Supplemental Financial Information (Tables)

3 Months Ended

Feb. 28, 2015

Supplemental Financial Information [Abstract]

Schedule of Condensed Balance Sheet

Supplemental information for the subsidiaries that were guarantor subsidiaries at February 28, 2015 was as follows:

Condensed Consolidating Balance Sheet

February 28, 2015

(In thousands)	Lennar Corporation		Guarantor Subsidiaries	Non-Guarantor Subsidiaries	Eliminations		Total
ASSETS
Lennar Homebuilding:
Cash and cash equivalents, restricted cash and receivables, net	$	371,687	277,545	14,583	—		663,815
Inventories	—		8,211,318	195,184	—		8,406,502
Investments in unconsolidated entities	—		655,242	28,893	—		684,135
Other assets	162,364		321,648	101,774	6,240		592,026
Investments in subsidiaries	4,063,687		286,093	—	(4,349,780	)	—
Intercompany	5,556,131		—	—	(5,556,131	)	—
	10,153,869		9,751,846	340,434	(9,899,671	)	10,346,478
Rialto	—		—	1,379,841	—		1,379,841
Lennar Financial Services	—		72,451	1,041,509	—		1,113,960
Lennar Multifamily	—		276,335	4,031	—		280,366
Total assets	$	10,153,869	10,100,632	2,765,815	(9,899,671	)	13,120,645
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable and other liabilities	$	353,511	649,001	72,425	—		1,074,937
Liabilities related to consolidated inventory not owned	—		43,121	—	—		43,121
Senior notes and other debts payable	4,848,024		204,824	80,270	—		5,133,118
Intercompany	—		5,381,156	174,975	(5,556,131	)	—
	5,201,535		6,278,102	327,670	(5,556,131	)	6,251,176
Rialto	—		—	697,758	—		697,758
Lennar Financial Services	—		25,592	785,714	6,240		817,546
Lennar Multifamily	—		45,175	—	—		45,175
Total liabilities	5,201,535		6,348,869	1,811,142	(5,549,891	)	7,811,655
Stockholders’ equity	4,952,334		3,751,763	598,017	(4,349,780	)	4,952,334
Noncontrolling interests	—		—	356,656	—		356,656
Total equity	4,952,334		3,751,763	954,673	(4,349,780	)	5,308,990
Total liabilities and equity	$	10,153,869	10,100,632	2,765,815	(9,899,671	)	13,120,645

Condensed Consolidating Balance Sheet

November 30, 2014

(In thousands)	Lennar Corporation		Guarantor Subsidiaries	Non-Guarantor Subsidiaries	Eliminations		Total
ASSETS
Lennar Homebuilding:
Cash and cash equivalents, restricted cash and receivables, net	$	653,491	323,325	12,206	—		989,022
Inventories	—		7,528,633	207,967	—		7,736,600
Investments in unconsolidated entities	—		632,973	23,864	—		656,837
Other assets	159,564		402,076	104,619	6,330		672,589
Investments in subsidiaries	4,073,687		299,432	—	(4,373,119	)	—
Intercompany	4,709,544		—	—	(4,709,544	)	—
	9,596,286		9,186,439	348,656	(9,076,333	)	10,055,048
Rialto	—		—	1,458,152	—		1,458,152
Lennar Financial Services	—		76,428	1,100,625	—		1,177,053
Lennar Multifamily	—		248,784	19,230	—		268,014
Total assets	$	9,596,286	9,511,651	2,926,663	(9,076,333	)	12,958,267
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable and other liabilities	$	447,104	756,991	71,699	—		1,275,794
Liabilities related to consolidated inventory not owned	—		45,028	—	—		45,028
Senior notes and other debts payable	4,322,162		287,700	80,351	—		4,690,213
Intercompany	—		4,579,314	130,230	(4,709,544	)	—
	4,769,266		5,669,033	282,280	(4,709,544	)	6,011,035
Rialto	—		—	747,044	—		747,044
Lennar Financial Services	—		28,705	861,608	6,330		896,643
Lennar Multifamily	—		52,150	93	—		52,243
Total liabilities	4,769,266		5,749,888	1,891,025	(4,703,214	)	7,706,965
Stockholders’ equity	4,827,020		3,761,763	611,356	(4,373,119	)	4,827,020
Noncontrolling interests	—		—	424,282	—		424,282
Total equity	4,827,020		3,761,763	1,035,638	(4,373,119	)	5,251,302
Total liabilities and equity	$	9,596,286	9,511,651	2,926,663	(9,076,333	)	12,958,267

