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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 2018
Commission File Number: 1-11749
 
Lennar Corporation
(Exact name of registrant as specified in its charter)
 
Delaware
 
95-4337490
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
700 Northwest 107th Avenue, Miami, Florida 33172
(Address of principal executive offices) (Zip Code)
(305) 559-4000
(Registrant’s telephone number, including area code)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  ý    NO  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    YES  ý    NO  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
 
Accelerated filer
¨
Non-accelerated filer
¨
 
Smaller reporting company
¨
 
 
 
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  ý
Common stock outstanding as of May 31, 2018:
Class A 291,726,015
Class B 37,752,643





Part I. Financial Information
Item 1. Financial Statements

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(unaudited)
 
May 31,
 
November 30,
 
2018 (1)
 
2017 (1)
ASSETS
 
 
 
Lennar Homebuilding:
 
 
 
Cash and cash equivalents
$
931,753

 
2,282,925

Restricted cash
17,509

 
8,740

Receivables, net
193,984

 
137,667

Inventories:
 
 
 
Finished homes and construction in progress
9,374,290

 
4,676,279

Land and land under development
7,615,922

 
5,791,338

Consolidated inventory not owned
404,782

 
393,273

Total inventories
17,394,994

 
10,860,890

Investments in unconsolidated entities
960,676

 
900,769

Goodwill
3,451,994

 
136,566

Other assets
1,529,605

 
863,404

 
24,480,515

 
15,190,961

Lennar Financial Services
1,943,125

 
1,689,508

Rialto
1,054,628

 
1,153,840

Lennar Multifamily
872,841

 
710,725

Total assets
$
28,351,109

 
18,745,034

(1)
Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.
As of May 31, 2018, total assets include $883.9 million related to consolidated VIEs of which $58.2 million is included in Lennar Homebuilding cash and cash equivalents, $1.9 million in Lennar Homebuilding receivables, net, $68.5 million in Lennar Homebuilding finished homes and construction in progress, $271.1 million in Lennar Homebuilding land and land under development, $404.8 million in Lennar Homebuilding consolidated inventory not owned, $4.7 million in Lennar Homebuilding investments in unconsolidated entities, $13.4 million in Lennar Homebuilding other assets, $16.1 million in Rialto assets and $45.2 million in Lennar Multifamily assets.
As of November 30, 2017, total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $48.8 million in Rialto assets and $42.7 million in Lennar Multifamily assets.

See accompanying notes to condensed consolidated financial statements.
2

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets – (Continued)
(Dollars in thousands, except shares and per share amounts)
(unaudited)

 
May 31,
 
November 30,
 
2018 (2)
 
2017 (2)
LIABILITIES AND EQUITY
 
 
 
Lennar Homebuilding:
 
 
 
Accounts payable
$
844,883

 
604,953

Liabilities related to consolidated inventory not owned
359,736

 
380,720

Senior notes and other debts payable
9,985,615

 
6,410,003

Other liabilities
1,688,118

 
1,315,641

 
12,878,352

 
8,711,317

Lennar Financial Services
1,197,435

 
1,177,814

Rialto
430,501

 
720,056

Lennar Multifamily
145,951

 
149,715

Total liabilities
14,652,239

 
10,758,902

Stockholders’ equity:
 
 
 
Preferred stock

 

Class A common stock of $0.10 par value; Authorized: May 31, 2018 - 400,000,000 and November 30, 2017 - 300,000,000 shares; Issued: May 31, 2018 - 293,725,052 shares and November 30, 2017 - 205,429,942 shares
29,373

 
20,543

Class B common stock of $0.10 par value; Authorized: May 31, 2018 and November 30, 2017 - 90,000,000 shares; Issued: May 31, 2018 - 39,442,081 shares and November 30, 2017 - 37,687,505 shares
3,944

 
3,769

Additional paid-in capital
8,458,211

 
3,142,013

Retained earnings
5,264,674

 
4,840,978

Treasury stock, at cost; May 31, 2018 - 1,999,037 shares of Class A common stock and 1,689,438 shares of Class B common stock; November 30, 2017 - 1,473,590 shares of Class A common stock and 1,679,650 shares of Class B common stock
(164,552
)
 
