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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
May 31, 2016
Nov. 30, 2015
ASSETS    
Cash and cash equivalents $ 815,477 $ 1,158,445
Inventories:    
Total assets [1] 14,847,801 14,419,509
LIABILITIES AND EQUITY    
Total liabilities [2] 8,484,867 8,469,437
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 2,429,317 2,305,560
Retained earnings [2] 3,775,094 3,429,736
Treasury stock, at cost; May 31, 2016 - 887,259 shares of Class A common stock and 1,679,620 shares of Class B common stock; November 30, 2015 - 815,959 shares of Class A common stock and 1,679,620 shares of Class B common stock [2] (108,732) (107,755)
Accumulated other comprehensive income [2] 515 39
Total stockholders’ equity [2] 6,118,366 5,648,944
Noncontrolling interests [2] 244,568 301,128
Total equity [2] 6,362,934 5,950,072
Total liabilities and equity [2] 14,847,801 14,419,509
Class A Common Stock    
Stockholders' equity:    
Common stock [2] 18,874 18,066
Class B Common Stock    
Stockholders' equity:    
Common stock [2] 3,298 3,298
Lennar Homebuilding    
ASSETS    
Cash and cash equivalents [1] 601,192 893,408
Restricted cash [1] 5,713 13,505
Receivables, net [1] 45,000 74,538
Inventories:    
Finished homes and construction in progress [1] 4,269,767 3,957,167
Land and land under development [1] 5,245,422 4,724,578
Consolidated inventory not owned [1] 134,514 58,851
Total inventories [1] 9,649,703 8,740,596
Investments in unconsolidated entities [1] 785,883 741,551
Other assets [1] 646,555 609,222
Total assets [1] 11,734,046 11,072,820
LIABILITIES AND EQUITY    
Accounts payable [2] 451,517 475,909
Liabilities related to consolidated inventory not owned [2] 115,814 51,431
Senior notes and other debts payable [2] 5,316,235 5,025,130
Other liabilities [2] 835,098 899,815
Total liabilities [2] 6,718,664 6,452,285
Rialto    
ASSETS    
Cash and cash equivalents 103,622 150,219
Restricted cash 8,579 15,061
Receivables, net 0 154,948
Inventories:    
Investments in unconsolidated entities [1] 238,740 224,869
Other assets 91,797 116,908
Total assets [1] 1,171,987 1,505,500
LIABILITIES AND EQUITY    
Other liabilities [2] 53,318 94,496
Total liabilities [2] 596,628 866,224
Lennar Financial Services    
ASSETS    
Cash and cash equivalents 105,596 106,777
Restricted cash 13,625 13,961
Receivables, net 217,692 242,808
Inventories:    
Other assets 69,977 66,186
Total assets [1] 1,423,679 1,425,837
LIABILITIES AND EQUITY    
Other liabilities 225,443 225,678
Total liabilities [2] 1,079,498 1,083,978
Lennar Multifamily    
ASSETS    
Cash and cash equivalents 5,067 8,041
Inventories:    
Land and land under development 142,921 115,982
Consolidated inventory not owned 24,008 5,508
Investments in unconsolidated entities 304,171 250,876
Other assets 41,922 34,945
Total assets [1] 518,089 415,352
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 15,857 4,007
Total liabilities [2] $ 90,077 $ 66,950
[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 May 31, 2016, total assets include $645.1 million related to consolidated VIEs of which $8.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.1 million in Lennar Homebuilding receivables, net, $6.2 million in Lennar Homebuilding finished homes and construction in progress, $158.8 million in Lennar Homebuilding land and land under development, $134.5 million in Lennar Homebuilding consolidated inventory not owned, $4.5 million in Lennar Homebuilding investments in unconsolidated entities, $21.4 million in Lennar Homebuilding other assets, $280.0 million in Rialto assets and $31.4 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets.
[2] As of May 31, 2016, total liabilities include $146.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $1.7 million is included in Lennar Homebuilding accounts payable, $115.8 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $15.9 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.