Delaware | 95-4337490 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
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. ¨ | ||||
February 28, | November 30, | |||||
2019 (1) | 2018 (1) | |||||
ASSETS | ||||||
Homebuilding: | ||||||
Cash and cash equivalents | $ | |||||
Restricted cash | ||||||
Receivables, net | ||||||
Inventories: | ||||||
Finished homes and construction in progress | ||||||
Land and land under development | ||||||
Consolidated inventory not owned | ||||||
Total inventories | ||||||
Investments in unconsolidated entities | ||||||
Goodwill | ||||||
Other assets | ||||||
Financial Services | ||||||
Multifamily | ||||||
Lennar Other | ||||||
Total assets | $ | |||||
(1) |
February 28, | November 30, | |||||
2019 (2) | 2018 (2) | |||||
LIABILITIES AND EQUITY | ||||||
Homebuilding: | ||||||
Accounts payable | $ | |||||
Liabilities related to consolidated inventory not owned | ||||||
Senior notes and other debts payable | ||||||
Other liabilities | ||||||
Financial Services | ||||||
Multifamily | ||||||
Lennar Other | ||||||
Total liabilities | ||||||
Stockholders’ equity: | ||||||
Preferred stock | ||||||
Class A common stock of $0.10 par value; Authorized: February 28, 2019 and November 30, 2018 - 400,000,000 shares; Issued: February 28, 2019 - 295,015,005 shares and November 30, 2018 - 294,992,562 shares | ||||||
Class B common stock of $0.10 par value; Authorized: February 28, 2019 and November 30, 2018 - 90,000,000 shares; Issued: February 28, 2019 - 39,442,634 shares and November 30, 2018 - 39,442,219 shares | ||||||
Additional paid-in capital | ||||||
Retained earnings | ||||||
Treasury stock, at cost; February 28, 2019 - 9,584,236 shares of Class A common stock and 1,699,078 shares of Class B common stock; November 30, 2018 - 8,498,203 shares of Class A common stock and 1,698,424 shares of Class B common stock | ( | ) | ( | ) | ||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||
Total stockholders’ equity | ||||||
Noncontrolling interests | ||||||
Total equity | ||||||
Total liabilities and equity | $ | |||||
(2) |
Three Months Ended | ||||||
February 28, | ||||||
2019 | 2018 | |||||
Revenues: | ||||||
Homebuilding | $ | |||||
Financial Services | ||||||
Multifamily | ||||||
Lennar Other | ||||||
Total revenues | ||||||
Costs and expenses: | ||||||
Homebuilding | ||||||
Financial Services | ||||||
Multifamily | ||||||
Lennar Other | ||||||
Acquisition and integration costs related to CalAtlantic | ||||||
Corporate general and administrative | ||||||
Total costs and expenses | ||||||
Homebuilding equity in loss from unconsolidated entities | ( | ) | ( | ) | ||
Homebuilding other income (expense), net | ( | ) | ||||
Multifamily equity in earnings (loss) from unconsolidated entities and other gain | ||||||
Lennar Other equity in earnings from unconsolidated entities | ||||||
Lennar Other expense, net | ( | ) | ( | ) | ||
Earnings before income taxes | ||||||
Provision for income taxes (1) | ( | ) | ( | ) | ||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | ||||||
Less: Net earnings (loss) attributable to noncontrolling interests | ( | ) | ||||
Net earnings attributable to Lennar | $ | |||||
Other comprehensive income (loss), net of tax: | ||||||
Net unrealized gain (loss) on securities available-for-sale | $ | ( | ) | |||
Total other comprehensive income (loss), net of tax | $ | ( | ) | |||
Total comprehensive income attributable to Lennar | $ | |||||
Total comprehensive income (loss) attributable to noncontrolling interests | $ | ( | ) | |||
Basic earnings per share | $ | |||||
Diluted earnings per share | $ | |||||
(1) |
Three Months Ended | ||||||
February 28, | ||||||
2019 | 2018 | |||||
Cash flows from operating activities: | ||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | $ | |||||
Adjustments to reconcile net earnings to net cash used in operating activities: | ||||||
Depreciation and amortization | ||||||
Amortization of discount/premium and accretion on debt, net | ( | ) | ||||
Equity in loss from unconsolidated entities | ||||||
Distributions of earnings from unconsolidated entities | ||||||
Share-based compensation expense | ||||||
Deferred income tax expense | ||||||
Gain on sale of operating properties and equipment | ( | ) | ||||
Gain on sale of interest in unconsolidated entity and other Multifamily gain | ( | ) | ( | ) | ||
Gain on sale of Financial Services' retail mortgage and real estate brokerage business | ( | ) | ||||
Unrealized and realized gains on real estate owned | ( | ) | ( | ) | ||
Impairments of loans receivable, loans held-for-sale and real estate owned | ||||||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs | ||||||
Changes in assets and liabilities: | ||||||
Decrease (increase) in receivables | ( | ) | ||||
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | ( | ) | ( | ) | ||
Decrease (increase) in other assets | ( | ) | ||||
Decrease in loans held-for-sale | ||||||
Decrease in accounts payable and other liabilities | ( | ) | ( | ) | ||
Net cash used in operating activities | ( | ) | ( | ) | ||
Cash flows from investing activities: | ||||||
Net additions of operating properties and equipment | ( | ) | ( | ) | ||
Proceeds from sale of investment in unconsolidated entity | ||||||
Proceeds from sale of Financial Services' retail mortgage and real estate brokerage business | ||||||
Investments in and contributions to unconsolidated entities | ( | ) | ( | ) | ||
Distributions of capital from unconsolidated entities | ||||||
Proceeds from sales of real estate owned | ||||||
Purchases of commercial mortgage-backed securities bonds | ( | ) | ||||
Acquisitions, net of cash and restricted cash acquired | ( | ) | ||||
(Increase) decrease in Financial Services loans held-for-investment, net | ( | ) | ||||
Purchases of Financial Services investment securities | ( | ) | ( | ) | ||
Proceeds from maturities/sales of Financial Services investments securities | ||||||
Other proceeds, net | ||||||
Net cash used in investing activities | $ | ( | ) | ( | ) | |
Three Months Ended | ||||||
February 28, | ||||||
2019 | 2018 | |||||
Cash flows from financing activities: | ||||||
Net borrowings under revolving lines of credit | $ | |||||
Net repayments under warehouse facilities | ( | ) | ( | ) | ||
Debt issuance costs | ( | ) | ||||
Proceeds from other borrowings | ||||||
Principal payments on other borrowings | ( | ) | ( | ) | ||
Payments related to other liabilities | ( | ) | ( | ) | ||
Receipts related to noncontrolling interests | ||||||
Payments related to noncontrolling interests | ( | ) | ( | ) | ||
Common stock: | ||||||
Issuances | ||||||
Repurchases | ( | ) | ( | ) | ||
Dividends | ( | ) | ( | ) | ||
Net cash provided by (used in) financing activities | ( | ) | ||||
Net decrease in cash and cash equivalents and restricted cash | ( | ) | ( | ) | ||
Cash and cash equivalents and restricted cash at beginning of period | ||||||
Cash and cash equivalents and restricted cash at end of period | $ | |||||
Summary of cash and cash equivalents and restricted cash: | ||||||
Homebuilding | $ | |||||
Financial Services | ||||||
Multifamily | ||||||
Lennar Other | ||||||
$ | ||||||
Supplemental disclosures of non-cash investing and financing activities: | ||||||
Homebuilding and Multifamily: | ||||||
Non-cash contributions to unconsolidated entities | $ | |||||
Purchases of inventories and other assets financed by sellers | $ | |||||
Equity component of acquisition consideration | $ | |||||
Consolidation/deconsolidation of unconsolidated/consolidated entities, net: | ||||||
Inventories | $ | |||||
Receivables | $ | |||||
Operating properties and equipment and other assets | $ | |||||
Investments in unconsolidated entities | $ | ( | ) | ( | ) | |
Notes payable | $ | ( | ) | |||
Other liabilities | $ | ( | ) | ( | ) | |
Noncontrolling interests | $ | ( | ) | |||
(1) |
(2) |
(Dollars in thousands) | |||
CalAtlantic shares of common stock outstanding | |||
CalAtlantic shares electing cash conversion | |||
CalAtlantic shares exchanged | |||
Exchange ratio for Class A common stock | |||
Exchange ratio for Class B common stock | |||
Number of shares of Lennar Class A common stock issued in exchange | |||
Number of shares of Lennar Class B common stock issued in exchange (due to Class B common stock dividend) | |||
Consideration attributable to Class A common stock | $ | ||
Consideration attributable to Class B common stock | |||
Consideration attributable to equity awards that convert upon change of control | |||
Consideration attributable to cash including fractional shares | |||
Total purchase price | $ | ||
(In thousands) | |||
ASSETS | |||
Homebuilding: | |||
Cash and cash equivalents, restricted cash and receivables, net | $ | ||
Inventories | |||
Intangible asset (1) | |||
Investments in unconsolidated entities | |||
Goodwill (2) | |||
Other assets | |||
Total Homebuilding assets | |||
Financial Services (2) | |||
Total assets | |||
LIABILITIES | |||
Homebuilding: | |||
Accounts payable | |||
Senior notes payable and other debts | |||
Other liabilities (3) | |||
Total Homebuilding liabilities | |||
Financial Services | |||
Total liabilities | |||
Noncontrolling interests (4) | |||
Total purchase price | $ | ||
(1) | Intangible asset includes trade name. The amortization period for the trade name was |
(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 allocation of goodwill among the Company's reporting segments included $ |
(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) |
(3) | Operating and Reporting Segments |
(In thousands) | February 28, 2019 | November 30, 2018 | ||||
Assets: | ||||||
Homebuilding East | $ | |||||
Homebuilding Central | ||||||
Homebuilding Texas | ||||||
Homebuilding West | ||||||
Homebuilding Other | ||||||
Financial Services | ||||||
Multifamily | ||||||
Lennar Other | ||||||
Corporate and unallocated | ||||||
Total assets | $ | |||||
Homebuilding goodwill | $ | |||||
Financial Services goodwill (1) | $ | |||||
(1) | Decrease in goodwill relates to the Financial Services' segment sale of substantially all of its retail mortgage and its real estate brokerage business. |
Three Months Ended | |||||||
February 28, | |||||||
(In thousands) | 2019 | 2018 | |||||
Revenues: | |||||||
Homebuilding East | $ | ||||||
Homebuilding Central | |||||||
Homebuilding Texas | |||||||
Homebuilding West | |||||||
Homebuilding Other | |||||||
Financial Services (1) | |||||||
Multifamily | |||||||
Lennar Other | |||||||
Total revenues (2) | $ | $ | |||||
Operating earnings (loss) (3): | |||||||
Homebuilding East | $ | ||||||
Homebuilding Central | |||||||
Homebuilding Texas | |||||||
Homebuilding West | |||||||
Homebuilding Other (4) | ( | ) | |||||
Total Homebuilding operating earnings | |||||||
Financial Services | |||||||
Multifamily | ( | ) | |||||
Lennar Other | |||||||
Corporate and unallocated (5) | ( | ) | ( | ) | |||
Earnings before income taxes | $ | ||||||
(1) | Financial Services revenues are significantly lower period over period primarily due to the loss of revenues as a result of the sales of substantially all of the segment's retail mortgage business and the segment's real estate brokerage business, as well as a decrease in revenue related to RMF due to lower securitization volume and margin. |
(2) | Total revenues were net of sales incentives of $ |
(3) | All Homebuilding segments were impacted by purchase accounting adjustments that totaled $ |
(4) | Homebuilding Other operating earnings for the three months ended February 28, 2018 included $ |
(5) |
(4) |
Three Months Ended | |||||
February 28, | |||||
(In thousands) | 2019 | 2018 | |||
Revenues | |||||
Costs and expenses | |||||
Other income | |||||
Net loss of unconsolidated entities | ( | ) | ( | ) | |
Homebuilding equity in loss from unconsolidated entities | ( | ) | ( | ) | |
(In thousands) | February 28, 2019 | November 30, 2018 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | |||||
Inventories | ||||||
Other assets | ||||||
$ | ||||||
Liabilities and equity: | ||||||
Accounts payable and other liabilities | $ | |||||
Debt (1) | ||||||
Equity | ||||||
$ | ||||||
Homebuilding investments in unconsolidated entities (2) | $ | |||||
(1) | Debt presented above is net of debt issuance costs of $ |
(2) |
(Dollars in thousands) | February 28, 2019 | November 30, 2018 | ||||
Non-recourse bank debt and other debt (partner’s share of several recourse) | $ | |||||
Non-recourse debt with completion guarantees | ||||||
Non-recourse debt without completion guarantees | ||||||
Non-recourse debt to the Company | ||||||
The Company’s maximum recourse exposure (1) | ||||||
Debt issuance costs | ( | ) | ( | ) | ||
Total debt | $ | |||||
The Company’s maximum recourse exposure as a % of total JV debt | % | % | ||||
(1) |
(5) | Stockholders' Equity |
Stockholders’ Equity | ||||||||||||||||||||||||
(In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid - in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | ||||||||||||||||
Balance at November 30, 2018 | $ | ( | ) | ( | ) | |||||||||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | — | — | — | — | — | ( | ) | |||||||||||||||||
Employee stock and directors plans | ( | ) | — | ( | ) | — | — | — | ||||||||||||||||
Purchases of treasury stock | ( | ) | — | — | — | ( | ) | — | — | — | ||||||||||||||
Amortization of restricted stock | — | — | — | — | — | — | ||||||||||||||||||
Cash dividends | ( | ) | — | — | — | — | — | ( | ) | — | ||||||||||||||
Receipts related to noncontrolling interests | — | — | — | — | — | — | ||||||||||||||||||
Payments related to noncontrolling interests | ( | ) | — | — | — | — | — | — | ( | ) | ||||||||||||||
Non-cash consolidations, net | — | — | — | — | — | — | ||||||||||||||||||
Cumulative-effect of accounting change (see Note 1 to the Notes to the Condensed Consolidated Financial Statements) | — | — | — | — | — | — | ||||||||||||||||||
Total other comprehensive loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||
Balance at February 28, 2019 | $ | ( | ) | ( | ) | |||||||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||||||
(In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid - in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | ||||||||||||||||
Balance at November 30, 2017 | $ | ( | ) | |||||||||||||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | — | — | — | — | — | |||||||||||||||||||
Employee stock and directors plans | ( | ) | — | ( | ) | — | — | |||||||||||||||||
Stock issuance in connection with CalAtlantic acquisition | ( | ) | — | — | — | |||||||||||||||||||
Amortization of restricted stock | — | — | — | — | — | — | ||||||||||||||||||
Cash dividends | ( | ) | — | — | — | — | — | ( | ) | — | ||||||||||||||
Receipts related to noncontrolling interests | — | — | — | — | — | — | ||||||||||||||||||
Payments related to noncontrolling interests | ( | ) | — | — | — | — | — | — | ( | ) | ||||||||||||||
Non-cash activity to noncontrolling interests | — | — | — | — | — | — | ||||||||||||||||||
Total other comprehensive loss, net of tax | ( | ) | — | — | — | — | ( | ) | — | — | ||||||||||||||
Balance at February 28, 2018 | $ | ( | ) | |||||||||||||||||||||
(6) |
Three Months Ended | ||||||
February 28, | ||||||
(Dollars in thousands) | 2019 | 2018 | ||||
Provision for income taxes | $ | |||||
Effective tax rate (1) | % | % | ||||
(1) | For the three months ended February 28, 2019, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by solar tax credits. For the three months ended February 28, 2018, the effective tax rate included a $ |
(7) |
Three Months Ended | ||||||
February 28, | ||||||
(In thousands, except per share amounts) | 2019 | 2018 | ||||
Numerator: | ||||||
Net earnings attributable to Lennar | $ | |||||
Less: distributed earnings allocated to nonvested shares | ||||||
Less: undistributed earnings allocated to nonvested shares | ||||||
Numerator for basic earnings per share | ||||||
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) | ||||||
Plus: interest on convertible senior notes | ||||||
Plus: undistributed earnings allocated to convertible shares | ||||||
Numerator for diluted earnings per share | $ | |||||
Denominator: | ||||||
Denominator for basic earnings per share - weighted average common shares outstanding | ||||||
Effect of dilutive securities: | ||||||
Shared based payments | ||||||
Convertible senior notes | ||||||
Denominator for diluted earnings per share - weighted average common shares outstanding | ||||||
Basic earnings per share | $ | |||||
Diluted earnings per share | $ | |||||
(1) |
(8) | Financial Services Segment |
(In thousands) | February 28, 2019 | November 30, 2018 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | |||||
Restricted cash | ||||||
Receivables, net (1) | ||||||
Loans held-for-sale (2) | ||||||
Loans held-for-investment, net | ||||||
Investments held-to-maturity | ||||||
Investments available-for-sale (3) | ||||||
Goodwill | ||||||
Other assets (4) | ||||||
$ | ||||||
Liabilities: | ||||||
Notes and other debts payable | $ | |||||
Other liabilities (5) | ||||||
$ | ||||||
(1) | Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2019 and November 30, 2018, respectively. |
(2) | Loans held-for-sale related to unsold residential and commercial loans carried at fair value. |
(3) | Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet. |
(4) | As of February 28, 2019 and November 30, 2018, other assets included mortgage loan commitments carried at fair value of $ |
(5) |
(In thousands) | Maximum Aggregate Commitment | ||
364-day warehouse repurchase facility that matures March 2019 (1) | $ | ||
364-day warehouse repurchase facility that matures May 2019 (2) | |||
364-day warehouse repurchase facility that matures June 2019 | |||
364-day warehouse repurchase facility that matures October 2019 (3) | |||
Total | $ | ||
(1) | Subsequent to February 28, 2019, the warehouse repurchase facility was extended to December 2019. Maximum aggregate commitment includes an uncommitted amount of $ |
(2) | Maximum aggregate commitment includes an uncommitted amount of $ |
(3) |
Three Months Ended | ||||||
February 28, | ||||||
(In thousands) | 2019 | 2018 | ||||
Loan origination liabilities, beginning of period | $ | |||||
Provision for losses | ||||||
Origination liabilities assumed related to CalAtlantic acquisition | ||||||
Payments/settlements | ( | ) | ( | ) | ||
Loan origination liabilities, end of period | $ | |||||
(In thousands) | Maximum Aggregate Commitment | ||
364-day warehouse repurchase facility that matures November 2019 | $ | ||
364-day warehouse repurchase facility that matures December 2019 | |||
364-day warehouse repurchase facility that matures December 2019 | |||
364-day warehouse repurchase facility that matures December 2019 | |||
Total - Loans origination and securitization business | $ | ||
Warehouse repurchase facility that matures December 2019 (two - one year extensions) (1) | |||
Total | $ | ||
(1) |
(9) |
(In thousands) | February 28, 2019 | November 30, 2018 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | |||||
Receivables (1) | ||||||
Land under development | ||||||
Investments in unconsolidated entities | ||||||
Other assets | ||||||
$ | ||||||
Liabilities: | ||||||
Accounts payable and other liabilities | $ | |||||
Notes payable (2) | ||||||
$ | ||||||
(1) | Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities. |
(2) |
(In thousands) | February 28, 2019 | November 30, 2018 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | |||||
Operating properties and equipment | ||||||
Other assets | ||||||
$ | ||||||
Liabilities and equity: | ||||||
Accounts payable and other liabilities | $ | |||||
Notes payable (1) | ||||||
Equity | ||||||
$ | ||||||
Multifamily investments in unconsolidated entities | $ | |||||
(1) | Notes payable are net of debt issuance costs of $ |
Three Months Ended | ||||||
February 28, | ||||||
(In thousands) | 2019 | 2018 | ||||
Revenues | $ | |||||
Costs and expenses | ||||||
Other income, net | ||||||
Net earnings (loss) of unconsolidated entities | $ | ( | ) | |||
Multifamily equity in earnings (loss) from unconsolidated entities and other gain (1) | $ | |||||
(1) |
(10) |
(In thousands) | February 28, 2019 | November 30, 2018 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | |||||
Restricted cash | ||||||
Real estate owned, net | ||||||
Investments in unconsolidated entities | ||||||
Investments held-to-maturity | ||||||
Other assets | ||||||
$ | ||||||
Liabilities: | ||||||
Notes and other debts payable | $ | |||||
Other liabilities | ||||||
$ | ||||||
(11) |
February 28, | ||||||
Dollars in thousands | 2019 | 2018 | ||||
Homebuilding: | ||||||
Cash and cash equivalents | $ | |||||
Restricted cash | ||||||
Financial Services: | ||||||
Cash and cash equivalents | ||||||
Restricted cash | ||||||
Multifamily: | ||||||
Cash and cash equivalents | ||||||
Lennar Other: | ||||||
Cash and cash equivalents | ||||||
Restricted cash | ||||||
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ | |||||
(Dollars in thousands) | February 28, 2019 | November 30, 2018 | ||||
Unsecured revolving credit facility | $ | |||||
0.25% convertible senior notes due 2019 | ||||||
4.500% senior notes due 2019 | ||||||
4.50% senior notes due 2019 | ||||||
6.625% senior notes due 2020 (1) | ||||||
2.95% senior notes due 2020 | ||||||
8.375% senior notes due 2021 (1) | ||||||
4.750% senior notes due 2021 | ||||||
6.25% senior notes due December 2021 (1) | ||||||
4.125% senior notes due 2022 | ||||||
5.375% senior notes due 2022 (1) | ||||||
4.750% senior notes due 2022 | ||||||
4.875% senior notes due December 2023 | ||||||
4.500% senior notes due 2024 | ||||||
5.875% senior notes due 2024 (1) | ||||||
4.750% senior notes due 2025 | ||||||
5.25% senior notes due 2026 (1) | ||||||
5.00% senior notes due 2027 (1) | ||||||
4.75% senior notes due 2027 | ||||||
Mortgage notes on land and other debt | ||||||
$ | ||||||
(1) | These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of Lennar Corporation as follows: $ |
(13) |
Three Months Ended | ||||||
February 28, | ||||||
(In thousands) | 2019 | 2018 | ||||
Warranty reserve, beginning of the period | $ | |||||
Warranties issued | ||||||
Adjustments to pre-existing warranties from changes in estimates (1) | ( | ) | ||||