Consolidating Statement Of Operations

Condensed Consolidating Statement of Operations

Three Months EndedFebruary 28, 2015

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues:
Lennar Homebuilding	$	—		1,441,658		—		—		1,441,658
Lennar Financial Services	—			38,149		91,659		(4,981	)	124,827
Rialto	—			—		41,197		—		41,197
Lennar Multifamily	—			36,457		—		—		36,457
Total revenues	—			1,516,264		132,856		(4,981	)	1,644,139
Cost and expenses:
Lennar Homebuilding	—			1,269,493		519		(4,837	)	1,265,175
Lennar Financial Services	—			38,226		71,276		(202	)	109,300
Rialto	—			—		40,781		—		40,781
Lennar Multifamily	—			41,955		6		—		41,961
Corporate general and administrative	42,389			—		—		1,265		43,654
Total costs and expenses	42,389			1,349,674		112,582		(3,774	)	1,500,871
Lennar Homebuilding equity in earnings from unconsolidated entities	—			22,495		6,404		—		28,899
Lennar Homebuilding other income, net	231			6,324		—		(222	)	6,333
Other interest expense	(1,429		)	(4,071	)	—		1,429		(4,071	)
Rialto equity in earnings from unconsolidated entities	—			—		2,664		—		2,664
Rialto other expense, net	—			—		(272	)	—		(272	)
Lennar Multifamily equity in loss from unconsolidated entities	—			(178	)	—		—		(178	)
Earnings (loss) before income taxes	(43,587		)	191,160		29,070		—		176,643
Benefit (provision) for income taxes	14,902			(64,152	)	(10,476	)	—		(59,726	)
Equity in earnings from subsidiaries	143,648			10,116		—		(153,764	)	—
Net earnings (including net earnings attributable to noncontrolling interests)	114,963			137,124		18,594		(153,764	)	116,917
Less: Net earnings attributable to noncontrolling interests	—			—		1,954		—		1,954
Net earnings attributable to Lennar	$	114,963		137,124		16,640		(153,764	)	114,963
Comprehensive earnings attributable to Lennar	$	114,963		137,124		16,640		(153,764	)	114,963
Comprehensive earnings attributable to noncontrolling interests	$	—		—		1,954		—		1,954

Condensed Consolidating Statement of Operations

Three Months EndedFebruary 28, 2014

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Total
Revenues:
Lennar Homebuilding	$	—		1,231,385		—		—		1,231,385
Lennar Financial Services	—			30,869		51,424		(5,341	)	76,952
Rialto	—			—		46,955		—		46,955
Lennar Multifamily	—			7,803		—		—		7,803
Total revenues	—			1,270,057		98,379		(5,341	)	1,363,095
Cost and expenses:
Lennar Homebuilding	—			1,067,352		(2,457	)	(540	)	1,064,355
Lennar Financial Services	—			34,695		42,420		(4,628	)	72,487
Rialto	—			—		47,576		—		47,576
Lennar Multifamily	—			13,927		—		—		13,927
Corporate general and administrative	36,846			—		—		1,266		38,112
Total costs and expenses	36,846			1,115,974		87,539		(3,902	)	1,236,457
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities	—			5,311		(321	)	—		4,990
Lennar Homebuilding other income, net	—			2,879		—		10		2,889
Other interest expense	(1,429		)	(12,691	)	—		1,429		(12,691	)
Rialto equity in earnings from unconsolidated entities	—			—		5,354		—		5,354
Rialto other expense, net	—			—		(1,229	)	—		(1,229	)
Lennar Multifamily equity in loss from unconsolidated entities	—			(75	)	—		—		(75	)
Earnings (loss) before income taxes	(38,275		)	149,507		14,644		—		125,876
Benefit (provision) for income taxes	14,169			(55,360	)	(4,720	)	—		(45,911	)
Equity in earnings from subsidiaries	102,223			5,566		—		(107,789	)	—
Net earnings (including net earnings attributable to noncontrolling interests)	78,117			99,713		9,924		(107,789	)	79,965
Less: Net earnings attributable to noncontrolling interests	—			—		1,848		—		1,848
Net earnings attributable to Lennar	$	78,117		99,713		8,076		(107,789	)	78,117
Comprehensive earnings attributable to Lennar	$	78,117		99,713		8,076		(107,789	)	78,117
Comprehensive earnings attributable to noncontrolling interests	$	—		—		1,848		—		1,848

