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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Feb. 28, 2017
Nov. 30, 2016
ASSETS    
Cash and cash equivalents $ 929,060 $ 1,329,529
Inventories:    
Total assets [1] 16,230,113 15,361,781
LIABILITIES AND EQUITY    
Total liabilities [2] 8,974,338 8,150,214
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 2,855,793 2,805,349
Retained earnings [2] 4,334,936 4,306,256
Treasury stock, at cost; February 28, 2017 - 951,887 shares of Class A common stock and 1,679,620 shares of Class B common stock; November 30, 2016 - 917,447 shares of Class A common stock and 1,679,620 shares of Class B common stock [2] (109,048) (108,961)
Accumulated other comprehensive income (loss) [2] 663 (309)
Total stockholders’ equity [2] 7,106,053 7,026,042
Noncontrolling interests [2] 149,722 185,525
Total equity [2] 7,255,775 7,211,567
Total liabilities and equity [2] 16,230,113 15,361,781
Class A Common Stock    
Stockholders' equity:    
Common stock [2] 20,411 20,409
Class B Common Stock    
Stockholders' equity:    
Common stock [2] 3,298 3,298
Lennar Homebuilding    
ASSETS    
Cash and cash equivalents [1] 640,816 1,050,138
Restricted cash [1] 12,850 5,977
Receivables, net [1] 81,299 106,976
Inventories:    
Finished homes and construction in progress [1] 4,672,246 3,951,716
Land and land under development [1] 5,640,275 5,106,191
Consolidated inventory not owned [1] 156,155 121,019
Total inventories [1] 10,468,676 9,178,926
Investments in unconsolidated entities [1] 910,084 811,723
Goodwill [1] 143,298 0
Other assets [1] 902,347 651,028
Total assets [1] 13,159,370 11,804,768
LIABILITIES AND EQUITY    
Accounts payable [2] 473,802 478,546
Liabilities related to consolidated inventory not owned [2] 153,445 110,006
Senior notes and other debts payable [2] 5,778,306 4,575,977
Other liabilities [2] 994,766 841,449
Total liabilities [2] 7,400,319 6,005,978
Rialto    
ASSETS    
Cash and cash equivalents 162,513 148,827
Restricted cash 5,630 9,935
Receivables, net 209,025 204,518
Inventories:    
Investments in unconsolidated entities [1] 235,066 245,741
Goodwill 5,396 5,396
Other assets 144,216 113,671
Total assets [1] 1,228,874 1,276,210
LIABILITIES AND EQUITY    
Other liabilities 54,078 85,645
Total liabilities [2] 680,120 707,980
Lennar Financial Services    
ASSETS    
Cash and cash equivalents 119,308 123,964
Restricted cash 10,380 17,053
Receivables, net 141,941 409,528
Inventories:    
Goodwill 59,838 39,838
Other assets 82,087 99,319
Total assets [1] 1,231,708 1,754,672
LIABILITIES AND EQUITY    
Other liabilities 228,064 241,055
Total liabilities [2] 788,339 1,318,283
Lennar Multifamily    
ASSETS    
Cash and cash equivalents 6,423 6,600
Receivables, net 64,388 58,929
Inventories:    
Land and land under development 161,317 139,713
Investments in unconsolidated entities 346,767 318,559
Other assets 31,266 2,330
Total assets [1] 610,161 526,131
LIABILITIES AND EQUITY    
Total liabilities [2] $ 105,560 $ 117,973
[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, 2017, total assets include $651.1 million related to consolidated VIEs of which $9.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $72.4 million in Lennar Homebuilding finished homes and construction in progress, $177.5 million in Lennar Homebuilding land and land under development, $156.2 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $16.4 million in Lennar Homebuilding other assets, $173.2 million in Rialto assets and $41.2 million in Lennar Multifamily assets.
As of November 30, 2016, total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million in Lennar Multifamily assets.
[2] As of February 28, 2017, total liabilities include $170.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.2 million is included in Lennar Homebuilding accounts payable, $153.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.9 million in Lennar Homebuilding other liabilities and $9.6 million in Rialto liabilities.As of November 30, 2016, total liabilities include $126.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.6 million is included in Lennar Homebuilding accounts payable, $110.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.5 million in Lennar Homebuilding other liabilities and $10.3 million in Rialto liabilities.