XML 34 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Supplemental Financial Information
9 Months Ended
Aug. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Information Supplemental Financial Information
The indentures governing the Company’s 12.25% senior notes due 2017, 4.75% senior notes due 2017, 6.95% senior notes due 2018, 4.125% senior notes due 2018, 4.500% senior notes due 2019, 4.50% senior notes due 2019, 3.25% convertible senior notes due 2021, 4.750% senior notes due 2021, 4.750% senior notes due 2022, 4.875% senior notes due 2023 and 4.750% senior notes due 2025 require that, if any of the Company’s 100% owned subsidiaries, other than its finance company subsidiaries and foreign subsidiaries, directly or indirectly guarantee at least $75 million principal amount of debt of Lennar Corporation, those subsidiaries must also guarantee Lennar Corporation’s obligations with regard to its senior notes. The entities referred to as “guarantors” in the following tables are subsidiaries that are not finance company subsidiaries or foreign subsidiaries and were guaranteeing the senior notes because at August 31, 2016 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 11. The guarantees are full, unconditional and joint and several and the guarantor subsidiaries are 100% directly or indirectly owned by Lennar Corporation. A subsidiary's guarantee will be suspended at any time when it is not directly or indirectly guaranteeing at least $75 million principal amount of debt of Lennar Corporation, and a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of.
For purposes of the condensed consolidating statement of cash flows included in the following supplemental financial information, the Company's accounting policy is to treat cash received by Lennar Corporation (“the Parent”) from its subsidiaries, to the extent of net earnings from such subsidiaries as a dividend and accordingly a return on investment within cash flows from operating activities. Distributions of capital received by the Parent from its subsidiaries are reflected as cash flows from investing activities. The cash outflows associated with the return on investment dividends and distributions of capital received by the Parent are reflected by the Guarantor and Non-Guarantor subsidiaries in the Dividends line item within cash flows from financing activities. All other cash flows between the Parent and its subsidiaries represent the settlement of receivables and payables between such entities in conjunction with the Parent's centralized cash management arrangement with its subsidiaries, which operates with the characteristics of a revolving credit facility, and are accordingly reflected net in the Intercompany line item within cash flows from investing activities for the Parent and net in the Intercompany line item within cash flows from financing activities for the Guarantor and Non-Guarantor subsidiaries.Supplemental information for the subsidiaries that were guarantor subsidiaries at August 31, 2016 was as follows:

Condensed Consolidating Balance Sheet
August 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
$
365,177

 
270,020

 
16,949

 

 
652,146

Inventories

 
9,378,652

 
277,094

 

 
9,655,746

Investments in unconsolidated entities

 
778,532

 
17,967

 

 
796,499

Other assets
211,279

 
334,483

 
80,635

 
11,149

 
637,546

Investments in subsidiaries
3,918,687

 
126,787

 

 
(4,045,474
)
 

Intercompany
7,187,710

 

 

 
(7,187,710
)
 

 
11,682,853

 
10,888,474

 
392,645

 
(11,222,035
)
 
11,741,937

Rialto

 

 
1,196,653

 

 
1,196,653

Lennar Financial Services

 
98,716

 
1,432,641

 
(3,801
)
 
1,527,556

Lennar Multifamily

 

 
549,148

 
(16,574
)
 
532,574

Total assets
$
11,682,853

 
10,987,190

 
3,571,087

 
(11,242,410
)
 
14,998,720

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Lennar Homebuilding:
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
$
487,415

 
769,239

 
79,122

 
(9,226
)
 
1,326,550

Liabilities related to consolidated inventory not owned

 
12,019

 
96,424

 

 
108,443

Senior notes and other debts payable
4,649,903

 
260,095

 
10,850

 

 
4,920,848

Intercompany

 
6,303,367

 
884,343

 
(7,187,710
)
 

 
5,137,318

 
7,344,720

 
1,070,739

 
(7,196,936
)
 
6,355,841

Rialto

 

 
632,562

 

 
632,562

Lennar Financial Services

 
35,732

 
1,104,483

 

 
1,140,215

Lennar Multifamily

 

 
107,196

 