Warranties assumed related to acquisitions | ||||||
Payments | ( | ) | ( | ) | ||
Warranty reserve, end of period | $ | |||||
(1) |
(14) |
(15) |
February 28, 2019 | November 30, 2018 | |||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||
ASSETS | ||||||||||||||
Financial Services: | ||||||||||||||
Loans held-for-investment, net | Level 3 | $ | ||||||||||||
Investments held-to-maturity | Level 3 | $ | ||||||||||||
Investments held-to-maturity | Level 2 | $ | ||||||||||||
Lennar Other: | ||||||||||||||
Investments held-to-maturity | Level 3 | $ | ||||||||||||
LIABILITIES | ||||||||||||||
Homebuilding senior notes and other debts payable | Level 2 | $ | ||||||||||||
Financial Services notes and other debts payable | Level 2 | $ | ||||||||||||
Multifamily notes payable | Level 2 | $ | ||||||||||||
Lennar Other notes and other debts payable | Level 2 | $ | ||||||||||||
(In thousands) | Fair Value Hierarchy | Fair Value at February 28, 2019 | Fair Value at November 30, 2018 | |||||
Financial Services Assets (Liabilities): | ||||||||
RMF loans held-for-sale (1) | Level 3 | $ | ||||||
Financial Services residential loans held-for-sale (2) | Level 2 | $ | ||||||
Investments available-for-sale | Level 1 | $ | ||||||
Mortgage loan commitments | Level 2 | $ | ||||||
Forward contracts | Level 2 | $ | ( | ) | ( | ) | ||
Mortgage servicing rights | Level 3 | $ | ||||||
(1) | The aggregate fair value of RMF loans held-for-sale of $ |
(2) |
Three Months Ended | |||||||
February 28, | |||||||
(In thousands) | 2019 | 2018 | |||||
Changes in fair value included in Financial Services revenues: | |||||||
Loans held-for-sale | $ | ( | ) | ( | ) | ||
Mortgage loan commitments | $ | ( | ) | ||||
Forward contracts | $ | ||||||
Changes in fair value included in other comprehensive income (loss), net of tax: | |||||||
Financial Services investments available-for-sale | $ | ( | ) | ||||
Three Months Ended February 28, | ||||||||||||
2019 | 2018 | |||||||||||
Financial Services | ||||||||||||
(In thousands) | Mortgage servicing rights | RMF loans held-for-sale | Mortgage servicing rights | RMF loans held-for-sale | ||||||||
Beginning balance | $ | |||||||||||
Purchases/loan originations | ||||||||||||
Sales/loan originations sold, including those not settled | ( | ) | ( | ) | ||||||||
Disposals/settlements | ( | ) | ( | ) | ||||||||
Changes in fair value (1) | ( | ) | ||||||||||
Interest and principal paydowns | ( | ) | ( | ) | ||||||||
Ending balance | $ | |||||||||||
(1) |
Three Months Ended February 28, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying Value | Fair Value | Total Losses, Net (1) | Carrying Value | Fair Value | Total Losses, Net (1) | |||||||||||||
Non-financial assets | ||||||||||||||||||||
Homebuilding: | ||||||||||||||||||||
Land and land under development (1) | Level 3 | $ | ( | ) | ( | ) | ||||||||||||||
(1) |
Three Months Ended | |
Unobservable inputs | February 28, 2018 |
Average selling price | $ |
Absorption rate per quarter (homes) | |
Discount rate | |
(16) |
February 28, 2019 | November 30, 2018 | |||||||||||
(In thousands) | Investments in Unconsolidated VIEs | Lennar’s Maximum Exposure to Loss | Investments in Unconsolidated VIEs | Lennar’s Maximum Exposure to Loss | ||||||||
Homebuilding (1) | $ | |||||||||||
Multifamily (2) | ||||||||||||
Financial Services (3) | ||||||||||||
Lennar Other (4) | ||||||||||||
$ | ||||||||||||
(1) | As of both February 28, 2019 and November 30, 2018, the maximum exposure to loss of Homebuilding’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to repayment guarantees of unconsolidated entities' debt of $ |
(2) | As of February 28, 2019 and November 30, 2018, the remaining equity commitment of $ |
(3) | At both February 28, 2019 and November 30, 2018, the maximum recourse exposure to loss of the Financial Services segment was limited to its investments in the unconsolidated entities VIEs. At February 28, 2019 and November 30, 2018, investments in unconsolidated VIEs and Financial Services' maximum exposure to loss included $ |
(4) |
(17) |
(18) |
(19) |
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
ASSETS | |||||||||||||||
Homebuilding: | |||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | ||||||||||||||
Inventories | |||||||||||||||
Investments in unconsolidated entities | |||||||||||||||
Goodwill | — | ||||||||||||||
Other assets | ( | ) | |||||||||||||
Investments in subsidiaries | ( | ) | |||||||||||||
Intercompany | ( | ) | |||||||||||||
( | ) | ||||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Total assets | $ | ( | ) | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Homebuilding: | |||||||||||||||
Accounts payable and other liabilities | $ | ( | ) | ||||||||||||
Liabilities related to consolidated inventory not owned | — | ||||||||||||||
Senior notes and other debts payable | |||||||||||||||
Intercompany | ( | ) | |||||||||||||
( | ) | ||||||||||||||
Financial Services | |||||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Total liabilities | ( | ) | |||||||||||||
Stockholders’ equity | ( | ) | |||||||||||||
Noncontrolling interests | |||||||||||||||
Total equity | ( | ) | |||||||||||||
Total liabilities and equity | $ | ( | ) | ||||||||||||
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
ASSETS | |||||||||||||||
Homebuilding: | |||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | ||||||||||||||
Inventories | |||||||||||||||
Investments in unconsolidated entities | |||||||||||||||
Goodwill | — | ||||||||||||||
Other assets | ( | ) | |||||||||||||
Investments in subsidiaries | ( | ) | |||||||||||||
Intercompany | ( | ) | |||||||||||||
( | ) | ||||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Total assets | $ | ( | ) | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Homebuilding: | |||||||||||||||
Accounts payable and other liabilities | $ | ( | ) | ||||||||||||
Liabilities related to consolidated inventory not owned | |||||||||||||||
Senior notes and other debts payable | |||||||||||||||
Intercompany | ( | ) | |||||||||||||
( | ) | ||||||||||||||
Financial Services | |||||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Total liabilities | ( | ) | |||||||||||||
Stockholders’ equity | ( | ) | |||||||||||||
Noncontrolling interests | |||||||||||||||
Total equity | ( | ) | |||||||||||||
Total liabilities and equity | $ | ( | ) | ||||||||||||
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
Revenues: | |||||||||||||||
Homebuilding | $ | ||||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Total revenues | ( | ) | |||||||||||||
Cost and expenses: | |||||||||||||||
Homebuilding | |||||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Corporate general and administrative | |||||||||||||||
Total costs and expenses | ( | ) | |||||||||||||
Homebuilding equity in earnings (loss) from unconsolidated entities | ( | ) | ( | ) | |||||||||||
Homebuilding other income (expenses), net | ( | ) | ( | ) | ( | ) | |||||||||
Multifamily equity in earnings (loss) from unconsolidated entities and other gain | |||||||||||||||
Lennar Other equity in earnings (loss) from unconsolidated entities | ( | ) | |||||||||||||
Lennar Other expense, net | ( | ) | ( | ) | |||||||||||
Earnings (loss) before income taxes | ( | ) | |||||||||||||
Benefit (provision) for income taxes | ( | ) | ( | ) | ( | ) | |||||||||
Equity in earnings from subsidiaries | — | ( | ) | — | |||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | ( | ) | |||||||||||||
Less: Net loss attributable to noncontrolling interests | ( | ) | ( | ) | |||||||||||
Net earnings attributable to Lennar | $ | ( | ) | ||||||||||||
Other comprehensive gain, net of tax: | |||||||||||||||
Net unrealized gain on securities available-for-sale | $ | ||||||||||||||
Total other comprehensive gain, net of tax | $ | ||||||||||||||
Total comprehensive income attributable to Lennar | $ | ( | ) | ||||||||||||
Total comprehensive loss attributable to noncontrolling interests | $ | ( | ) | ( | ) | ||||||||||
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
Revenues: | |||||||||||||||
Homebuilding | $ | ||||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Total revenues | ( | ) | |||||||||||||
Cost and expenses: | |||||||||||||||
Homebuilding | ( | ) | |||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | ( | ) | |||||||||||||
Acquisition and integration costs related to CalAtlantic | |||||||||||||||
Corporate general and administrative | |||||||||||||||
Total costs and expenses | ( | ) | |||||||||||||
Homebuilding equity in loss from unconsolidated entities | ( | ) | ( | ) | ( | ) | |||||||||
Homebuilding other income, net | ( | ) | |||||||||||||
Multifamily equity in earnings from unconsolidated entities and other gain | |||||||||||||||
Lennar Other equity in earnings (loss) from unconsolidated entities | ( | ) | |||||||||||||
Lennar Other expense, net | ( | ) | ( | ) | ( | ) | |||||||||
Earnings (loss) before income taxes | ( | ) | |||||||||||||
Benefit (provision) for income taxes | ( | ) | ( | ) | ( | ) | |||||||||
Equity in earnings from subsidiaries | ( | ) | |||||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | ( | ) | |||||||||||||
Less: Net earnings attributable to noncontrolling interests | |||||||||||||||
Net earnings attributable to Lennar | $ | ( | ) | ||||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||
Net unrealized loss on securities available-for-sale | $ | ( | ) | ( | ) | ||||||||||
Total other comprehensive loss, net of tax | $ | ( | ) | ( | ) | ||||||||||
Total comprehensive income attributable to Lennar | $ | ( | ) | ||||||||||||
Total comprehensive income attributable to noncontrolling interests | $ | ||||||||||||||
(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) | $ | ( | ) | ||||||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | ( | ) | |||||||||||||
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities | ( | ) | ( | ) | ( | ) | |||||||||
Net cash provided by (used in) operating activities | ( | ) | ( | ) | ( | ) | |||||||||
Cash flows from investing activities: | |||||||||||||||
Investments in and contributions to unconsolidated entities, net of distributions of capital | ( | ) | ( | ) | ( | ) | |||||||||
Proceeds from sales of real estate owned | |||||||||||||||
Proceeds from sale of investment in unconsolidated entity | |||||||||||||||
Proceeds from sales of financial services' retail mortgage and real estate brokerage business | |||||||||||||||
Other | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Intercompany | ( | ) | |||||||||||||
Net cash used in investing activities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Cash flows from financing activities: | |||||||||||||||
Net borrowings under unsecured revolving credit facilities | |||||||||||||||
Net borrowings (repayments) under warehouse facilities | ( | ) | ( | ) | |||||||||||
Net payments on other borrowings, other liabilities, and other notes payable | ( | ) | ( | ) | ( | ) | |||||||||
Net payments related to noncontrolling interests | ( | ) | ( | ) | |||||||||||
Common stock: | |||||||||||||||
Issuances | |||||||||||||||
Repurchases | ( | ) | ( | ) | |||||||||||
Dividends | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Intercompany | ( | ) | |||||||||||||
Net cash provided by (used in) financing activities | ( | ) | ( | ) | |||||||||||
Net decrease in cash and cash equivalents and restricted cash | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Cash and cash equivalents and restricted cash at beginning of period | |||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | ||||||||||||||
(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) | $ | ( | ) | ||||||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | ( | ) | |||||||||||||
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | ( | ) | ( | ) | ( | ) | |||||||||
Net cash provided by (used in) operating activities | ( | ) | ( | ) | ( | ) | |||||||||
Cash flows from investing activities: | |||||||||||||||
Investments in and contributions to unconsolidated entities, net of distributions of capital | ( | ) | ( | ) | ( | ) | |||||||||
Proceeds from sales of real estate owned | |||||||||||||||
Proceeds from sale of investment in unconsolidated entity | |||||||||||||||
Purchases of commercial mortgage-backed securities bonds | ( | ) | ( | ) | |||||||||||
Acquisition, net of cash and restricted cash acquired | ( | ) | ( | ) | |||||||||||
Other | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Intercompany | ( | ) | |||||||||||||
Net cash provided by (used in) investing activities | ( | ) | ( | ) | ( | ) | |||||||||
Cash flows from financing activities: | |||||||||||||||
Net borrowings (repayments) under unsecured revolving credit facilities | ( | ) | |||||||||||||
Net repayments under warehouse facilities | ( | ) | ( | ) | ( | ) | |||||||||
Debt issuance costs | ( | ) | ( | ) | ( | ) | |||||||||
Net payments on other borrowings, other liabilities, Lennar Other senior notes and other notes payable | ( | ) | ( | ) | ( | ) | |||||||||
Net payments related to noncontrolling interests | ( | ) | ( | ) | |||||||||||
Common stock: | |||||||||||||||
Repurchases | ( | ) | ( | ) | |||||||||||
Dividends | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Intercompany | ( | ) | |||||||||||||
Net cash provided by (used in) financing activities | ( | ) | ( | ) | ( | ) | |||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | ( | ) | ( | ) | ( | ) | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | |||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | ||||||||||||||
Three Months Ended | ||||||
February 28, | ||||||
(In thousands) | 2019 | 2018 | ||||
Homebuilding revenues: | ||||||
Sales of homes | $ | 3,608,129 | 2,649,140 | |||
Sales of land | 13,783 | 12,953 | ||||
Other homebuilding revenues | 1,809 | — | ||||
Total Homebuilding revenues | 3,623,721 | 2,662,093 | ||||
Homebuilding costs and expenses: | ||||||
Costs of homes sold | 2,882,050 | 2,132,512 | ||||
Costs of land sold | 13,526 | 14,368 | ||||
Selling, general and administrative | 343,259 | 257,153 | ||||
Total Homebuilding costs and expenses | 3,238,835 | 2,404,033 | ||||
Homebuilding operating margins | 384,886 | 258,060 | ||||
Homebuilding equity in loss from unconsolidated entities | (13,756 | ) | (14,128 | ) | ||
Homebuilding other income (expense), net | (1,535 | ) | 169,995 | |||
Homebuilding operating earnings | 369,595 | 413,927 | ||||
Financial Services revenues | 143,311 | 196,087 | ||||
Financial Services costs and expenses | 124,339 | 170,225 | ||||
Financial Services operating earnings | 18,972 | 25,862 | ||||
Multifamily revenues | 97,394 | 93,256 | ||||
Multifamily costs and expenses | 101,178 | 97,199 | ||||
Multifamily equity in earnings (loss) from unconsolidated entities and other gain | 10,581 | 2,742 | ||||
Multifamily operating earnings (loss) | 6,797 | (1,201 | ) | |||
Lennar Other revenues | 3,656 | 29,355 | ||||
Lennar Other costs and expenses | 1,622 | 26,607 | ||||
Lennar Other equity in earnings from unconsolidated entities | 8,330 | 8,955 | ||||
Lennar Other expense, net | (7,261 | ) | (8,858 | ) | ||
Lennar Other operating earnings | 3,103 | 2,845 | ||||
Total operating earnings | 398,467 | 441,433 | ||||
Acquisition and integration costs related to CalAtlantic | — | (104,195 | ) | |||
Corporate general and administrative expenses | (79,343 | ) | (67,810 | ) | ||
Earnings before income taxes | $ | 319,124 | 269,428 | |||
As of and for the | As of and for the | ||||||||||
Three Months Ended | Three Months Ended | ||||||||||
February 28, | February 28, | ||||||||||
2019 | 2018 | ||||||||||
Lennar (1) | CalAtlantic (2) | Pro forma Combined | |||||||||
Deliveries | 8,820 | 5,946 | 4,048 | 9,994 | |||||||
New Orders | 10,463 | 7,387 | 3,523 | 10,910 | |||||||
Backlog | 17,259 | 10,376 | 7,190 | 17,566 | |||||||
(1) | Homebuilding metrics as of and for the three months ended February 28, 2018 include only standalone Lennar activity. |
(2) | CalAtlantic homebuilding metrics as of and for the three months ended February 28, 2018 include standalone CalAtlantic activity for the entire period, including the portion of the period after Lennar acquired CalAtlantic. CalAtlantic homebuilding metrics above include 819 deliveries and 1,069 new orders from the acquisition date (February 12, 2018) through February 28, 2018. |
Three Months Ended | ||||||
February 28, | ||||||
(In thousands) | 2019 | 2018 | ||||
Homebuilding revenues: | ||||||
East: | ||||||
Sales of homes | $ | 1,222,644 | 909,585 | |||
Sales of land | 3,561 | 3,378 | ||||
Other revenues | 609 | — | ||||
Total East | 1,226,814 | 912,963 | ||||
Central: | ||||||
Sales of homes | 433,125 | 253,324 | ||||
Sales of land | 1,778 | 1,244 | ||||
Other revenues | 164 | — | ||||
Total Central | 435,067 | 254,568 | ||||
Texas: | ||||||
Sales of homes | 412,430 | 348,087 | ||||
Sales of land | 6,033 | 8,011 | ||||
Other revenues | 54 | — | ||||
Total Texas | 418,517 | 356,098 | ||||
West: | ||||||
Sales of homes | 1,537,503 | 1,127,637 | ||||
Sales of land | 2,411 | 320 | ||||
Other revenues | 982 | — | ||||
Total West | 1,540,896 | 1,127,957 | ||||
Other: | ||||||
Sales of homes | 2,427 | 10,507 | ||||
Total Other | 2,427 | 10,507 | ||||
Total homebuilding revenues | $ | 3,623,721 | 2,662,093 | |||
Three Months Ended | ||||||
February 28, | ||||||
(In thousands) | 2019 | 2018 | ||||
Homebuilding operating earnings (loss): | ||||||
East: | ||||||
Sales of homes | $ | 134,286 | 101,741 | |||
Sales of land | 2,372 | 762 | ||||
Other homebuilding revenues | 609 | — | ||||
Equity in loss from unconsolidated entities | (99 | ) | (112 | ) | ||
Other expense, net | (1,785 | ) | (1,062 | ) | ||
Total East | 135,383 | 101,329 | ||||
Central: | ||||||
Sales of homes | 30,065 | 10,834 | ||||
Sales of land | 403 | (2,168 | ) | |||
Other homebuilding revenues | 164 | — | ||||
Equity in earnings from unconsolidated entities | 69 | 374 | ||||
Other income (expense), net | 225 | (4 | ) | |||
Total Central | 30,926 | 9,036 | ||||
Texas: | ||||||
Sales of homes | 31,989 | 13,255 | ||||
Sales of land | 1,464 | 2,014 | ||||
Other homebuilding revenues | 54 | — | ||||
Equity in earnings (loss) from unconsolidated entities | (120 | ) | 64 | |||
Other expense, net | (1,109 | ) | (1,320 | ) | ||
Total Texas | 32,278 | 14,013 | ||||
West: | ||||||
Sales of homes | 193,896 | 138,089 | ||||
Sales of land (1) | (3,981 | ) | 36 | |||
Other homebuilding revenues | 982 | — | ||||
Equity in loss from unconsolidated entities | (311 | ) | (391 | ) | ||
Other income, net | 75 | 1,695 | ||||
Total West | 190,661 | 139,429 | ||||
Other: | ||||||
Sales of homes (2) | (7,416 | ) | (4,444 | ) | ||
Sales of land | (1 | ) | (2,059 | ) | ||
Equity in loss from unconsolidated entities (3) | (13,295 | ) | (14,063 | ) | ||
Other income, net (4) | 1,059 | 170,686 | ||||
Total Other | (19,653 | ) | 150,120 | |||
Total homebuilding operating earnings | $ | 369,595 | 413,927 | |||
(1) | For the three months ended February 28, 2019, sales of land included an impairment of $4.0 million related to contracts to sell land. |
(2) | Operating earnings related to sales of homes in Homebuilding Other is negative because there were not a sufficient amount of home sales to offset period costs in our urban divisions and selling, general and administrative expenses. |
(3) | Refer to Overview within Results of Operations section of this Management's Discussion and Analysis for discussion related to Homebuilding equity in loss from unconsolidated entities. |
(4) | For the three months ended February 28, 2018, Homebuilding Other other income, net included $164.9 million related to a gain on the sale of an 80% interest in one of Homebuilding's strategic joint ventures, Treasure Island Holdings. |
Three Months Ended | |||||||||||||||||||
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||
February 28, | February 28, | February 28, | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
East | 3,612 | 2,757 | $ | 1,226,435 | 909,585 | $ | 340,000 | 330,000 | |||||||||||
Central | 1,124 | 654 | 433,125 | 253,325 | 385,000 | 387,000 | |||||||||||||
Texas | 1,251 | 1,090 | 412,429 | 348,087 | 330,000 | 319,000 | |||||||||||||
West | 2,825 | 2,225 | 1,537,503 | 1,127,635 | 544,000 | 507,000 | |||||||||||||
Other | 8 | 39 | 7,758 | 33,101 | 970,000 | 849,000 | |||||||||||||
Total | 8,820 | 6,765 | $ | 3,617,250 | 2,671,733 | $ | 410,000 | 395,000 | |||||||||||
Three Months Ended | |||||||||||||||||||
Sales Incentives (In thousands) | Average Sales Incentives Per Home Delivered | Sales Incentives as a % of Revenue | |||||||||||||||||
February 28, | February 28, | February 28, | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
East | $ | 93,302 | 67,744 | $ | 25,900 | 24,600 | 7.1 | % | 6.9 | % | |||||||||
Central | 34,175 | 17,865 | 30,400 | 27,300 | 7.3 | % | 6.6 | % | |||||||||||
Texas | 35,881 | 35,850 | 28,700 | 32,900 | 8.0 | % | 9.3 | % | |||||||||||
West | 58,361 | 27,379 | 20,700 | 12,300 | 3.7 | % | 2.4 | % | |||||||||||
Other | 608 | 1,098 | 304,000 | 137,300 | 20.0 | % | 9.5 | % | |||||||||||
Total | $ | 222,327 | 149,936 | $ | 25,300 | 22,300 | 5.8 | % | 5.4 | % | |||||||||
(1) | Sales incentives relate to home deliveries during the period, excluding deliveries by unconsolidated entities. |
Three Months Ended | |||||||||||||||||||
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||
February 28, | February 28, | February 28, | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
East | 4,493 | 3,563 | $ | 1,521,431 | 1,152,418 | $ | 339,000 | 323,000 | |||||||||||
Central | 1,422 | 785 | 537,596 | 308,429 | 378,000 | 393,000 | |||||||||||||
Texas | 1,424 | 1,374 | 456,959 | 432,178 | 321,000 | 315,000 | |||||||||||||
West | 3,112 | 2,705 | 1,629,814 | 1,450,235 | 524,000 | 536,000 | |||||||||||||
Other | 12 | 29 | 11,313 | 25,741 | 943,000 | 888,000 | |||||||||||||
Total | 10,463 | 8,456 | $ | 4,157,113 | 3,369,001 | $ | 397,000 | 398,000 | |||||||||||
(2) | New orders represent the number of new sales contracts executed with homebuyers, net of cancellations, during the three months ended February 28, 2019 and 2018. |
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||
February 28, | February 28, | February 28, | |||||||||||||||||
