Supplemental Financial Information (Tables)

3 Months Ended

Feb. 28, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

Supplemental information for the subsidiaries that were guarantor subsidiaries at February 28, 2018 was as follows:

Condensed Consolidating Balance Sheet

February 28, 2018

(In thousands)	Lennar Corporation		Guarantor Subsidiaries	Non-Guarantor Subsidiaries	Consolidating Adjustments		Total
ASSETS
Lennar Homebuilding:
Cash and cash equivalents, restricted cash and receivables, net	$	298,162	637,847	14,973	—		950,982
Inventories	—		17,209,084	371,732	—		17,580,816
Investments in unconsolidated entities	—		974,404	16,319	—		990,723
Goodwill	—		3,433,477	—	—		3,433,477
Other assets	282,703		1,045,144	125,175	(15,508	)	1,437,514
Investments in subsidiaries	10,817,911		110,353	—	(10,928,264	)	—
Intercompany	11,701,443		—	—	(11,701,443	)	—
	23,100,219		23,410,309	528,199	(22,645,215	)	24,393,512
Lennar Financial Services	—		298,595	1,451,059	(1,222	)	1,748,432
Rialto	—		—	909,249	—		909,249
Lennar Multifamily	—		—	892,830	—		892,830
Total assets	$	23,100,219	23,708,904	3,781,337	(22,646,437	)	27,944,023
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable and other liabilities	$	529,607	1,610,823	282,488	(16,730	)	2,406,188
Liabilities related to consolidated inventory not owned	—		333,548	13,500	—		347,048
Senior notes and other debts payable	9,509,682		861,798	11,060	—		10,382,540
Intercompany	—		10,342,346	1,359,097	(11,701,443	)	—
	10,039,289		13,148,515	1,666,145	(11,718,173	)	13,135,776
Lennar Financial Services	—		38,504	966,498	—		1,005,002
Rialto	—		—	488,104	—		488,104
Lennar Multifamily	—		—	141,057	—		141,057
Total liabilities	10,039,289		13,187,019	3,261,804	(11,718,173	)	14,769,939
Stockholders’ equity	13,060,930		10,521,885	406,379	(10,928,264	)	13,060,930
Noncontrolling interests	—		—	113,154	—		113,154
Total equity	13,060,930		10,521,885	519,533	(10,928,264	)	13,174,084
Total liabilities and equity	$	23,100,219	23,708,904	3,781,337	(22,646,437	)	27,944,023

Condensed Consolidating Balance Sheet

November 30, 2017

(In thousands)	Lennar Corporation		Guarantor Subsidiaries	Non-Guarantor Subsidiaries	Consolidating Adjustments		Total
ASSETS
Lennar Homebuilding:
Cash and cash equivalents, restricted cash and receivables, net	$	1,945,024	462,336	21,972	—		2,429,332
Inventories	—		10,560,996	299,894	—		10,860,890
Investments in unconsolidated entities	—		884,294	16,475	—		900,769
Goodwill	—		136,566	—	—		136,566
Other assets	246,490		520,899	114,431	(18,416	)	863,404
Investments in subsidiaries	4,446,309		52,237	—	(4,498,546	)	—
Intercompany	7,881,306		—	—	(7,881,306	)	—
	14,519,129		12,617,328	452,772	(12,398,268	)	15,190,961
Lennar Financial Services	—		130,184	1,561,525	(2,201	)	1,689,508
Rialto	—		—	1,153,840	—		1,153,840
Lennar Multifamily	—		—	710,725	—		710,725
Total assets	$	14,519,129	12,747,512	3,878,862	(12,400,469	)	18,745,034
LIABILITIES AND EQUITY
Lennar Homebuilding:
Accounts payable and other liabilities	$	635,227	1,011,051	294,933	(20,617	)	1,920,594
Liabilities related to consolidated inventory not owned	—		367,220	13,500	—		380,720
Senior notes and other debts payable	6,011,585		394,365	4,053	—		6,410,003
Intercompany	—		6,775,719	1,105,587	(7,881,306	)	—
	6,646,812		8,548,355	1,418,073	(7,901,923	)	8,711,317
Lennar Financial Services	—		48,700	1,129,114	—		1,177,814
Rialto	—		—	720,056	—		720,056
Lennar Multifamily	—		—	149,715	—		149,715
Total liabilities	6,646,812		8,597,055	3,416,958	(7,901,923	)	10,758,902
Stockholders’ equity	7,872,317		4,150,457	348,089	(4,498,546	)	7,872,317
Noncontrolling interests	—		—	113,815	—		113,815
Total equity	7,872,317		4,150,457	461,904	(4,498,546	)	7,986,132
Total liabilities and equity	$	14,519,129	12,747,512	3,878,862	(12,400,469	)	18,745,034

Condensed Consolidating Statement of Operations and Comprehensive Income

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)Three Months Ended February 28, 2018