(136,020
)
Accumulated other comprehensive income (loss)
(339
)
 
1,034

Total stockholders’ equity
13,591,311

 
7,872,317

Noncontrolling interests
107,559

 
113,815

Total equity
13,698,870

 
7,986,132

Total liabilities and equity
$
28,351,109

 
18,745,034

(2)
Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.
As of May 31, 2018, total liabilities include $420.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $14.8 million is included in Lennar Homebuilding accounts payable, $42.5 million in Lennar Homebuilding senior notes and other debts payable, $359.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $1.6 million in Rialto liabilities and $0.1 million in Lennar Multifamily liabilities.
As of November 30, 2017, total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities and $2.2 million in Rialto liabilities.

See accompanying notes to condensed consolidated financial statements.
3

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Dollars in thousands, except per share amounts)
(unaudited)


 
Three Months Ended
 
Six Months Ended
 
May 31,
 
May 31,
 
2018
 
2017
 
2018
 
2017
Revenues:
 
 
 
 
 
 
 
Lennar Homebuilding
$
5,063,997

 
2,885,741

 
7,726,090

 
4,904,435

Lennar Financial Services
232,135

 
208,363

 
403,275

 
356,406

Rialto
45,236

 
67,988

 
99,538

 
149,994

Lennar Multifamily
117,693

 
99,800

 
210,949

 
188,485

Total revenues
5,459,061

 
3,261,892

 
8,439,852

 
5,599,320

Costs and expenses:
 
 
 
 
 
 
 
Lennar Homebuilding
4,636,067

 
2,535,483

 
7,040,074

 
4,337,044

Lennar Financial Services
179,753

 
164,636

 
331,198

 
292,015

Rialto
35,936

 
59,076

 
81,349

 
125,989

Lennar Multifamily
117,186

 
102,698

 
214,385

 
195,347

Acquisition and integration costs related to CalAtlantic
23,875

 

 
128,070

 

Corporate general and administrative
84,915

 
66,774

 
152,725

 
127,473

Total costs and expenses
5,077,732

 
2,928,667

 
7,947,801

 
5,077,868

Lennar Homebuilding equity in loss from unconsolidated entities
(12,226
)
 
(21,506
)
 
(26,513
)
 
(33,040
)
Lennar Homebuilding other income, net
9,824

 
3,828

 
179,752

 
9,567

Lennar Homebuilding loss due to litigation

 

 

 
(140,000
)
Rialto equity in earnings from unconsolidated entities
4,116

 
5,730

 
13,230

 
6,452

Rialto other expense, net
(6,514
)
 
(21,104
)
 
(15,305
)
 
(37,762
)
Lennar Multifamily equity in earnings from unconsolidated entities
14,281

 
9,427

 
17,023

 
32,574

Earnings before income taxes
390,810

 
309,600

 
660,238

 
359,243

Provision for income taxes (1)
(75,961
)
 
(108,892
)
 
(208,572
)
 
(128,861
)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
314,849

 
200,708

 
451,666

 
230,382

Less: Net earnings (loss) attributable to noncontrolling interests
4,592

 
(12,937
)
 
5,194

 
(21,343
)
Net earnings attributable to Lennar
$
310,257

 
213,645

 
446,472

 
251,725

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net unrealized gain (loss) on securities available-for-sale
$
(589
)
 
419

 
(1,247
)
 
1,391

Reclassification adjustments for (gains) losses included in earnings, net of tax
(126
)
 
4

 
(126
)
 
4

Total other comprehensive income (loss), net of tax
$
(715
)
 
423

 
(1,373
)
 
1,395

Total comprehensive income attributable to Lennar
$
309,542

 
214,068

 
445,099

 
253,120

Total comprehensive income (loss) attributable to noncontrolling interests
$
4,592

 
(12,937
)
 
5,194

 
(21,343
)
Basic earnings per share (2)
$
0.95

 
0.89

 
1.53

 
1.05

Diluted earnings per share (2)
$
0.94

 
0.89

 
1.52

 
1.05

Cash dividends per each Class A and Class B common share
$
0.04

 
0.04

 
0.08

 
0.08


(1)
Provision for income taxes for the six months ended May 31, 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 and six months ended May 31, 2017 have been adjusted to reflect 4.7 million of Class B shares distributed in the stock dividend on November 27, 2017.




