Supplemental Financial Information

6 Months Ended

May 31, 2012

Supplemental Financial Information [Abstract]

Supplemental Financial Information

Supplemental Financial Information

The indentures governing the principal amounts of the Company’s 5.95% senior notes due 2013, 5.50% senior notes due 2014, 5.60% senior notes due 2015, 6.50% senior notes due 2016, 12.25% senior notes due 2017, 6.95% senior notes due 2018, 2.00% convertible senior notes due 2020, 2.75% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021 require that, if any of the Company’s wholly owned subsidiaries, other than its finance company subsidiaries and foreign subsidiaries, directly or indirectly guarantee at least $75 million principal amount of debt of Lennar Corporation, those subsidiaries must also guarantee Lennar Corporation’s obligations with regard to its senior notes. The entities referred to as “guarantors” in the following tables are subsidiaries that were guaranteeing the senior notes because they were guaranteeing the $150 million LC Agreement, the $200 million Letter of Credit Facility and the Credit Facility at May 31, 2012. Supplemental information for the guarantors is as follows:

Condensed Consolidating Balance Sheet

May 31, 2012

(In thousands)	Lennar Corporation			Guarantor Subsidiaries	Non-Guarantor Subsidiaries	Eliminations		Total
ASSETS
Lennar Homebuilding:
Cash and cash equivalents, restricted cash and receivables, net	$	535,090		160,239	25,255	—		720,584
Inventories	—			4,272,037	527,261	—		4,799,298
Investments in unconsolidated entities	—			522,729	43,847	—		566,576
Other assets	47,332			620,270	218,906	—		886,508
Investments in subsidiaries	3,377,167			688,791	—	(4,065,958	)	—
	3,959,589			6,264,066	815,269	(4,065,958	)	6,972,966
Rialto Investments	—			—	1,748,827	—		1,748,827
Lennar Financial Services	—			76,573	552,843	—		629,416
Total assets	$	3,959,589		6,340,639	3,116,939	(4,065,958	)	9,351,209
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable and other liabilities	$	242,398		487,470	25,928	—		755,796
Liabilities related to consolidated inventory not owned	—			302,853	—	—		302,853
Senior notes and other debts payable	2,980,349			267,784	221,483	—		3,469,616
Intercompany	(2,440,536		)	1,876,739	563,797	—		—
	782,211			2,934,846	811,208	—		4,528,265
Rialto Investments	—			—	612,598	—		612,598
Lennar Financial Services	—			28,626	401,812	—		430,438
Total liabilities	782,211			2,963,472	1,825,618	—		5,571,301
Stockholders’ equity	3,177,378			3,377,167	688,791	(4,065,958	)	3,177,378
Noncontrolling interests	—			—	602,530	—		602,530
Total equity	3,177,378			3,377,167	1,291,321	(4,065,958	)	3,779,908
Total liabilities and equity	$	3,959,589		6,340,639	3,116,939	(4,065,958	)	9,351,209

(In thousands)	Lennar Corporation			Guarantor Subsidiaries	Non-Guarantor Subsidiaries	Eliminations		Total
ASSETS
Lennar Homebuilding:
Cash and cash equivalents, restricted cash and receivables, net	$	871,376		190,483	24,920	—		1,086,779
Inventories	—			3,822,009	538,526	—		4,360,535
Investments in unconsolidated entities	—			502,363	43,397	—		545,760
Other assets	35,722			269,392	219,580	—		524,694
Investments in subsidiaries	3,368,336			611,311	—	(3,979,647	)	—
	4,275,434			5,395,558	826,423	(3,979,647	)	6,517,768
Rialto Investments	—			—	1,897,148	—		1,897,148
Lennar Financial Services	—			149,842	589,913	—		739,755
Total assets	$	4,275,434		5,545,400	3,313,484	(3,979,647	)	9,154,671
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable and other liabilities	$	290,337		483,590	29,405	—		803,332
Liabilities related to consolidated inventory not owned	—			326,200	—	—		326,200
Senior notes and other debts payable	2,922,855			215,840	224,064	—		3,362,759
Intercompany	(1,634,226		)	1,105,872	528,354	—		—
	1,578,966			2,131,502	781,823	—		4,492,291
Rialto Investments	—			—	796,120	—		796,120
Lennar Financial Services	—			45,562	517,173	—		562,735
Total liabilities	1,578,966			2,177,064	2,095,116	—		5,851,146
Stockholders’ equity	2,696,468			3,368,336	611,311	(3,979,647	)	2,696,468
Noncontrolling interests	—			—	607,057	—		607,057
Total equity	2,696,468			3,368,336	1,218,368	(3,979,647	)	3,303,525
Total liabilities and equity	$	4,275,434		5,545,400	3,313,484	(3,979,647	)	9,154,671