2019 | 2018 (1) | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
East | 7,956 | 6,923 | $ | 2,817,706 | 2,533,377 | $ | 354,000 | 366,000 | |||||||||||
Central | 2,284 | 2,188 | 894,724 | 865,628 | 392,000 | 396,000 | |||||||||||||
Texas | 2,321 | 2,576 | 805,250 | 961,976 | 347,000 | 373,000 | |||||||||||||
West | 4,688 | 5,860 | 2,579,762 | 3,290,340 | 550,000 | 561,000 | |||||||||||||
Other | 10 | 19 | 12,543 | 22,436 | 1,254,000 | 1,181,000 | |||||||||||||
Total | 17,259 | 17,566 | $ | 7,109,985 | 7,673,757 | $ | 412,000 | 437,000 | |||||||||||
(1) | During the three months ended February 28, 2018, we acquired a total of 6,940 homes in backlog in connection with the CalAtlantic acquisition. Of the homes in backlog acquired, 2,305 homes were in the East, 1,342 homes were in the Central, 953 homes were in Texas and 2,340 homes were in the West. |
Three Months Ended | |||||
February 28, | |||||
2019 | 2018 | ||||
East | 15 | % | 14 | % | |
Central | 12 | % | 10 | % | |
Texas | 25 | % | 17 | % | |
West | 16 | % | 12 | % | |
Other | 33 | % | 14 | % | |
Total | 17 | % | 14 | % | |
February 28, | |||||
2019 | 2018 (1) | ||||
East | 447 | 509 | |||
Central | 248 | 233 | |||
Texas | 245 | 259 | |||
West | 348 | 339 | |||
Other | 4 | 4 | |||
Total | 1,292 | 1,344 | |||
(1) | We acquired 542 active communities related to the CalAtlantic acquisition on February 12, 2018. Of the communities acquired, 177 were in the East, 135 were in the Central, 99 were in Texas and 131 were in the West. |
Three Months Ended | ||||||||||
February 28, | ||||||||||
(Dollars in thousands) | 2019 | 2018 | ||||||||
East: | ||||||||||
Sales of homes | $ | 1,222,644 | 909,585 | |||||||
Costs of homes sold | 969,866 | 714,521 | ||||||||
Gross margins on home sales | 252,778 | 20.7% | 195,064 | 21.4% | ||||||
Central: | ||||||||||
Sales of homes | 433,125 | 253,324 | ||||||||
Costs of homes sold | 358,361 | 215,705 | ||||||||
Gross margins on home sales | 74,764 | 17.3% | 37,619 | 14.9% | ||||||
Texas: | ||||||||||
Sales of homes | 412,430 | 348,087 | ||||||||
Costs of homes sold | 332,103 | 294,068 | ||||||||
Gross margins on home sales | 80,327 | 19.5% | 54,019 | 15.5% | ||||||
West: | ||||||||||
Sales of homes | 1,537,503 | 1,127,637 | ||||||||
Costs of homes sold | 1,216,746 | 898,081 | ||||||||
Gross margins on home sales | 320,757 | 20.9% | 229,556 | 20.4% | ||||||
Other: | ||||||||||
Sales of homes | 2,427 | 10,507 | ||||||||
Costs of homes sold (1) | 4,974 | 10,137 | ||||||||
Gross margins on home sales | (2,547 | ) | (104.9)% | 370 | 3.5% | |||||
Total gross margins on home sales | $ | 726,079 | 20.1% | 516,628 | 19.5% | |||||
(1) | Costs of homes sold include period costs in our urban divisions that impact costs of homes sold without any sales of homes revenue. |
Three Months Ended | ||||||
February 28, | ||||||
(Dollars in thousands) | 2019 | 2018 | ||||
Revenues | $ | 143,311 | 196,087 | |||
Costs and expenses | 124,339 | 170,225 | ||||
Operating earnings (1) | $ | 18,972 | 25,862 | |||
Dollar value of mortgages originated | $ | 1,937,000 | 1,948,000 | |||
Number of mortgages originated | 6,200 | 6,600 | ||||
Mortgage capture rate of Lennar homebuyers | 73 | % | 78 | % | ||
Number of title and closing service transactions | 14,600 | 23,400 | ||||
Number of title policies issued | 19,800 | 68,200 | ||||
(Dollars in thousands) | February 28, 2019 | November 30, 2018 | February 28, 2018 | ||||||
Homebuilding debt | $ | 9,256,423 | 8,543,868 | 10,382,540 | |||||
Stockholders’ equity | 14,786,814 | 14,581,535 | 13,060,930 | ||||||
Total capital | $ | 24,043,237 | 23,125,403 | 23,443,470 | |||||
Homebuilding debt to total capital | 38.5 | % | 36.9 | % | 44.3 | % | |||
Homebuilding debt | $ | 9,256,423 | 8,543,868 | 10,382,540 | |||||
Less: Homebuilding cash and cash equivalents | 852,551 | 1,337,807 | 733,905 | ||||||
Net Homebuilding debt | $ | 8,403,872 | 7,206,061 | 9,648,635 | |||||
Net Homebuilding debt to total capital (1) | 36.2 | % | 33.1 | % | 42.5 | % | |||
(1) | Net Homebuilding debt to total capital is a non-GAAP financial measure defined as net Homebuilding debt (Homebuilding debt less Homebuilding cash and cash equivalents) divided by total capital (net Homebuilding debt plus stockholders' equity). Our management believes the ratio of net Homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in our homebuilding operations. However, because net Homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement our GAAP results. |
(Dollars in thousands) | February 28, 2019 | November 30, 2018 | ||||
Unsecured revolving credit facility | $ | 725,000 | — | |||
0.25% convertible senior notes due 2019 | 1,289 | 1,291 | ||||
4.500% senior notes due 2019 | 499,760 | 499,585 | ||||
4.50% senior notes due 2019 | 599,422 | 599,176 | ||||
6.625% senior notes due 2020 (1) | 309,718 | 311,735 | ||||
2.95% senior notes due 2020 | 298,984 | 298,838 | ||||
8.375% senior notes due 2021 (1) | 431,638 | 435,897 | ||||
4.750% senior notes due 2021 | 498,306 | 498,111 | ||||
6.25% senior notes due December 2021 (1) | 314,026 | 315,283 | ||||
4.125% senior notes due 2022 | 597,142 | 596,894 | ||||
5.375% senior notes due 2022 (1) | 260,341 | 261,055 | ||||
4.750% senior notes due 2022 | 570,725 | 570,564 | ||||
4.875% senior notes due December 2023 | 396,059 | 395,759 | ||||
4.500% senior notes due 2024 | 646,259 | 646,078 | ||||
5.875% senior notes due 2024 (1) | 451,664 | 452,833 | ||||
4.750% senior notes due 2025 | 497,225 | 497,114 | ||||
5.25% senior notes due 2026 (1) | 408,830 | 409,133 | ||||
5.00% senior notes due 2027 (1) | 353,179 | 353,275 | ||||
4.75% senior notes due 2027 | 892,485 | 892,297 | ||||
Mortgage notes on land and other debt | 504,371 | 508,950 | ||||
$ | 9,256,423 | 8,543,868 | ||||
(1) | These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of Lennar Corporation as follows: $267.7 million principal amount of 6.625% senior notes due 2020, $397.6 million principal amount of 8.375% senior notes due 2021, $292.0 million principal amount of 6.25% senior notes due 2021, $240.8 million principal amount of 5.375% senior notes due 2022, $421.4 million principal amount of 5.875% senior notes due 2024, $395.5 million principal amount of 5.25% senior notes due 2026 and $347.3 million principal amount of 5.00% senior notes due 2027. As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018). |
(Dollars in thousands) | Covenant Level | Level Achieved as of February 28, 2019 | ||||
Minimum net worth test | $ | 6,650,484 | 9,522,712 | |||
Maximum leverage ratio | 65.0 | % | 44.6 | % | ||
Liquidity test (1) | 1.00 | 2.11 | ||||
(1) | We are only required to maintain either (1) liquidity in an amount equal to or greater than 1.00x consolidated interest incurred for the last twelve months then ended or (2) an interest coverage ratio of equal to or greater than 1.50:1.00 for the last twelve months then ended. Although we are in compliance with our debt covenants for both calculations, we have only disclosed our liquidity test. |
(In thousands) | Maximum Aggregate Commitment | ||
364-day warehouse repurchase facility that matures March 2019 (1) | $ | 300,000 | |
364-day warehouse repurchase facility that matures May 2019 (2) | 300,000 | ||
364-day warehouse repurchase facility that matures June 2019 | 500,000 | ||
364-day warehouse repurchase facility that matures October 2019 (3) | 500,000 | ||
Total | $ | 1,600,000 | |
(1) | Subsequent to February 28, 2019, the warehouse repurchase facility was extended to December 2019. Maximum aggregate commitment includes an uncommitted amount of $300 million. |
(2) | Maximum aggregate commitment includes an uncommitted amount of $300 million. |
(3) | Maximum aggregate commitment includes an uncommitted amount of $400 million. |
(In thousands) | Maximum Aggregate Commitment | ||
364-day warehouse repurchase facility that matures November 2019 | $ | 200,000 | |
364-day warehouse repurchase facility that matures December 2019 | 250,000 | ||
364-day warehouse repurchase facility that matures December 2019 | 200,000 | ||
364-day warehouse repurchase facility that matures December 2019 | 200,000 | ||
Total - Loans origination and securitization business | 850,000 | ||
Warehouse repurchase facility that matures December 2019 (two - one year extensions) (1) | 50,000 | ||
Total | $ | 900,000 | |
(1) | RMF uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both February 28, 2019 and November 30, 2018. |
Three Months Ended | ||||||
February 28, | ||||||
(Dollars in thousands) | 2019 | 2018 | ||||
Revenues | $ | 90,644 | 68,189 | |||
Costs and expenses | 123,751 | 107,424 | ||||
Other income | 197 | — | ||||
Net loss of unconsolidated entities | $ | (32,910 | ) | (39,235 | ) | |
Homebuilding equity in loss from unconsolidated entities | $ | (13,756 | ) | (14,128 | ) | |
Homebuilding cumulative share of net earnings - deferred at February 28, 2019 and 2018, respectively | $ | 34,201 | 27,635 | |||
Homebuilding investments in unconsolidated entities | 924,056 | 939,714 | ||||
Equity of the Homebuilding unconsolidated entities | $ | 4,010,652 | 4,297,856 | |||
Homebuilding investment % in the unconsolidated entities (1) | 23 | % | 22 | % | ||
(1) | Our share of profit and cash distributions from the sales of land could be higher or lower compared to our ownership interest in unconsolidated entities if certain specified internal rate of return or cash flow milestones are achieved. |
(In thousands) | February 28, 2019 | November 30, 2018 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | 741,581 | 781,833 | |||
Inventories | 4,315,061 | 4,291,470 | ||||
Other assets | 1,041,639 | 1,045,274 | ||||
$ | 6,098,281 | 6,118,577 | ||||
Liabilities and equity: | ||||||
Accounts payable and other liabilities | $ | 868,466 | 874,355 | |||
Debt (1) | 1,219,163 | 1,202,556 | ||||
Equity | 4,010,652 | 4,041,666 | ||||
$ | 6,098,281 | 6,118,577 | ||||
(1) | Debt presented above is net of debt issuance costs of $11.3 million and $12.4 million, as of February 28, 2019 and November 30, 2018, respectively. |
(Dollars in thousands) | February 28, 2019 | November 30, 2018 | ||||
Debt | $ | 1,219,163 | 1,202,556 | |||
Equity | 4,010,652 | 4,041,666 | ||||
Total capital | $ | 5,229,815 | 5,244,222 | |||
Debt to total capital of our unconsolidated entities | 23.3 | % | 22.9 | % | ||
(In thousands) | February 28, 2019 | November 30, 2018 | ||||
Land development | $ | 856,237 | 805,678 | |||
Homebuilding | 67,819 | 64,523 | ||||
Total investments (1) | $ | 924,056 | 870,201 | |||
(1) | As of February 28, 2019 and November 30, 2018, does not include the ($67.0) million and ($62.0) million balance, respectively, for one unconsolidated entity as it was reclassed to other liabilities. |
(Dollars in thousands) | February 28, 2019 | November 30, 2018 | ||||
Non-recourse bank debt and other debt (partner’s share of several recourse) | $ | 41,816 | 48,313 | |||
Non-recourse debt with completion guarantees | 233,115 | 239,568 | ||||
Non-recourse debt without completion guarantees | 896,219 | 861,371 | ||||
Non-recourse debt to Lennar | 1,171,150 | 1,149,252 | ||||
Lennar's maximum recourse exposure (1) | 59,266 | 65,707 | ||||
Debt issue costs | (11,253 | ) | (12,403 | ) | ||
Total debt | $ | 1,219,163 | 1,202,556 | |||
Lennar’s maximum recourse exposure as a % of total JV debt | 5 | % | 5 | % | ||
(1) | As of February 28, 2019 and November 30, 2018, our maximum recourse exposure was primarily related to us providing repayment guarantees on three and four unconsolidated entities' debt, respectively. |
Principal Maturities of Unconsolidated JVs by Period | ||||||||||||||||||
(In thousands) | Total JV Debt | 2019 | 2020 | 2021 | Thereafter | Other | ||||||||||||
Maximum recourse debt exposure to Lennar | $ | 59,266 | 33,216 | 16,937 | 2,847 | 6,266 | — | |||||||||||
Debt without recourse to Lennar | 1,171,150 | 354,619 | 135,879 | 147,160 | 533,492 | — | ||||||||||||
Debt issuance costs | (11,253 | ) | — | — | — | — | (11,253 | ) | ||||||||||
Total | $ | 1,219,163 | 387,835 | 152,816 | 150,007 | 539,758 | (11,253 | ) | ||||||||||
(Dollars in thousands) | Lennar’s Investment | Total JV Assets | Maximum Recourse Debt Exposure to Lennar | Total Debt Without Recourse to Lennar | Total JV Debt | Total JV Equity | JV Debt to Total Capital Ratio | |||||||||||||||
Top Ten JVs (1): | ||||||||||||||||||||||
FivePoint | $ | 362,052 | 2,958,867 | — | 565,130 | 565,130 | 1,868,970 | 23 | % | |||||||||||||
Dublin Crossings (2) | 71,395 | 230,920 | — | — | — | 194,606 | — | % | ||||||||||||||
Heritage Fields El Toro | 45,131 | 1,149,158 | — | 5,919 | 5,919 | 997,608 | 1 | % | ||||||||||||||
Hawk Land Investors (3) | 44,057 | — | — | — | — | — | — | % | ||||||||||||||
Heritage Hills Irvine | 41,939 | 99,271 | — | — | — | 92,581 | — | % | ||||||||||||||
SC East Landco | 41,040 | 97,883 | — | — | — | 97,499 | — | % | ||||||||||||||
Runkle Canyon | 33,216 | 76,905 | — | — | — | 76,431 | — | % | ||||||||||||||
Mesa Canyon Community Partners (2) | 32,442 | 134,017 | — | 37,112 | 37,112 | 97,192 | 28 | % | ||||||||||||||
E.L. Urban Communities | 29,811 | 57,909 | — | 14,443 | 14,443 | 40,498 | 26 | % | ||||||||||||||
BHCSP (2) | 28,497 | 79,968 | 2,847 | 19,932 | 22,779 | 48,521 | 32 | % | ||||||||||||||
10 largest JV investments | 729,580 | 4,884,898 | 2,847 | 642,536 | 645,383 | 3,513,906 | 16 | % | ||||||||||||||
Other JVs (4) | 194,476 | 1,213,383 | 56,419 | 528,614 | 585,033 | 496,746 | 54 | % | ||||||||||||||
Total | $ | 924,056 | 6,098,281 | 59,266 | 1,171,150 | 1,230,416 | 4,010,652 | 23 | % | |||||||||||||
Land seller debt and other debt | — | — | — | |||||||||||||||||||
Debt issuance costs | — | (11,253 | ) | (11,253 | ) | |||||||||||||||||
Total JV debt | $ | 59,266 | 1,159,897 | 1,219,163 | ||||||||||||||||||
(1) | The 10 largest joint ventures presented above represent the majority of our total JVs assets and equity, 5% of total JV maximum recourse debt exposure to Lennar and 55% of total JV debt without recourse to Lennar. In addition, all of the joint ventures presented in the table above operate in our Homebuilding West segment except Hawk Land Investors, which is in Homebuilding East. |
(2) | Joint ventures acquired from CalAtlantic. |
(3) | Financial statements are not publicly available and thus have not been included in the table above. |
(4) | Includes CPHP Development, LLC which has assets of $262.1 million, maximum recourse debt exposure to Lennar of $50.2 million, total JV debt of $347.8 million, and total JV equity of ($102.2) million. Lennar's investment balance does not include the ($67.0) million investment as it was reclassed to other liabilities. |
(In thousands) | February 28, 2019 | November 30, 2018 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | 37,533 | 61,571 | |||
Operating properties and equipment | 3,798,753 | 3,708,613 | ||||
Other assets | 43,746 | 40,899 | ||||
$ | 3,880,032 | 3,811,083 | ||||
Liabilities and equity: | ||||||
Accounts payable and other liabilities | $ | 186,555 | 199,119 | |||
Notes payable (1) | 1,449,294 | 1,381,656 | ||||
Equity | 2,244,183 | 2,230,308 | ||||
$ | 3,880,032 | 3,811,083 | ||||
(1) | Notes payable are net of debt issuance costs of $18.2 million and $15.7 million, as of February 28, 2019 and November 30, 2018, respectively. |
Principal Maturities of Unconsolidated JVs by Period | ||||||||||||||||||
(In thousands) | Total JV Debt | 2019 | 2020 | 2021 | Thereafter | Other | ||||||||||||
Debt without recourse to Lennar | 1,467,528 | 28,469 | 719,561 | 203,929 | 515,569 | — | ||||||||||||
Debt issuance costs | (18,234 | ) | — | — | — | — | (18,234 | ) | ||||||||||
Total | $ | 1,449,294 | 28,469 | 719,561 | 203,929 | 515,569 | (18,234 | ) | ||||||||||
Three Months Ended | ||||||
February 28, | ||||||
(In thousands) | 2019 | 2018 | ||||
Revenues | $ | 35,371 | 23,952 | |||
Costs and expenses | 56,128 | 31,795 | ||||
Other income, net | 21,400 | 7,307 | ||||
Net earnings (loss) of unconsolidated entities | $ | 643 | (536 | ) | ||
Multifamily equity in earnings (loss) from unconsolidated entities and other gain (1) | $ | 10,581 | 2,742 | |||
Our investments in unconsolidated entities | 485,140 | 437,367 | ||||
Equity of the unconsolidated entities | 2,244,183 | 2,061,145 | ||||
Our investment % in the unconsolidated entities | 22 | % | 21 | % | ||
(1) | During the three months ended February 28, 2019, our Multifamily segment sold, through its unconsolidated entities, one operating property and an investment in an operating property resulting in the segment's $15.5 million share of gains. The gain of $11.9 million recognized on the sale of the investment in an operating property and recognition of our share of deferred development fees that were capitalized at the joint venture level are included in Multifamily equity in earnings (loss) from unconsolidated entities and other gain, and are not included in net earnings (loss) of unconsolidated entities. During the three months ended February 28, 2018, our Multifamily segment sold one operating property through its unconsolidated entities resulting in the segment's $4.1 million share of gains. |
February 28, 2019 | ||||||||||||
(In thousands) | Hypothetical Carried Interest | Paid as Advanced Tax Distribution | Paid as Carried Interest | Hypothetical Carried Interest, Net (2) | ||||||||
Rialto Real Estate Fund, LP (1) | $ | 179,570 | 52,541 | 49,050 | 77,979 | |||||||
Rialto Real Estate Fund II, LP (1) | 111,781 | 15,609 | 1,399 | 94,773 | ||||||||
$ | 291,351 | 68,150 | 50,449 | 172,752 | ||||||||
(1) | Gross of interests of participating employees (refer to note below). |
(2) | Rialto previously adopted carried interest plans under which we and participating employees will receive 60% and 40%, respectively, of carried interest payments, net of expenses, received by entities that are general partners of a number of Rialto funds or other investment vehicles. When Rialto Management Group was sold, we retained our right to receive 60% of the distributions of carried interest payments received from funds that existed at the time of the sale. |
Controlled Homesites | ||||||||||||||
February 28, 2019 | Optioned | JVs | Total | Owned Homesites | Total Homesites | |||||||||
East | 26,174 | 3,482 | 29,656 | 76,699 | 106,355 | |||||||||
Central | 6,328 | — | 6,328 | 31,754 | 38,082 | |||||||||
Texas | 18,845 | — | 18,845 | 35,131 | 53,976 | |||||||||
West | 7,257 | 4,525 | 11,782 | 63,810 | 75,592 | |||||||||
Other | — | 979 | 979 | 2,845 | 3,824 | |||||||||
Total homesites | 58,604 | 8,986 | 67,590 | 210,239 | 277,829 | |||||||||
Controlled Homesites | ||||||||||||||
February 28, 2018 | Optioned | JVs | Total | Owned Homesites | Total Homesites | |||||||||
East | 28,184 | 3,482 | 31,666 | 69,541 | 101,207 | |||||||||
Central | 7,487 | — | 7,487 | 30,354 | 37,841 | |||||||||
Texas | 11,158 | — | 11,158 | 29,673 | 40,831 | |||||||||
West | 8,848 | 3,640 | 12,488 | 61,119 | 73,607 | |||||||||
Other | — | 1,276 | 1,276 | 3,163 | 4,439 | |||||||||
Total homesites | 55,677 | 8,398 | 64,075 | 193,850 | 257,925 | |||||||||
Nine Months Ending November 30, | Years Ending November 30, | Fair Value at February 28, | |||||||||||||||||||||||||
(Dollars in millions) | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | 2019 | ||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||||||||
Senior Notes and other debts payable: | |||||||||||||||||||||||||||
Fixed rate | $ | 1,228.3 | 744.8 | 963.7 | 1,745.1 | 54.2 | 1,479.2 | 2,193.4 | 8,408.7 | 8,485.1 | |||||||||||||||||
Average interest rate | 4.4 | % | 4.0 | % | 6.2 | % | 4.9 | % | 5.4 | % | 5.0 | % | 4.9 | % | 4.9 | % | — | ||||||||||
Variable rate | $ | — | 40.8 | 29.5 | — | 709.1 | — | — | 779.4 | 823.1 | |||||||||||||||||
Average interest rate | — | 4.9 | % | 3.2 | % | — | 4.0 | % | — | — | 4.0 | % | — | ||||||||||||||
Financial Services: | |||||||||||||||||||||||||||
Notes and other debts payable: | |||||||||||||||||||||||||||
Fixed rate | $ | 0.1 | 7.5 | 13.0 | — | — | — | 155.9 | 176.5 | 177.9 | |||||||||||||||||
Average interest rate | 4.0 | % | 2.8 | % | 1.3 | % | — | — | — | 3.4 | % | 3.2 | % | — | |||||||||||||
Variable rate | $ | 894.0 | — | — | — | — | — | — | 894.0 | 894.0 | |||||||||||||||||
Average interest rate | 4.6 | % | — | — | — | — | — | — | 4.6 | % | — | ||||||||||||||||
Lennar Multifamily: | |||||||||||||||||||||||||||
Notes payable: | |||||||||||||||||||||||||||
Variable rate | $ | 36.1 | 3.5 | — | — | — | — | — | 39.6 | 39.6 | |||||||||||||||||
Average interest rate | 4.7 | % | 6.0 | % | — | — | — | — | — | 5.4 | % | — | |||||||||||||||
Lennar Other: | |||||||||||||||||||||||||||
Fixed rate | $ | 1.9 | — | — | — | — | — | — | 1.9 | 1.9 | |||||||||||||||||
Average interest rate | 2.9 | % | — | — | — | — | — | — | 2.9 | % | — | ||||||||||||||||
Variable rate | $ | 13.1 | — | — | — | — | — | — | 13.1 | 13.1 | |||||||||||||||||
Average interest rate | 4.9 | % | — | — | — | — | — | — | 4.9 | % | — | ||||||||||||||||
Period: | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number of Shares that may yet be Purchased under the Plans or Programs (2) | ||||||||
December 1 to December 31, 2018 | 29,259 | $ | 41.15 | — | 25,000,000 | |||||||
January 1 to January 31, 2019 | 447 | $ | 46.22 | — | 25,000,000 | |||||||
February 1 to February 28, 2019 | 1,019,102 | $ | 47.00 | 1,000,000 | 24,000,000 | |||||||
(1) | Includes shares of Class A common stock withheld by us to cover withholding taxes due, at the election of certain holders of nonvested shares, with market value approximating the amount of withholding taxes due. |
(2) | In January 2019, our Board of Directors authorized a stock repurchase program, which replaced the June 2001 stock repurchase program, under which we are authorized to purchase up to the lesser of $1 billion in value, or 25 million in shares, of our outstanding Class A or Class B common stock. This repurchase authorization has no expiration. During the three months ended February 28, 2019, under this repurchase program, we repurchased one million shares of Class A common stock for $47.0 million at an average share price of $46.98. The remaining authorized value is $953.0 million as of February 28, 2019. |
31.1 | ||
31.2 | ||
