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Supplemental Financial Information (Tables)
 3 Months Ended
Feb. 29, 2016
Supplemental Financial Information [Abstract]  
Schedule of Condensed Balance Sheet
Supplemental information for the subsidiaries that were guarantor subsidiaries at February 29, 2016 was as follows:

Condensed Consolidating Balance Sheet
February 29, 2016
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Lennar Homebuilding:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, restricted cash and receivables, net
$
304,277

 
251,492

 
19,593

 
—

 
575,362

Inventories
—

 
9,191,051

 
177,268

 
—

 
9,368,319

Investments in unconsolidated entities
—

 
723,644

 
47,757

 
—

 
771,401

Other assets
168,966

 
340,531

 
75,683

 
14,735

 
599,915

Investments in subsidiaries
3,938,687

 
156,222

 
—

 
(4,094,909
)
 
—

Intercompany
6,927,085

 
—

 
—

 
(6,927,085
)
 
—

 
11,339,015

 
10,662,940

 
320,301

 
(11,007,259
)
 
11,314,997

Rialto
—

 
—

 
1,272,004

 
—

 
1,272,004

Lennar Financial Services
—

 
83,133

 
1,079,027

 
(5,081
)
 
1,157,079

Lennar Multifamily
—

 
—

 
460,762

 
(9,654
)
 
451,108

Total assets
$
11,339,015

 
10,746,073

 
3,132,094

 
(11,021,994
)
 
14,195,188

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Lennar Homebuilding:
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
$
431,632

 
675,799

 
84,612

 
—

 
1,192,043

Liabilities related to consolidated inventory not owned
—

 
19,854

 
—

 
—

 
19,854

Senior notes and other debts payable
5,087,269

 
235,862

 
10,850

 
—

 
5,333,981

Intercompany
—

 
6,160,287

 
766,798

 
(6,927,085
)
 
—

 
5,518,901

 
7,091,802

 
862,260

 
(6,927,085
)
 
6,545,878

Rialto
—

 
—

 
656,303

 
—

 
656,303

Lennar Financial Services
—

 
27,500

 
810,751

 
—

 
838,251

Lennar Multifamily
—

 
—

 
61,307

 
—

 
61,307

Total liabilities
5,518,901

 
7,119,302

 
2,390,621

 
(6,927,085
)
 
8,101,739

Stockholders’ equity
5,820,114

 
3,626,771

 
468,138

 
(4,094,909
)
 
5,820,114

Noncontrolling interests
—

 
—

 
273,335

 
—

 
273,335

Total equity
5,820,114

 
3,626,771

 
741,473

 
(4,094,909
)
 
6,093,449

Total liabilities and equity
$
11,339,015

 
10,746,073

 
3,132,094

 
(11,021,994
)
 
14,195,188

Condensed Consolidating Balance Sheet
November 30, 2015
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Lennar Homebuilding:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, restricted cash and receivables, net
$
595,921

 
372,146

 
13,384

 
—

 
981,451

Inventories
—

 
8,571,769

 
168,827

 
—

 
8,740,596

Investments in unconsolidated entities
—

 
692,879

 
48,672

 
—

 
741,551

Other assets
193,360

 
324,050

 
75,108

 
16,704

 
609,222

Investments in subsidiaries
3,958,687

 
176,660

 
—

 
(4,135,347
)
 
—

Intercompany
6,227,193

 
—

 
—

 
(6,227,193
)
 
—

 
10,975,161

 
10,137,504

 
305,991

 
(10,345,836
)
 
11,072,820

Rialto
—

 
—

 
1,505,500

 
—

 
1,505,500

Lennar Financial Services
—

 
89,532

 
1,341,565

 
(5,260
)
 
1,425,837

Lennar Multifamily
—

 
—

 
426,796

 
(11,444
)
 
415,352

Total assets
$
10,975,161

 
10,227,036

 
3,579,852

 
(10,362,540
)
 
14,419,509

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Lennar Homebuilding:
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
$
579,468

