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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
May 31, 2022
Nov. 30, 2021
Inventories:    
Total assets [1] $ 34,306,202 $ 33,207,778
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 5,355,182 8,807,891
Retained earnings [2] 16,288,698 14,685,329
Treasury stock at cost [2] (76,615) (2,709,448)
Accumulated other comprehensive income (loss) [2] 1,748 (1,341)
Total stockholders’ equity [2] 21,598,255 20,816,425
Noncontrolling interests [2] 191,519 179,857
Total equity [2] 21,789,774 20,996,282
Total liabilities [2] 12,516,428 12,211,496
Total liabilities and equity [2] 34,306,202 33,207,778
Common Class A    
Stockholders' equity:    
Common stock [2] 25,582 30,050
Common Class B    
Stockholders' equity:    
Common stock [2] 3,660 3,944
Homebuilding    
ASSETS    
Cash and cash equivalents [1] 1,314,741 2,735,213
Restricted cash [1] 28,440 21,927
Receivables, net [1] 508,638 490,278
Inventories:    
Finished homes and construction in progress [1] 12,811,985 10,446,139
Land and land under development [1] 7,590,237 7,108,142
Consolidated inventory not owned [1] 1,687,277 1,161,023
Total inventories [1] 22,089,499 18,715,304
Investments in unconsolidated entities [1] 1,083,813 972,084
Goodwill [1] 3,442,359 3,442,359
Other assets [1] 1,226,192 1,090,654
Total assets [1] 29,693,682 27,467,819
LIABILITIES AND EQUITY    
Accounts payable [2] 1,555,283 1,321,247
Liabilities related to consolidated inventory not owned [2] 1,414,663 976,602
Senior notes and other debts payable, net [2] 4,645,791 4,652,338
Other liabilities [2] 2,997,475 2,920,055
Stockholders' equity:    
Total liabilities [2] 10,613,212 9,870,242
Financial Services    
Inventories:    
Total assets [1] 2,359,675 2,964,367
Stockholders' equity:    
Total liabilities [2] 1,470,688 1,906,343
Multifamily    
Inventories:    
Total assets [1] 1,277,607 1,311,747
Stockholders' equity:    
Total liabilities [2] 323,799 288,930
Lennar Other    
Inventories:    
Total assets [1] 975,238 1,463,845
Stockholders' equity:    
Total liabilities [2] $ 108,729 $ 145,981
[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 May 31, 2022, total assets include $1.6 billion related to consolidated VIEs of which $73.9 million is included in Homebuilding cash and cash equivalents, $0.6 million in Homebuilding receivables, net, $37.2 million in Homebuilding finished homes and construction in progress, $837.6 million in Homebuilding land and land under development, $591.2 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $22.9 million in Homebuilding other assets and $34.7 million in Multifamily assets.
As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.
[2] As of May 31, 2022, total liabilities include $571.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $24.2 million is included in Homebuilding accounts payable, $507.4 million in Homebuilding liabilities related to consolidated inventory not owned, $29.3 million in Homebuilding senior notes and other debts payable, $7.0 million in Homebuilding other liabilities and $3.4 million in Multifamily liabilities.As of November 30, 2021, total liabilities include $258.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $26.6 million is included in Homebuilding accounts payable, $196.6 million in Homebuilding liabilities related to consolidated inventory not owned, $20.1 million in Homebuilding senior notes and other debt payable, $12.3 million in Homebuilding other liabilities and $2.8 million in Multifamily liabilities.