32. | ||
101. | The following financial statements from Lennar Corporation Quarterly Report on Form 10-Q for the quarter ended February 28, 2019, filed on April 8, 2019, were formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Condensed Consolidated Financial Statements. | |
Lennar Corporation | |||
(Registrant) | |||
Date: | April 8, 2019 | /s/ Diane Bessette | |
Diane Bessette | |||
Vice President, Chief Financial Officer and Treasurer | |||
Date: | April 8, 2019 | /s/ David Collins | |
David Collins | |||
Controller | |||
1. | I have reviewed this quarterly report on Form 10-Q of Lennar Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | April 8, 2019 | /s/ Richard Beckwitt | |
Name: | Richard Beckwitt | ||
Title: | Chief Executive Officer | ||
1. | I have reviewed this quarterly report on Form 10-Q of Lennar Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | April 8, 2019 | /s/ Diane Bessette | |
Name: | Diane Bessette | ||
Title: | Vice President, Chief Financial Officer and Treasurer | ||
Date: | April 8, 2019 | /s/ Richard Beckwitt | |
Name: | Richard Beckwitt | ||
Title: | Chief Executive Officer | ||
Date: | April 8, 2019 | /s/ Diane Bessette | |
Name: | Diane Bessette | ||
Title: | Vice President, Chief Financial Officer and Treasurer | ||
Document And Entity Information |
3 Months Ended |
|---|---|
|
Feb. 28, 2019
shares
| |
| Class of Stock [Line Items] | |
| Entity Registrant Name | LENNAR CORP /NEW/ |
| Entity Central Index Key | 0000920760 |
| Current Fiscal Year End Date | --11-30 |
| Entity Filer Category | Large Accelerated Filer |
| Document Type | 10-Q |
| Document Period End Date | Feb. 28, 2019 |
| Document Fiscal Year Focus | 2019 |
| Document Fiscal Period Focus | Q1 |
| Amendment Flag | false |
| Entity Emerging Growth Company | false |
| Entity Small Business | false |
| Class A Common Stock | |
| Class of Stock [Line Items] | |
| Entity Common Stock, Shares Outstanding | 285,430,769 |
| Class B Common Stock | |
| Class of Stock [Line Items] | |
| Entity Common Stock, Shares Outstanding | 37,743,556 |
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Feb. 28, 2019 |
Nov. 30, 2018 |
|||||
|---|---|---|---|---|---|---|---|
| Inventories: | |||||||
| Total assets | [1] | $ 28,749,926 | $ 28,566,181 | ||||
| LIABILITIES AND EQUITY | |||||||
| Total liabilities | [2] | 13,856,231 | 13,883,224 | ||||
| Stockholders' equity: | |||||||
| Preferred stock | [2] | 0 | 0 | ||||
| Additional paid-in capital | [2] | 8,514,301 | 8,496,677 | ||||
| Retained earnings | [2] | 6,724,242 | 6,487,650 | ||||
| Treasury stock, at cost; February 28, 2019 - 9,584,236 shares of Class A common stock and 1,699,078 shares of Class B common stock; November 30, 2018 - 8,498,203 shares of Class A common stock and 1,698,424 shares of Class B common stock | [2] | (485,016) | (435,869) | ||||
| Accumulated other comprehensive loss | [2] | (158) | (366) | ||||
| Total stockholders’ equity | [2] | 14,786,814 | 14,581,535 | ||||
| Noncontrolling interests | [2] | 106,881 | 101,422 | ||||
| Total equity | [2] | 14,893,695 | 14,682,957 | ||||
| Total liabilities and equity | [2] | 28,749,926 | 28,566,181 | ||||
| Class A Common Stock | |||||||
| Stockholders' equity: | |||||||
| Common stock | [2] | 29,501 | 29,499 | ||||
| Class B Common Stock | |||||||
| Stockholders' equity: | |||||||
| Common stock | [2] | 3,944 | 3,944 | ||||
| Homebuilding | |||||||
| ASSETS | |||||||
| Cash and cash equivalents | [1] | 852,551 | 1,337,807 | ||||
| Restricted cash | [1] | 12,875 | 12,399 | ||||
| Receivables, net | [1] | 222,579 | 236,841 | ||||
| Inventories: | |||||||
| Finished homes and construction in progress | [1] | 9,742,794 | 8,681,357 | ||||
| Land and land under development | [1] | 8,164,066 | 8,178,388 | ||||
| Consolidated inventory not owned | [1] | 301,938 | 208,959 | ||||
| Total inventories | [1] | 18,208,798 | 17,068,704 | ||||
| Investments in unconsolidated entities | [1] | 924,056 | 870,201 | ||||
| Goodwill | [1] | 3,442,359 | 3,442,359 | ||||
| Other assets | [1] | 1,264,362 | 1,355,782 | ||||
| Total assets | [1] | 24,927,580 | 24,324,093 | ||||
| LIABILITIES AND EQUITY | |||||||
| Accounts payable | [2] | 1,025,286 | 1,154,782 | ||||
| Liabilities related to consolidated inventory not owned | [2] | 267,344 | 175,590 | ||||
| Senior notes and other debts payable | [2] | 9,256,423 | 8,543,868 | ||||
| Other liabilities | [2] | 1,763,980 | 1,902,658 | ||||
| Total liabilities | [2] | 12,313,033 | 11,776,898 | ||||
| Financial Services | |||||||
| ASSETS | |||||||
| Cash and cash equivalents | 155,914 | 188,485 | |||||
| Restricted cash | 10,837 | 17,944 | |||||
| Receivables, net | 354,216 | 731,169 | |||||
| Inventories: | |||||||
| Goodwill | 215,516 | 237,688 | |||||
| Other assets | 153,146 | 125,886 | |||||
| Total assets | [1] | 2,243,611 | 2,778,910 | ||||
| LIABILITIES AND EQUITY | |||||||
| Other liabilities | 229,458 | 309,500 | |||||
| Total liabilities | [2] | 1,300,005 | 1,868,202 | ||||
| Multifamily | |||||||
| ASSETS | |||||||
| Cash and cash equivalents | 13,594 | 7,832 | |||||
| Receivables, net | 74,508 | 73,829 | |||||
| Inventories: | |||||||
| Land and land under development | 332,642 | 277,894 | |||||
| Investments in unconsolidated entities | 485,140 | 481,129 | |||||
| Other assets | 97,988 | 33,535 | |||||
| Total assets | [1] | 1,003,872 | 874,219 | ||||
| LIABILITIES AND EQUITY | |||||||
| Total liabilities | [2] | 209,965 | 170,616 | ||||
| Lennar Other | |||||||
| ASSETS | |||||||
| Cash and cash equivalents | 15,843 | 24,334 | |||||
| Restricted cash | 975 | 7,175 | |||||
| Inventories: | |||||||
| Investments in unconsolidated entities | 428,385 | 424,104 | |||||
| Other assets | 45,582 | 47,740 | |||||
| Total assets | [1] | 574,863 | 588,959 | ||||
| LIABILITIES AND EQUITY | |||||||
| Other liabilities | 18,182 | 53,020 | |||||
| Total liabilities | [2] | 33,228 | 67,508 | ||||
| Variable Interest Entity, Primary Beneficiary | |||||||
| Inventories: | |||||||
| Total assets | 1,000,000 | 666,200 | |||||
| LIABILITIES AND EQUITY | |||||||
| Total liabilities | 528,400 | 242,500 | |||||
| Variable Interest Entity, Primary Beneficiary | Homebuilding | |||||||
| ASSETS | |||||||
| Cash and cash equivalents | 37,400 | 57,600 | |||||
| Receivables, net | 300 | 200 | |||||
| Inventories: | |||||||
| Finished homes and construction in progress | 102,300 | 81,700 | |||||
| Land and land under development | 311,400 | 293,100 | |||||
| Consolidated inventory not owned | 301,900 | 209,000 | |||||
| Investments in unconsolidated entities | 4,000 | 3,800 | |||||
| Other assets | 10,500 | 10,500 | |||||
| LIABILITIES AND EQUITY | |||||||
| Accounts payable | 5,400 | 11,400 | |||||
| Liabilities related to consolidated inventory not owned | 267,300 | 175,600 | |||||
| Senior notes and other debts payable | [2] | 60,800 | 51,900 | ||||
| Other liabilities | 1,300 | 2,600 | |||||
| Variable Interest Entity, Primary Beneficiary | Financial Services | |||||||
| Inventories: | |||||||
| Other assets | 187,200 | ||||||
| LIABILITIES AND EQUITY | |||||||
| Total liabilities | 190,600 | ||||||
| Variable Interest Entity, Primary Beneficiary | Multifamily | |||||||
| Inventories: | |||||||
| Total assets | 51,600 | ||||||
| LIABILITIES AND EQUITY | |||||||
| Total liabilities | 1,800 | ||||||
| Variable Interest Entity, Primary Beneficiary | Lennar Other | |||||||
| Inventories: | |||||||
| Total assets | 8,100 | 10,300 | |||||
| LIABILITIES AND EQUITY | |||||||
| Total liabilities | $ 1,000 | $ 1,000 | |||||
| |||||||
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Feb. 28, 2019 |
Nov. 30, 2018 |
|||||
|---|---|---|---|---|---|---|---|
| Total assets | [1] | $ 28,749,926 | $ 28,566,181 | ||||
| Total liabilities | [2] | $ 13,856,231 | $ 13,883,224 | ||||
| Class A Common Stock | |||||||
| Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | |||||
| Common stock, shares authorized | 400,000,000 | 400,000,000 | |||||
| Common stock, shares issued | 295,015,005 | 294,992,562 | |||||
| Treasury stock, shares | 9,584,236 | 8,498,203 | |||||
| Class B Common Stock | |||||||
| Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | |||||
| Common stock, shares authorized | 90,000,000 | 90,000,000 | |||||
| Common stock, shares issued | 39,442,634 | 39,442,219 | |||||
| Treasury stock, shares | 1,699,078 | 1,698,424 | |||||
| Homebuilding | |||||||
| Total assets | [1] | $ 24,927,580 | $ 24,324,093 | ||||
| Cash and cash equivalents | [1] | 852,551 | 1,337,807 | ||||
| Receivables, net | [1] | 222,579 | 236,841 | ||||
| Finished homes and construction in progress | [1] | 9,742,794 | 8,681,357 | ||||
| Land and land under development | [1] | 8,164,066 | 8,178,388 | ||||
| Consolidated inventory not owned | [1] | 301,938 | 208,959 | ||||
| Investments in unconsolidated entities | [1] | 924,056 | 870,201 | ||||
| Other assets | [1] | 1,264,362 | 1,355,782 | ||||
| Total liabilities | [2] | 12,313,033 | 11,776,898 | ||||
| Accounts payable | [2] | 1,025,286 | 1,154,782 | ||||
| Senior notes and other debts payable | [2] | 9,256,423 | 8,543,868 | ||||
| Liabilities related to consolidated inventory not owned | [2] | 267,344 | 175,590 | ||||
| Other liabilities | [2] | 1,763,980 | 1,902,658 | ||||
| Financial Services | |||||||
| Total assets | [1] | 2,243,611 | 2,778,910 | ||||
| Cash and cash equivalents | 155,914 | 188,485 | |||||
| Receivables, net | 354,216 | 731,169 | |||||
| Other assets | 153,146 | 125,886 | |||||
| Total liabilities | [2] | 1,300,005 | 1,868,202 | ||||
| Other liabilities | 229,458 | 309,500 | |||||
| Multifamily | |||||||
| Total assets | [1] | 1,003,872 | 874,219 | ||||
| Cash and cash equivalents | 13,594 | 7,832 | |||||
| Receivables, net | 74,508 | 73,829 | |||||
| Land and land under development | 332,642 | 277,894 | |||||
| Investments in unconsolidated entities | 485,140 | 481,129 | |||||
| Other assets | 97,988 | 33,535 | |||||
| Total liabilities | [2] | 209,965 | 170,616 | ||||
| Lennar Other | |||||||
| Total assets | [1] | 574,863 | 588,959 | ||||
| Cash and cash equivalents | 15,843 | 24,334 | |||||
| Investments in unconsolidated entities | 428,385 | 424,104 | |||||
| Other assets | 45,582 | 47,740 | |||||
| Total liabilities | [2] | 33,228 | 67,508 | ||||
| Other liabilities | 18,182 | 53,020 | |||||
| Variable Interest Entity, Primary Beneficiary | |||||||
| Total assets | 1,000,000 | 666,200 | |||||
| Total liabilities | 528,400 | 242,500 | |||||
| Variable Interest Entity, Primary Beneficiary | Homebuilding | |||||||
| Cash and cash equivalents | 37,400 | 57,600 | |||||
| Receivables, net | 300 | 200 | |||||
| Finished homes and construction in progress | 102,300 | 81,700 | |||||
| Land and land under development | 311,400 | 293,100 | |||||
| Consolidated inventory not owned | 301,900 | 209,000 | |||||
| Investments in unconsolidated entities | 4,000 | 3,800 | |||||
| Other assets | 10,500 | 10,500 | |||||
| Accounts payable | 5,400 | 11,400 | |||||
| Senior notes and other debts payable | [2] | 60,800 | 51,900 | ||||
| Liabilities related to consolidated inventory not owned | 267,300 | 175,600 | |||||
| Other liabilities | 1,300 | 2,600 | |||||
| Variable Interest Entity, Primary Beneficiary | Financial Services | |||||||
| Other assets | 187,200 | ||||||
| Total liabilities | 190,600 | ||||||
| Variable Interest Entity, Primary Beneficiary | Multifamily | |||||||
| Total assets | 51,600 | ||||||
| Total liabilities | 1,800 | ||||||
| Variable Interest Entity, Primary Beneficiary | Lennar Other | |||||||
| Total assets | 8,100 | 10,300 | |||||
| Total liabilities | $ 1,000 | $ 1,000 | |||||
| |||||||
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|
| Cash flows from operating activities: | ||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | $ 239,424 | $ 136,817 |
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Depreciation and amortization | 18,362 | 19,570 |
| Amortization of discount/premium and accretion on debt, net | (7,048) | 40 |
| Equity in loss from unconsolidated entities | 5,710 | 2,431 |
| Distributions of earnings from unconsolidated entities | 3,489 | 3,542 |
| Share-based compensation expense | 16,899 | 17,766 |
| Deferred income tax expense | 65,879 | 33,788 |
| Gain on sale of operating properties and equipment | 0 | (207) |
| Gain on sale of interest in unconsolidated entity and other Multifamily gain | (10,865) | (164,880) |
| Gain on sale of Financial Services' retail mortgage and real estate brokerage business | (1,663) | 0 |
| Unrealized and realized gains on real estate owned | (938) | (883) |
| Impairments of loans receivable, loans held-for-sale and real estate owned | 0 | 5,486 |
| Valuation adjustments and write-offs of option deposits and pre-acquisition costs | 6,910 | 12,048 |
| Changes in assets and liabilities: | ||
| Decrease (increase) in receivables | 394,682 | (22,406) |
| Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | (1,073,322) | (548,725) |
| Decrease (increase) in other assets | 49,015 | (26,582) |
| Decrease in loans held-for-sale | 156,720 | 422,991 |
| Decrease in accounts payable and other liabilities | (387,677) | (46,325) |
| Net cash used in operating activities | (524,423) | (155,529) |
| Cash flows from investing activities: | ||
| Net additions of operating properties and equipment | (27,395) | (40,810) |
| Proceeds from sale of investment in unconsolidated entity | 17,790 | 175,179 |
| Proceeds from sale of Financial Services' retail mortgage and real estate brokerage business | 24,446 | 0 |
| Investments in and contributions to unconsolidated entities | (133,917) | (62,575) |
| Distributions of capital from unconsolidated entities | 70,080 | 20,927 |
| Proceeds from sales of real estate owned | 2,696 | 18,080 |
| Purchases of commercial mortgage-backed securities bonds | 0 | (31,068) |
| Acquisitions, net of cash acquired | 0 | (1,076,771) |
| (Increase) decrease in Financial Services loans held-for-investment, net | (11,208) | 1,590 |
| Purchases of Financial Services investment securities | (31,305) | (20,894) |
| Proceeds from maturities/sales of Financial Services investments securities | 9,442 | 10,473 |
| Other proceeds, net | 1,383 | 1,877 |
| Net cash used in investing activities | (77,988) | (1,003,992) |
| Cash flows from financing activities: | ||
| Debt issuance costs | 0 | (12,039) |
| Proceeds from other borrowings | 10,452 | 32,807 |
| Principal payments on other borrowings | (92,983) | (115,548) |
| Payments related to other liabilities | (447) | (1,478) |
| Receipts related to noncontrolling interests | 8,348 | 3,852 |
| Payments related to noncontrolling interests | (11,297) | (23,760) |
| Common stock: | ||
| Issuances | 607 | 0 |
| Repurchases | (49,143) | (25,355) |
| Dividends | (12,860) | (9,617) |
| Net cash provided by (used in) financing activities | 69,022 | (450,349) |
| Net decrease in cash and cash equivalents and restricted cash | (533,389) | (1,609,870) |
| Cash and cash equivalents and restricted cash at beginning of period | 1,595,978 | 2,694,084 |
| Cash and cash equivalents and restricted cash at end of period | 1,062,589 | 1,084,214 |
| Consolidation/deconsolidation of unconsolidated/consolidated entities, net: | ||
| Inventories | 0 | 35,430 |
| Receivables | 0 | 7,198 |
| Operating properties and equipment and other assets | 51,603 | 0 |
| Investments in unconsolidated entities | (4,755) | (25,614) |
| Notes payable | (36,110) | 0 |
| Other liabilities | (1,844) | (17,014) |
| Noncontrolling interests | (8,894) | 0 |
| Homebuilding | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | 13,756 | 14,128 |
| Lennar Other | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | (8,330) | (8,955) |
| Multifamily | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | (10,581) | (2,742) |
| Lennar Homebuilding and Lennar Multifamily | ||
| Homebuilding and Multifamily: | ||
| Non-cash contributions to unconsolidated entities | 0 | 523 |
| Purchases of inventories and other assets financed by sellers | 46,144 | 23,503 |
| Equity component of acquisition consideration | 0 | 5,070,006 |
| Consolidating Adjustments | ||
| Cash flows from operating activities: | ||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | (303,183) | (178,838) |
| Changes in assets and liabilities: | ||
| Net cash used in operating activities | (303,183) | (178,838) |
| Cash flows from investing activities: | ||
| Proceeds from sale of investment in unconsolidated entity | 0 | |
| Proceeds from sale of Financial Services' retail mortgage and real estate brokerage business | 0 | |
| Proceeds from sales of real estate owned | 0 | 0 |
| Purchases of commercial mortgage-backed securities bonds | 0 | |
| Acquisitions, net of cash acquired | 0 | |
| Net cash used in investing activities | 1,121,791 | 921,113 |
| Common stock: | ||
| Issuances | 0 | |
| Repurchases | 0 | 0 |
| Dividends | 303,183 | 178,838 |
| Net cash provided by (used in) financing activities | (818,608) | (742,275) |
| Net decrease in cash and cash equivalents and restricted cash | 0 | 0 |
| Cash and cash equivalents and restricted cash at beginning of period | 0 | 0 |
| Cash and cash equivalents and restricted cash at end of period | 0 | 0 |
| Consolidating Adjustments | Homebuilding | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | 0 | 0 |
| Consolidating Adjustments | Lennar Other | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | 0 | 0 |
| Consolidating Adjustments | Multifamily | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | 0 | 0 |
| Operating Segments | ||
| Common stock: | ||
| Cash and cash equivalents and restricted cash at end of period | 1,062,589 | 1,084,214 |
| Operating Segments | Homebuilding | ||
| Common stock: | ||
| Cash and cash equivalents and restricted cash at end of period | 865,426 | 756,747 |
| Operating Segments | Financial Services | ||
| Common stock: | ||
| Cash and cash equivalents and restricted cash at end of period | 166,751 | 208,524 |
| Operating Segments | Lennar Other | ||
| Common stock: | ||
| Cash and cash equivalents and restricted cash at end of period | 16,818 | 102,694 |
| Operating Segments | Multifamily | ||
| Common stock: | ||
| Cash and cash equivalents and restricted cash at end of period | 13,594 | 16,249 |
| Unsecured Revolving Credit Facility | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 725,000 | 45,300 |
| Unsecured Revolving Credit Facility | Consolidating Adjustments | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 0 | 0 |
| Warehouse Repurchase Facility | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | (508,655) | (344,511) |
| Warehouse Repurchase Facility | Consolidating Adjustments | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 0 | 0 |
| Lennar Corporation | Reportable Legal Entities | ||
| Cash flows from operating activities: | ||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 239,910 | 136,215 |
| Changes in assets and liabilities: | ||
| Net cash used in operating activities | 198,590 | 30,400 |
| Cash flows from investing activities: | ||
| Proceeds from sale of investment in unconsolidated entity | 0 | |
| Proceeds from sale of Financial Services' retail mortgage and real estate brokerage business | 0 | |
| Proceeds from sales of real estate owned | 0 | 0 |
| Purchases of commercial mortgage-backed securities bonds | 0 | |
| Acquisitions, net of cash acquired | (1,140,392) | |
| Net cash used in investing activities | (1,130,202) | (2,070,550) |
| Common stock: | ||
| Issuances | 607 | |
| Repurchases | (49,143) | (25,355) |
| Dividends | (12,860) | (9,617) |
| Net cash provided by (used in) financing activities | 663,604 | 455,911 |
| Net decrease in cash and cash equivalents and restricted cash | (268,008) | (1,584,239) |
| Cash and cash equivalents and restricted cash at beginning of period | 624,694 | 1,938,555 |
| Cash and cash equivalents and restricted cash at end of period | 356,686 | 354,316 |
| Lennar Corporation | Reportable Legal Entities | Homebuilding | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | 0 | 0 |
| Lennar Corporation | Reportable Legal Entities | Lennar Other | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | 0 | 0 |
| Lennar Corporation | Reportable Legal Entities | Multifamily | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | 0 | 0 |
| Lennar Corporation | Unsecured Revolving Credit Facility | Reportable Legal Entities | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 725,000 | 500,000 |
| Lennar Corporation | Warehouse Repurchase Facility | Reportable Legal Entities | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 0 | 0 |
| Guarantor Subsidiaries | Reportable Legal Entities | ||
| Cash flows from operating activities: | ||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 289,343 | 167,049 |
| Changes in assets and liabilities: | ||
| Net cash used in operating activities | (788,660) | (183,138) |
| Cash flows from investing activities: | ||
| Proceeds from sale of investment in unconsolidated entity | 175,179 | |
| Proceeds from sale of Financial Services' retail mortgage and real estate brokerage business | 21,517 | |
| Proceeds from sales of real estate owned | 0 | 0 |
| Purchases of commercial mortgage-backed securities bonds | 0 | |
| Acquisitions, net of cash acquired | 24,088 | |
| Net cash used in investing activities | (54,829) | 164,388 |
| Common stock: | ||
| Issuances | 0 | |
| Repurchases | 0 | 0 |
| Dividends | (289,343) | (167,049) |
| Net cash provided by (used in) financing activities | 610,666 | 93,397 |
| Net decrease in cash and cash equivalents and restricted cash | (232,823) | 74,647 |
| Cash and cash equivalents and restricted cash at beginning of period | 721,968 | 366,946 |
| Cash and cash equivalents and restricted cash at end of period | 489,145 | 441,593 |
| Guarantor Subsidiaries | Reportable Legal Entities | Homebuilding | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | 13,951 | 13,972 |
| Guarantor Subsidiaries | Reportable Legal Entities | Lennar Other | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | 3,346 | 159 |
| Guarantor Subsidiaries | Reportable Legal Entities | Multifamily | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | 0 | 0 |