 
710,460

 
85,796

 
—

 
1,375,724

Liabilities related to consolidated inventory not owned
—

 
51,431

 
—

 
—

 
51,431

Senior notes and other debts payable
4,746,749

 
267,531

 
10,850

 
—

 
5,025,130

Intercompany
—

 
5,514,610

 
712,583

 
(6,227,193
)
 
—

 
5,326,217

 
6,544,032

 
809,229

 
(6,227,193
)
 
6,452,285

Rialto
—

 
—

 
866,224

 
—

 
866,224

Lennar Financial Services
—

 
36,229

 
1,047,749

 
—

 
1,083,978

Lennar Multifamily
—

 
—

 
66,950

 
—

 
66,950

Total liabilities
5,326,217

 
6,580,261

 
2,790,152

 
(6,227,193
)
 
8,469,437

Stockholders’ equity
5,648,944

 
3,646,775

 
488,572

 
(4,135,347
)
 
5,648,944

Noncontrolling interests
—

 
—

 
301,128

 
—

 
301,128

Total equity
5,648,944

 
3,646,775

 
789,700

 
(4,135,347
)
 
5,950,072

Total liabilities and equity
$
10,975,161

 
10,227,036

 
3,579,852

 
(10,362,540
)
 
14,419,509
Consolidating Statement Of Operations
Condensed Consolidating Statement of Operations and Comprehensive Income
Three Months Ended February 29, 2016
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
$
—

 
1,786,481

 
—

 
—

 
1,786,481

Lennar Financial Services
—

 
40,610

 
88,342

 
(4,996
)
 
123,956

Rialto
—

 
—

 
43,711

 
—

 
43,711

Lennar Multifamily
—

 
—

 
39,529

 
(13
)
 
39,516

Total revenues
—

 
1,827,091

 
171,582

 
(5,009
)
 
1,993,664

Cost and expenses:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
—

 
1,556,166

 
14,863

 
(2,824
)
 
1,568,205

Lennar Financial Services
—

 
41,812

 
70,069

 
(2,856
)
 
109,025

Rialto
—

 
—

 
43,217

 
(310
)
 
42,907

Lennar Multifamily
—

 
—

 
47,020

 
—

 
47,020

Corporate general and administrative
46,148

 
255

 
—

 
1,265

 
47,668

Total costs and expenses
46,148

 
1,598,233

 
175,169

 
(4,725
)
 
1,814,825

Lennar Homebuilding equity in earnings (loss) from unconsolidated entities
—

 
3,849

 
(849
)
 
—

 
3,000

Lennar Homebuilding other income (expense), net
1,170

 
(8,516
)
 
9,025

 
(1,160
)
 
519

Other interest expense
(1,444
)
 
(1,157
)
 
—

 
1,444

 
(1,157
)
Rialto equity in earnings from unconsolidated entities
—

 
—

 
1,497

 
—

 
1,497

Rialto other expense, net
—

 
—

 
(691
)
 
—

 
(691
)
Lennar Multifamily equity in earnings from unconsolidated entities
—

 
—

 
19,686

 
—

 
19,686

Earnings (loss) before income taxes
(46,422
)
 
223,034

 
25,081

 
—

 
201,693

Benefit (provision) for income taxes
13,035

 
(61,710
)
 
(7,566
)
 
—

 
(56,241
)
Equity in earnings from subsidiaries
177,467

 
4,538

 
—

 
(182,005
)
 
—

Net earnings (including net earnings attributable to noncontrolling interests)
144,080

 
165,862

 
17,515

 
(182,005
)
 
145,452

Less: Net earnings attributable to noncontrolling interests
—

 
—

 
1,372

 
—

 
1,372

Net earnings attributable to Lennar
$
144,080

 
165,862

 
16,143

 
(182,005
)
 
144,080

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
 
Net unrealized loss on securities available-for-sale


 


 
(437
)
 


 
(437
)
Other comprehensive income attributable to Lennar
$
144,080

 
165,862

 
15,706

 
(182,005
)
 
143,643

Other comprehensive income attributable to noncontrolling interests
$
—

 
—

 
1,372

 
—

 
1,372



Condensed Consolidating Statement of Operations and Comprehensive Income
Three Months Ended February 28, 2015
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
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
—