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues:
Lennar Homebuilding	$	—		808,088		—		—		808,088
Lennar Financial Services	—			35,965		57,080		(4,450	)	88,595
Rialto Investments	—			—		33,472		—		33,472
Total revenues	—			844,053		90,552		(4,450	)	930,155
Cost and expenses:
Lennar Homebuilding	—			726,156		3,479		2,207		731,842
Lennar Financial Services	—			35,479		41,411		(6,275	)	70,615
Rialto Investments	—			(78	)	30,198		78		30,198
Corporate general and administrative	27,980			—		—		1,188		29,168
Total costs and expenses	27,980			761,557		75,088		(2,802	)	861,823
Lennar Homebuilding equity in loss from unconsolidated entities	—			(9,186	)	(195	)	—		(9,381	)
Lennar Homebuilding other income (expense), net	(205		)	12,767		—		196		12,758
Other interest expense	(1,452		)	(23,803	)	—		1,452		(23,803	)
Rialto Investments equity in earnings from unconsolidated entities	—			—		5,569		—		5,569
Rialto Investments other expense, net	—			—		(1,372	)	—		(1,372	)
Earnings (loss) before income taxes	(29,637		)	62,274		19,466		—		52,103
Benefit (provision) for income taxes	(1,848		)	411,101		(6,932	)	—		402,321
Equity in earnings from subsidiaries	484,188			10,813		—		(495,001	)	—
Net earnings (including net earnings attributable to noncontrolling interests)	452,703			484,188		12,534		(495,001	)	454,424
Less: Net earnings attributable to noncontrolling interests	—			—		1,721		—		1,721
Net earnings attributable to Lennar	$	452,703		484,188		10,813		(495,001	)	452,703

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues:
Lennar Homebuilding	$	—		648,315		14,161		—		662,476
Lennar Financial Services	—			32,701		31,191		(4,470	)	59,422
Rialto Investments	—			—		42,595		—		42,595
Total revenues	—			681,016		87,947		(4,470	)	764,493
Cost and expenses:
Lennar Homebuilding	—			614,224		17,884		(1,397	)	630,711
Lennar Financial Services	—			35,009		24,420		(2,502	)	56,927
Rialto Investments	—			—		32,273		—		32,273
Corporate general and administrative	19,184			—		—		1,414		20,598
Total costs and expenses	19,184			649,233		74,577		(2,485	)	740,509
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities	—			2,629		(212	)	—		2,417
Lennar Homebuilding other income (expense), net	(522		)	9,501		—		532		9,511
Other interest expense	(1,453		)	(22,468	)	—		1,453		(22,468	)
Rialto Investments equity in loss from unconsolidated entities	—			—		(2,973	)	—		(2,973	)
Rialto Investments other income, net	—			—		15,329		—		15,329
Earnings (loss) before income taxes	(21,159		)	21,445		25,514		—		25,800
Benefit (provision) for income taxes	10,598			(6,759	)	(4,792	)	—		(953	)
Equity in earnings from subsidiaries	24,346			9,660		—		(34,006	)	—
Net earnings (including net earnings attributable to noncontrolling interests)	13,785			24,346		20,722		(34,006	)	24,847
Less: Net earnings attributable to noncontrolling interests	—			—		11,062		—		11,062
Net earnings attributable to Lennar	$	13,785		24,346		9,660		(34,006	)	13,785