| Guarantor Subsidiaries | Unsecured Revolving Credit Facility | Reportable Legal Entities | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 0 | (454,700) |
| Guarantor Subsidiaries | Warehouse Repurchase Facility | Reportable Legal Entities | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 5,801 | (27) |
| Non-Guarantor Subsidiaries | Reportable Legal Entities | ||
| Cash flows from operating activities: | ||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 13,354 | 12,391 |
| Changes in assets and liabilities: | ||
| Net cash used in operating activities | 368,830 | 176,047 |
| Cash flows from investing activities: | ||
| Proceeds from sale of investment in unconsolidated entity | 0 | |
| Proceeds from sale of Financial Services' retail mortgage and real estate brokerage business | 2,929 | |
| Proceeds from sales of real estate owned | 2,696 | 18,080 |
| Purchases of commercial mortgage-backed securities bonds | (31,068) | |
| Acquisitions, net of cash acquired | 39,533 | |
| Net cash used in investing activities | (14,748) | (18,943) |
| Common stock: | ||
| Issuances | 0 | |
| Repurchases | 0 | 0 |
| Dividends | (13,840) | (11,789) |
| Net cash provided by (used in) financing activities | (386,640) | (257,382) |
| Net decrease in cash and cash equivalents and restricted cash | (32,558) | (100,278) |
| Cash and cash equivalents and restricted cash at beginning of period | 249,316 | 388,583 |
| Cash and cash equivalents and restricted cash at end of period | 216,758 | 288,305 |
| Non-Guarantor Subsidiaries | Reportable Legal Entities | Homebuilding | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | (195) | 156 |
| Non-Guarantor Subsidiaries | Reportable Legal Entities | Lennar Other | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | (11,676) | (9,114) |
| Non-Guarantor Subsidiaries | Reportable Legal Entities | Multifamily | ||
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Equity in loss from unconsolidated entities | (10,581) | (2,742) |
| Non-Guarantor Subsidiaries | Unsecured Revolving Credit Facility | Reportable Legal Entities | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 0 | 0 |
| Non-Guarantor Subsidiaries | Warehouse Repurchase Facility | Reportable Legal Entities | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | $ (514,456) | (344,484) |
| Senior Notes | ||
| Cash flows from financing activities: | ||
| Debt issuance costs | (12,039) | |
| Senior Notes | Consolidating Adjustments | ||
| Cash flows from financing activities: | ||
| Debt issuance costs | 0 | |
| Senior Notes | Lennar Corporation | Reportable Legal Entities | ||
| Cash flows from financing activities: | ||
| Debt issuance costs | (9,117) | |
| Senior Notes | Guarantor Subsidiaries | Reportable Legal Entities | ||
| Cash flows from financing activities: | ||
| Debt issuance costs | 0 | |
| Senior Notes | Non-Guarantor Subsidiaries | Reportable Legal Entities | ||
| Cash flows from financing activities: | ||
| Debt issuance costs | $ (2,922) | |
Basis of Presentation |
3 Months Ended |
|---|---|
Feb. 28, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | 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 of the Notes to the Condensed Consolidated Financial Statements) 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, 2018. 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 months ended February 28, 2019 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. Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers, ("ASU 2014-09"). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. ASU 2014-09 became effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. Subsequent to the issuance of ASU 2014-09, the FASB has issued several ASUs such as ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, and ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, among others. These ASUs do not change the core principle of the guidance stated in ASU 2014-09, instead these amendments are intended to clarify and improve operability of certain topics included within the revenue standard. These ASUs had the same effective date and transition requirements as ASU 2014-09. The Company has adopted the modified retrospective method. The Company recorded an immaterial net increase to retained earnings during the three months ended February 28, 2019, due to the cumulative impact of adopting ASU 2014-09, with the impact primarily related to the recognition of deferral of net margin from home deliveries. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 reduces the existing diversity in practice in financial reporting across all industries by clarifying certain existing principles in ASC 230, Statement of Cash Flows , including providing additional guidance on how and what an entity should consider in determining the classification of certain cash flows. ASU 2016-15 was effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The adoption of ASU 2016-15 did not have a material effect on the Company’s consolidated financial statements. The Company adopted ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash, effective December 1, 2018. The amendments in the standard require that the statement of cash flows explain the change during the period in the total of cash and cash equivalents and restricted cash. As a result, the Company's beginning-of-period and end-of-period cash balances presented in the condensed consolidated statements of cash flows were retrospectively adjusted to include restricted cash with cash and cash equivalents. In accordance with Securities and Exchange Commission ("SEC") Final Rule Release No. 33-10532, Disclosure Update and Simplification, the Company removed the presentation of cash dividends per each Class A and Class B common share from the accompanying condensed consolidated statements of operations and comprehensive income (loss). This is now disclosed with the analysis of changes in stockholders' equity within Note 5 of the Notes to the Condensed Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). ASU 2016-01 modifies how entities measure equity investments and present changes in the fair value of financial liabilities. Under the new guidance, entities have to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value under ASC 820, Fair Value Measurements, and as such these investments may be measured at cost. ASU 2016-01 was effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The adoption of ASU 2016-01 did not have a material impact on the Company’s condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business ("ASU 2017-01"). ASU 2017-01 clarifies the definition of a business with the objective of addressing whether transactions involving in-substance nonfinancial assets, held directly or in a subsidiary, should be accounted for as acquisitions or disposals of nonfinancial assets or of businesses. ASU 2017-01 was effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The adoption of ASU 2017-01 did not have a material impact on the Company’s condensed consolidated financial statements. Reclassifications Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2019 presentation. The Company's segments were adjusted to reflect Rialto Mortgage Finance ("RMF") and certain other Rialto assets within the Financial Services segment effective December 1, 2018. The remaining assets retained related to the Company's former Rialto segment were included in the Lennar Other segment. In addition, the Company's strategic technology investments, which were part of Homebuilding, were reclassified to be included in the Lennar Other segment. These reclassifications were between segments and had no impact on the Company's total assets, total equity, revenue or net income in the condensed consolidated financial statements.
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Business Acquisition |
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| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition | 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 $3.3 billion allocated to Homebuilding goodwill and the $175 million allocated to Financial Services goodwill is final and represents the excess of the purchase price over the estimated fair value of assets acquired and liabilities assumed. 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:
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Operating and Reporting Segments |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating and Reporting Segments | Operating and Reporting Segments The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. In connection with the CalAtlantic acquisition, the Company experienced significant growth in its operations. As a result in 2018, the Company's chief operating decision makers ("CODM") reassessed how they evaluate the business and allocate resources. The CODM manage and assess the Company’s performance at a regional level. Therefore, in 2018 the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting, (“ASC 280”) and determined that each of its four homebuilding regions, financial services operations, multifamily operations and Rialto operations are its operating segments. Prior to this change, in accordance with the aggregation criteria defined in ASC 280, the Company’s operating segments were aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. In addition, in the first quarter of 2019, as a result of the reclassification of RMF and certain other Rialto assets from the Rialto segment to the Financial Services segment effective December 1, 2018, the Company has renamed the Rialto segment as "Lennar Other" and included in this segment certain strategic technology investments, which were reclassified from Homebuilding to Lennar Other. Prior periods have been reclassified to conform with the 2019 presentation. The Company’s reportable segments consist of: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding Texas (4) Homebuilding West (5) Financial Services (6) Multifamily (7) Lennar Other Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment. Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the Homebuilding segments consist of revenues generated from the sales of homes and land, other revenues from management fees and forfeited deposits, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, and selling, general and administrative expenses incurred by the segment. The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida, New Jersey, North and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota and Virginia Texas: Texas West: Arizona, California, Colorado, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments, including FivePoint Operations of the Financial Services segment include primarily mortgage financing, title and closing services primarily for buyers of the Company’s homes as well as property and casualty insurance. It also includes originating and selling into securitizations commercial mortgage loans through its RMF business. The Financial Services segment sells substantially all of the loans it originates within a short period of time in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states. Operations of the Multifamily segment include revenues generated from the sales of land, revenue from construction activities, and management and promote fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities and other gains (which includes sales of buildings), less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses. Operations of the Lennar Other segment include operating earnings (loss) consisting of revenues generated primarily from the Company's share of carried interests in the Rialto fund investments retained after the sale of Rialto's asset and investment management platform, along with equity in earnings (loss) from the Rialto fund investments and strategic technology investments, and other income (expense), net from the remaining assets related to the Company's former Rialto segment. Each reportable segment follows the same accounting policies described in Note 1 – "Summary of Significant Accounting Policies" to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2018. The Company's operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented. Financial information relating to the Company’s operations was as follows:
(5) Corporate and unallocated includes corporate, general and administrative expenses, and for the three months ended February 28, 2018, $104.2 million of acquisition and integration costs related to the CalAtlantic acquisition.Financial Services Segment The assets and liabilities related to the Financial Services segment were as follows:
Consistent with the Company's reversion to a pure-play homebuilder, during the three months ended February 28, 2019, the Company sold the majority of its retail title agency business and title insurance underwriter, substantially all of its retail mortgage business and its real estate brokerage business. These transactions resulted in a net gain of $1.7 million. In connection with the sale of the majority of its retail title agency business and title insurance underwriter, the Company provided seller financing and received a substantial minority equity ownership stake in the buyer. The combination of both the equity and debt components of this transaction caused the transaction not to meet the accounting requirements for sale treatment and, therefore, the Company is required to consolidate the buyer’s results at this time. At February 28, 2019, the Financial Services warehouse facilities used to fund residential mortgages were as follows:
The Financial Services segment uses these facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $771.5 million and $1.3 billion at February 28, 2019 and November 30, 2018, respectively, and were collateralized by residential mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $801.1 million and $1.3 billion at February 28, 2019 and November 30, 2018, respectively. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially all of the residential loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the residential mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows:
Rialto Mortgage Finance - loans held-for-sale During the three months ended February 28, 2019, RMF originated commercial loans with a total principal balance of $270.1 million, all of which were recorded as loans held-for-sale, and sold $200.5 million of commercial loans into two separate securitizations. As of February 28, 2019 and November 30, 2018, there were no unsettled transactions. During the three months ended February 28, 2018, RMF originated commercial loans with a total principal balance of $238.0 million, all of which were recorded as loans held-for-sale, and sold $347.7 million of commercial loans into three separate securitizations. At February 28, 2019, the RMF warehouse facilities were as follows:
Borrowings under the facilities that finance RMF's commercial loan originations and securitization activities were $122.6 million and $178.8 million as of February 28, 2019 and November 30, 2018, respectively, and were secured by a 75% interest in the originated commercial loans financed. The facilities require immediate repayment of the 75% interest in the secured commercial loans when the loans are sold in a securitization and the proceeds are collected. These warehouse repurchase facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the loans held-for-sale to investors. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Investments held-to-maturity At February 28, 2019 and November 30, 2018, the carrying value of Financial Services' commercial mortgage-backed securities ("CMBS") was $167.4 million and $137.0 million, respectively. These securities were purchased at discounts ranging from 6% to 84% with coupon rates ranging from 1.3% to 5.3%, stated and assumed final distribution dates between November 2020 and December 2028, and stated maturity dates between November 2043 and March 2059. The Financial Services segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the segment’s assessment, no impairment charges were recorded during either the three months ended February 28, 2019 or 2018. The Financial Services segment classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment. At February 28, 2019 and November 30, 2018, the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $155.9 million and $123.7 million, respectively, and the interest is incurred at a fixed rate of 3.2% to 4.1%.Multifamily SegmentThe Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Multifamily segment were as follows:
The unconsolidated entities in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both February 28, 2019 and November 30, 2018, the fair value of the completion guarantees was immaterial. Additionally, as of February 28, 2019 and November 30, 2018, the Multifamily segment had $1.9 million and $4.6 million, respectively, of letters of credit outstanding primarily for credit enhancements for the bank debt of certain of its unconsolidated entities and deposits on land purchase contracts. These letters of credit are included in the disclosure in Note 12 related to the Company's performance and financial letters of credit. As of February 28, 2019 and November 30, 2018, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $926.3 million and $1.0 billion, respectively. In many instances, the Multifamily segment is appointed as the construction, development and property manager for certain of its Multifamily unconsolidated entities and receives fees for performing this function. During the three months ended February 28, 2019 and 2018, the Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.1 million and $11.5 million, respectively. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three months ended February 28, 2019 and 2018, the Multifamily segment provided general contractor services, net of deferrals, totaling $82.4 million and $81.7 million, respectively, which were partially offset by costs related to those services of $79.4 million and $78.6 million, respectively. The Multifamily Venture Fund I (the "Venture Fund") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the three months ended February 28, 2019, $64.8 million in equity commitments were called, of which the Company contributed its portion of $16.2 million. During the three months ended February 28, 2019, the Company received $4.9 million of distributions as a return of capital from the Venture Fund. As of February 28, 2019, $1.8 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $457.0 million, representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $47.0 million. As of February 28, 2019 and November 30, 2018, the carrying value of the Company's investment in the Venture Fund was $390.7 million and $383.4 million, respectively. In March 2018, the Multifamily segment completed the first closing of a second Multifamily Venture, Multifamily Venture II LP ("Venture Fund II"), for the development, construction and property management of class-A multifamily assets. As of February 28, 2019, Venture Fund II had approximately $787 million of equity commitments, including a $255 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the three months ended February 28, 2019, $26.8 million in equity commitments were called, of which the Company contributed its portion of $8.7 million. During the three months ended February 28, 2019, the Company received $6.3 million of distributions as a return of capital from the Venture Fund II. As of February 28, 2019, $262.2 million of the $787 million in equity commitments had been called, of which the Company had contributed $83.8 million, representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $171.2 million. As of February 28, 2019 and November 30, 2018, the carrying value of the Company's investment in Venture Fund II was $65.2 million and $63.0 million, respectively. The difference between the Company's net contributions and the carrying value of the Company's investments was related to a basis difference. Venture Fund II was seeded initially with eight undeveloped multifamily assets that were previously purchased by the Multifamily segment totaling approximately 3,000 apartments with projected project costs of approximately $1.3 billion. Summarized condensed financial information on a combined 100% basis related to Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets
Statements of Operations
(1) During the three months ended February 28, 2019, the Multifamily segment sold, through its unconsolidated entities, one operating property and an investment in an operating property resulting in the segment's $15.5 million share of gains. The gain of $11.9 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Multifamily equity in earnings (loss) from unconsolidated entities and other gain, and are not included in net earnings (loss) of unconsolidated entities. During the three months ended February 28, 2018, the Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains.Lennar Other Lennar Other primarily includes fund investments the Company retained when it sold the Rialto asset and investment management platform, as well as strategic investments in technology companies. The assets and liabilities related to Lennar Other were as follows:
Investments held-to-maturity At February 28, 2019 and November 30, 2018, the carrying value of the Lennar Other's CMBS was $60.2 million and $60.0 million, respectively. These securities were purchased at discounts ranging from 6.5% to 86.1% with coupon rates ranging from 1.3% to 4.0%, stated and assumed final distribution dates between November 2020 and October 2026, and stated maturity dates between November 2049 and March 2059. The Company reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the Company’s assessment, no impairment charges were recorded during either the three months ended February 28, 2019 or 2018. The Company classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the segment. At February 28, 2019 and November 30, 2018, the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $13.1 million and $12.6 million, respectively, and the interest is incurred at a rate of 4.6% to 5.0%.