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Revenues:
Lennar Homebuilding	$	—		2,653,194		8,899		—		2,662,093
Lennar Financial Services	—			73,012		103,102		(4,974	)	171,140
Rialto	—			—		54,302		—		54,302
Lennar Multifamily	—			—		93,256		—		93,256
Total revenues	—			2,726,206		259,559		(4,974	)	2,980,791
Cost and expenses:
Lennar Homebuilding	—			2,393,804		12,237		(2,034	)	2,404,007
Lennar Financial Services	—			74,476		83,118		(6,149	)	151,445
Rialto	—			—		45,413		—		45,413
Lennar Multifamily	—			—		97,199		—		97,199
Acquisition and integration costs related to CalAtlantic	—			104,195		—		—		104,195
Corporate general and administrative	65,923			604		—		1,283		67,810
Total costs and expenses	65,923			2,573,079		237,967		(6,900	)	2,870,069
Lennar Homebuilding equity in loss from unconsolidated entities	—			(14,131	)	(156	)	—		(14,287	)
Lennar Homebuilding other income, net	1,935			168,296		1,623		(1,926	)	169,928
Rialto equity in earnings from unconsolidated entities	—			—		9,114		—		9,114
Rialto other expense, net	—			—		(8,791	)	—		(8,791	)
Lennar Multifamily equity in earnings from unconsolidated entities	—			—		2,742		—		2,742
Earnings (loss) before income taxes	(63,988		)	307,292		26,124		—		269,428
Benefit (provision) for income taxes	31,565			(150,443	)	(13,733	)	—		(132,611	)
Equity in earnings from subsidiaries	168,638			10,200		—		(178,838	)	—
Net earnings (including net earnings attributable to noncontrolling interests)	136,215			167,049		12,391		(178,838	)	136,817
Less: Net earnings attributable to noncontrolling interests	—			—		602		—		602
Net earnings attributable to Lennar	$	136,215		167,049		11,789		(178,838	)	136,215
Other comprehensive loss, net of tax:
Net unrealized loss on securities available-for-sale	$	—		—		(658	)	—		(658	)
Total other comprehensive loss, net of tax	$	—		—		(658	)	—		(658	)
Total comprehensive income attributable to Lennar	$	136,215		167,049		11,131		(178,838	)	135,557
Total comprehensive income attributable to noncontrolling interests	$	—		—		602		—		602

Condensed Consolidating Statement of Operations and Comprehensive Income

Three Months Ended February 28, 2017

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Revenues:
Lennar Homebuilding	$	—		2,012,882		5,812		—		2,018,694
Lennar Financial Services	—			50,509		102,532		(4,998	)	148,043
Rialto	—			—		82,006		—		82,006
Lennar Multifamily	—			—		88,717		(32	)	88,685
Total revenues	—			2,063,391		279,067		(5,030	)	2,337,428
Cost and expenses:
Lennar Homebuilding	—			1,794,010		7,868		(317	)	1,801,561
Lennar Financial Services	—			49,056		83,988		(5,665	)	127,379
Rialto	—			—		66,965		(52	)	66,913
Lennar Multifamily	—			—		92,649		—		92,649
Corporate general and administrative	59,179			255		—		1,265		60,699
Total costs and expenses	59,179			1,843,321		251,470		(4,769	)	2,149,201
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities	—			(11,560	)	26		—		(11,534	)
Lennar Homebuilding other income (expense), net	(251		)	4,773		956		261		5,739
Lennar Homebuilding loss due to litigation accrual	—			(140,000	)	—		—		(140,000	)
Rialto equity in earnings from unconsolidated entities	—			—		722		—		722
Rialto other expense, net	—			—		(16,658	)	—		(16,658	)
Lennar Multifamily equity in earnings from unconsolidated entities	—			—		23,147		—		23,147
Earnings (loss) before income taxes	(59,430		)	73,283		35,790		—		49,643
Benefit (provision) for income taxes	20,444			(23,344	)	(17,069	)	—		(19,969	)
Equity in earnings from subsidiaries	77,066			6,893		—		(83,959	)	—
Net earnings (including net loss attributable to noncontrolling interests)	38,080			56,832		18,721		(83,959	)	29,674
Less: Net loss attributable to noncontrolling interests	—			—		(8,406	)	—		(8,406	)
Net earnings attributable to Lennar	$	38,080		56,832		27,127		(83,959	)	38,080
Other comprehensive income, net of tax:
Net unrealized gain on securities available-for-sale	—			—		972		—		972
Total other comprehensive income, net of tax	$	—		—		972		—		972
Total comprehensive income attributable to Lennar	$	38,080		56,832		28,099		(83,959	)	39,052
Total comprehensive loss attributable to noncontrolling interests	$	—		—		(8,406	)	—		(8,406	)

