XML 15 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended
Feb. 28, 2018
Feb. 28, 2017
Revenues:    
Revenues $ 2,980,791 $ 2,337,428
Cost and expenses:    
Acquisition and integration costs related to CalAtlantic 104,195 0
Corporate general and administrative 67,810 60,699
Total costs and expenses 2,870,069 2,149,201
Equity in earnings (loss) from unconsolidated entities (2,431) 12,335
Earnings before income taxes 269,428 49,643
Provision for income taxes (1) [1] (132,611) (19,969)
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 136,817 29,674
Less: Net earnings (loss) attributable to noncontrolling interests 602 (8,406)
Net earnings attributable to Lennar 136,215 38,080
Other comprehensive income (loss), net of tax:    
Net unrealized gain (loss) on securities available-for-sale (658) 972
Total other comprehensive income (loss), net of tax (658) 972
Total comprehensive income attributable to Lennar 135,557 39,052
Total comprehensive income (loss) attributable to noncontrolling interests $ 602 $ (8,406)
Basic earnings per share (in dollars per share) [2] $ 0.53 $ 0.16
Diluted earnings per share (in dollars per share) [2] $ 0.53 0.16
Write down of deferred tax asset resulting from Tax Cuts and Jobs Act $ 68,600  
Class A Common Stock    
Other comprehensive income (loss), net of tax:    
Cash dividends per each common share (in dollars per share) $ 0.04 $ 0.04
Lennar Homebuilding    
Revenues:    
Revenues $ 2,662,093 $ 2,018,694
Cost and expenses:    
Cost and expenses 2,404,007 1,801,561
Equity in earnings (loss) from unconsolidated entities (14,287) (11,534)
Other income (expense), net 169,928 5,739
Lennar Homebuilding loss due to litigation 0 (140,000)
Lennar Financial Services    
Revenues:    
Revenues 171,140 148,043
Cost and expenses:    
Cost and expenses 151,445 127,379
Rialto    
Revenues:    
Revenues 54,302 82,006
Cost and expenses:    
Cost and expenses 45,413 66,913
Equity in earnings (loss) from unconsolidated entities 9,114 722
Other income (expense), net (8,791) (16,658)
Lennar Multifamily    
Revenues:    
Revenues 93,256 88,685
Cost and expenses:    
Cost and expenses 97,199 92,649
Equity in earnings (loss) from unconsolidated entities $ 2,742 $ 23,147
[1] Provision for income taxes for the three months ended February 28, 2018 includes a non-cash one-time write down of deferred tax assets of $68.6 million resulting from the Tax Cuts and Jobs Act enacted in December 2017.
[2] Basic and diluted average shares outstanding and earnings per share calculations for the three months ended February 28, 2017 have been adjusted to reflect 4.7 million of Class B shares distributed in the stock dividend on November 27, 2017.