 
107,196

Total liabilities
5,137,318

 
7,380,452

 
2,914,980

 
(7,196,936
)
 
8,235,814

Stockholders’ equity
6,545,535

 
3,606,738

 
438,736

 
(4,045,474
)
 
6,545,535

Noncontrolling interests

 

 
217,371

 

 
217,371

Total equity
6,545,535

 
3,606,738

 
656,107

 
(4,045,474
)
 
6,762,906

Total liabilities and equity
$
11,682,853

 
10,987,190

 
3,571,087

 
(11,242,410
)
 
14,998,720

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 August 31, 2016
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
$

 
2,492,189

 
4,780

 

 
2,496,969

Lennar Financial Services

 
60,518

 
135,939

 
(5,013
)
 
191,444

Rialto

 

 
63,885

 

 
63,885

Lennar Multifamily

 

 
81,620

 
(24
)
 
81,596

Total revenues

 
2,552,707

 
286,224

 
(5,037
)
 
2,833,894

Cost and expenses:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding

 
2,157,506

 
7,309

 
(788
)
 
2,164,027

Lennar Financial Services

 
50,602

 
92,431

 
(4,837
)
 
138,196

Rialto

 

 
62,721

 
(415
)
 
62,306

Lennar Multifamily

 

 
84,007

 

 
84,007

Corporate general and administrative
59,644

 
255

 

 
1,265

 
61,164

Total costs and expenses
59,644

 
2,208,363

 
246,468

 
(4,775
)
 
2,509,700

Lennar Homebuilding equity in earnings (loss) from unconsolidated entities

 
(18,127
)
 
93

 

 
(18,034
)
Lennar Homebuilding other income, net
1,209

 
29,823

 
1,113

 
(1,198
)
 
30,947

Other interest expense
(1,460
)
 
(973
)
 

 
1,460

 
(973
)
Rialto equity in earnings from unconsolidated entities

 

 
5,976

 

 
5,976

Rialto other expense, net

 

 
(7,612
)
 

 
(7,612
)
Lennar Multifamily equity in earnings from unconsolidated entities

 

 
5,060

 

 
5,060

Earnings (loss) before income taxes
(59,895
)
 
355,067

 
44,386

 

 
339,558

Benefit (provision) for income taxes
18,646

 
(106,867
)
 
(18,206
)
 

 
(106,427
)
Equity in earnings from subsidiaries
277,091

 
22,301

 

 
(299,392
)
 

Net earnings (including net loss attributable to noncontrolling interests)
235,842

 
270,501

 
26,180

 
(299,392
)
 
233,131

Less: Net loss attributable to noncontrolling interests

 

 
(2,711
)
 

 
(2,711
)
Net earnings attributable to Lennar
$
235,842

 
270,501

 
28,891

 
(299,392
)
 
235,842

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

 

 
639

 

 
639

Reclassification adjustments for gains included in earnings, net of tax

 

 
(31
)
 

 
(31
)
Other comprehensive income attributable to Lennar
$
235,842

 
270,501

 
29,499

 
(299,392
)
 
236,450

Other comprehensive loss attributable to noncontrolling interests
$

 

 
(2,711
)
 

 
(2,711
)
Condensed Consolidating Statement of Operations and Comprehensive Income
Three Months Ended August 31, 2015
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
$

 
2,232,318

 

 

 
2,232,318

Lennar Financial Services

 
54,415

 
119,345

 
(5,012
)
 
168,748

Rialto

 

 
51,554

 

 
51,554

Lennar Multifamily

 

 
39,091

 
(13
)
 
39,078

Total revenues

 
2,286,733

 
209,990

 
(5,025
)
 
2,491,698

Cost and expenses:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding

 
1,897,755

 
21,080

 
(5,552
)
 
1,913,283

Lennar Financial Services

 
47,514

 
81,762

 
35

 
129,311

Rialto

 

 
53,732

 
(409
)
 
53,323

Lennar Multifamily

 

 
47,072

 

 
47,072

Corporate general and administrative
55,229

 

 

 
1,265

 
56,494

Total costs and expenses
55,229

 
1,945,269

 
203,646

 
(4,661
)
 