See accompanying notes to condensed consolidated financial statements.
4

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)


 
Six Months Ended
 
May 31,
 
2018
 
2017
Cash flows from operating activities:
 
 
 
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
$
451,666

 
230,382

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization
41,430

 
29,418

Amortization of discount/premium and accretion on debt, net
(11,984
)
 
5,059

Equity in earnings from unconsolidated entities
(3,740
)
 
(5,986
)
Distributions of earnings from unconsolidated entities
18,685

 
44,412

Share-based compensation expense
33,720

 
24,817

Excess tax benefits from share-based awards

 
(1,980
)
Deferred income tax expense
46,895

 
13,197

Gain on sale of operating properties and equipment
(5,107
)
 

Gain on sale of interest in unconsolidated entity
(164,880
)
 

Unrealized and realized gains on real estate owned
(1,770
)
 
(3,374
)
Impairments of loans receivable and real estate owned
6,009

 
45,803

Valuation adjustments and write-offs of option deposits and pre-acquisition costs
25,807

 
12,343

Changes in assets and liabilities:
 
 
 
Decrease in restricted cash
14,883

 
13,968

Decrease in receivables
44,248

 
16,817

Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs
(408,913
)
 
(655,183
)
Increase in other assets
(119,698
)
 
(13,502
)
Decrease (increase) in loans held-for-sale
(43,903
)
 
140,372

Increase (decrease) in accounts payable and other liabilities
111,049

 
(56,322
)
Net cash provided by (used in) operating activities
34,397

 
(159,759
)
Cash flows from investing activities:
 
 
 
Net additions of operating properties and equipment
(58,935
)
 
(47,043
)
Proceeds from the sale of operating properties and equipment
22,820

 

Proceeds from sale of investment in unconsolidated entity
175,179

 

Investments in and contributions to unconsolidated entities
(186,103
)
 
(315,755
)
Distributions of capital from unconsolidated entities
196,073

 
96,499

Proceeds from sales of real estate owned
21,658

 
55,521

Receipts of principal payments on loans receivable and other
2,147

 
19,487

Originations of loans receivable

 
(14,055
)
Purchases of commercial mortgage-backed securities bonds
(31,068
)
 
(40,357
)
Acquisitions, net of cash acquired
(1,102,957
)
 
(611,103
)
Increase in Lennar Financial Services loans held-for-investment, net
(3,012
)
 
(2,719
)
Purchases of Lennar Financial Services investment securities
(32,369
)
 
(26,811
)
Proceeds from maturities/sales of Lennar Financial Services investments securities
20,578

 
13,340

Decrease in restricted cash for investments
10,825

 

Other payments, net
(318
)
 
(540
)
Net cash used in investing activities
$
(965,482
)
 
(873,536
)






See accompanying notes to condensed consolidated financial statements.
5

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)


 
Six Months Ended
 
May 31,
 
2018
 
2017
Cash flows from financing activities:
 
 
 
Net borrowings under revolving lines of credit
$
495,300

 

Net borrowings (repayments) under warehouse facilities
7,710

 
(144,265
)
Proceeds from senior notes

 
1,250,000

Debt issuance costs
(12,101
)
 
(14,060
)
Redemption of senior notes
(575,000
)
 
(400,000
)
Conversions and exchanges on convertible senior notes
(59,145
)
 

Proceeds from Rialto notes payable
32,226

 
35,460

Principal payments on Rialto senior notes and other notes payable
(350,585
)
 
(10,120
)
Proceeds from other borrowings
31,846

 
65,096

Principal payments on other borrowings
(59,964
)
 
(30,600
)
Payments related to other liabilities
(1,568
)
 

Receipts related to noncontrolling interests
3,882

 
320

Payments related to noncontrolling interests
(30,412
)
 
(47,909
)
Excess tax benefits from share-based awards

 
1,980

Common stock:
 
 
 
Issuances
3,184

 
693

Repurchases
(28,526
)
 
(83
)
Dividends
(22,780
)
 
(18,778
)
Net cash provided by (used in) financing activities
(565,933
)
 
687,734

Net decrease in cash and cash equivalents
(1,497,018
)
 
(345,561
)
Cash and cash equivalents at beginning of period
2,650,872

 
1,329,529

Cash and cash equivalents at end of period
$
1,153,854

 
983,968

Summary of cash and cash equivalents:
 
 
 
Lennar Homebuilding
$
931,753

 
747,652

Lennar Financial Services
162,992

 
107,436

Rialto
43,729

 
119,592

Lennar Multifamily
15,380

 
9,288

 
$
1,153,854

 
983,968

Supplemental disclosures of non-cash investing and financing activities:
 
 
 
Lennar Homebuilding and Lennar Multifamily:
 
 
 
Non-cash contributions to unconsolidated entities
$
87,269

 
63,014

Purchases of inventories and other assets financed by sellers
$
45,078

 
78,948

Conversions and exchanges on convertible senior notes
$
217,154

 

Equity component of acquisition consideration
$
5,070,006

 

Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
 
 
 
Inventories
$
35,430

 

Receivables
$
7,198

 

Investments in unconsolidated entities
$
(25,614
)
 

Other liabilities
$
(17,014
)
 


See accompanying notes to condensed consolidated financial statements.
6



Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)
(1)
Basis of Presentation
Basis of Consolidation
The accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 16) in which Lennar Corporation is deemed to be the primary beneficiary (the "Company"). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2017. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three and six months ended May 31, 2018 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Reclassifications/Revisions
Certain prior year amounts in the consolidated financial statements have been reclassified to conform with the 2018 presentation. These reclassifications had no impact on the Company's condensed consolidated financial statements.
(2)
Business Acquisitions
Acquisition of CalAtlantic Group, Inc.
On February 12, 2018, the Company completed the acquisition of CalAtlantic Group, Inc. (“CalAtlantic”) through a transaction in which CalAtlantic was merged with and into a wholly-owned subsidiary of the Company (“Merger Sub”), with Merger Sub continuing as the surviving corporation and a wholly-owned subsidiary of the Company (the “Merger”). CalAtlantic was a homebuilder which built homes across the homebuilding spectrum, from entry level to luxury, in 43 metropolitan statistical areas spanning 19 states. CalAtlantic also provided mortgage, title and escrow services. A primary reason for the acquisition was to increase local market concentration in order to generate synergies and efficiencies.
Based on an evaluation of the provisions of ASC Topic 805, Business Combinations, ("ASC 805"), Lennar Corporation was determined to be the acquirer for accounting purposes. The purchase price accounting reflected in the accompanying financial statements is provisional and is based upon estimates and assumptions that are subject to change within the measurement period (up to one year from the acquisition date pursuant to ASC 805). The measurement period remains open pending the completion of valuation procedures related to the acquired assets and assumed liabilities. The $3.3 billion provisional amount allocated to goodwill in Lennar Homebuilding and the provisional amount of $150 million allocated to goodwill in Lennar Financial Services represents the excess of the purchase price over the estimated fair value of assets acquired and liabilities assumed.






