28, 2013
Nov. 30, 2012
ASSETS    
Cash and cash equivalents $ 1,242,116 $ 1,310,743
Inventories:    
Total assets 10,432,269 [1] 10,362,206 [1]
LIABILITIES AND EQUITY    
Senior notes and other debts payable 4,505,662 4,005,051
Total liabilities 6,362,629 [2] 6,360,998 [2]
Stockholders' equity:    
Preferred stock 0 [2] 0 [2]
Additional paid-in capital 2,436,078 [2] 2,421,941 [2]
Retained earnings 1,654,930 [2] 1,605,131 [2]
Treasury stock, at cost; August 31, 2012 - 11,702,017 Class A common shares and 1,679,620 Class B common shares; November 30, 2011 - 12,000,017 Class A common shares and 1,679,620 Class B common shares (615,698) [2] (632,846) [2]
Total stockholders' equity 3,495,881 [2] 3,414,764 [2]
Noncontrolling interests 573,759 [2] 586,444 [2]
Total equity 4,069,640 [2] 4,001,208 [2]
Total liabilities and equity 10,432,269 [2] 10,362,206 [2]
Lennar Homebuilding [Member]
   
ASSETS    
Cash and cash equivalents 1,112,728 [1] 1,146,867 [1]
Restricted cash 8,085 [1] 8,096 [1]
Receivables, net 58,175 [1] 53,745 [1]
Inventories:    
Finished homes and construction in progress 1,945,434 [1] 1,625,048 [1]
Land and land under development 3,341,069 [1] 3,119,804 [1]
Consolidated inventory not owned 325,473 [1] 326,861 [1]
Total inventories 5,611,976 [1] 5,071,713 [1]
Investments in unconsolidated entities 577,342 [1] 565,360 [1]
Other assets 973,565 [1] 956,070 [1]
Total assets 8,341,871 [1] 7,801,851 [1]
LIABILITIES AND EQUITY    
Accounts payable 229,880 [2] 220,690 [2]
Liabilities related to consolidated inventory not owned 266,803 [2] 268,159 [2]
Senior notes and other debts payable 4,505,662 [2] 4,005,051 [2]
Other liabilities 600,569 [2] 635,524 [2]
Total liabilities 5,602,914 [2] 5,129,424 [2]
Rialto Investments [Member]
   
ASSETS    
Cash and cash equivalents 64,188 [1] 105,310 [1]
Inventories:    
Investments in unconsolidated entities 106,609 [1] 108,140 [1]
Other assets 34,623 [1] 38,379 [1]
Defeasance cash to retire notes payable 4,655 [1] 223,813 [1]
Loans receivable, net 406,207 [1] 436,535 [1]
Real estate owned, held-for-sale 178,678 [1] 134,161 [1]
Real estate owned, held-and-used, net 547,273 [1] 601,022 [1]
Total assets 1,342,233 [1],[3] 1,647,360 [1],[3]
LIABILITIES AND EQUITY    
Senior notes and other debts payable 270,357 [2] 574,480 [2]
Other liabilities 14,809 [2] 26,122 [2]
Total liabilities 285,166 [2] 600,602 [2]
Lennar Financial Services [Member]
   
ASSETS    
Cash and cash equivalents 65,200 58,566
Restricted cash 12,566 12,972
Receivables, net 171,580 [4] 172,230 [4]
Inventories:    
Other assets 43,776 [5] 44,957 [5]
Total assets 748,165 [1] 912,995 [1]
LIABILITIES AND EQUITY    
Other liabilities 162,616 [6] 172,978 [6]
Total liabilities 474,549 [2] 630,972 [2]
Class A Common Stock [Member]
   
Stockholders' equity:    
Common stock 17,273 [2] 17,240 [2]
Total equity 17,273 17,240
Class B Common Stock [Member]
   
Stockholders' equity:    
Common stock 3,298 [2] 3,298 [2]
Total equity $ 3,298 $ 3,298
[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, or any of its subsidiaries, has any obligations.As of February 28, 2013, total assets include $1,837.4 million related to consolidated VIEs of which $15.9 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $65.6 million in Lennar Homebuilding finished homes and construction in progress, $485.6 million in Lennar Homebuilding land and land under development, $65.9 million in Lennar Homebuilding consolidated inventory not owned, $44.5 million in Lennar Homebuilding investments in unconsolidated entities, $223.2 million in Lennar Homebuilding other assets, $63.3 million in Rialto Investments cash and cash equivalents, $4.7 million in Rialto Investments defeasance cash to retire notes payable, $318.5 million in Rialto Investments loans receivable, net, $115.3 million in Rialto Investments real estate owned, held-for-sale, $422.8 million in Rialto Investments real estate owned, held-and-used, net $0.6 million in Rialto Investments in unconsolidated entities and $5.5 million in Rialto Investments other assets.As of November 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets.
[2] As of February 28, 2013, total liabilities include $435.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $10.1 million is included in Lennar Homebuilding accounts payable, $35.8 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $186.7 million in Lennar Homebuilding senior notes and other debts payable, $14.5 million in Lennar Homebuilding other liabilities and $188.2 million in Rialto Investments notes payable and other liabilities.As of November 30, 2012, total liabilities include $737.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $10.6 million is included in Lennar Homebuilding accounts payable, $35.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $181.6 million in Lennar Homebuilding senior notes and other debts payable, $15.7 million in Lennar Homebuilding other liabilities and $493.4 million in Rialto Investments notes payable and other liabilities.
[3] Consists primarily of assets of consolidated VIEs (see Note 8).
[4] Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of February 28, 2013 and November 30, 2012, respectively.
[5] Other assets include mortgage loan commitments carried at fair value of $12.0 million and $12.7 million as of February 28, 2013 and November 30, 2012
[6] Other liabilities include $75.7 million and $76.1 million as of February 28, 2013 and November 30, 2012, respectively, of certain of the Company’s self-insurance reserves related to general liability and workers’ compensation. Other liabilities also include forward contracts carried at fair value of $2.1 million and $2.6 million as of February 28, 2013 and November 30, 2012