2,199,483

Lennar Homebuilding equity in earnings from unconsolidated entities

 
8,633

 
4,667

 

 
13,300

Lennar Homebuilding other income (expense), net
1,674

 
(12,495
)
 
16,106

 
(1,096
)
 
4,189

Other interest expense
(1,460
)
 
(2,812
)
 

 
1,460

 
(2,812
)
Rialto equity in earnings from unconsolidated entities

 

 
7,590

 

 
7,590

Rialto other income, net

 

 
1,172

 

 
1,172

Lennar Multifamily equity in earnings from unconsolidated entities

 

 
5,004

 

 
5,004

Earnings (loss) before income taxes
(55,015
)
 
334,790

 
40,883

 

 
320,658

Benefit (provision) for income taxes
16,215

 
(96,069
)
 
(15,767
)
 

 
(95,621
)
Equity in earnings from subsidiaries
262,112

 
17,947

 

 
(280,059
)
 

Net earnings (including net earnings attributable to noncontrolling interests)
223,312

 
256,668

 
25,116

 
(280,059
)
 
225,037

Less: Net earnings attributable to noncontrolling interests

 

 
1,725

 

 
1,725

Net earnings attributable to Lennar
$
223,312

 
256,668

 
23,391

 
(280,059
)
 
223,312

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

 

 
(400
)
 

 
(400
)
Other comprehensive income attributable to Lennar
$
223,312

 
256,668

 
22,991

 
(280,059
)
 
222,912

Other comprehensive earnings attributable to noncontrolling interests
$

 

 
1,725

 

 
1,725

Condensed Consolidating Statement of Operations and Comprehensive Income
Nine Months Ended August 31, 2016
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
$

 
6,729,555

 
4,780

 

 
6,734,335

Lennar Financial Services

 
154,438

 
351,923

 
(15,021
)
 
491,340

Rialto

 

 
152,434

 

 
152,434

Lennar Multifamily

 

 
195,320

 
(56
)
 
195,264

Total revenues

 
6,883,993

 
704,457

 
(15,077
)
 
7,573,373

Cost and expenses:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding

 
5,840,084

 
15,941

 
(11,505
)
 
5,844,520

Lennar Financial Services

 
140,618

 
243,755

 
(5,300
)
 
379,073

Rialto

 

 
156,198

 
(782
)
 
155,416

Lennar Multifamily

 

 
204,244

 

 
204,244

Corporate general and administrative
160,074

 
764

 

 
3,796

 
164,634

Total costs and expenses
160,074

 
5,981,466

 
620,138

 
(13,791
)
 
6,747,887

Lennar Homebuilding equity in earnings (loss) from unconsolidated entities

 
(25,138
)
 
471

 

 
(24,667
)
Lennar Homebuilding other income, net
3,108

 
45,123

 
1,239

 
(3,079
)
 
46,391

Other interest expense
(4,365
)
 
(3,323
)
 

 
4,365

 
(3,323
)
Rialto equity in earnings from unconsolidated entities

 

 
14,337

 

 
14,337

Rialto other expense, net

 

 
(27,888
)
 

 
(27,888
)
Lennar Multifamily equity in earnings from unconsolidated entities

 

 
38,754

 

 
38,754

Earnings (loss) before income taxes
(161,331
)
 
919,189

 
111,232

 

 
869,090

Benefit (provision) for income taxes
49,706

 
(277,230
)
 
(38,945
)
 

 
(266,469
)
Equity in earnings from subsidiaries
710,016

 
42,297

 

 
(752,313
)
 

Net earnings (including net earnings attributable to noncontrolling interests)
598,391

 
684,256

 
72,287

 
(752,313
)
 
602,621

Less: Net earnings attributable to noncontrolling interests

 

 
4,230

 

 
4,230

Net earnings attributable to Lennar
$
598,391

 
684,256

 
68,057

 
(752,313
)
 
598,391

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

 


1,121



 
1,121

Reclassification adjustments for gains included in earnings, net of tax

 


(37
)


 
(37
)
Other comprehensive income attributable to Lennar
$
598,391

 
684,256


69,141


(752,313
)
 
599,475

Other comprehensive income attributable to noncontrolling interests
$

 