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Homebuilding Investments In Unconsolidated Entities |
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| Homebuilding Investments in Unconsolidated Entities | Homebuilding Investments in Unconsolidated Entities Summarized condensed financial information on a combined 100% basis related to Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows: Statements of Operations
For the three months ended February 28, 2019, Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company's share of net operating losses from its unconsolidated entities. For the three months ended February 28, 2018, Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company's share of valuation adjustments related to assets of Homebuilding's unconsolidated entities and the Company's share of net operating losses from its unconsolidated entities. Balance Sheets
As of February 28, 2019 and November 30, 2018, the Company’s recorded investments in Homebuilding unconsolidated entities were $924.1 million and $870.2 million, respectively, while the underlying equity in Homebuilding unconsolidated entities partners’ net assets as of both February 28, 2019 and November 30, 2018 was $1.2 billion. The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity and deferring equity in earnings on land sales to the Company. Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint, a publicly traded entity. As of February 28, 2019 and November 30, 2018 the carrying amount of the Company's investment was $362.1 million and $342.7 million, respectively. During the three months ended February 28, 2018, the Company sold 80% of a strategic joint venture to a third-party resulting in a gain of $164.9 million recorded in Homebuilding other income, net within the accompanying Condensed Consolidated Statement of Operations and Comprehensive Income (Loss). The Homebuilding unconsolidated entities in which the Company has investments usually finance their activities with a combination of partner equity and debt financing. In some instances, the Company and its partners have guaranteed debt of certain unconsolidated entities. The total debt of the Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows:
In most instances in which the Company has guaranteed debt of a Homebuilding unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. In connection with many of the loans to Homebuilding unconsolidated entities, the Company and its joint venture partners (or entities related to them) have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used. If the Company is required to make a payment under any guarantee, the payment would constitute a capital contribution or loan to the Homebuilding unconsolidated entity and increase the Company’s investment in the unconsolidated entity and its share of any funds the unconsolidated entity distributes. As of both February 28, 2019 and November 30, 2018, the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were not material. The Company believes that as of February 28, 2019, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 12 of the Notes to the Condensed Consolidated Financial Statements).
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Stockholders' Equity |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | Stockholders' Equity The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the three months ended February 28, 2019 and 2018:
On February 8, 2019, the Company paid cash dividends of $0.04 per share for both its Class A and Class B common stock to holders of record at the close of business on January 25, 2019, as declared by its Board of Directors on January 10, 2019. The Company approved and paid cash dividends of $0.04 per share for both its Class A and Class B common stock in each quarter for the year ended November 30, 2018. In January 2019, the Company's Board of Directors authorized the repurchase of up to the lesser of $1 billion in value, or 25 million in shares of the Company's outstanding Class A and Class B common stock. The repurchase has no expiration date. During the three months ended February 28, 2019, under this repurchase program, the Company repurchased one million shares of its Class A common stock for approximately $47.0 million at an average share price of $46.98.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes The provision for income taxes and effective tax rate were as follows:
As of February 28, 2019 and November 30, 2018, the Company's deferred tax assets, net, included in the condensed consolidated balance sheets were $449.2 million and $515.5 million, respectively. As of both February 28, 2019 and November 30, 2018, the Company had $14.7 million of gross unrecognized tax benefits. At February 28, 2019, the Company had $53.6 million accrued for interest and penalties, of which $0.7 million was accrued during the three months ended February 28, 2019. At November 30, 2018, the Company had $52.9 million accrued for interest and penalties.
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| Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock ("nonvested shares") is considered participating securities. Basic and diluted earnings per share were calculated as follows:
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Financial Services Segment |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating and Reporting Segments | Operating and Reporting Segments The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. In connection with the CalAtlantic acquisition, the Company experienced significant growth in its operations. As a result in 2018, the Company's chief operating decision makers ("CODM") reassessed how they evaluate the business and allocate resources. The CODM manage and assess the Company’s performance at a regional level. Therefore, in 2018 the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting, (“ASC 280”) and determined that each of its four homebuilding regions, financial services operations, multifamily operations and Rialto operations are its operating segments. Prior to this change, in accordance with the aggregation criteria defined in ASC 280, the Company’s operating segments were aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. In addition, in the first quarter of 2019, as a result of the reclassification of RMF and certain other Rialto assets from the Rialto segment to the Financial Services segment effective December 1, 2018, the Company has renamed the Rialto segment as "Lennar Other" and included in this segment certain strategic technology investments, which were reclassified from Homebuilding to Lennar Other. Prior periods have been reclassified to conform with the 2019 presentation. The Company’s reportable segments consist of: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding Texas (4) Homebuilding West (5) Financial Services (6) Multifamily (7) Lennar Other Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment. Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the Homebuilding segments consist of revenues generated from the sales of homes and land, other revenues from management fees and forfeited deposits, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, and selling, general and administrative expenses incurred by the segment. The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida, New Jersey, North and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota and Virginia Texas: Texas West: Arizona, California, Colorado, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments, including FivePoint Operations of the Financial Services segment include primarily mortgage financing, title and closing services primarily for buyers of the Company’s homes as well as property and casualty insurance. It also includes originating and selling into securitizations commercial mortgage loans through its RMF business. The Financial Services segment sells substantially all of the loans it originates within a short period of time in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states. Operations of the Multifamily segment include revenues generated from the sales of land, revenue from construction activities, and management and promote fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities and other gains (which includes sales of buildings), less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses. Operations of the Lennar Other segment include operating earnings (loss) consisting of revenues generated primarily from the Company's share of carried interests in the Rialto fund investments retained after the sale of Rialto's asset and investment management platform, along with equity in earnings (loss) from the Rialto fund investments and strategic technology investments, and other income (expense), net from the remaining assets related to the Company's former Rialto segment. Each reportable segment follows the same accounting policies described in Note 1 – "Summary of Significant Accounting Policies" to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2018. The Company's operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented. Financial information relating to the Company’s operations was as follows:
(5) Corporate and unallocated includes corporate, general and administrative expenses, and for the three months ended February 28, 2018, $104.2 million of acquisition and integration costs related to the CalAtlantic acquisition.Financial Services Segment The assets and liabilities related to the Financial Services segment were as follows:
Consistent with the Company's reversion to a pure-play homebuilder, during the three months ended February 28, 2019, the Company sold the majority of its retail title agency business and title insurance underwriter, substantially all of its retail mortgage business and its real estate brokerage business. These transactions resulted in a net gain of $1.7 million. In connection with the sale of the majority of its retail title agency business and title insurance underwriter, the Company provided seller financing and received a substantial minority equity ownership stake in the buyer. The combination of both the equity and debt components of this transaction caused the transaction not to meet the accounting requirements for sale treatment and, therefore, the Company is required to consolidate the buyer’s results at this time. At February 28, 2019, the Financial Services warehouse facilities used to fund residential mortgages were as follows:
The Financial Services segment uses these facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $771.5 million and $1.3 billion at February 28, 2019 and November 30, 2018, respectively, and were collateralized by residential mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $801.1 million and $1.3 billion at February 28, 2019 and November 30, 2018, respectively. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially all of the residential loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the residential mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows:
Rialto Mortgage Finance - loans held-for-sale During the three months ended February 28, 2019, RMF originated commercial loans with a total principal balance of $270.1 million, all of which were recorded as loans held-for-sale, and sold $200.5 million of commercial loans into two separate securitizations. As of February 28, 2019 and November 30, 2018, there were no unsettled transactions. During the three months ended February 28, 2018, RMF originated commercial loans with a total principal balance of $238.0 million, all of which were recorded as loans held-for-sale, and sold $347.7 million of commercial loans into three separate securitizations. At February 28, 2019, the RMF warehouse facilities were as follows:
Borrowings under the facilities that finance RMF's commercial loan originations and securitization activities were $122.6 million and $178.8 million as of February 28, 2019 and November 30, 2018, respectively, and were secured by a 75% interest in the originated commercial loans financed. The facilities require immediate repayment of the 75% interest in the secured commercial loans when the loans are sold in a securitization and the proceeds are collected. These warehouse repurchase facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the loans held-for-sale to investors. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Investments held-to-maturity At February 28, 2019 and November 30, 2018, the carrying value of Financial Services' commercial mortgage-backed securities ("CMBS") was $167.4 million and $137.0 million, respectively. These securities were purchased at discounts ranging from 6% to 84% with coupon rates ranging from 1.3% to 5.3%, stated and assumed final distribution dates between November 2020 and December 2028, and stated maturity dates between November 2043 and March 2059. The Financial Services segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the segment’s assessment, no impairment charges were recorded during either the three months ended February 28, 2019 or 2018. The Financial Services segment classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment. At February 28, 2019 and November 30, 2018, the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $155.9 million and $123.7 million, respectively, and the interest is incurred at a fixed rate of 3.2% to 4.1%.Multifamily SegmentThe Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Multifamily segment were as follows:
The unconsolidated entities in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both February 28, 2019 and November 30, 2018, the fair value of the completion guarantees was immaterial. Additionally, as of February 28, 2019 and November 30, 2018, the Multifamily segment had $1.9 million and $4.6 million, respectively, of letters of credit outstanding primarily for credit enhancements for the bank debt of certain of its unconsolidated entities and deposits on land purchase contracts. These letters of credit are included in the disclosure in Note 12 related to the Company's performance and financial letters of credit. As of February 28, 2019 and November 30, 2018, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $926.3 million and $1.0 billion, respectively. In many instances, the Multifamily segment is appointed as the construction, development and property manager for certain of its Multifamily unconsolidated entities and receives fees for performing this function. During the three months ended February 28, 2019 and 2018, the Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.1 million and $11.5 million, respectively. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three months ended February 28, 2019 and 2018, the Multifamily segment provided general contractor services, net of deferrals, totaling $82.4 million and $81.7 million, respectively, which were partially offset by costs related to those services of $79.4 million and $78.6 million, respectively. The Multifamily Venture Fund I (the "Venture Fund") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the three months ended February 28, 2019, $64.8 million in equity commitments were called, of which the Company contributed its portion of $16.2 million. During the three months ended February 28, 2019, the Company received $4.9 million of distributions as a return of capital from the Venture Fund. As of February 28, 2019, $1.8 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $457.0 million, representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $47.0 million. As of February 28, 2019 and November 30, 2018, the carrying value of the Company's investment in the Venture Fund was $390.7 million and $383.4 million, respectively. In March 2018, the Multifamily segment completed the first closing of a second Multifamily Venture, Multifamily Venture II LP ("Venture Fund II"), for the development, construction and property management of class-A multifamily assets. As of February 28, 2019, Venture Fund II had approximately $787 million of equity commitments, including a $255 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the three months ended February 28, 2019, $26.8 million in equity commitments were called, of which the Company contributed its portion of $8.7 million. During the three months ended February 28, 2019, the Company received $6.3 million of distributions as a return of capital from the Venture Fund II. As of February 28, 2019, $262.2 million of the $787 million in equity commitments had been called, of which the Company had contributed $83.8 million, representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $171.2 million. As of February 28, 2019 and November 30, 2018, the carrying value of the Company's investment in Venture Fund II was $65.2 million and $63.0 million, respectively. The difference between the Company's net contributions and the carrying value of the Company's investments was related to a basis difference. Venture Fund II was seeded initially with eight undeveloped multifamily assets that were previously purchased by the Multifamily segment totaling approximately 3,000 apartments with projected project costs of approximately $1.3 billion. Summarized condensed financial information on a combined 100% basis related to Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets
Statements of Operations
(1) During the three months ended February 28, 2019, the Multifamily segment sold, through its unconsolidated entities, one operating property and an investment in an operating property resulting in the segment's $15.5 million share of gains. The gain of $11.9 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Multifamily equity in earnings (loss) from unconsolidated entities and other gain, and are not included in net earnings (loss) of unconsolidated entities. During the three months ended February 28, 2018, the Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains.Lennar Other Lennar Other primarily includes fund investments the Company retained when it sold the Rialto asset and investment management platform, as well as strategic investments in technology companies. The assets and liabilities related to Lennar Other were as follows:
Investments held-to-maturity At February 28, 2019 and November 30, 2018, the carrying value of the Lennar Other's CMBS was $60.2 million and $60.0 million, respectively. These securities were purchased at discounts ranging from 6.5% to 86.1% with coupon rates ranging from 1.3% to 4.0%, stated and assumed final distribution dates between November 2020 and October 2026, and stated maturity dates between November 2049 and March 2059. The Company reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the Company’s assessment, no impairment charges were recorded during either the three months ended February 28, 2019 or 2018. The Company classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the segment. At February 28, 2019 and November 30, 2018, the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $13.1 million and $12.6 million, respectively, and the interest is incurred at a rate of 4.6% to 5.0%.
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating and Reporting Segments | Operating and Reporting Segments The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. In connection with the CalAtlantic acquisition, the Company experienced significant growth in its operations. As a result in 2018, the Company's chief operating decision makers ("CODM") reassessed how they evaluate the business and allocate resources. The CODM manage and assess the Company’s performance at a regional level. Therefore, in 2018 the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting, (“ASC 280”) and determined that each of its four homebuilding regions, financial services operations, multifamily operations and Rialto operations are its operating segments. Prior to this change, in accordance with the aggregation criteria defined in ASC 280, the Company’s operating segments were aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. In addition, in the first quarter of 2019, as a result of the reclassification of RMF and certain other Rialto assets from the Rialto segment to the Financial Services segment effective December 1, 2018, the Company has renamed the Rialto segment as "Lennar Other" and included in this segment certain strategic technology investments, which were reclassified from Homebuilding to Lennar Other. Prior periods have been reclassified to conform with the 2019 presentation. The Company’s reportable segments consist of: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding Texas (4) Homebuilding West (5) Financial Services (6) Multifamily (7) Lennar Other Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment. Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the Homebuilding segments consist of revenues generated from the sales of homes and land, other revenues from management fees and forfeited deposits, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, and selling, general and administrative expenses incurred by the segment. The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida, New Jersey, North and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota and Virginia Texas: Texas West: Arizona, California, Colorado, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments, including FivePoint Operations of the Financial Services segment include primarily mortgage financing, title and closing services primarily for buyers of the Company’s homes as well as property and casualty insurance. It also includes originating and selling into securitizations commercial mortgage loans through its RMF business. The Financial Services segment sells substantially all of the loans it originates within a short period of time in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states. Operations of the Multifamily segment include revenues generated from the sales of land, revenue from construction activities, and management and promote fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities and other gains (which includes sales of buildings), less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses. Operations of the Lennar Other segment include operating earnings (loss) consisting of revenues generated primarily from the Company's share of carried interests in the Rialto fund investments retained after the sale of Rialto's asset and investment management platform, along with equity in earnings (loss) from the Rialto fund investments and strategic technology investments, and other income (expense), net from the remaining assets related to the Company's former Rialto segment. Each reportable segment follows the same accounting policies described in Note 1 – "Summary of Significant Accounting Policies" to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2018. The Company's operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented. Financial information relating to the Company’s operations was as follows:
(5) Corporate and unallocated includes corporate, general and administrative expenses, and for the three months ended February 28, 2018, $104.2 million of acquisition and integration costs related to the CalAtlantic acquisition.Financial Services Segment The assets and liabilities related to the Financial Services segment were as follows:
Consistent with the Company's reversion to a pure-play homebuilder, during the three months ended February 28, 2019, the Company sold the majority of its retail title agency business and title insurance underwriter, substantially all of its retail mortgage business and its real estate brokerage business. These transactions resulted in a net gain of $1.7 million. In connection with the sale of the majority of its retail title agency business and title insurance underwriter, the Company provided seller financing and received a substantial minority equity ownership stake in the buyer. The combination of both the equity and debt components of this transaction caused the transaction not to meet the accounting requirements for sale treatment and, therefore, the Company is required to consolidate the buyer’s results at this time. At February 28, 2019, the Financial Services warehouse facilities used to fund residential mortgages were as follows:
The Financial Services segment uses these facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $771.5 million and $1.3 billion at February 28, 2019 and November 30, 2018, respectively, and were collateralized by residential mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $801.1 million and $1.3 billion at February 28, 2019 and November 30, 2018, respectively. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially all of the residential loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the residential mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows:
Rialto Mortgage Finance - loans held-for-sale During the three months ended February 28, 2019, RMF originated commercial loans with a total principal balance of $270.1 million, all of which were recorded as loans held-for-sale, and sold $200.5 million of commercial loans into two separate securitizations. As of February 28, 2019 and November 30, 2018, there were no unsettled transactions. During the three months ended February 28, 2018, RMF originated commercial loans with a total principal balance of $238.0 million, all of which were recorded as loans held-for-sale, and sold $347.7 million of commercial loans into three separate securitizations. At February 28, 2019, the RMF warehouse facilities were as follows:
Borrowings under the facilities that finance RMF's commercial loan originations and securitization activities were $122.6 million and $178.8 million as of February 28, 2019 and November 30, 2018, respectively, and were secured by a 75% interest in the originated commercial loans financed. The facilities require immediate repayment of the 75% interest in the secured commercial loans when the loans are sold in a securitization and the proceeds are collected. These warehouse repurchase facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the loans held-for-sale to investors. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Investments held-to-maturity At February 28, 2019 and November 30, 2018, the carrying value of Financial Services' commercial mortgage-backed securities ("CMBS") was $167.4 million and $137.0 million, respectively. These securities were purchased at discounts ranging from 6% to 84% with coupon rates ranging from 1.3% to 5.3%, stated and assumed final distribution dates between November 2020 and December 2028, and stated maturity dates between November 2043 and March 2059. The Financial Services segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the segment’s assessment, no impairment charges were recorded during either the three months ended February 28, 2019 or 2018. The Financial Services segment classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment. At February 28, 2019 and November 30, 2018, the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $155.9 million and $123.7 million, respectively, and the interest is incurred at a fixed rate of 3.2% to 4.1%.Multifamily SegmentThe Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Multifamily segment were as follows:
The unconsolidated entities in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both February 28, 2019 and November 30, 2018, the fair value of the completion guarantees was immaterial. Additionally, as of February 28, 2019 and November 30, 2018, the Multifamily segment had $1.9 million and $4.6 million, respectively, of letters of credit outstanding primarily for credit enhancements for the bank debt of certain of its unconsolidated entities and deposits on land purchase contracts. These letters of credit are included in the disclosure in Note 12 related to the Company's performance and financial letters of credit. As of February 28, 2019 and November 30, 2018, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $926.3 million and $1.0 billion, respectively. In many instances, the Multifamily segment is appointed as the construction, development and property manager for certain of its Multifamily unconsolidated entities and receives fees for performing this function. During the three months ended February 28, 2019 and 2018, the Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.1 million and $11.5 million, respectively. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three months ended February 28, 2019 and 2018, the Multifamily segment provided general contractor services, net of deferrals, totaling $82.4 million and $81.7 million, respectively, which were partially offset by costs related to those services of $79.4 million and $78.6 million, respectively. The Multifamily Venture Fund I (the "Venture Fund") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the three months ended February 28, 2019, $64.8 million in equity commitments were called, of which the Company contributed its portion of $16.2 million. During the three months ended February 28, 2019, the Company received $4.9 million of distributions as a return of capital from the Venture Fund. As of February 28, 2019, $1.8 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $457.0 million, representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $47.0 million. As of February 28, 2019 and November 30, 2018, the carrying value of the Company's investment in the Venture Fund was $390.7 million and $383.4 million, respectively. In March 2018, the Multifamily segment completed the first closing of a second Multifamily Venture, Multifamily Venture II LP ("Venture Fund II"), for the development, construction and property management of class-A multifamily assets. As of February 28, 2019, Venture Fund II had approximately $787 million of equity commitments, including a $255 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the three months ended February 28, 2019, $26.8 million in equity commitments were called, of which the Company contributed its portion of $8.7 million. During the three months ended February 28, 2019, the Company received $6.3 million of distributions as a return of capital from the Venture Fund II. As of February 28, 2019, $262.2 million of the $787 million in equity commitments had been called, of which the Company had contributed $83.8 million, representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $171.2 million. As of February 28, 2019 and November 30, 2018, the carrying value of the Company's investment in Venture Fund II was $65.2 million and $63.0 million, respectively. The difference between the Company's net contributions and the carrying value of the Company's investments was related to a basis difference. Venture Fund II was seeded initially with eight undeveloped multifamily assets that were previously purchased by the Multifamily segment totaling approximately 3,000 apartments with projected project costs of approximately $1.3 billion. Summarized condensed financial information on a combined 100% basis related to Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets
Statements of Operations
(1) During the three months ended February 28, 2019, the Multifamily segment sold, through its unconsolidated entities, one operating property and an investment in an operating property resulting in the segment's $15.5 million share of gains. The gain of $11.9 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Multifamily equity in earnings (loss) from unconsolidated entities and other gain, and are not included in net earnings (loss) of unconsolidated entities. During the three months ended February 28, 2018, the Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains.Lennar Other Lennar Other primarily includes fund investments the Company retained when it sold the Rialto asset and investment management platform, as well as strategic investments in technology companies. The assets and liabilities related to Lennar Other were as follows:
Investments held-to-maturity At February 28, 2019 and November 30, 2018, the carrying value of the Lennar Other's CMBS was $60.2 million and $60.0 million, respectively. These securities were purchased at discounts ranging from 6.5% to 86.1% with coupon rates ranging from 1.3% to 4.0%, stated and assumed final distribution dates between November 2020 and October 2026, and stated maturity dates between November 2049 and March 2059. The Company reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the Company’s assessment, no impairment charges were recorded during either the three months ended February 28, 2019 or 2018. The Company classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the segment. At February 28, 2019 and November 30, 2018, the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $13.1 million and $12.6 million, respectively, and the interest is incurred at a rate of 4.6% to 5.0%.