 
1,479,807

 
169,313

 
(4,981
)
 
1,644,139

Cost and expenses:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
—

 
1,264,789

 
5,223

 
(4,837
)
 
1,265,175

Lennar Financial Services
—

 
38,226

 
71,276

 
(202
)
 
109,300

Rialto
—

 
—

 
40,781

 
—

 
40,781

Lennar Multifamily
—

 
—

 
41,961

 
—

 
41,961

Corporate general and administrative
42,389

 
—

 
—

 
1,265

 
43,654

Total costs and expenses
42,389

 
1,303,015

 
159,241

 
(3,774
)
 
1,500,871

Lennar Homebuilding equity in earnings from unconsolidated entities
—

 
22,374

 
6,525

 
—

 
28,899

Lennar Homebuilding other income, net
231

 
5,774

 
550

 
(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
)
 
200,869

 
19,361

 
—

 
176,643

Benefit (provision) for income taxes
14,902

 
(67,471
)
 
(7,157
)
 
—

 
(59,726
)
Equity in earnings from subsidiaries
143,648

 
8,825

 
—

 
(152,473
)
 
—

Net earnings (including net earnings attributable to noncontrolling interests)
114,963

 
142,223

 
12,204

 
(152,473
)
 
116,917

Less: Net earnings attributable to noncontrolling interests
—

 
—

 
1,954

 
—

 
1,954

Net earnings attributable to Lennar
$
114,963

 
142,223


10,250

 
(152,473
)
 
114,963

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
 
Net unrealized gain on securities available-for-sale
$
—

 
—

 
200

 
—

 
200

Other comprehensive income attributable to Lennar
$
114,963

 
142,223

 
10,450

 
(152,473
)
 
115,163

Other comprehensive earnings attributable to noncontrolling interests
$
—

 
—

 
1,954

 
—

 
1,954
Consolidating Statement Of Cash Flows
Condensed Consolidating Statement of Cash Flows
Three Months Ended February 29, 2016
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net earnings (including net earnings attributable to noncontrolling interests)
$
144,080

 
165,862

 
17,515

 
(182,005
)
 
145,452

Distributions of earnings from guarantor and non-guarantor subsidiaries
177,467

 
4,538

 
—

 
(182,005
)
 
—

Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities
(254,499
)
 
(660,587
)
 
371,742

 
182,005

 
(361,339
)
Net cash provided by (used in) operating activities
67,048

 
(490,187
)
 
389,257

 
(182,005
)
 
(215,887
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Investments in and contributions to unconsolidated entities, net of distributions of capital
—

 
(32,149
)
 
(2,466
)
 
—

 
(34,615
)
Proceeds from sales of real estate owned
—

 
—

 
20,256

 
—

 
20,256

Originations of loans receivable
—

 
—

 
(10,046
)
 
—

 
(10,046
)
Purchases of commercial mortgage-backed securities bonds
—

 
—

 
(23,078
)
 
—

 
(23,078
)
Other
(3,400
)
 
(14,297
)
 
(1,406
)
 
—

 
(19,103
)
Distributions of capital from guarantor and non-guarantor subsidiaries
20,000

 
20,000

 
—

 
(40,000
)
 
—

Intercompany
(699,551
)
 
—

 
—

 
699,551

 
—

Net cash used in investing activities
(682,951
)
 
(26,446
)
 
(16,740
)
 
659,551

 
(66,586
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings under unsecured revolving credit facility
500,000

 
—

 
—

 
—

 
500,000

Net repayments under warehouse facilities
—

 
—

 
(395,233
)
 
—

 
(395,233
)
Debt issuance costs
—

 
—

 
(684
)
 
—

 
(684
)
Conversions and exchanges of convertible senior notes
(162,852
)
 
—

 
—

 
—

 
(162,852
)
Principal payments on Rialto notes payable
—

 
—

 
(669
)
 
—

 
(669
)
Net repayments on other borrowings
—

 
(52,383
)
 
