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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Feb. 28, 2018
Nov. 30, 2017
ASSETS    
Cash and cash equivalents $ 1,029,585 $ 2,650,872
Inventories:    
Total assets [1] 27,944,023 18,745,034
LIABILITIES AND EQUITY    
Total liabilities [2] 14,769,939 10,758,902
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 8,221,423 3,142,013
Retained earnings [2] 4,967,580 4,840,978
Treasury stock, at cost; February 28, 2018 - 1,917,513 shares of Class A common stock and 1,688,366 shares of Class B common stock; November 30, 2017 - 1,473,590 shares of Class A common stock and 1,679,650 shares of Class B common stock (161,378) (136,020) [2]
Accumulated other comprehensive income [2] 376 1,034
Total stockholders’ equity [2] 13,060,930 7,872,317
Noncontrolling interests [2] 113,154 113,815
Total equity [2] 13,174,084 7,986,132
Total liabilities and equity [2] 27,944,023 18,745,034
Class A Common Stock    
Stockholders' equity:    
Common stock [2] 28,992 20,543
Class B Common Stock    
Stockholders' equity:    
Common stock [2] 3,937 3,769
Lennar Homebuilding    
ASSETS    
Cash and cash equivalents [1] 733,905 2,282,925
Restricted cash [1] 22,842 8,740
Receivables, net [1] 194,235 137,667
Inventories:    
Finished homes and construction in progress [1] 9,306,606 4,676,279
Land and land under development [1] 7,907,541 5,791,338
Consolidated inventory not owned [1] 366,669 393,273
Total inventories [1] 17,580,816 10,860,890
Investments in unconsolidated entities [1] 990,723 900,769
Goodwill [1] 3,433,477 136,566
Other assets [1] 1,437,514 863,404
Total assets [1] 24,393,512 15,190,961
LIABILITIES AND EQUITY    
Accounts payable [2] 782,797 604,953
Liabilities related to consolidated inventory not owned [2] 347,048 380,720
Senior notes and other debts payable [2] 10,382,540 6,410,003
Other liabilities [2] 1,623,391 1,315,641
Total liabilities [2] 13,135,776 8,711,317
Lennar Financial Services    
ASSETS    
Cash and cash equivalents 165,849 117,410
Restricted cash 11,251 12,006
Receivables, net 366,100 313,252
Inventories:    
Goodwill 210,628 59,838
Other assets 117,001 95,527
Total assets [1] 1,748,432 1,689,508
LIABILITIES AND EQUITY    
Other liabilities 232,762 240,383
Total liabilities [2] 1,005,002 1,177,814
Rialto    
ASSETS    
Cash and cash equivalents 113,582 241,861
Restricted cash 20,536 22,466
Inventories:    
Investments in unconsolidated entities [1] 275,850 265,418
Goodwill 5,396 5,396
Other assets 98,170 120,438
Total assets [1] 909,249 1,153,840
LIABILITIES AND EQUITY    
Other liabilities 49,225 94,975
Total liabilities 488,104 720,056
Lennar Multifamily    
ASSETS    
Cash and cash equivalents 16,249 8,676
Receivables, net 72,613 69,678
Inventories:    
Land and land under development 332,291 208,618
Investments in unconsolidated entities 437,367 407,544
Other assets 34,310 16,209
Total assets 892,830 710,725 [1]
LIABILITIES AND EQUITY    
Total liabilities [2] $ 141,057 $ 149,715
[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, 2018, total assets include $864.8 million related to consolidated VIEs of which $7.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $45.4 million in Lennar Homebuilding finished homes and construction in progress, $308.8 million in Lennar Homebuilding land and land under development, $366.7 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $11.7 million in Lennar Homebuilding other assets, $20.0 million in Rialto assets and $100.0 million in Lennar Multifamily assets.
As of November 30, 2017, total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million in Lennar Multifamily assets.
[2] 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, 2018, total liabilities include $366.0 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.5 million is included in Lennar Homebuilding accounts payable, $11.1 million in Lennar Homebuilding senior notes and other debts payable, $347.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.5 million in Lennar Homebuilding other liabilities, $1.8 million in Rialto liabilities and $0.1 million in Lennar Multifamily liabilities.
As of November 30, 2017, total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities and $2.2 million in Rialto liabilities.