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Lennar Other |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating and Reporting Segments | Operating and Reporting Segments The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. In connection with the CalAtlantic acquisition, the Company experienced significant growth in its operations. As a result in 2018, the Company's chief operating decision makers ("CODM") reassessed how they evaluate the business and allocate resources. The CODM manage and assess the Company’s performance at a regional level. Therefore, in 2018 the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting, (“ASC 280”) and determined that each of its four homebuilding regions, financial services operations, multifamily operations and Rialto operations are its operating segments. Prior to this change, in accordance with the aggregation criteria defined in ASC 280, the Company’s operating segments were aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. In addition, in the first quarter of 2019, as a result of the reclassification of RMF and certain other Rialto assets from the Rialto segment to the Financial Services segment effective December 1, 2018, the Company has renamed the Rialto segment as "Lennar Other" and included in this segment certain strategic technology investments, which were reclassified from Homebuilding to Lennar Other. Prior periods have been reclassified to conform with the 2019 presentation. The Company’s reportable segments consist of: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding Texas (4) Homebuilding West (5) Financial Services (6) Multifamily (7) Lennar Other Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment. Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the Homebuilding segments consist of revenues generated from the sales of homes and land, other revenues from management fees and forfeited deposits, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, and selling, general and administrative expenses incurred by the segment. The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida, New Jersey, North and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota and Virginia Texas: Texas West: Arizona, California, Colorado, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments, including FivePoint Operations of the Financial Services segment include primarily mortgage financing, title and closing services primarily for buyers of the Company’s homes as well as property and casualty insurance. It also includes originating and selling into securitizations commercial mortgage loans through its RMF business. The Financial Services segment sells substantially all of the loans it originates within a short period of time in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states. Operations of the Multifamily segment include revenues generated from the sales of land, revenue from construction activities, and management and promote fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities and other gains (which includes sales of buildings), less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses. Operations of the Lennar Other segment include operating earnings (loss) consisting of revenues generated primarily from the Company's share of carried interests in the Rialto fund investments retained after the sale of Rialto's asset and investment management platform, along with equity in earnings (loss) from the Rialto fund investments and strategic technology investments, and other income (expense), net from the remaining assets related to the Company's former Rialto segment. Each reportable segment follows the same accounting policies described in Note 1 – "Summary of Significant Accounting Policies" to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2018. The Company's operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented. Financial information relating to the Company’s operations was as follows:
(5) Corporate and unallocated includes corporate, general and administrative expenses, and for the three months ended February 28, 2018, $104.2 million of acquisition and integration costs related to the CalAtlantic acquisition.Financial Services Segment The assets and liabilities related to the Financial Services segment were as follows:
Consistent with the Company's reversion to a pure-play homebuilder, during the three months ended February 28, 2019, the Company sold the majority of its retail title agency business and title insurance underwriter, substantially all of its retail mortgage business and its real estate brokerage business. These transactions resulted in a net gain of $1.7 million. In connection with the sale of the majority of its retail title agency business and title insurance underwriter, the Company provided seller financing and received a substantial minority equity ownership stake in the buyer. The combination of both the equity and debt components of this transaction caused the transaction not to meet the accounting requirements for sale treatment and, therefore, the Company is required to consolidate the buyer’s results at this time. At February 28, 2019, the Financial Services warehouse facilities used to fund residential mortgages were as follows:
The Financial Services segment uses these facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $771.5 million and $1.3 billion at February 28, 2019 and November 30, 2018, respectively, and were collateralized by residential mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $801.1 million and $1.3 billion at February 28, 2019 and November 30, 2018, respectively. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially all of the residential loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the residential mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows:
Rialto Mortgage Finance - loans held-for-sale During the three months ended February 28, 2019, RMF originated commercial loans with a total principal balance of $270.1 million, all of which were recorded as loans held-for-sale, and sold $200.5 million of commercial loans into two separate securitizations. As of February 28, 2019 and November 30, 2018, there were no unsettled transactions. During the three months ended February 28, 2018, RMF originated commercial loans with a total principal balance of $238.0 million, all of which were recorded as loans held-for-sale, and sold $347.7 million of commercial loans into three separate securitizations. At February 28, 2019, the RMF warehouse facilities were as follows:
Borrowings under the facilities that finance RMF's commercial loan originations and securitization activities were $122.6 million and $178.8 million as of February 28, 2019 and November 30, 2018, respectively, and were secured by a 75% interest in the originated commercial loans financed. The facilities require immediate repayment of the 75% interest in the secured commercial loans when the loans are sold in a securitization and the proceeds are collected. These warehouse repurchase facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the loans held-for-sale to investors. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Investments held-to-maturity At February 28, 2019 and November 30, 2018, the carrying value of Financial Services' commercial mortgage-backed securities ("CMBS") was $167.4 million and $137.0 million, respectively. These securities were purchased at discounts ranging from 6% to 84% with coupon rates ranging from 1.3% to 5.3%, stated and assumed final distribution dates between November 2020 and December 2028, and stated maturity dates between November 2043 and March 2059. The Financial Services segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the segment’s assessment, no impairment charges were recorded during either the three months ended February 28, 2019 or 2018. The Financial Services segment classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment. At February 28, 2019 and November 30, 2018, the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $155.9 million and $123.7 million, respectively, and the interest is incurred at a fixed rate of 3.2% to 4.1%.Multifamily SegmentThe Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Multifamily segment were as follows:
The unconsolidated entities in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both February 28, 2019 and November 30, 2018, the fair value of the completion guarantees was immaterial. Additionally, as of February 28, 2019 and November 30, 2018, the Multifamily segment had $1.9 million and $4.6 million, respectively, of letters of credit outstanding primarily for credit enhancements for the bank debt of certain of its unconsolidated entities and deposits on land purchase contracts. These letters of credit are included in the disclosure in Note 12 related to the Company's performance and financial letters of credit. As of February 28, 2019 and November 30, 2018, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $926.3 million and $1.0 billion, respectively. In many instances, the Multifamily segment is appointed as the construction, development and property manager for certain of its Multifamily unconsolidated entities and receives fees for performing this function. During the three months ended February 28, 2019 and 2018, the Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $13.1 million and $11.5 million, respectively. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three months ended February 28, 2019 and 2018, the Multifamily segment provided general contractor services, net of deferrals, totaling $82.4 million and $81.7 million, respectively, which were partially offset by costs related to those services of $79.4 million and $78.6 million, respectively. The Multifamily Venture Fund I (the "Venture Fund") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the three months ended February 28, 2019, $64.8 million in equity commitments were called, of which the Company contributed its portion of $16.2 million. During the three months ended February 28, 2019, the Company received $4.9 million of distributions as a return of capital from the Venture Fund. As of February 28, 2019, $1.8 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $457.0 million, representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $47.0 million. As of February 28, 2019 and November 30, 2018, the carrying value of the Company's investment in the Venture Fund was $390.7 million and $383.4 million, respectively. In March 2018, the Multifamily segment completed the first closing of a second Multifamily Venture, Multifamily Venture II LP ("Venture Fund II"), for the development, construction and property management of class-A multifamily assets. As of February 28, 2019, Venture Fund II had approximately $787 million of equity commitments, including a $255 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the three months ended February 28, 2019, $26.8 million in equity commitments were called, of which the Company contributed its portion of $8.7 million. During the three months ended February 28, 2019, the Company received $6.3 million of distributions as a return of capital from the Venture Fund II. As of February 28, 2019, $262.2 million of the $787 million in equity commitments had been called, of which the Company had contributed $83.8 million, representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $171.2 million. As of February 28, 2019 and November 30, 2018, the carrying value of the Company's investment in Venture Fund II was $65.2 million and $63.0 million, respectively. The difference between the Company's net contributions and the carrying value of the Company's investments was related to a basis difference. Venture Fund II was seeded initially with eight undeveloped multifamily assets that were previously purchased by the Multifamily segment totaling approximately 3,000 apartments with projected project costs of approximately $1.3 billion. Summarized condensed financial information on a combined 100% basis related to Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets
Statements of Operations
(1) During the three months ended February 28, 2019, the Multifamily segment sold, through its unconsolidated entities, one operating property and an investment in an operating property resulting in the segment's $15.5 million share of gains. The gain of $11.9 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Multifamily equity in earnings (loss) from unconsolidated entities and other gain, and are not included in net earnings (loss) of unconsolidated entities. During the three months ended February 28, 2018, the Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains.Lennar Other Lennar Other primarily includes fund investments the Company retained when it sold the Rialto asset and investment management platform, as well as strategic investments in technology companies. The assets and liabilities related to Lennar Other were as follows:
Investments held-to-maturity At February 28, 2019 and November 30, 2018, the carrying value of the Lennar Other's CMBS was $60.2 million and $60.0 million, respectively. These securities were purchased at discounts ranging from 6.5% to 86.1% with coupon rates ranging from 1.3% to 4.0%, stated and assumed final distribution dates between November 2020 and October 2026, and stated maturity dates between November 2049 and March 2059. The Company reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the Company’s assessment, no impairment charges were recorded during either the three months ended February 28, 2019 or 2018. The Company classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the segment. At February 28, 2019 and November 30, 2018, the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $13.1 million and $12.6 million, respectively, and the interest is incurred at a rate of 4.6% to 5.0%.
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| Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Due to the short maturity period of cash equivalents, the carrying amounts of these instruments approximate their fair values. Homebuilding restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on deposit to secure and support performance obligations. Financial Services’ restricted cash primarily consists of cash balances required by certain warehouse lines of credit agreements and proceeds from loan sales not yet remitted to warehouse bank. Financial Services' restricted cash also included upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated, as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the condensed consolidated statements of cash flows to the respective condensed consolidated balance sheets:
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Homebuilding Senior Notes and Other Debts Payable |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Homebuilding Senior Notes and Other Debts Payable | Homebuilding Senior Notes and Other Debts Payable
The carrying amounts of the senior notes in the table above are net of debt issuance costs of $29.0 million and $31.2 million as of February 28, 2019 and November 30, 2018, respectively. At February 28, 2019, the Company had an unsecured revolving credit facility (the "Credit Facility") with maximum borrowings of $2.6 billion. The maturity for $2.2 billion of the Credit Facility is April 2023 and the remaining $50 million matures in June 2020. As of February 28, 2019, the Credit Facility included a $315 million accordion feature, subject to additional commitments. The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $500 million in commitments may be used for letters of credit. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. The Company believes it was in compliance with its debt covenants at February 28, 2019. In addition, the Company had $335 million of letter of credit facilities with different financial institutions. The Company’s performance letters of credit outstanding were $606.0 million and $598.4 million, at February 28, 2019 and November 30, 2018, respectively. The Company’s financial letters of credit outstanding were $153.7 million and $165.4 million, at February 28, 2019 and November 30, 2018, respectively. Performance letters of credit are generally posted with regulatory bodies to guarantee the Company’s performance of certain development and construction activities. Financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at February 28, 2019, the Company had outstanding surety bonds of $2.9 billion including performance surety bonds related to site improvements at various projects (including certain projects in the Company’s joint ventures) and financial surety bonds. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. As of February 28, 2019, there were approximately $1.4 billion, or 50%, of anticipated future costs to complete related to these site improvements. The Company does not presently anticipate any draws upon these bonds or letters of credit, but if any such draws occur, the Company does not believe they would have a material effect on its financial position, results of operations or cash flows. The Company's senior notes are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries and some of the Company's other subsidiaries. Although the guarantees are full, unconditional and joint and several while they are in effect, (i) a subsidiary will cease to be a guarantor at any time when it is not directly or indirectly guaranteeing at least $75 million of debt of Lennar Corporation (the parent company), and (ii) 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.
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Product Warranty |
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| Product Warranties Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product Warranty | Product Warranty Warranty and similar 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. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The Company regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties in order to reflect changes in trends and historical data as information becomes available. Warranty reserves are included in Homebuilding other liabilities in the condensed consolidated balance sheets. The activity in the Company’s warranty reserve was as follows:
(1) The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 2019 and 2018 primarily related to specific claims for certain of the Company's homebuilding communities and other adjustments.
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Share-Based Payments |
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Feb. 28, 2019 | |
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Share-Based Payments | Share-Based PaymentsDuring the three months ended February 28, 2019, the Company granted employees an immaterial number of nonvested shares. During the three months ended February 28, 2018, the Company granted 0.4 million nonvested shares. Compensation expense related to the Company’s nonvested shares for the three months ended February 28, 2019 and 2018 was $16.9 million and $17.8 million, respectively. |
Financial Instruments and Fair Value Disclosures |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments and Fair Value Disclosures | Financial Instruments and Fair Value Disclosures The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at February 28, 2019 and November 30, 2018, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
The following methods and assumptions are used by the Company in estimating fair values: Financial Services—The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. For notes and other debts payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the borrowings. Homebuilding—For senior notes and other debts payable, the fair value of fixed-rate borrowings is primarily based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates. Lennar Other—The fair value for investments held-to-maturity is based on discounted cash flows. For notes and other debts payable, the fair value is calculated based on discounted cash flows using quoted interest rates and for the warehouse repurchase financing agreements fair values approximate their carrying value due to their short-term maturities. Multifamily—For notes payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the borrowings. Fair Value Measurements: GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows: Level 1: Fair value determined based on quoted prices in active markets for identical assets. Level 2: Fair value determined using significant other observable inputs. Level 3: Fair value determined using significant unobservable inputs. The Company’s financial instruments measured at fair value on a recurring basis are summarized below:
The estimated fair values of the Company’s financial instruments have been determined by using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The following methods and assumptions are used by the Company in estimating fair values: RMF loans held-for-sale - The fair value of loans held-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. The Company estimates CMBS spreads by observing the pricing of recent CMBS offerings, secondary CMBS markets, changes in the CMBX index, and general capital and commercial real estate market conditions. Considerations in estimating CMBS spreads include comparing the Company’s current loan portfolio with comparable CMBS offerings containing loans with similar duration, credit quality and collateral composition. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust. Financial Services residential loans held-for-sale - Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. Management believes carrying loans held-for-sale at fair value improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. In addition, the Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these servicing rights was included in Financial Services’ loans held-for-sale as of February 28, 2019 and November 30, 2018. Fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics. Financial Services investments available-for-sale - The fair value of these investments is based on the quoted market prices for similar financial instruments. Financial Services mortgage loan commitments - Fair value of commitments to originate loans is based upon the difference between the current value of similar loans and the price at which the Financial Services segment has committed to originate the loans. The fair value of commitments to sell loan contracts is the estimated amount that the Financial Services segment would receive or pay to terminate the commitments at the reporting date based on market prices for similar financial instruments. In addition, the Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics. The fair value of the mortgage loan commitments and related servicing rights is included in Financial Services’ other assets. Financial Services forward contracts - Fair value is based on quoted market prices for similar financial instruments. The fair value of forward contracts was included in the Financial Services segment's other liabilities as of February 28, 2019 and November 30, 2018. The Financial Services segment uses mandatory mortgage-backed securities ("MBS") forward commitments, option contracts and investor commitments to hedge its mortgage-related interest rate exposure. These instruments involve, to varying degrees, elements of credit and interest rate risk. Credit risk associated with MBS forward commitments, option contracts and loan sales transactions is managed by limiting the Company’s counterparties to investment banks, federally regulated bank affiliates and other investors meeting the Company’s credit standards. The segment’s risk, in the event of default by the purchaser, is the difference between the contract price and fair value of the MBS forward commitments and option contracts. At February 28, 2019, the segment had open commitments amounting to $1.3 billion to sell MBS with varying settlement dates through April 2019. Financial Services mortgage servicing rights - Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates. As of February 28, 2019, the key assumptions used in determining the fair value include a 13.0% mortgage prepayment rate, a 12.4% discount rate and an 8.5% delinquency rate. The fair value of mortgage servicing rights is included in the Financial Services segment's other assets. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:
Interest on Financial Services loans held-for-sale and RMF loans held-for-sale measured at fair value is calculated based on the interest rate of the loans and recorded as revenues in the Financial Services’ statement of operations and RMF's statement of operations, respectively. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements:
The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below:
Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. The Company disclosed its accounting policy related to inventories and its review for indicators of impairment in the Summary of Significant Accounting Policies in its Form 10-K for the year ended November 30, 2018. The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts. On a quarterly basis, the Company reviews its active communities for indicators of potential impairments. As of February 28, 2019 and 2018, there were 1,287 and 1,340 active communities, excluding unconsolidated entities, respectively. As of February 28, 2019, the Company identified 54 communities with 3,513 homesites and a corresponding carrying value of $463.5 million as having potential indicators of impairment. For the three months ended February 28, 2019, the Company recorded no valuation adjustments related to these communities. As of February 28, 2018, the Company identified 20 communities with 1,184 homesites and a corresponding carrying value of $267.6 million as having potential indicators of impairment. For the three months ended February 28, 2018, the Company recorded valuation adjustments of $6.9 million on 114 homesites in one community with a carrying value of $17.5 million. The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the three months ended February 28, 2018:
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Variable Interest Entities |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities | Variable Interest Entities The Company evaluated the joint venture agreements of its joint ventures that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements, during the three months ended February 28, 2019. Based on the Company's evaluation, during the three months ended February 28, 2019, the Company consolidated three entities that had a total combined assets and liabilities of $260.2 million and $228.6 million, respectively. During the three months ended February 28, 2019, there were no VIEs that were deconsolidated. Consolidated VIEs As of February 28, 2019, the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $1.0 billion and $528.4 million, respectively. As of November 30, 2018, the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $666.2 million and $242.5 million, respectively. Those assets are owned by, and those liabilities are obligations of, the VIEs, not the Company. A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of the Company’s senior notes or other debts payable. The assets held by a VIE usually are collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with a VIE’s banks. Other than debt guarantee agreements with a VIE’s banks, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Unconsolidated VIEs At February 28, 2019 and November 30, 2018, the Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows:
While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared and the Company and its partners are not de-facto agents. While the Company generally manages the day-to-day operations of the VIEs, each of these VIEs has an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent. As of February 28, 2019, the Company and other partners did not have an obligation to make capital contributions to the VIEs, except for $218.2 million remaining equity commitment to fund the Venture Fund and Venture Fund II for future expenditures related to the construction and development of the projects and $1.9 million of letters of credit outstanding for certain Multifamily unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements. In addition, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs, except with regard to $50.2 million repayment guarantees of one unconsolidated entity's debt. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Option Contracts The Company has access to land through option contracts, which generally enables it to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company has determined whether to exercise the option. The Company evaluates all option contracts for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary or makes a significant deposit for optioned land, it may need to consolidate the land under option at the purchase price of the optioned land. During the three months ended February 28, 2019, consolidated inventory not owned increased by $93.0 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 28, 2019. The increase was primarily related to the consolidation of an option agreement with a third party land bank, partially offset by the Company exercising its options to acquire land under previously consolidated contracts. To reflect the purchase price of the inventory consolidated, the Company had a net reclass related to option deposits from consolidated inventory not owned to land under development in the accompanying condensed consolidated balance sheet as of February 28, 2019. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits. The Company’s exposure to loss related to its option contracts with third parties and unconsolidated entities consisted of its non-refundable option deposits and pre-acquisition costs totaling $226.4 million and $209.5 million at February 28, 2019 and November 30, 2018, respectively. Additionally, the Company had posted $69.2 million and $72.4 million of letters of credit in lieu of cash deposits under certain land and option contracts as of February 28, 2019 and November 30, 2018, respectively.
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Commitments and Contingent Liabilities |
3 Months Ended |
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Feb. 28, 2019 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingent Liabilities | Commitments and Contingent Liabilities The Company is party to various claims, legal actions and complaints arising in the ordinary course of business. In the opinion of management, the disposition of these matters will not have a material adverse effect on the Company’s consolidated financial statements. The Company is also a party to various lawsuits involving purchases and sales of real property. These lawsuits include claims regarding representations and warranties made in connection with the transfer of properties and disputes regarding the obligation to purchase or sell properties. In July 2017, CalAtlantic Group, Inc., a subsidiary of the Company, was notified by the San Francisco Regional Water Quality Control Board of CalAtlantic’s non-compliance with the Clean Water Act at a development in San Ramon, CA. In February 2019, the Company paid monetary sanctions that were not material to resolve this matter.
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New Accounting Pronouncements |
3 Months Ended |
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Feb. 28, 2019 | |
| Accounting Changes and Error Corrections [Abstract] | |
| New Accounting Pronouncements | New Accounting Pronouncements In March 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU 2016-02 will be effective for the Company’s fiscal year beginning December 1, 2019 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the Company's condensed consolidated financial statements. Subsequent to the issuance of ASU 2016-02, the FASB issued ASUs 2018-01, Land Easement Practical Expedient for Transition to Topic 842, 2018-10, Codification Improvements to Topic 842, Leases, 2018-11, Leases (Topic 842): Targeted Improvements and 2018-20, Narrow-Scope Improvements for Lessors. These ASUs do not change the core principle of the guidance in ASU 2016-02, instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. This ASU will have the same effective date and transition requirements as ASU 2016-02. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 is effective for the Company's fiscal year beginning December 1, 2020 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its condensed consolidated financial statements. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments —Credit Losses. This ASU does not change the core principle of the guidance in ASU 2016-13, instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. This ASU will have the same effective date and transition requirements as ASU 2016-13. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Accounting for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 will be effective for the Company’s fiscal year beginning December 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact the adoption of ASU 2017-04 will have on the Company's condensed consolidated financial statements.
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Supplemental Financial Information |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Financial Information | Supplemental Financial Information The indentures governing the Company’s 4.500% senior notes due 2019, 4.50% senior notes due 2019, 6.625% senior notes due 2020, 2.95% senior notes due 2020, 8.375% senior notes due 2021, 4.750% senior notes due 2021, 6.25% senior notes due 2021, 4.125% senior notes due 2022, 5.375% senior notes due 2022, 4.750% senior notes due 2022, 4.875% senior notes due 2023, 4.500% senior notes due 2024, 5.875% senior notes due 2024, 4.750% senior notes due 2025, 5.25% senior notes due 2026, 5.00% senior notes due 2027 and 4.75% senior notes due 2027 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. In addition, some subsidiaries of CalAtlantic are guaranteeing CalAtlantic senior convertible notes that also are guaranteed by Lennar Corporation. 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 February 28, 2019 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 12 of the Notes to the Condensed Consolidated Financial Statements or were guaranteeing CalAtlantic convertible senior notes. 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 of Lennar senior notes 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 February 28, 2019 was as follows:Condensed Consolidating Balance Sheet February 28, 2019
November 30, 2018
Three Months Ended February 28, 2018
Three Months Ended February 28, 2019
Three Months Ended February 28, 2018
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Basis of Presentation (Policy) |
3 Months Ended |
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Feb. 28, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Consolidation | Basis of ConsolidationThe 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 of the Notes to the Condensed Consolidated Financial Statements) 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. |
| Basis of Accounting | 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, 2018. 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 months ended February 28, 2019 are not necessarily indicative of the results to be expected for the full year. |
| Use of Estimates | Use of EstimatesThe 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 | ReclassificationsCertain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2019 presentation. The Company's segments were adjusted to reflect Rialto Mortgage Finance ("RMF") and certain other Rialto assets within the Financial Services segment effective December 1, 2018. The remaining assets retained related to the Company's former Rialto segment were included in the Lennar Other segment. In addition, the Company's strategic technology investments, which were part of Homebuilding, were reclassified to be included in the Lennar Other segment. These reclassifications were between segments and had no impact on the Company's total assets, total equity, revenue or net income in the condensed consolidated financial statements. |
| New Accounting Pronouncements | New Accounting Pronouncements |
Business Acquisition (Tables) |
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| Schedule of Business Acquisitions | 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:
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| Schedule of Assets and Liabilities Assumed |
(4) Fair value of noncontrolling interests was measured using discounted cash flows of expected future contributions and distributions.
