Supplemental Financial Information (Tables)

6 Months Ended

May 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental information for the subsidiaries that were guarantor subsidiaries at May 31, 2016 was as follows:

Condensed Consolidating Balance Sheet

May 31, 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	$	361,522	279,672	10,711	—		651,905
Inventories	—		9,368,371	281,332	—		9,649,703
Investments in unconsolidated entities	—		768,069	17,814	—		785,883
Other assets	197,626		349,288	81,234	18,407		646,555
Investments in subsidiaries	3,918,687		126,179	—	(4,044,866	)	—
Intercompany	7,238,368		—	—	(7,238,368	)	—
	11,716,203		10,891,579	391,091	(11,264,827	)	11,734,046
Rialto	—		—	1,171,987	—		1,171,987
Lennar Financial Services	—		92,606	1,335,975	(4,902	)	1,423,679
Lennar Multifamily	—		—	531,594	(13,505	)	518,089
Total assets	$	11,716,203	10,984,185	3,430,647	(11,283,234	)	14,847,801
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable and other liabilities	$	525,737	693,769	67,109	—		1,286,615
Liabilities related to consolidated inventory not owned	—		19,390	96,424	—		115,814
Senior notes and other debts payable	5,072,100		233,285	10,850	—		5,316,235
Intercompany	—		6,397,212	841,156	(7,238,368	)	—
	5,597,837		7,343,656	1,015,539	(7,238,368	)	6,718,664
Rialto	—		—	596,628	—		596,628
Lennar Financial Services	—		33,770	1,045,728	—		1,079,498
Lennar Multifamily	—		—	90,077	—		90,077
Total liabilities	5,597,837		7,377,426	2,747,972	(7,238,368	)	8,484,867
Stockholders’ equity	6,118,366		3,606,759	438,107	(4,044,866	)	6,118,366
Noncontrolling interests	—		—	244,568	—		244,568
Total equity	6,118,366		3,606,759	682,675	(4,044,866	)	6,362,934
Total liabilities and equity	$	11,716,203	10,984,185	3,430,647	(11,283,234	)	14,847,801

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

Condensed Consolidating Statement of Operations and Comprehensive Income

Three Months Ended May 31, 2016



(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Revenues:
Lennar Homebuilding	$	—		2,450,885		—		—		2,450,885
Lennar Financial Services	—			53,310		127,642		(5,012	)	175,940
Rialto	—			—		44,838		—		44,838
Lennar Multifamily	—			—		74,171		(19	)	74,152
Total revenues	—			2,504,195		246,651		(5,031	)	2,745,815
Cost and expenses:
Lennar Homebuilding	—			2,126,412		(6,231	)	(7,893	)	2,112,288
Lennar Financial Services	—			48,204		81,255		2,393		131,852
Rialto	—			—		50,260		(57	)	50,203
Lennar Multifamily	—			—		73,217		—		73,217
Corporate general and administrative	54,282			254		—		1,266		55,802
Total costs and expenses	54,282			2,174,870		198,501		(4,291	)	2,423,362
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities	—			(10,860	)	1,227		—		(9,633	)
Lennar Homebuilding other income (expense), net	729			23,816		(8,899	)	(721	)	14,925
Other interest expense	(1,461		)	(1,193	)	—		1,461		(1,193	)
Rialto equity in earnings from unconsolidated entities	—			—		6,864		—		6,864
Rialto other expense, net	—			—		(19,585	)	—		(19,585	)
Lennar Multifamily equity in earnings from unconsolidated entities	—			—		14,008		—		14,008
Earnings (loss) before income taxes	(55,014		)	341,088		41,765		—		327,839
Benefit (provision) for income taxes	18,025			(108,653	)	(13,173	)	—		(103,801	)
Equity in earnings from subsidiaries	255,458			15,458		—		(270,916	)	—
Net earnings (including net earnings attributable to noncontrolling interests)	218,469			247,893		28,592		(270,916	)	224,038
Less: Net earnings attributable to noncontrolling interests	—			—		5,569		—		5,569
Net earnings attributable to Lennar	$	218,469		247,893		23,023		(270,916	)	218,469
Other comprehensive income, net of tax:
Net unrealized gain on securities available-for-sale	$	—		—		919		—		919
Reclassification adjustments for gains included in earnings, net of tax	—			—		(6	)	—		(6	)
Other comprehensive income attributable to Lennar	$	218,469		247,893		23,936		(270,916	)	219,382
Other comprehensive income attributable to noncontrolling interests	$	—		—		5,569		—		5,569