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

Three Months Ended February 28, 2018

(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)	$	136,215		167,049		12,391		(178,838	)	136,817
Distributions of earnings from guarantor and non-guarantor subsidiaries	168,638			10,200		—		(178,838	)	—
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(274,370		)	(352,627	)	168,614		178,838		(279,545	)
Net cash provided by (used in) operating activities	30,483			(175,378	)	181,005		(178,838	)	(142,728	)
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital	—			(9,659	)	(31,989	)	—		(41,648	)
Proceeds from sales of real estate owned	—			—		18,080		—		18,080
Proceeds from sale of investment in unconsolidated entity	—			175,179		—		—		175,179
Purchases of commercial mortgage-backed securities bonds	—			—		(31,068	)	—		(31,068	)
Acquisition, net of cash acquired	(1,162,342		)	24,088		36,515		—		(1,101,739	)
Other	(9,045		)	(25,220	)	(12,749	)	—		(47,014	)
Intercompany	(921,113		)	—		—		921,113		—
Net cash provided by (used in) investing activities	(2,092,500		)	164,388		(21,211	)	921,113		(1,028,210	)
Cash flows from financing activities:
Net borrowings (repayments) under unsecured revolving credit facilities	500,000			(454,700	)	—		—		45,300
Net repayments under warehouse facilities	—			(27	)	(344,484	)	—		(344,511	)
Debt issuance costs	(9,117		)	—		(2,922	)	—		(12,039	)
Net payments on other borrowings, other liabilities, Rialto Senior Notes and other notes payable	—			(14,806	)	(69,413	)	—		(84,219	)
Net payments related to noncontrolling interests	—					(19,908	)	—		(19,908	)
Common stock:
Repurchases	(25,355		)	—		—		—		(25,355	)
Dividends	(9,617		)	(167,049	)	(11,789	)	178,838		(9,617	)
Intercompany	—			729,979		191,134		(921,113	)	—
Net cash provided by (used in) financing activities	455,911			93,397		(257,382	)	(742,275	)	(450,349	)
Net decrease (increase) in cash and cash equivalents	(1,606,106		)	82,407		(97,588	)	—		(1,621,287	)
Cash and cash equivalents at beginning of period	1,937,674			359,087		354,111		—		2,650,872
Cash and cash equivalents at end of period	$	331,568		441,494		256,523		—		1,029,585

Condensed Consolidating Statement of Cash Flows

Three Months Ended February 28, 2017

(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	$	38,080		56,832		18,721		(83,959	)	29,674
Distributions of earnings from guarantor and non-guarantor subsidiaries	77,066			6,893		—		(83,959	)	—
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(41,356		)	(421,010	)	428,057		83,959		49,650
Net cash provided by (used in) operating activities	73,790			(357,285	)	446,778		(83,959	)	79,324
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital	—			(111,072	)	(673	)	—		(111,745	)
Proceeds from sales of real estate owned	—			—		24,215		—		24,215
Originations of loans receivable	—			—		(9,330	)	—		(9,330	)
Purchases of commercial mortgage-backed securities bonds	—			—		(40,357	)	—		(40,357	)
Acquisition, net of cash acquired	(596,172		)	—		—		—		(596,172	)
Other	(2,824		)	(9,303	)	(20,566	)	—		(32,693	)
Distributions of capital from guarantor and non-guarantor subsidiaries	30,000			30,000		—		(60,000	)	—
Intercompany	(634,418		)	—		—		634,418		—
Net cash used in investing activities	(1,203,414		)	(90,375	)	(46,711	)	574,418		(766,082	)
Cash flows from financing activities:
Net borrowings under unsecured revolving credit facility	250,000			—		—		—		250,000
Net repayments under warehouse facilities	—			(25	)	(543,331	)	—		(543,356	)
Proceeds from senior notes and debt issuance costs	595,160			—		(6,008	)	—		589,152
Net proceeds on Rialto notes payable	—			—		32,489		—		32,489
Net proceeds (payments) on other borrowings	—			(15,217	)	6,370		—		(8,847	)
Net payments related to noncontrolling interests	—					(25,718	)	—		(25,718	)
Excess tax benefits from share-based awards	1,953			—		—		—		1,953
Common stock:
Issuances	99			—		—		—		99
Repurchases	(83		)	—		—		—		(83	)
Dividends	(9,400		)	(86,832	)	(57,127	)	143,959		(9,400	)
Intercompany	—			440,388		194,030		(634,418	)	—
Net cash provided by (used in) financing activities	837,729			338,314		(399,295	)	(490,459	)	286,289
Net increase (decrease) in cash and cash equivalents	(291,895		)	(109,346	)	772		—		(400,469	)
Cash and cash equivalents at beginning of period	697,112			377,070		255,347		—		1,329,529
Cash and cash equivalents at end of period	$	405,217		267,724		256,119		—		929,060