—

 
—

 
(52,383
)
Net payments related to noncontrolling interests
—

 
—

 
(41,950
)
 
—

 
(41,950
)
Excess tax benefits from share-based awards
7,029

 
—

 
—

 
—

 
7,029

Common stock:
 
 
 
 
 
 
 
 

Repurchases
(219
)
 
—

 
—

 
—

 
(219
)
Dividends
(8,552
)
 
(185,862
)
 
(36,143
)
 
222,005

 
(8,552
)
Intercompany
—

 
646,727

 
52,824

 
(699,551
)
 
—

Net cash provided by (used in) financing activities
335,406

 
408,482

 
(421,855
)
 
(477,546
)
 
(155,513
)
Net decrease in cash and cash equivalents
(280,497
)
 
(108,151
)
 
(49,338
)
 
—

 
(437,986
)
Cash and cash equivalents at beginning of period
575,821

 
336,048

 
246,576

 
—

 
1,158,445

Cash and cash equivalents at end of period
$
295,324

 
227,897

 
197,238

 
—

 
720,459



Condensed Consolidating Statement of Cash Flows
Three Months Ended February 28, 2015
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net earnings (including net earnings attributable to noncontrolling interests)
$
114,963

 
142,223

 
12,204

 
(152,473
)
 
116,917

Distributions of earnings from guarantor and non-guarantor subsidiaries
143,648

 
8,825

 
—

 
(152,473
)
 
—

Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities
(195,594
)
 
(678,406
)
 
(125,654
)
 
152,473

 
(847,181
)
Net cash provided by (used in) operating activities
63,017

 
(527,358
)
 
(113,450
)
 
(152,473
)
 
(730,264
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Investments in and contributions to unconsolidated entities, net of distributions of capital
—

 
(10,668
)
 
(6,614
)
 
—

 
(17,282
)
Proceeds from sales of real estate owned
—

 
—

 
28,055

 
—

 
28,055

Receipts of principal payments on loans receivable
—

 
—

 
3,519

 
—

 
3,519

Other
(114
)
 
(52,518
)
 
(28,854
)
 
—

 
(81,486
)
Distribution of capital from guarantor and non-guarantor subsidiaries
10,000

 
10,000

 
—

 
(20,000
)
 
—

Intercompany
(845,940
)
 
—

 
—

 
845,940

 
—

Net cash used in investing activities
(836,054
)
 
(53,186
)
 
(3,894
)
 
825,940

 
(67,194
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings under unsecured revolving credit facility
250,000

 
—

 
—

 
—

 
250,000

Net repayments under warehouse facilities
—

 
—

 
(29,681
)
 
—

 
(29,681
)
Proceeds from senior notes and debt issuance costs
249,425

 
—

 
(294
)
 
—

 
249,131

Principal repayments on Rialto notes payable including structured notes
—

 
—

 
(17,499
)
 
—

 
(17,499
)
Net proceeds (repayments) on other borrowings
—

 
(61,337
)
 
(81
)
 
—

 
(61,418
)
Net payments related to noncontrolling interests
—

 
—

 
(56,327
)
 
—

 
(56,327
)
Excess tax benefit from share-based awards
35

 
—

 
—

 
—

 
35

Common stock:
 
 
 
 
 
 
 
 

Issuances
8,227

 
—

 
—

 
—

 
8,227

Repurchases
(186
)
 
—

 
—

 
—

 
(186
)
Dividends
(8,208
)
 
(152,223
)
 
(20,250
)
 
172,473

 
(8,208
)
Intercompany
—

 
763,183

 
82,757

 
(845,940
)
 
—

Net cash provided by (used in) financing activities
499,293

 
549,623

 
(41,375
)
 
(673,467
)
 
334,074

Net decrease in cash and cash equivalents
(273,744
)
 
(30,921
)
 
(158,719
)
 
—

 
(463,384
)
Cash and cash equivalents at beginning of period
633,318

 
252,914

 
395,582

 
—

 
1,281,814

Cash and cash equivalents at end of period
$
359,574

 
221,993

 
236,863

 
—

 
818,430