Condensed Consolidating Statement of Operations and Comprehensive Income

Three Months Ended May 31, 2015



(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Revenues:
Lennar Homebuilding	$	—		2,115,812		—		—		2,115,812
Lennar Financial Services	—			52,822		122,075		(5,012	)	169,885
Rialto	—			—		67,931		—		67,931
Lennar Multifamily	—			—		38,981		(5	)	38,976
Total revenues	—			2,168,634		228,987		(5,017	)	2,392,604
Cost and expenses:
Lennar Homebuilding	—			1,807,439		19,511		(1,468	)	1,825,482
Lennar Financial Services	—			49,524		84,816		(3,508	)	130,832
Rialto	—			—		67,506		—		67,506
Lennar Multifamily	—			—		47,260		—		47,260
Corporate general and administrative	48,941			—		—		1,266		50,207
Total costs and expenses	48,941			1,856,963		219,093		(3,710	)	2,121,287
Lennar Homebuilding equity in earnings from unconsolidated entities	—			3,892		2,602		—		6,494
Lennar Homebuilding other income (expense), net	163			1,277		(1,504	)	(153	)	(217	)
Other interest expense	(1,460		)	(3,818	)	—		1,460		(3,818	)
Rialto equity in earnings from unconsolidated entities	—			—		7,328		—		7,328
Rialto other expense, net	—			—		(872	)	—		(872	)
Lennar Multifamily equity in loss from unconsolidated entities	—			—		(422	)	—		(422	)
Earnings (loss) before income taxes	(50,238		)	313,022		17,026		—		279,810
Benefit (provision) for income taxes	17,196			(105,552	)	(6,870	)	—		(95,226	)
Equity in earnings from subsidiaries	219,792			6,236		—		(226,028	)	—
Net earnings (including net earnings attributable to noncontrolling interests)	186,750			213,706		10,156		(226,028	)	184,584
Less: Net earnings attributable to noncontrolling interests	—			—		1,568		—		1,568
Net earnings attributable to Lennar	$	186,750		213,706		8,588		(226,028	)	183,016
Other comprehensive income, net of tax:
Net unrealized loss on securities available-for-sale	$	—		—		(94	)	—		(94	)
Reclassification adjustments for gains included in earnings, net of tax	—			—		(23	)	—		(23	)
Other comprehensive income attributable to Lennar	$	186,750		213,706		8,471		(226,028	)	182,899
Other comprehensive earnings attributable to noncontrolling interests	$	—		—		1,568		—		1,568

Condensed Consolidating Statement of Operations and Comprehensive Income

Six Months Ended May 31, 2016



(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Revenues:
Lennar Homebuilding	$	—		4,237,366		—		—		4,237,366
Lennar Financial Services	—			93,920		215,984		(10,008	)	299,896
Rialto	—			—		88,549		—		88,549
Lennar Multifamily	—			—		113,700		(32	)	113,668
Total revenues	—			4,331,286		418,233		(10,040	)	4,739,479
Cost and expenses:
Lennar Homebuilding	—			3,682,578		8,632		(10,717	)	3,680,493
Lennar Financial Services	—			90,016		151,324		(463	)	240,877
Rialto	—			—		93,477		(367	)	93,110
Lennar Multifamily	—			—		120,237		—		120,237
Corporate general and administrative	100,430			509		—		2,531		103,470
Total costs and expenses	100,430			3,773,103		373,670		(9,016	)	4,238,187
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities	—			(7,011	)	378		—		(6,633	)
Lennar Homebuilding other income, net	1,899			15,300		126		(1,881	)	15,444
Other interest expense	(2,905		)	(2,350	)	—		2,905		(2,350	)
Rialto equity in earnings from unconsolidated entities	—			—		8,361		—		8,361
Rialto other expense, net	—			—		(20,276	)	—		(20,276	)
Lennar Multifamily equity in earnings from unconsolidated entities	—			—		33,694		—		33,694
Earnings (loss) before income taxes	(101,436		)	564,122		66,846		—		529,532
Benefit (provision) for income taxes	31,060			(170,363	)	(20,739	)	—		(160,042	)
Equity in earnings from subsidiaries	432,925			19,996		—		(452,921	)	—
Net earnings (including net earnings attributable to noncontrolling interests)	362,549			413,755		46,107		(452,921	)	369,490
Less: Net earnings attributable to noncontrolling interests	—			—		6,941		—		6,941
Net earnings attributable to Lennar	$	362,549		413,755		39,166		(452,921	)	362,549
Other comprehensive income, net of tax:
Net unrealized gain on securities available-for-sale	$	—		—		482		—		482
Reclassification adjustments for gains included in earnings, net of tax	—			—		(6	)	—		(6	)
Other comprehensive income attributable to Lennar	$	362,549		413,755		39,642		(452,921	)	363,025
Other comprehensive income attributable to noncontrolling interests	$	—		—		6,941		—		6,941

