v3.25.2
Variable Interest Entities (Narrative) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Feb. 10, 2025
USD ($)
Feb. 07, 2025
USD ($)
property
May 31, 2025
USD ($)
May 31, 2025
USD ($)
Nov. 30, 2024
USD ($)
Variable Interest Entity [Line Items]          
Total liabilities [1]     $ 11,642,664 $ 11,642,664 $ 13,291,556
Assets [2]     34,374,546 34,374,546 41,312,781
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Millrose          
Variable Interest Entity [Line Items]          
Disposal Group, Including Discontinued Operation, Real Estate Option Contracts     720,800 720,800  
Land   $ 5,600,000      
Number of Real Estate Properties | property   87,000      
Cash deposits $ 90,400 $ 584,000      
Homebuilding          
Variable Interest Entity [Line Items]          
Total liabilities [1]     9,820,482 9,820,482 10,863,209
Consolidated inventory not owned [2]     2,660,686 2,660,686 4,084,665
Deposits and pre-acquisition costs on real estate     5,265,591 5,265,591 3,625,372
Liabilities related to consolidated inventory not owned [1]     2,317,996 2,317,996 3,563,934
Assets [2]     29,391,517 29,391,517 35,594,469
Land Bank | Homebuilding          
Variable Interest Entity [Line Items]          
Consolidated inventory not owned     498,100 498,100  
Deposits and pre-acquisition costs on real estate     2,300,000 2,300,000  
Liabilities related to consolidated inventory not owned     409,300 409,300  
Variable Interest Entity, Not Primary Beneficiary          
Variable Interest Entity [Line Items]          
Consolidated inventory not owned     1,800,000 1,800,000  
Consolidated inventory not owned, not recorded     869,000 869,000  
Decrease in liabilities related to inventory not owned     1,400,000 1,200,000  
Increase (Decrease) in Consolidated Inventory, Not Owned, Recorded     1,400,000 1,200,000  
Land Under Purchase Options Due to Maturing Contracts, Recorded     1,100,000 1,100,000  
Variable Interest Entity, Not Primary Beneficiary | Homesite Takedown          
Variable Interest Entity [Line Items]          
Increase in homesite under options       668,900  
Decrease in liabilities related to inventory not owned       1,400,000  
Decrease related consolidated inventory not owned       1,600,000  
Increase (Decrease) in Liabilities Related to Land Under Purchase Options, Not Owned, Recorded       612,700  
Variable Interest Entity, Primary Beneficiary          
Variable Interest Entity [Line Items]          
Total liabilities     1,700,000 1,700,000 2,700,000
Assets     2,300,000 2,300,000 3,700,000
Variable Interest Entity, Primary Beneficiary | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations          
Variable Interest Entity [Line Items]          
Total liabilities     19,500 19,500  
Assets     315,800 315,800  
Variable Interest Entity, Primary Beneficiary | Homebuilding          
Variable Interest Entity [Line Items]          
Consolidated inventory not owned     1,800,000 1,800,000 2,800,000
Liabilities related to consolidated inventory not owned     $ 1,700,000 $ 1,700,000 $ 2,600,000
[1] As of May 31, 2025, total liabilities include $1.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $31.0 million is included in Homebuilding accounts payable, $1.7 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $0.8 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.
As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.
[2] 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, 2025, total assets include $2.3 billion related to consolidated VIEs of which $56.0 million is included in Homebuilding cash and cash equivalents, $3.1 million in Homebuilding receivables, net, $37.8 million in Homebuilding finished homes and construction in progress, $342.0 million in Homebuilding land and land under development, $1.8 billion in Homebuilding consolidated inventory not owned, $72.3 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $8.2 million in Homebuilding other assets and $35.1 million in Multifamily assets.
As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets.