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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Aug. 31, 2022
Nov. 30, 2021
Inventories:    
Total assets [1] $ 35,339,877 $ 33,207,778
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 5,388,413 8,807,891
Retained earnings [2] 17,647,293 14,685,329
Treasury stock at cost [2] (89,760) (2,709,448)
Accumulated other comprehensive income (loss) [2] 2,090 (1,341)
Total stockholders’ equity [2] 22,977,278 20,816,425
Noncontrolling interests [2] 150,260 179,857
Total equity [2] 23,127,538 20,996,282
Total liabilities [2] 12,212,339 12,211,496
Total liabilities and equity [2] 35,339,877 33,207,778
Operating Segments    
ASSETS    
Cash and cash equivalents 1,504,045 2,921,744
Restricted cash 47,285 33,939
Receivables, net 1,380,457 1,296,848
Inventories:    
Total inventories 23,272,432 19,169,397
Investments in unconsolidated entities 2,148,647 1,972,383
Goodwill 3,632,058 3,632,058
Other assets 1,382,632 1,294,415
Total assets 35,339,877 33,207,778
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 5,562,092 6,378,364
Stockholders' equity:    
Total liabilities 12,212,339 12,211,496
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    
Inventories:    
Finished homes and construction in progress [1] 13,043,631 10,446,139
Land and land under development [1] 7,849,160 7,108,142
Consolidated inventory not owned [1] 1,949,718 1,161,023
Total inventories [1] 22,842,509 18,715,304
Investments in unconsolidated entities [1] 1,174,498 972,084
Goodwill [1] 3,442,359 3,442,359
Other assets [1] 1,163,519 1,090,654
Total assets [1] 30,630,296 27,467,819
LIABILITIES AND EQUITY    
Accounts payable [2] 1,552,583 1,321,247
Liabilities related to consolidated inventory not owned [2] 1,661,927 976,602
Senior notes and other debts payable, net [2] 4,057,496 4,652,338
Other liabilities [2] 2,836,442 2,920,055
Stockholders' equity:    
Total liabilities [2] 10,108,448 9,870,242
Homebuilding | Operating Segments    
ASSETS    
Cash and cash equivalents [1] 1,309,364 2,735,213
Restricted cash [1] 32,575 21,927
Receivables, net [1] 665,472 490,278
Inventories:    
Total inventories 22,842,509 18,715,304
Investments in unconsolidated entities 1,174,498 972,084
Goodwill 3,442,359 3,442,359
Other assets 1,163,519 1,090,654
Total assets 30,630,296 27,467,819
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 4,057,496 4,652,338
Stockholders' equity:    
Total liabilities 10,108,448 9,870,242
Financial Services    
Inventories:    
Total assets [1] 2,523,970 2,964,367
Stockholders' equity:    
Total liabilities [2] 1,675,492 1,906,343
Financial Services | Operating Segments    
ASSETS    
Cash and cash equivalents 143,630 167,021
Restricted cash 14,710 12,012
Receivables, net 606,672 708,165
Inventories:    
Total inventories 0 0
Investments in unconsolidated entities 0 0
Goodwill 189,699 189,699
Other assets 119,183 48,729
Total assets 2,523,970 2,964,367
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 1,487,913 1,726,026
Stockholders' equity:    
Total liabilities 1,675,492 1,906,343
Multifamily    
Inventories:    
Total assets [1] 1,267,908 1,311,747
Stockholders' equity:    
Total liabilities [2] 326,048 288,930
Multifamily | Operating Segments    
ASSETS    
Cash and cash equivalents 40,870 16,850
Restricted cash 0 0
Receivables, net 108,313 98,405
Inventories:    
Total inventories 429,923 454,093
Investments in unconsolidated entities 631,513 654,029
Goodwill 0 0
Other assets 57,289 88,370
Total assets 1,267,908 1,311,747
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 16,683 0
Stockholders' equity:    
Total liabilities 326,048 288,930
Lennar Other    
Inventories:    
Total assets [1] 917,703 1,463,845
Stockholders' equity:    
Total liabilities [2] 102,351 145,981
Lennar Other | Operating Segments    
ASSETS    
Cash and cash equivalents 10,181 2,660
Restricted cash 0 0
Receivables, net 0 0
Inventories:    
Total inventories 0 0
Investments in unconsolidated entities 342,636 346,270
Goodwill 0 0
Other assets 42,641 66,662
Total assets 917,703 1,463,845
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 0 0
Stockholders' equity:    
Total liabilities $ 102,351 $ 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 August 31, 2022, total assets include $1.4 billion related to consolidated VIEs of which $69.4 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $63.9 million in Homebuilding finished homes and construction in progress, $741.0 million in Homebuilding land and land under development, $420.9 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $24.2 million in Homebuilding other assets, $29.4 million in Multifamily assets and $13.5 million in Lennar Other 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 August 31, 2022, total liabilities include $489.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $26.7 million is included in Homebuilding accounts payable, $413.5 million in Homebuilding liabilities related to consolidated inventory not owned, $29.3 million in Homebuilding senior notes and other debts payable, $9.7 million in Homebuilding other liabilities, $3.5 million in Multifamily liabilities and $6.3 million in Lennar Other 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.