Condensed Consolidating Statement of Operations and Comprehensive Income

Six Months Ended May 31, 2015



(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Revenues:
Lennar Homebuilding	$	—		3,557,470		—		—		3,557,470
Lennar Financial Services	—			90,971		213,734		(9,993	)	294,712
Rialto	—			—		109,128		—		109,128
Lennar Multifamily	—			—		75,438		(5	)	75,433
Total revenues	—			3,648,441		398,300		(9,998	)	4,036,743
Cost and expenses:
Lennar Homebuilding	—			3,076,932		20,030		(6,305	)	3,090,657
Lennar Financial Services	—			87,750		156,092		(3,710	)	240,132
Rialto	—			—		108,287		—		108,287
Lennar Multifamily	—			—		89,221		—		89,221
Corporate general and administrative	91,330			—		—		2,531		93,861
Total costs and expenses	91,330			3,164,682		373,630		(7,484	)	3,622,158
Lennar Homebuilding equity in earnings from unconsolidated entities	—			26,387		9,006		—		35,393
Lennar Homebuilding other income (expense), net	394			7,601		(1,504	)	(375	)	6,116
Other interest expense	(2,889		)	(7,889	)	—		2,889		(7,889	)
Rialto equity in earnings from unconsolidated entities	—			—		9,992		—		9,992
Rialto other expense, net	—			—		(1,144	)	—		(1,144	)
Lennar Multifamily equity in loss from unconsolidated entities	—			—		(600	)	—		(600	)
Earnings (loss) before income taxes	(93,825		)	509,858		40,420		—		456,453
Benefit (provision) for income taxes	32,098			(171,646	)	(15,404	)	—		(154,952	)
Equity in earnings from subsidiaries	359,706			20,086		—		(379,792	)	—
Net earnings (including net earnings attributable to noncontrolling interests)	297,979			358,298		25,016		(379,792	)	301,501
Less: Net earnings attributable to noncontrolling interests	—			—		3,522		—		3,522
Net earnings attributable to Lennar	$	297,979		358,298		21,494		(379,792	)	297,979
Other comprehensive income, net of tax:
Net unrealized gain on securities available-for-sale	$	—		—		106		—		106
Reclassification adjustments for gains included in earnings, net of tax	$	—		—		(23	)	—		(23	)
Other comprehensive income attributable to Lennar	$	297,979		358,298		21,577		(379,792	)	298,062
Other comprehensive earnings attributable to noncontrolling interests	$	—		—		3,522		—		3,522