Consolidating Statement Of Cash Flows

Condensed Consolidating Statement of Cash Flows

Three Months EndedFebruary 28, 2015

(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)	$	114,963		137,124		18,594		(153,764	)	116,917
Distributions of earnings from guarantor and non-guarantor subsidiaries	143,648			10,116		—		(153,764	)	—
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(195,584		)	(716,869	)	(88,492	)	153,764		(847,181	)
Net cash provided by (used in) operating activities	63,027			(569,629	)	(69,898	)	(153,764	)	(730,264	)
Cash flows from investing activities:
Investments in and contributions to Lennar Homebuilding unconsolidated entities, net of distributions of capital	—			(10,668	)	—		—		(10,668	)
Investments in and contributions to Rialto unconsolidated entities, net of distributions of capital	—			—		(8,440	)	—		(8,440	)
Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to	—			1,826		—		—		1,826
Receipts of principal payments on Rialto loans receivable	—			—		3,519		—		3,519
Proceeds from sales of Rialto real estate owned	—			—		28,055		—		28,055
Other	(21,439		)	(32,916	)	(27,131	)	—		(81,486	)
Distributions of capital from guarantor and non-guarantor subsidiaries	10,000			10,000		—		(20,000	)	—
Intercompany	(845,727		)	—		—		845,727		—
Net cash used in investing activities	(857,166		)	(31,758	)	(3,997	)	825,727		(67,194	)
Cash flows from financing activities:
Net borrowings under unsecured revolving credit facility	250,000			—		—		—		250,000
Net repayments under Lennar Financial Services debt	—			—		(71,652	)	—		(71,652	)
Net borrowings under Rialto warehouse repurchase facilities	—			—		41,971		—		41,971
Proceeds from senior notes and debt issue costs	249,425			—		(294	)	—		249,131
Principal payments on Rialto notes payable	—			—		(17,499	)	—		(17,499	)
Net proceeds (repayments) on other borrowings	21,250			(82,587	)	(81	)	—		(61,418	)
Net payments related to noncontrolling interests	—			—		(56,327	)	—		(56,327	)
Excess tax benefits from share-based awards	35			—		—		—		35
Common stock:										—
Issuances	8,227			—		—		—		8,227
Repurchases	(186		)	—		—		—		(186	)
Dividends	(8,208		)	(147,124	)	(26,640	)	173,764		(8,208	)
Intercompany	—			800,745		44,982		(845,727	)	—
Net cash provided by (used in) financing activities	520,543			571,034		(85,540	)	(671,963	)	334,074
Net decrease in cash and cash equivalents	(273,596		)	(30,353	)	(159,435	)	—		(463,384	)
Cash and cash equivalents at beginning of period	633,318			255,501		392,995		—		1,281,814
Cash and cash equivalents at end of period	$	359,722		225,148		233,560		—		818,430

Condensed Consolidating Statement of Cash Flows

Three Months EndedFebruary 28, 2014

(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)	$	78,117		99,713		9,924		(107,789	)	79,965
Distributions of earnings from guarantor and non-guarantor subsidiaries	102,223			5,566		—		(107,789	)	—
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(134,710		)	(568,041	)	120,390		107,789		(474,572	)
Net cash provided by (used in) operating activities	45,630			(462,762	)	130,314		(107,789	)	(394,607	)
Cash flows from investing activities:
Distributions of capital from Lennar Homebuilding unconsolidated entities, net of investments in and contributions to	—			28,767		733		—		29,500
Investments in and contributions to Rialto unconsolidated entities, net of distributions of capital	—			—		(13,124	)	—		(13,124	)
Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to	—			26,810		—		—		26,810
Receipts of principal payments on Rialto loans receivable	—			—		6,879		—		6,879
Proceeds from sales of Rialto real estate owned	—			—		50,742		—		50,742
Other	(157		)	(16,229	)	(9,151	)	—		(25,537	)
Distribution of capital from guarantor subsidiaries	60,000			—		—		(60,000	)	—
Intercompany	(672,239		)	—		—		672,239		—
Net cash provided by (used in) investing activities	(612,396		)	39,348		36,079		612,239		75,270
Cash flows from financing activities:
Net repayments under Lennar Financial Services debt	—			—		(151,048	)	—		(151,048	)
Net repayments under Rialto warehouse repurchase facilities	—			—		(18,169	)	—		(18,169	)
Net proceeds from senior notes	496,600			—		(295	)	—		496,305
Principal repayments on Rialto notes payable	—			—		(2,101	)	—		(2,101	)
Net repayments on other borrowings	—			(72,097	)	(73	)	—		(72,170	)
Exercise of land option contracts from an unconsolidated land investment venture	—			(1,540	)	—		—		(1,540	)
Net payments related to noncontrolling interests	—			—		(32,535	)	—		(32,535	)
Excess tax benefit from share-based awards	137			—		—		—		137
Common stock:										—
Issuances	12,420			—		—		—		12,420
Dividends	(8,169		)	(99,713	)	(68,076	)	167,789		(8,169	)
Intercompany	—			609,943		62,296		(672,239	)	—
Net cash provided by (used in) financing activities	500,988			436,593		(210,001	)	(504,450	)	223,130
Net (decrease) increase in cash and cash equivalents	(65,778		)	13,179		(43,608	)	—		(96,207	)
Cash and cash equivalents at beginning of period	547,101			152,753		270,651		—		970,505
Cash and cash equivalents at end of period	$	481,323		165,932		227,043		—		874,298