	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues:
Lennar Homebuilding	$	—		1,432,116		405		—		1,432,521
Lennar Financial Services	—			70,515		95,062		(8,767	)	156,810
Rialto Investments	—			—		65,680		—		65,680
Total revenues	—			1,502,631		161,147		(8,767	)	1,655,011
Cost and expenses:
Lennar Homebuilding	—			1,306,666		7,854		2,067		1,316,587
Lennar Financial Services	—			70,445		70,329		(10,194	)	130,580
Rialto Investments	—			—		63,568		—		63,568
Corporate general and administrative	53,479			—		—		2,531		56,010
Total costs and expenses	53,479			1,377,111		141,751		(5,596	)	1,566,745
Lennar Homebuilding equity in loss from unconsolidated entities	—			(8,045	)	(253	)	—		(8,298	)
Lennar Homebuilding other income (expense), net	(282		)	16,825		—		282		16,825
Other interest expense	(2,889		)	(48,652	)	—		2,889		(48,652	)
Rialto Investments equity in earnings from unconsolidated entities	—			—		24,027		—		24,027
Rialto Investments other expense, net	—			—		(13,612	)	—		(13,612	)
Earnings (loss) before income taxes	(56,650		)	85,648		29,558		—		58,556
Benefit (provision) for income taxes	10,761			405,067		(11,983	)	—		403,845
Equity in earnings from subsidiaries	513,560			22,845		—		(536,405	)	—
Net earnings (including net loss attributable to noncontrolling interests)	467,671			513,560		17,575		(536,405	)	462,401
Less: Net loss attributable to noncontrolling interests	—			—		(5,270	)	—		(5,270	)
Net earnings attributable to Lennar	$	467,671		513,560		22,845		(536,405	)	467,671

	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues:
Lennar Homebuilding	$	—		1,107,272		21,913		—		1,129,185
Lennar Financial Services	—			66,695		69,556		(19,116	)	117,135
Rialto Investments	—			—		76,218		—		76,218
Total revenues	—			1,173,967		167,687		(19,116	)	1,322,538
Cost and expenses:
Lennar Homebuilding	—			1,048,444		33,519		(3,489	)	1,078,474
Lennar Financial Services	—			70,779		56,757		(14,079	)	113,457
Rialto Investments	—			—		60,622		—		60,622
Corporate general and administrative	41,415			—		—		2,535		43,950
Total costs and expenses	41,415			1,119,223		150,898		(15,033	)	1,296,503
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities	—			11,312		(234	)	—		11,078
Lennar Homebuilding other income, net	9,154			39,452		—		(9,135	)	39,471
Other interest expense	(13,218		)	(44,547	)	—		13,218		(44,547	)
Rialto Investments equity in earnings from unconsolidated entities	—			—		1,552		—		1,552
Rialto Investments other income, net	—			—		28,532		—		28,532
Earnings (loss) before income taxes	(45,479		)	60,961		46,639		—		62,121
Benefit (provision) for income taxes	23,707			(16,560	)	(5,695	)	—		1,452
Equity in earnings from subsidiaries	62,963			18,562		—		(81,525	)	—
Net earnings (including net earnings attributable to noncontrolling interests)	41,191			62,963		40,944		(81,525	)	63,573
Less: Net earnings attributable to noncontrolling interests	—			—		22,382		—		22,382
Net earnings attributable to Lennar	$	41,191		62,963		18,562		(81,525	)	41,191