Condensed Consolidating Statement of Cash Flows

Six Months Ended May 31, 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)	$	362,549		413,755		46,107		(452,921	)	369,490
Distributions of earnings from guarantor and non-guarantor subsidiaries	432,925			19,996		—		(452,921	)	—
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(412,335		)	(789,132	)	203,674		452,921		(544,872	)
Net cash provided by (used in) operating activities	383,139			(355,381	)	249,781		(452,921	)	(175,382	)
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital	—			(65,441	)	(41,775	)	—		(107,216	)
Proceeds from sales of real estate owned	—			—		43,412		—		43,412
Receipts of principal payments on loans receivable	—			—		5,484		—		5,484
Originations of loans receivable	—			—		(16,864	)	—		(16,864	)
Purchases of commercial mortgage-backed securities bonds	—			—		(33,005	)	—		(33,005	)
Other	(6,704		)	(30,269	)	(4,465	)	—		(41,438	)
Distributions of capital from guarantor and non-guarantor subsidiaries	40,000			40,000		—		(80,000	)	—
Intercompany	(1,008,886		)	—		—		1,008,886		—
Net cash used in investing activities	(975,590		)	(55,710	)	(47,213	)	928,886		(149,627	)
Cash flows from financing activities:
Net borrowings under unsecured revolving credit facility	375,000			—		—		—		375,000
Net repayments under warehouse facilities	—			—		(230,206	)	—		(230,206	)
Proceeds from senior notes and debt issuance costs	495,974			—		(746	)	—		495,228
Redemption of senior notes	(250,000		)	—		—		—		(250,000	)
Conversions and exchanges of convertible senior notes	(233,893		)	—		—		—		(233,893	)
Principal payments on Rialto notes payable	—			—		(2,999	)	—		(2,999	)
Net repayments on other borrowings	—			(87,532	)			—		(87,532	)
Net payments related to noncontrolling interests	—					(73,028	)	—		(73,028	)
Excess tax benefits from share-based awards	7,039			—		—		—		7,039
Common stock:
Issuances	594			—		—		—		594
Repurchases	(971		)	—		—		—		(971	)
Dividends	(17,191		)	(453,755	)	(79,166	)	532,921		(17,191	)
Intercompany	—			879,733		129,153		(1,008,886	)	—
Net cash provided by (used in) financing activities	376,552			338,446		(256,992	)	(475,965	)	(17,959	)
Net decrease in cash and cash equivalents	(215,899		)	(72,645	)	(54,424	)	—		(342,968	)
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	$	359,922		263,403		192,152		—		815,477

Condensed Consolidating Statement of Cash Flows

Six Months Ended May 31, 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)	$	297,979		358,298		25,016		(379,792	)	301,501
Distributions of earnings from guarantor and non-guarantor subsidiaries	359,706			20,086		—		(379,792	)	—
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(315,966		)	(985,129	)	(374,731	)	379,792		(1,296,034	)
Net cash provided by (used in) operating activities	341,719			(606,745	)	(349,715	)	(379,792	)	(994,533	)
Cash flows from investing activities:
Proceeds from sale of operating properties	—			—		73,732		—		73,732
Investments in and contributions to unconsolidated entities, net of distributions of capital	—			(11,716	)	(19,786	)	—		(31,502	)
Proceeds from sales of real estate owned	—			—		55,812		—		55,812
Receipts of principal payments on loans receivable	—			—		13,335		—		13,335
Other	(23,345		)	(42,038	)	(53,330	)	—		(118,713	)
Distribution of capital from guarantor and non-guarantor subsidiaries	30,000			30,000		—		(60,000	)	—
Intercompany	(1,286,061		)	—		—		1,286,061		—
Net cash provided by (used in) investing activities	(1,279,406		)	(23,754	)	69,763		1,226,061		(7,336	)
Cash flows from financing activities:
Net borrowings under unsecured revolving credit facility	450,000			—		—		—		450,000
Net borrowings under warehouse facilities	—			—		189,632		—		189,632
Proceeds from senior notes and debt issuance costs	744,409			—		(294	)	—		744,115
Redemption of senior notes	(500,000		)	—		—		—		(500,000	)
Principal repayments on Rialto notes payable including structured notes	—			—		(20,940	)	—		(20,940	)
Net proceeds (repayments) on other borrowings	20,988			(88,647	)	(69,501	)	—		(137,160	)
Net payments related to noncontrolling interests	—			—		(77,570	)	—		(77,570	)
Excess tax benefit from share-based awards	113			—		—		—		113
Common stock:
Issuances	9,412			—		—		—		9,412
Repurchases	(972		)	—		—		—		(972	)
Dividends	(16,418		)	(388,298	)	(51,494	)	439,792		(16,418	)
Intercompany	—			1,089,924		196,137		(1,286,061	)	—
Net cash provided by financing activities	707,532			612,979		165,970		(846,269	)	640,212
Net decrease in cash and cash equivalents	(230,155		)	(17,520	)	(113,982	)	—		(361,657	)
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	$	403,163		237,981		279,013		—		920,157