 
4,230

 

 
4,230

Condensed Consolidating Statement of Operations and Comprehensive Income
Nine Months Ended August 31, 2015
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
$

 
5,789,788

 

 

 
5,789,788

Lennar Financial Services

 
145,386

 
333,079

 
(15,005
)
 
463,460

Rialto

 

 
160,682

 

 
160,682

Lennar Multifamily

 

 
114,529

 
(18
)
 
114,511

Total revenues

 
5,935,174

 
608,290

 
(15,023
)
 
6,528,441

Cost and expenses:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding

 
4,974,687

 
41,110

 
(11,857
)
 
5,003,940

Lennar Financial Services

 
135,264

 
237,854

 
(3,675
)
 
369,443

Rialto

 

 
162,019

 
(409
)
 
161,610

Lennar Multifamily

 

 
136,293

 

 
136,293

Corporate general and administrative
146,559

 

 

 
3,796

 
150,355

Total costs and expenses
146,559

 
5,109,951

 
577,276

 
(12,145
)
 
5,821,641

Lennar Homebuilding equity in earnings from unconsolidated entities

 
35,020

 
13,673

 

 
48,693

Lennar Homebuilding other income (expense), net
2,068

 
(4,894
)
 
14,602

 
(1,471
)
 
10,305

Other interest expense
(4,349
)
 
(10,701
)
 

 
4,349

 
(10,701
)
Rialto equity in earnings from unconsolidated entities

 

 
17,582

 

 
17,582

Rialto other income, net

 

 
28

 

 
28

Lennar Multifamily equity in earnings from unconsolidated entities

 

 
4,404

 

 
4,404

Earnings (loss) before income taxes
(148,840
)
 
844,648

 
81,303

 

 
777,111

Benefit (provision) for income taxes
48,313

 
(267,715
)
 
(31,171
)
 

 
(250,573
)
Equity in earnings from subsidiaries
621,818

 
38,033

 

 
(659,851
)
 

Net earnings (including net earnings attributable to noncontrolling interests)
521,291

 
614,966

 
50,132

 
(659,851
)
 
526,538

Less: Net earnings attributable to noncontrolling interests

 

 
5,247

 

 
5,247

Net earnings attributable to Lennar
$
521,291

 
614,966

 
44,885

 
(659,851
)
 
521,291

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

 

 
(294
)
 

 
(294
)
Reclassification adjustments for gains included in earnings, net of tax
$

 

 
(23
)
 

 
(23
)
Other comprehensive income attributable to Lennar
$
521,291

 
614,966

 
44,568

 
(659,851
)
 
520,974

Other comprehensive earnings attributable to noncontrolling interests
$

 

 
5,247

 

 
5,247

Condensed Consolidating Statement of Cash Flows
Nine Months Ended August 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)
$
598,391

 
684,256

 
72,287

 
(752,313
)
 
602,621

Distributions of earnings from guarantor and non-guarantor subsidiaries
710,016

 
42,297

 

 
(752,313
)
 

Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities
(712,476
)
 
(707,332
)
 
61,794

 
752,313

 
(605,701
)
Net cash provided by (used in) operating activities
595,931

 
19,221

 
134,081

 
(752,313
)
 
(3,080
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Proceeds from the sale of operating properties and equipment

 
17,450

 

 

 
17,450

Investments in and contributions to unconsolidated entities, net of distributions of capital

 
(100,475
)
 
(9,752
)
 

 
(110,227
)
Proceeds from sales of real estate owned

 

 
66,638

 

 
66,638

Receipts of principal payments on loans receivable and other

 

 
57,733

 

 
57,733

Originations/purchases of loans receivable

 

 
(56,507
)
 

 
(56,507
)
Purchases of commercial mortgage-backed securities bonds

 

 
(33,005
)
 

 
(33,005
)
Other
(8,836
)
 
(41,120
)
 
(8,801
)
 

 
(58,757
)
Distributions of capital from guarantor and non-guarantor subsidiaries
40,000

 
40,000

 

 
(80,000
)
 

Intercompany
(956,734
)
 

 

 
956,734

 

Net cash provided by (used in) investing activities
(925,570
)
 
