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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Feb. 28, 2019
Nov. 30, 2018
Inventories:    
Total assets [1] $ 28,749,926 $ 28,566,181
LIABILITIES AND EQUITY    
Total liabilities [2] 13,856,231 13,883,224
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 8,514,301 8,496,677
Retained earnings [2] 6,724,242 6,487,650
Treasury stock, at cost; February 28, 2019 - 9,584,236 shares of Class A common stock and 1,699,078 shares of Class B common stock; November 30, 2018 - 8,498,203 shares of Class A common stock and 1,698,424 shares of Class B common stock [2] (485,016) (435,869)
Accumulated other comprehensive loss [2] (158) (366)
Total stockholders’ equity [2] 14,786,814 14,581,535
Noncontrolling interests [2] 106,881 101,422
Total equity [2] 14,893,695 14,682,957
Total liabilities and equity [2] 28,749,926 28,566,181
Class A Common Stock    
Stockholders' equity:    
Common stock [2] 29,501 29,499
Class B Common Stock    
Stockholders' equity:    
Common stock [2] 3,944 3,944
Homebuilding    
ASSETS    
Cash and cash equivalents [1] 852,551 1,337,807
Restricted cash [1] 12,875 12,399
Receivables, net [1] 222,579 236,841
Inventories:    
Finished homes and construction in progress [1] 9,742,794 8,681,357
Land and land under development [1] 8,164,066 8,178,388
Consolidated inventory not owned [1] 301,938 208,959
Total inventories [1] 18,208,798 17,068,704
Investments in unconsolidated entities [1] 924,056 870,201
Goodwill [1] 3,442,359 3,442,359
Other assets [1] 1,264,362 1,355,782
Total assets [1] 24,927,580 24,324,093
LIABILITIES AND EQUITY    
Accounts payable [2] 1,025,286 1,154,782
Liabilities related to consolidated inventory not owned [2] 267,344 175,590
Senior notes and other debts payable [2] 9,256,423 8,543,868
Other liabilities [2] 1,763,980 1,902,658
Total liabilities [2] 12,313,033 11,776,898
Financial Services    
ASSETS    
Cash and cash equivalents 155,914 188,485
Restricted cash 10,837 17,944
Receivables, net 354,216 731,169
Inventories:    
Goodwill 215,516 237,688
Other assets 153,146 125,886
Total assets [1] 2,243,611 2,778,910
LIABILITIES AND EQUITY    
Other liabilities 229,458 309,500
Total liabilities [2] 1,300,005 1,868,202
Multifamily    
ASSETS    
Cash and cash equivalents 13,594 7,832
Receivables, net 74,508 73,829
Inventories:    
Land and land under development 332,642 277,894
Investments in unconsolidated entities 485,140 481,129
Other assets 97,988 33,535
Total assets [1] 1,003,872 874,219
LIABILITIES AND EQUITY    
Total liabilities [2] 209,965 170,616
Lennar Other    
ASSETS    
Cash and cash equivalents 15,843 24,334
Restricted cash 975 7,175
Inventories:    
Investments in unconsolidated entities 428,385 424,104
Other assets 45,582 47,740
Total assets [1] 574,863 588,959
LIABILITIES AND EQUITY    
Other liabilities 18,182 53,020
Total liabilities [2] 33,228 67,508
Variable Interest Entity, Primary Beneficiary    
Inventories:    
Total assets 1,000,000 666,200
LIABILITIES AND EQUITY    
Total liabilities 528,400 242,500
Variable Interest Entity, Primary Beneficiary | Homebuilding    
ASSETS    
Cash and cash equivalents 37,400 57,600
Receivables, net 300 200
Inventories:    
Finished homes and construction in progress 102,300 81,700
Land and land under development 311,400 293,100
Consolidated inventory not owned 301,900 209,000
Investments in unconsolidated entities 4,000 3,800
Other assets 10,500 10,500
LIABILITIES AND EQUITY    
Accounts payable 5,400 11,400
Liabilities related to consolidated inventory not owned 267,300 175,600
Senior notes and other debts payable [2] 60,800 51,900
Other liabilities 1,300 2,600
Variable Interest Entity, Primary Beneficiary | Financial Services    
Inventories:    
Other assets 187,200  
LIABILITIES AND EQUITY    
Total liabilities 190,600  
Variable Interest Entity, Primary Beneficiary | Multifamily    
Inventories:    
Total assets 51,600  
LIABILITIES AND EQUITY    
Total liabilities 1,800  
Variable Interest Entity, Primary Beneficiary | Lennar Other    
Inventories:    
Total assets 8,100 10,300
LIABILITIES AND EQUITY    
Total liabilities $ 1,000 $ 1,000
[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, 2019, total assets include $1.0 billion related to consolidated VIEs of which $37.4 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $102.3 million in Homebuilding finished homes and construction in progress, $311.4 million in Homebuilding land and land under development, $301.9 million in Homebuilding consolidated inventory not owned, $4.0 million in Homebuilding investments in unconsolidated entities, $10.5 million in Homebuilding other assets, $187.2 million in Financial Services assets, $51.6 million in Multifamily assets and $8.1 million in Lennar Other assets.
As of November 30, 2018, total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $81.7 million in Homebuilding finished homes and construction in progress, $293.1 million in Homebuilding land and land under development, $209.0 million in Homebuilding consolidated inventory not owned, $3.8 million in Homebuilding investments in unconsolidated entities, $10.5 million in Homebuilding other assets and $10.3 million in Lennar Other assets.
[2] Under certain provisions of 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, 2019, total liabilities include $528.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.4 million is included in Homebuilding accounts payable, $60.8 million in Homebuilding senior notes and other debts payable, $267.3 million in Homebuilding liabilities related to consolidated inventory not owned, $1.3 million in Homebuilding other liabilities, $190.6 million in Financial Services liabilities, $1.8 million in Multifamily liabilities and $1.0 million in Lennar Other liabilities.
As of November 30, 2018, total liabilities include $242.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $11.4 million is included in Homebuilding accounts payable, $51.9 million in Homebuilding senior notes and other debt payable, $175.6 million in Homebuilding liabilities related to consolidated inventory not owned, $2.6 million in Homebuilding other liabilities and $1.0 million in Lennar Other liabilities.