7



The following table summarizes the purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition:
(Dollars in thousands)
 
CalAtlantic shares of common stock outstanding
118,025,879

CalAtlantic shares electing cash conversion
24,083,091

CalAtlantic shares exchanged
93,942,788

Exchange ratio for Class A common stock
0.885

Exchange ratio for Class B common stock
0.0177

Number of shares of Lennar Class A common stock issued in exchange
83,138,277

Number of shares of Lennar Class B common stock issued in exchange (due to Class B common stock dividend)
1,662,172

 
 
Consideration attributable to Class A common stock
$
4,933,425

Consideration attributable to Class B common stock
77,823

Consideration attributable to equity awards that convert upon change of control
58,758

Consideration attributable to cash including fractional shares
1,162,341

Total purchase price
$
6,232,347


(In thousands)
 
ASSETS
 
Homebuilding:
 
Cash and cash equivalents, restricted cash and receivables, net
$
55,736

Inventories
6,255,482

Intangible asset (1)
8,000

Investments in unconsolidated entities
151,630

Goodwill (2)
3,315,428

Other assets
603,503

Total Homebuilding assets
10,389,779

Financial Services (2)
322,991

Total assets
10,712,770

LIABILITIES
 
Homebuilding:
 
Accounts payable
85,001

Senior notes payable and other debts
3,922,695

Other liabilities (3)
359,004

Total Homebuilding liabilities
4,366,700

Financial Services
95,293

Total liabilities
4,461,993

Noncontrolling interests (4)
18,430

Total purchase price
$
6,232,347

(1)
Intangible asset includes trade name. The amortization period for the trade name is approximately six months.
(2)
Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is generally not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of expected greater efficiencies and opportunities due to increased concentration of local market share, reduced general and administrative costs and reduced homebuilding costs resulting from the merger and cost savings as a result of additional homebuilding and non-homebuilding synergies. The assignment of goodwill by the Company's reporting segments has not been completed yet, however, a provisional amount of goodwill of approximately $150 million was allocated to Lennar Financial Services.
(3)
Other liabilities includes contingencies assumed at the Merger date, which includes warranty and legal reserves. Warranty reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Warranty reserves are determined based on historical data and trends with respect to similar product types and geographical areas. Consistent with ASC 450, Contingencies, legal reserves are established when a loss is considered probable and the amount of loss can be reasonably estimated.
(4)
Fair value of noncontrolling interests was measured using discounted cash flows of expected future contributions and distributions.

8



For the three and six months ended May 31, 2018, Lennar Homebuilding revenue included $2.1 billion and $2.5 billion, respectively, of home sales revenues, and earnings (loss) before income taxes included $56.5 million and ($52.0) million, respectively, of a pre-tax earnings (loss) from CalAtlantic since the date of acquisition, which included acquisition and integration costs of $23.9 million and $128.1 million, respectively. These acquisition and integration costs were comprised mainly of severance expenses and transaction costs and were included within the acquisition and integration costs related to CalAtlantic line item in the accompanying condensed consolidated statement of operations for the three and six months ended May 31, 2018.
The following presents summarized unaudited supplemental pro forma operating results as if CalAtlantic had been included in the Company's Consolidated Statements of Operations beginning December 1, 2016.
 
Three Months Ended
 
Six Months Ended
 
May 31,
 
May 31,
(Dollars in thousands, except per share amounts)
2018
 
2017
 
2018
 
2017
Revenues from home sales
$
4,986,010

 
4,496,327

 
9,180,213

 
8,107,702

Net earnings (1)
313,471

 
320,239

 
443,967

 
477,027

Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.96

 
0.98

 
1.34

 
1.44

Diluted
$
0.95

 
0.97

 
1.33

 
1.43


(1)
Net earnings for the three and six months ended May 31, 2018 include a pre-tax impact from acquisition and integration costs related to CalAtlantic of $23.9 million and $128.1 million, respectively. Additionally, net earnings for the three and six months ended May 31, 2018 include purchase accounting adjustments on CalAtlantic homes that were in backlog/construction in progress at the acquisition date that were delivered of $236.8 million and $291.9 million, respectively.
The supplemental pro forma operating results have been determined after adjusting the operating results of CalAtlantic to reflect additional amortization that would have been recorded assuming the fair value adjustment to intangible assets had been applied beginning December 1, 2016. Certain other adjustments, including those related to conforming accounting policies and adjusting acquired inventory to fair value, have not been reflected in the supplemental pro forma operating results due to the impracticability of estimat