(84,145
)
 
16,306

 
876,734

 
(116,675
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings under unsecured revolving credit facility
125,000

 

 

 

 
125,000

Net (repayments) borrowings under warehouse facilities

 
141

 
(137,466
)
 

 
(137,325
)
Proceeds from senior notes and debt issuance costs
495,974

 

 
(931
)
 

 
495,043

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 including structured notes

 

 
(4,121
)
 

 
(4,121
)
Net payments on other borrowings

 
(99,804
)
 


 

 
(99,804
)
Net payments related to noncontrolling interests

 


 
(97,912
)
 

 
(97,912
)
Excess tax benefits from share-based awards
7,039

 

 

 

 
7,039

Common stock:
 
 
 
 
 
 
 
 

Issuances
19,471

 

 

 

 
19,471

Repurchases
(19,871
)
 

 

 

 
(19,871
)
Dividends
(26,222
)
 
(724,256
)
 
(108,057
)
 
832,313

 
(26,222
)
Intercompany

 
782,877

 
173,857

 
(956,734
)
 

Net cash provided by (used in) financing activities
117,498

 
(41,042
)
 
(174,630
)
 
(124,421
)
 
(222,595
)
Net decrease in cash and cash equivalents
(212,141
)
 
(105,966
)
 
(24,243
)
 

 
(342,350
)
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
$
363,680

 
230,082

 
222,333

 

 
816,095

Condensed Consolidating Statement of Cash Flows
Nine Months Ended August 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)
$
521,291

 
614,966

 
50,132

 
(659,851
)
 
526,538

Distributions of earnings from guarantor and non-guarantor subsidiaries
621,818

 
38,033

 

 
(659,851
)
 

Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities
(594,735
)
 
(1,090,481
)
 
(589,587
)
 
659,851

 
(1,614,952
)
Net cash provided by (used in) operating activities
548,374

 
(437,482
)
 
(539,455
)
 
(659,851
)
 
(1,088,414
)
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

 
(17,833
)
 
(18,729
)
 

 
(36,562
)
Proceeds from sales of real estate owned

 

 
88,565

 

 
88,565

Receipts of principal payments on loans receivable and other

 

 
14,225

 

 
14,225

Other
(26,189
)
 
(47,141
)
 
(82,311
)
 

 
(155,641
)
Distributions of capital from guarantor and non-guarantor subsidiaries
75,000

 
75,050

 

 
(150,050
)
 

Intercompany
(1,470,225
)
 

 

 
1,470,225

 

Net cash provided by (used in) investing activities
(1,421,414
)
 
10,076

 
75,482

 
1,320,175

 
(15,681
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings under unsecured revolving credit facility
575,000

 

 

 

 
575,000

Net borrowings under warehouse facilities

 

 
294,015

 

 
294,015

Proceeds from senior notes and debt issuance costs
744,409

 

 
(994
)
 

 
743,415

Redemption of senior notes
(500,000
)
 

 

 

 
(500,000
)
Conversions and exchanges of convertible senior notes
(168,854
)
 

 

 

 
(168,854
)
Principal payments on Rialto notes payable including structured notes

 

 
(28,247
)
 

 
(28,247
)
Net proceeds (payments) on other borrowings
20,746

 
(96,265
)
 
(69,501
)
 

 
(145,020
)
Net payments related to noncontrolling interests

 

 
(104,355
)
 

 
(104,355
)
Excess tax benefit from share-based awards
113

 

 

 

 
113

Common stock:
 
 
 
 
 
 
 
 

Issuances
9,406

 

 

 

 
9,406

Repurchases
(23,133
)
 

 

 

 
(23,133
)
Dividends
(24,765
)
 
(689,966
)
 
(119,935
)
 
809,901

 
(24,765
)
Intercompany

 
1,169,960

 
300,265

 
(1,470,225
)
 

Net cash provided by financing activities
632,922

 
383,729

 
271,248

 
(660,324
)
 
627,575

Net decrease in cash and cash equivalents
(240,118
)
 
(43,677
)
 
(192,725
)
 

 
(476,520
)
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
$
393,200

 
209,237

 
202,857

 

 
805,294