XML 23 R77.htm IDEA: XBRL DOCUMENT v2.4.0.6
Supplemental Financial Information (Condensed Consolidating Statement Of Operations) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Condensed Financial Statements, Captions [Line Items]        
Total revenues $ 930,155 [1] $ 764,493 [1] $ 1,655,011 [1] $ 1,322,538 [1]
Corporate general and administrative 29,168 20,598 56,010 43,950
Total costs and expenses 861,823 740,509 1,566,745 1,296,503
Other interest expense (23,803) (22,468) (48,652) (44,547)
Earnings (loss) before income taxes 52,103 25,800 58,556 62,121
Benefit for income taxes 402,321 (953) 403,845 1,452
Equity in earnings from subsidiaries            
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 454,424 24,847 462,401 63,573
Less: Net earnings (loss) attributable to noncontrolling interests 1,721 [2] 11,062 [2] (5,270) [2] 22,382 [2]
Net earnings attributable to Lennar 452,703 13,785 467,671 41,191
Lennar Corporation [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Total revenues            
Corporate general and administrative 27,980 19,184 53,479 41,415
Total costs and expenses 27,980 19,184 53,479 41,415
Other interest expense (1,452) (1,453) (2,889) (13,218)
Earnings (loss) before income taxes (29,637) (21,159) (56,650) (45,479)
Benefit for income taxes (1,848) 10,598 10,761 23,707
Equity in earnings from subsidiaries 484,188 24,346 513,560 62,963
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 452,703 13,785 467,671 41,191
Less: Net earnings (loss) attributable to noncontrolling interests            
Net earnings attributable to Lennar 452,703 13,785 467,671 41,191
Guarantor Subsidiaries [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Total revenues 844,053 681,016 1,502,631 1,173,967
Corporate general and administrative            
Total costs and expenses 761,557 649,233 1,377,111 1,119,223
Other interest expense (23,803) (22,468) (48,652) (44,547)
Earnings (loss) before income taxes 62,274 21,445 85,648 60,961
Benefit for income taxes 411,101 (6,759) 405,067 (16,560)
Equity in earnings from subsidiaries 10,813 9,660 22,845 18,562
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 484,188 24,346 513,560 62,963
Less: Net earnings (loss) attributable to noncontrolling interests            
Net earnings attributable to Lennar 484,188 24,346 513,560 62,963
Non-Guarantor Subsidiaries [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Total revenues 90,552 87,947 161,147 167,687
Corporate general and administrative            
Total costs and expenses 75,088 74,577 141,751 150,898
Other interest expense            
Earnings (loss) before income taxes 19,466 25,514 29,558 46,639
Benefit for income taxes (6,932) (4,792) (11,983) (5,695)
Equity in earnings from subsidiaries            
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 12,534 20,722 17,575 40,944
Less: Net earnings (loss) attributable to noncontrolling interests 1,721 11,062 (5,270) 22,382
Net earnings attributable to Lennar 10,813 9,660 22,845 18,562
Eliminations [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Total revenues (4,450) (4,470) (8,767) (19,116)
Corporate general and administrative 1,188 1,414 2,531 2,535
Total costs and expenses (2,802) (2,485) (5,596) (15,033)
Other interest expense 1,452 1,453 2,889 13,218
Earnings (loss) before income taxes            
Benefit for income taxes            
Equity in earnings from subsidiaries (495,001) (34,006) (536,405) (81,525)
Net earnings (including net earnings (loss) attributable to noncontrolling interests) (495,001) (34,006) (536,405) (81,525)
Less: Net earnings (loss) attributable to noncontrolling interests            
Net earnings attributable to Lennar (495,001) (34,006) (536,405) (81,525)
Lennar Homebuilding [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Real estate revenue 808,088 662,476 1,432,521 1,129,185
Lennar Homebuilding, Cost and expenses 731,842 630,711 1,316,587 1,078,474
Equity in earnings (loss) from unconsolidated entities (9,381) 2,417 (8,298) 11,078
Other income (expense), net 12,758 [3] 9,511 [3] 16,825 [3] 39,471 [3]
Lennar Homebuilding [Member] | Lennar Corporation [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Real estate revenue            
Lennar Homebuilding, Cost and expenses            
Equity in earnings (loss) from unconsolidated entities            
Other income (expense), net (205) (522) (282) 9,154
