Operating And Reporting Segments (Tables)

6 Months Ended

May 31, 2012

Disclosure Of Financial Information Relating To Company's Operations

Financial information relating to the Company’s operations was as follows:



(In thousands)	May 31, 2012		November 30, 2011
Assets:
Homebuilding East	$	1,473,193	1,312,750
Homebuilding Central	706,506		681,859
Homebuilding West	2,212,194		2,169,503
Homebuilding Southeast Florida	637,253		604,415
Homebuilding Houston	276,274		230,076
Homebuilding Other	660,065		595,615
Rialto Investments (1)	1,748,827		1,897,148
Lennar Financial Services	629,416		739,755
Corporate and unallocated	1,007,481		923,550
Total assets	$	9,351,209	9,154,671


(1)	Consists primarily of assets of consolidated VIEs (see Note 8).



	Three Months Ended					Six Months Ended
	May 31,					May 31,
(In thousands)	2012			2011		2012		2011
Revenues:
Homebuilding East	$	310,149		265,374		554,982		447,745
Homebuilding Central	114,564			92,155		200,277		159,161
Homebuilding West	157,710			120,897		280,795		217,279
Homebuilding Southeast Florida	70,878			51,930		120,667		87,021
Homebuilding Houston	102,455			81,886		187,289		134,839
Homebuilding Other	52,332			50,234		88,511		83,140
Lennar Financial Services	88,595			59,422		156,810		117,135
Rialto Investments	33,472			42,595		65,680		76,218
Total revenues (1)	$	930,155		764,493		1,655,011		1,322,538

Operating earnings (loss):
Homebuilding East	$	26,291		25,134		40,238		30,795
Homebuilding Central (2)	4,318			(3,350	)	5,382		(18,474	)
Homebuilding West (3)	(9,405		)	(8,855	)	(16,978	)	40,490
Homebuilding Southeast Florida (4)	24,176			5,797		30,810		9,971
Homebuilding Houston	10,262			2,966		14,778		2,925
Homebuilding Other	178			(467	)	1,579		(8,994	)
Lennar Financial Services	17,980			2,495		26,230		3,678
Rialto Investments	7,471			22,678		12,527		45,680
Total operating earnings	81,271			46,398		114,566		106,071
Corporate general and administrative expenses	29,168			20,598		56,010		43,950
Earnings before income taxes	$	52,103		25,800		58,556		62,121


(1)	Total revenues are net of sales incentives of $95.3 million ($29,800 per home delivered) and $179.7 million ($31,700 per home delivered), respectively, for the three and six months ended May 31, 2012, compared to $89.9 million ($33,900 per home delivered) and $152.8 million ($33,500 per home delivered), respectively, for the three and six months ended May 31, 2011.


(2)	For the three and six months ended May 31, 2011, operating loss includes $1.0 million and $7.6 million, respectively, of expenses associated with remedying pre-existing liabilities of a previously acquired company.

(3)

For the six months ended May 31, 2011, operating earnings include $37.5 million related to the receipt of a litigation settlement, as well as $15.4 million related to the Company’s share of a gain on debt extinguishment and the recognition of $10.0 million of deferred management fees related to management services previously performed by the Company for one of its Lennar Homebuilding unconsolidated entities.


(4)	For both the three and six months ended May 31, 2012, operating earnings include a $15.0 million gain on the sale of an operating property.

Disclosure Of Valuation Adjustments And Write-Offs Relating To Company's Homebuilding Operations

Valuation adjustments and write-offs relating to the Company’s homebuilding operations were as follows:



	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2012		2011	2012	2011
Valuation adjustments to finished homes, CIP and land on which the Company intends to build homes:
East	$	568	324	785	1,176
Central	55		201	208	4,077
West	1,441		1,568	1,971	1,582
Southeast Florida	308		763	636	763
Houston	28		168	89	217
Other	4		304	740	325
Total	2,404		3,328	4,429	8,140
Valuation adjustments to land the Company intends to sell or has sold to third parties:
East	15		72	15	92
Central	—		156	—	179
West	1		—	1	—
Southeast Florida	332		—	332	—
Houston	—		—	—	10
Total	348		228	348	281
Write-offs of option deposits and pre-acquisition costs:
East	322		346	329	346
Central	5		26	54	26
West	—		—	232	—
Houston	—		—	—	81
Other	154		—	156	—
Total	481		372	771	453
Company’s share of valuation adjustments related to assets of unconsolidated entities:
Central	—		—	—	371
West	5,437		—	5,437	1,660
Other	—		—	—	2,495
Total	5,437		—	5,437	4,526
Valuation adjustments to investments of unconsolidated entities:
East (1)	7		150	18	8,412
Total	7		150	18	8,412
Write-offs of other receivables and other assets:
East	1,000		—	1,000	—
Other	—		—	—	4,806
Total	1,000		—	1,000	4,806
Total valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets	$	9,677	4,078	12,003	26,618

(1)

For both the three and six months ended May 31, 2011, the Company recorded a $0.1 million valuation adjustment related to a $29.8 million investment of a Lennar Homebuilding unconsolidated entity, which was the result of a linked transaction. The linked transaction resulted in a pre-tax gain of $38.6 million related to a debt extinguishment due to the Company's purchase of the Lennar Homebuilding entity debt's at a discount and a $38.7 million valuation adjustment of the Lennar Homebuilding unconsolidated entity's inventory upon acquisition. The net pre-tax loss of $0.1 million was included in Lennar Homebuilding other income (expense), net.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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