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	$	467,671		513,560		17,575		(536,405	)	462,401
Adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(24,046		)	(1,234,944	)	46,377		536,405		(676,208	)
Net cash provided by (used in) operating activities	443,625			(721,384	)	63,952		—		(213,807	)
Cash flows from investing activities:
Investments in and contributions to Lennar Homebuilding unconsolidated entities, net	—			(22,873	)	(790	)	—		(23,663	)
Investments in and contributions to Rialto Investments consolidated and unconsolidated entities, net	—			—		(5,875	)	—		(5,875	)
Decrease in Rialto Investments defeasance cash to retire notes payable	—			—		80,721		—		80,721
Receipts of principal payments on Rialto Investments loans receivable	—			—		41,788		—		41,788
Proceeds from sales of Rialto Investments real estate owned	—			—		91,473		—		91,473
Other	(208		)	466		(6,506	)	—		(6,248	)
Net cash provided by (used in) investing activities	(208		)	(22,407	)	200,811		—		178,196
Cash flows from financing activities:
Net repayments under Lennar Financial Services debt	—			(79	)	(146,582	)	—		(146,661	)
Net proceeds from convertible senior notes	48,965			—		—		—		48,965
Principal repayments on Rialto Investments notes payable	—			—		(170,589	)	—		(170,589	)
Net repayments on other borrowings	—			(7,048	)	(4,473	)			(11,521	)
Exercise of land option contracts from an unconsolidated land investment venture	—			(16,490	)	—		—		(16,490	)
Net receipts related to noncontrolling interests	—			—		743		—		743
Common stock:
Issuances	12,074			—		—		—		12,074
Dividends	(15,132		)	—		—		—		(15,132	)
Intercompany	(823,028		)	726,653		96,375		—		—
Net cash provided by (used in) financing activities	(777,121		)	703,036		(224,526	)	—		(298,611	)
Net increase (decrease) in cash and cash equivalents	(333,704		)	(40,755	)	40,237		—		(334,222	)
Cash and cash equivalents at beginning of period	864,237			172,018		127,349		—		1,163,604
Cash and cash equivalents at end of period	$	530,533		131,263		167,586		—		829,382

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	41,191		62,963		40,944		(81,525	)	63,573
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	44,403			(244,590	)	59,698		81,525		(58,964	)
Net cash provided by (used in) operating activities	85,594			(181,627	)	100,642		—		4,609
Cash flows from investing activities:
Investments in and contributions to Lennar Homebuilding unconsolidated entities, net	—			(59,659	)	(2,401	)	—		(62,060	)
Investments in and contributions to Rialto Investments consolidated and unconsolidated entities, net	—			—		(29,708	)	—		(29,708	)
Increase in Rialto Investments defeasance cash to retire notes payable	—			—		(58,300	)	—		(58,300	)
Receipts of principal payments on Rialto Investments loans receivable	—			—		38,079		—		38,079
Proceeds from sales of Rialto Investments real estate owned	—			—		20,851		—		20,851
Other	—			(919	)	(3,507	)	—		(4,426	)
Net cash used in investing activities	—			(60,578	)	(34,986	)	—		(95,564	)
Cash flows from financing activities:
Net repayments under Lennar Financial Services debt	—			(9	)	(82,166	)	—		(82,175	)
Net repayments on other borrowings	—			(36,157	)	(25,346	)	—		(61,503	)
Exercise of land option contracts from an unconsolidated land investment venture	—			(17,264	)	—		—		(17,264	)
Net payments related to noncontrolling interests	—			—		(942	)	—		(942	)
Excess tax benefits from share-based awards	261			—		—		—		261
Common stock:
Issuances	4,853			—		—		—		4,853
Repurchases	(10		)	—		—		—		(10	)
Dividends	(14,946		)	—		—		—		(14,946	)
Intercompany	(340,143		)	290,384		49,759		—		—
Net cash provided by (used in) financing activities	(349,985		)	236,954		(58,695	)	—		(171,726	)
Net increase (decrease) in cash and cash equivalents	(264,391		)	(5,251	)	6,961		—		(262,681	)
Cash and cash equivalents at beginning of period	1,071,542			179,215		143,378		—		1,394,135
Cash and cash equivalents at end of period	$	807,151		173,964		150,339		—		1,131,454