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Real estate revenue 808,088 648,315 1,432,116 1,107,272
Lennar Homebuilding, Cost and expenses 726,156 614,224 1,306,666 1,048,444
Equity in earnings (loss) from unconsolidated entities (9,186) 2,629 (8,045) 11,312
Other income (expense), net 12,767 9,501 16,825 39,452
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Real estate revenue    14,161 405 21,913
Lennar Homebuilding, Cost and expenses 3,479 17,884 7,854 33,519
Equity in earnings (loss) from unconsolidated entities (195) (212) (253) (234)
Other income (expense), net            
Lennar Homebuilding [Member] | Eliminations [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Real estate revenue            
Lennar Homebuilding, Cost and expenses 2,207 (1,397) 2,067 (3,489)
Equity in earnings (loss) from unconsolidated entities            
Other income (expense), net 196 532 282 (9,135)
Lennar Financial Services [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Financial Services Revenue 88,595 59,422 156,810 117,135
Lennar Financial Services, Cost and expenses 70,615 56,927 130,580 113,457
Lennar Financial Services [Member] | Lennar Corporation [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Financial Services Revenue            
Lennar Financial Services, Cost and expenses            
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Financial Services Revenue 35,965 32,701 70,515 66,695
Lennar Financial Services, Cost and expenses 35,479 35,009 70,445 70,779
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Financial Services Revenue 57,080 31,191 95,062 69,556
Lennar Financial Services, Cost and expenses 41,411 24,420 70,329 56,757
Lennar Financial Services [Member] | Eliminations [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Financial Services Revenue (4,450) (4,470) (8,767) (19,116)
Lennar Financial Services, Cost and expenses (6,275) (2,502) (10,194) (14,079)
Rialto Investments [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Rialto Investments, Revenues 33,472 42,595 65,680 76,218
Rialto Investments, Cost and expenses 30,198 32,273 63,568 60,622
Equity in earnings (loss) from unconsolidated entities 5,569 (2,973) 24,027 1,552
Other income (expense), net (1,372) 15,329 (13,612) 28,532
Less: Net earnings (loss) attributable to noncontrolling interests 3,200 12,900 (1,200) 24,800
Rialto Investments [Member] | Lennar Corporation [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Rialto Investments, Revenues            
Rialto Investments, Cost and expenses            
Equity in earnings (loss) from unconsolidated entities            
Other income (expense), net            
Rialto Investments [Member] | Guarantor Subsidiaries [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Rialto Investments, Revenues            
Rialto Investments, Cost and expenses (78)         
Equity in earnings (loss) from unconsolidated entities            
Other income (expense), net            
Rialto Investments [Member] | Non-Guarantor Subsidiaries [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Rialto Investments, Revenues 33,472 42,595 65,680 76,218
Rialto Investments, Cost and expenses 30,198 32,273 63,568 60,622
Equity in earnings (loss) from unconsolidated entities 5,569 (2,973) 24,027 1,552
Other income (expense), net (1,372) 15,329 (13,612) 28,532
Rialto Investments [Member] | Eliminations [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Rialto Investments, Revenues            
Rialto Investments, Cost and expenses 78         
Equity in earnings (loss) from unconsolidated entities            
Other income (expense), net            
[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] Net earnings (loss) attributable to noncontrolling interests for the three and six months ended May 31, 2012 includes $3.2 million and ($1.2) million, respectively, of earnings (loss) related to the FDIC’s interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC. Net earnings (loss) attributable to noncontrolling interests for the three and six months ended May 31, 2011 includes $12.9 million and $24.8 million, respectively, of earnings related to the FDIC’s interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC.
[3] Lennar Homebuilding other income, net includes $8.4 million of valuation adjustments to the Company’s investments in Lennar Homebuilding’s unconsolidated entities for the six months ended May 31, 2011.