Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Feb. 28, 2022
Nov. 30, 2021
Inventories:    
Total assets [1] $ 32,635,252 $ 33,207,778
LIABILITIES AND EQUITY    
Total liabilities [2] 11,787,820 12,211,496
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 8,855,151 8,807,891
Retained earnings [2] 15,078,788 14,685,329
Treasury stock, at cost; February 28, 2022 - 43,806,845 shares of Class A common stock and 2,574,016 shares of Class B common stock; November 30, 2021 - 38,586,961 shares of Class A common stock and 1,922,016 shares of Class B common stock [2] (3,290,748) (2,709,448)
Accumulated other comprehensive income (loss) [2] 1,686 (1,341)
Total stockholders’ equity [2] 20,679,064 20,816,425
Noncontrolling interests [2] 168,368 179,857
Total equity [2] 20,847,432 20,996,282
Total liabilities and equity [2] 32,635,252 33,207,778
Common Class A    
Stockholders' equity:    
Common stock [2] 30,243 30,050
Common Class B    
Stockholders' equity:    
Common stock [2] 3,944 3,944
Homebuilding    
ASSETS    
Cash and cash equivalents [1] 1,366,597 2,735,213
Restricted cash [1] 27,025 21,927
Receivables, net [1] 456,185 490,278
Inventories:    
Finished homes and construction in progress [1] 11,587,394 10,446,139
Land and land under development [1] 7,758,804 7,108,142
Consolidated inventory not owned [1] 1,246,504 1,161,023
Total inventories [1] 20,592,702 18,715,304
Investments in unconsolidated entities [1] 1,066,256 972,084
Goodwill [1] 3,442,359 3,442,359
Other assets [1] 1,141,362 1,090,654
Total assets [1] 28,092,486 27,467,819
LIABILITIES AND EQUITY    
Accounts payable [2] 1,321,148 1,321,247
Liabilities related to consolidated inventory not owned [2] 1,038,561 976,602
Senior notes and other debts payable, net [2] 4,639,222 4,652,338
Other liabilities [2] 3,022,840 2,920,055
Total liabilities [2] 10,021,771 9,870,242
Financial Services    
Inventories:    
Total assets [1] 2,183,333 2,964,367
LIABILITIES AND EQUITY    
Total liabilities [2] 1,334,145 1,906,343
Multifamily    
Inventories:    
Total assets [1] 1,250,570 1,311,747
LIABILITIES AND EQUITY    
Total liabilities [2] 311,775 288,930
Lennar Other    
Inventories:    
Total assets [1] 1,108,863 1,463,845
LIABILITIES AND EQUITY    
Total liabilities [2] $ 120,129 $ 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 February 28, 2022, total assets include $1.1 billion related to consolidated VIEs of which $66.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $703.4 million in Homebuilding land and land under development, $218.3 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $22.1 million in Homebuilding other assets and $59.4 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 February 28, 2022, total liabilities include $236.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $23.8 million is included in Homebuilding accounts payable, $182.7 million in Homebuilding liabilities related to consolidated inventory not owned, $18.4 million in Homebuilding senior notes and other debts payable, $7.8 million in Homebuilding other liabilities and $3.8 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.