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Operating and Reporting Segments (Tables) |
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Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure Of Financial Information Relating To Company's Operations | Financial information relating to the Company’s operations was as follows:
(5) Corporate and unallocated includes corporate, general and administrative expenses, and for the three months ended February 28, 2018, $104.2 million of acquisition and integration costs related to the CalAtlantic acquisition.The assets and liabilities related to the Financial Services segment were as follows:
(5) As of February 28, 2019 and November 30, 2018, other liabilities included $58.5 million and $60.3 million, respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. In addition, as of February 28, 2019 and November 30, 2018, other liabilities also included forward contracts carried at fair value of $1.5 million and $10.4 million, respectively.The assets and liabilities related to the Multifamily segment were as follows:
(2) Notes payable are net of debt issuance costs.The assets and liabilities related to Lennar Other were as follows:
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Homebuilding Investments in Unconsolidated Entities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments | Balance Sheets
(2) Homebuilding investments in unconsolidated entities as of February 28, 2019 and November 30, 2018, do not include $67.0 million and $62.0 million, respectively, of the negative investment balance for one unconsolidated entity as it was reclassed to other liabilities.Summarized condensed financial information on a combined 100% basis related to Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows:Statements of Operations
(1) As of February 28, 2019 and November 30, 2018, the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three and four unconsolidated entities' debt, respectively.Summarized condensed financial information on a combined 100% basis related to Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows:Balance Sheets
Statements of Operations
(1) During the three months ended February 28, 2019, the Multifamily segment sold, through its unconsolidated entities, one operating property and an investment in an operating property resulting in the segment's $15.5 million share of gains. The gain of $11.9 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Multifamily equity in earnings (loss) from unconsolidated entities and other gain, and are not included in net earnings (loss) of unconsolidated entities. During the three months ended February 28, 2018, the Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains.
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Stockholders' Equity (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Equity | The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the three months ended February 28, 2019 and 2018:
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Income Taxes (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income Tax Benefit (Provision) and Effective Tax Rate | The provision for income taxes and effective tax rate were as follows:
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Earnings Per Share (Tables) |
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Feb. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Calculation of Numerator and Denominator In Earnings Per Share | Basic and diluted earnings per share were calculated as follows:
(1) The amounts presented relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received from the Rialto funds included in the Lennar Other segment and the amount Lennar is assumed to own.
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Financial Services Segment (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Assets and Liabilities | Financial information relating to the Company’s operations was as follows:
(5) Corporate and unallocated includes corporate, general and administrative expenses, and for the three months ended February 28, 2018, $104.2 million of acquisition and integration costs related to the CalAtlantic acquisition.The assets and liabilities related to the Financial Services segment were as follows:
(5) As of February 28, 2019 and November 30, 2018, other liabilities included $58.5 million and $60.3 million, respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. In addition, as of February 28, 2019 and November 30, 2018, other liabilities also included forward contracts carried at fair value of $1.5 million and $10.4 million, respectively.The assets and liabilities related to the Multifamily segment were as follows:
(2) Notes payable are net of debt issuance costs.The assets and liabilities related to Lennar Other were as follows:
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| Schedule of Line of Credit Facilities | At February 28, 2019, the RMF warehouse facilities were as follows:
(1) RMF uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both February 28, 2019 and November 30, 2018.At February 28, 2019, the Financial Services warehouse facilities used to fund residential mortgages were as follows:
(3) Maximum aggregate commitment includes an uncommitted amount of $400 million
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| Schedule of Loan Origination Liabilities | The activity in the Company’s loan origination liabilities was as follows:
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Multifamily Segment (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Assets and Liabilities | Financial information relating to the Company’s operations was as follows:
(5) Corporate and unallocated includes corporate, general and administrative expenses, and for the three months ended February 28, 2018, $104.2 million of acquisition and integration costs related to the CalAtlantic acquisition.The assets and liabilities related to the Financial Services segment were as follows:
(5) As of February 28, 2019 and November 30, 2018, other liabilities included $58.5 million and $60.3 million, respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. In addition, as of February 28, 2019 and November 30, 2018, other liabilities also included forward contracts carried at fair value of $1.5 million and $10.4 million, respectively.The assets and liabilities related to the Multifamily segment were as follows:
(2) Notes payable are net of debt issuance costs.The assets and liabilities related to Lennar Other were as follows:
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| Equity Method Investments | Balance Sheets
(2) Homebuilding investments in unconsolidated entities as of February 28, 2019 and November 30, 2018, do not include $67.0 million and $62.0 million, respectively, of the negative investment balance for one unconsolidated entity as it was reclassed to other liabilities.Summarized condensed financial information on a combined 100% basis related to Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows:Statements of Operations
(1) As of February 28, 2019 and November 30, 2018, the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantees on three and four unconsolidated entities' debt, respectively.Summarized condensed financial information on a combined 100% basis related to Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows:Balance Sheets
Statements of Operations
(1) During the three months ended February 28, 2019, the Multifamily segment sold, through its unconsolidated entities, one operating property and an investment in an operating property resulting in the segment's $15.5 million share of gains. The gain of $11.9 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Multifamily equity in earnings (loss) from unconsolidated entities and other gain, and are not included in net earnings (loss) of unconsolidated entities. During the three months ended February 28, 2018, the Multifamily segment sold one operating property through an unconsolidated entity resulting in the segment's $4.1 million share of gains.
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Lennar Other (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Assets and Liabilities | Financial information relating to the Company’s operations was as follows:
(5) Corporate and unallocated includes corporate, general and administrative expenses, and for the three months ended February 28, 2018, $104.2 million of acquisition and integration costs related to the CalAtlantic acquisition.The assets and liabilities related to the Financial Services segment were as follows:
(5) As of February 28, 2019 and November 30, 2018, other liabilities included $58.5 million and $60.3 million, respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. In addition, as of February 28, 2019 and November 30, 2018, other liabilities also included forward contracts carried at fair value of $1.5 million and $10.4 million, respectively.The assets and liabilities related to the Multifamily segment were as follows:
(2) Notes payable are net of debt issuance costs.The assets and liabilities related to Lennar Other were as follows:
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Cash and Cash Equivalents and Restricted Cash (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of cash and cash equivalents and restricted cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the condensed consolidated statements of cash flows to the respective condensed consolidated balance sheets:
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Homebuilding Senior Notes and Other Debts Payable (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Senior Notes and Other Debts Payable |
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Product Warranty (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product Warranties Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Product Warranty Reserve | The activity in the Company’s warranty reserve was as follows:
(1) The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 2019 and 2018 primarily related to specific claims for certain of the Company's homebuilding communities and other adjustments.
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Financial Instruments and Fair Value Disclosures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying Amounts And Estimated Fair Value Of Financial Instruments | The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at February 28, 2019 and November 30, 2018, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
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| Fair Value Measured On Recurring Basis | The Company’s financial instruments measured at fair value on a recurring basis are summarized below:
(2) The aggregate fair value of Financial Services residential loans held-for-sale of $925.9 million at February 28, 2019 exceeded their aggregate principal balance of $898.7 million by $27.2 million. The aggregate fair value of Financial Services residential loans held-for-sale of $1.2 billion at November 30, 2018 exceeded their aggregate principal balance of $1.1 billion by $37.3 million.
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| Schedule Of Gains And Losses Of Financial Instruments Measured on a Recurring Basis | The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:
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| Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements | The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements:
(1) Changes in fair value for RMF loans held-for-sale and Financial Services mortgage servicing rights are included in RMF's and Financial Services' revenues, respectively.
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| Fair Value Measurements, Nonrecurring | The assets measured at fair value on a nonrecurring basis are summarized below:
(1) Valuation adjustments were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss) for the three months ended February 28, 2019 and 2018.
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| Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities | The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the three months ended February 28, 2018:
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Variable Interest Entities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated Maximum Exposure To Loss | At February 28, 2019 and November 30, 2018, the Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows:
(4) At both February 28, 2019 and November 30, 2018, the maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated entities VIEs. At February 28, 2019 and November 30, 2018, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $60.2 million and $60.0 million, respectively, related to the Lennar Other segment's investments held-to-maturity.
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Supplemental Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet February 28, 2019
November 30, 2018
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| Condensed Consolidating Statement of Operations and Comprehensive Income | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)Three Months Ended February 28, 2019
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| Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Three Months Ended February 28, 2019
Condensed Consolidating Statement of Cash Flows Three Months Ended February 28, 2018
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Business Acquisition (Narrative) (Details) $ in Thousands |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Feb. 12, 2018
USD ($)
metropolitan_area
state
|
Feb. 28, 2019
USD ($)
|
Feb. 28, 2018
USD ($)
|
Nov. 30, 2018
USD ($)
|
|||
| Business Acquisition [Line Items] | ||||||
| Transaction costs | $ 0 | |||||
| Financial Services | ||||||
| Business Acquisition [Line Items] | ||||||
| Goodwill | 215,516 | $ 237,688 | ||||
| Homebuilding | ||||||
| Business Acquisition [Line Items] | ||||||
| Goodwill | [1] | $ 3,442,359 | $ 3,442,359 | |||
| Homebuilding | 4.125% senior notes due 2022 | ||||||
| Business Acquisition [Line Items] | ||||||
| Interest rate | 4.125% | |||||
| Senior Notes | Homebuilding | 4.125% senior notes due 2022 | ||||||
| Business Acquisition [Line Items] | ||||||
| Interest rate | 4.125% | |||||
| CalAtlantic Group, Inc. | ||||||
| Business Acquisition [Line Items] | ||||||
| Number of metropolitan areas | metropolitan_area | 43 | |||||
| Number of states | state | 19 | |||||
| Consideration attributable to cash including fractional shares | $ 1,162,341 | |||||
| Revenue since acquisition | $ 373,400 | |||||
| Pre-tax earnings since acquisition | (108,500) | |||||
| Transaction costs | $ 104,195 | |||||
| Goodwill | 3,300,000 | |||||
| CalAtlantic Group, Inc. | Homebuilding Texas | ||||||
| Business Acquisition [Line Items] | ||||||
| Goodwill | 342,200 | |||||
| CalAtlantic Group, Inc. | Homebuilding West | ||||||
| Business Acquisition [Line Items] | ||||||
| Goodwill | 1,400,000 | |||||
| CalAtlantic Group, Inc. | Financial Services | ||||||
| Business Acquisition [Line Items] | ||||||
| Goodwill | 175,400 | |||||
| CalAtlantic Group, Inc. | Homebuilding | ||||||
| Business Acquisition [Line Items] | ||||||
| Goodwill | 3,305,792 | |||||
| CalAtlantic Group, Inc. | Homebuilding East | ||||||
| Business Acquisition [Line Items] | ||||||
| Goodwill | $ 1,100,000 | |||||
| ||||||
Business Acquisition (Purchase Price) (Details) $ in Thousands |
Feb. 12, 2018
USD ($)
shares
|
|---|---|
| CalAtlantic Group, Inc. | |
| Business Acquisition [Line Items] | |
| Goodwill | $ 3,300,000 |
| CalAtlantic shares assumed to elect cash conversion (in shares) | shares | 24,083,091 |
| CalAtlantic shares assumed to exchange (in shares) | shares | 93,942,788 |
| Consideration attributable to cash including fractional shares | $ 1,162,341 |
| Total purchase price | $ 6,232,347 |
| CalAtlantic Group, Inc. | Class A Common Stock | |
| Business Acquisition [Line Items] | |
| Exchange ratio for Class A common stock | 0.885 |
| Number of shares of common stock to be issued in exchange (in shares) | shares | 83,138,277 |
| Consideration attributable to common stock and equity awards (in shares) | $ 4,933,425 |
| CalAtlantic Group, Inc. | Class B Common Stock | |
| Business Acquisition [Line Items] | |
| Exchange ratio for Class A common stock | 0.0177 |
| Number of shares of common stock to be issued in exchange (in shares) | shares | 1,662,172 |
| Consideration attributable to common stock and equity awards (in shares) | $ 77,823 |
| CalAtlantic Group, Inc. | |
| Business Acquisition [Line Items] | |
| Common stock outstanding (in shares) | shares | 118,025,879 |
| Equity Awards Convertible Upon Change in Control | CalAtlantic Group, Inc. | |
| Business Acquisition [Line Items] | |
| Consideration attributable to common stock and equity awards (in shares) | $ 58,758 |
| Homebuilding Central | CalAtlantic Group, Inc. | |
| Business Acquisition [Line Items] | |
| Goodwill | $ 495,000 |
Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands |
Feb. 12, 2018 |
Feb. 28, 2019 |
Nov. 30, 2018 |
||
|---|---|---|---|---|---|
| Homebuilding | |||||
| Inventories: | |||||
| Goodwill | [1] | $ 3,442,359 | $ 3,442,359 | ||
| Financial Services | |||||
| Inventories: | |||||
| Goodwill | $ 215,516 | $ 237,688 | |||
| CalAtlantic Group, Inc. | |||||
| Inventories: | |||||
| Goodwill | $ 3,300,000 | ||||
| Total assets | 10,676,309 | ||||
| LIABILITIES | |||||
| Total liabilities | 4,425,532 | ||||
| Noncontrolling interests | 18,430 | ||||
| Total purchase price | 6,232,347 | ||||
| CalAtlantic Group, Inc. | Homebuilding | |||||
| ASSETS | |||||
| Cash and cash equivalents, restricted cash and receivables, net | 55,191 | ||||
| Inventories: | |||||
| Inventories | 6,239,147 | ||||
| Intangible assets | 8,000 | ||||
| Investments in unconsolidated entities | 151,900 | ||||
| Goodwill | 3,305,792 | ||||
| Other assets | 561,151 | ||||
| Total assets | 10,321,181 | ||||
| LIABILITIES | |||||
| Accounts payable | 306 | ||||
| Senior notes and other debts payable | 3,926,152 | ||||
| Other liabilities | 374,656 | ||||
| Total liabilities | 4,301,114 | ||||
| CalAtlantic Group, Inc. | Financial Services | |||||
| Inventories: | |||||
| Goodwill | 175,400 | ||||
| Total assets | 355,128 | ||||
| LIABILITIES | |||||
| Total liabilities | 124,418 | ||||
| CalAtlantic Group, Inc. | Homebuilding East | |||||
| Inventories: | |||||
| Goodwill | $ 1,100,000 | ||||
| CalAtlantic Group, Inc. | Trade Name | Homebuilding | |||||
| LIABILITIES | |||||
| Amortization period | 6 months | ||||
| |||||
Operating and Reporting Segments (Disclosure Of Financial Information Relating To Company's Operations) (Details) $ in Thousands |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
|
Feb. 28, 2019
USD ($)
$ / homes
|
Feb. 28, 2018
USD ($)
$ / homes
|
Nov. 30, 2018
USD ($)
|
Feb. 12, 2018
USD ($)
|
||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | [1] | $ 28,749,926 | $ 28,566,181 | ||||
| Revenues | 3,868,082 | $ 2,980,791 | |||||
| Operating earnings (loss): | |||||||
| Operating earnings | 319,124 | 269,428 | |||||
| Acquisition and integration costs related to CalAtlantic | 0 | ||||||
| Sales incentives | $ 222,300 | $ 149,900 | |||||
| Sales incentives per home delivered (in dollars per home) | $ / homes | 25,300 | 22,300 | |||||
| Gain on sale of strategic joint venture | $ 10,865 | $ 164,880 | |||||
| CalAtlantic Group, Inc. | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Goodwill | $ 3,300,000 | ||||||
| Operating earnings (loss): | |||||||
| Acquisition and integration costs related to CalAtlantic | 104,195 | ||||||
| Homebuilding East | CalAtlantic Group, Inc. | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Goodwill | 1,100,000 | ||||||
| Homebuilding Central | CalAtlantic Group, Inc. | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Goodwill | 495,000 | ||||||
| Homebuilding Texas | CalAtlantic Group, Inc. | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Goodwill | 342,200 | ||||||
| Homebuilding West | CalAtlantic Group, Inc. | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Goodwill | 1,400,000 | ||||||
| Financial Services | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | [1] | 2,243,611 | 2,778,910 | ||||
| Goodwill | 215,516 | 237,688 | |||||
| Revenues | 143,311 | 196,087 | |||||
| Financial Services | CalAtlantic Group, Inc. | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Goodwill | 175,400 | ||||||
| Multifamily | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | [1] | 1,003,872 | 874,219 | ||||
| Revenues | 97,394 | 93,256 | |||||
| Lennar Other | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | [1] | 574,863 | 588,959 | ||||
| Revenues | 3,656 | 29,355 | |||||
| Operating earnings (loss): | |||||||
| Acquisition and integration costs related to CalAtlantic | 104,195 | ||||||
| Homebuilding | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | [1] | 24,927,580 | 24,324,093 | ||||
| Goodwill | [1] | 3,442,359 | 3,442,359 | ||||
| Revenues | 3,623,721 | 2,662,093 | |||||
| Operating earnings (loss): | |||||||
| Operating earnings | 369,595 | 413,927 | |||||
| Homebuilding | Treasure Island Holdings | |||||||
| Operating earnings (loss): | |||||||
| Gain on sale of strategic joint venture | $ 164,900 | ||||||
| Ownership interest in strategic joint venture | 80.00% | ||||||
| Homebuilding | CalAtlantic Group, Inc. | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Goodwill | $ 3,305,792 | ||||||
| Operating Segments | |||||||
| Operating earnings (loss): | |||||||
| Operating earnings | (79,343) | $ (172,005) | |||||
| Operating Segments | Homebuilding East | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | 6,821,359 | 7,183,758 | |||||
| Revenues | 1,226,814 | 912,963 | |||||
| Operating earnings (loss): | |||||||
| Operating earnings | 135,383 | 101,329 | |||||
| Operating Segments | Homebuilding Central | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | 2,662,731 | 2,522,799 | |||||
| Revenues | 435,067 | 254,568 | |||||
| Operating earnings (loss): | |||||||
| Operating earnings | 30,926 | 9,036 | |||||
| Operating Segments | Homebuilding Texas | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | 2,476,923 | 2,311,760 | |||||
| Revenues | 418,517 | 356,098 | |||||
| Operating earnings (loss): | |||||||
| Operating earnings | 32,278 | 14,013 | |||||
| Operating Segments | Homebuilding West | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | 10,803,039 | 10,291,385 | |||||
| Revenues | 1,540,896 | 1,127,957 | |||||
| Operating earnings (loss): | |||||||
| Operating earnings | 190,661 | 139,429 | |||||
| Operating Segments | Financial Services | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | 2,243,611 | 2,778,910 | |||||
| Revenues | 143,311 | 196,087 | |||||
| Operating earnings (loss): | |||||||
| Operating earnings | 18,972 | 25,862 | |||||
| Operating Segments | Multifamily | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | 1,003,872 | 874,219 | |||||
| Revenues | 97,394 | 93,256 | |||||
| Operating earnings (loss): | |||||||
| Operating earnings | 6,797 | (1,201) | |||||
| Operating Segments | Lennar Other | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | 574,863 | 588,959 | |||||
| Revenues | 3,656 | 29,355 | |||||
| Operating earnings (loss): | |||||||
| Operating earnings | 3,103 | 2,845 | |||||
| Homebuilding Other | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | 968,106 | 1,013,367 | |||||
| Revenues | 2,427 | 10,507 | |||||
| Operating earnings (loss): | |||||||
| Operating earnings | (19,653) | 150,120 | |||||
| Purchase accounting adjustments | $ 55,000 | ||||||
| Corporate and unallocated | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Assets | $ 1,195,422 | $ 1,001,024 | |||||
| |||||||
Homebuilding Investments in Unconsolidated Entities (Statements Of Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|
| Schedule of Equity Method Investments [Line Items] | ||
| Equity in earnings (loss) from unconsolidated entities | $ (5,710) | $ (2,431) |
| Homebuilding | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Revenues | 90,644 | 68,189 |
| Costs and expenses | 123,751 | 107,424 |
| Other income | 197 | 0 |
| Net loss of unconsolidated entities | (32,910) | (39,235) |
| Equity in earnings (loss) from unconsolidated entities | $ (13,756) | $ (14,128) |
Homebuilding Investments in Unconsolidated Entities (Narrative) (Details) $ in Thousands |
3 Months Ended | ||||
|---|---|---|---|---|---|
|
Feb. 28, 2019
USD ($)
investment
|
Feb. 28, 2018
USD ($)
|
Nov. 30, 2018
USD ($)
|
|||
| Schedule of Equity Method Investments [Line Items] | |||||
| Equity in earnings (loss) from unconsolidated entities | $ (5,710) | $ (2,431) | |||
| Gain on sale of strategic joint venture | $ 10,865 | 164,880 | |||
| FivePoint Unconsolidated Entity | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Unconsolidated entities ownership percentage | 40.00% | ||||
| Investments in unconsolidated entities | $ 362,100 | $ 342,700 | |||
| Homebuilding | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Equity in earnings (loss) from unconsolidated entities | (13,756) | $ (14,128) | |||
| Investments in unconsolidated entities | [1] | 924,056 | 870,201 | ||
| Underlying equity in unconsolidated partners' net assets | $ 1,200,000 | $ 1,200,000 | |||
| Homebuilding | Joint Ventures Previously Managed by FivePoint Communities | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Number of investments in joint ventures contributed | investment | 3 | ||||
| Homebuilding | Treasure Island Holdings | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Unconsolidated entities ownership percentage | 80.00% | ||||
| Gain on sale of strategic joint venture | $ 164,900 | ||||
| |||||
Homebuilding Investments in Unconsolidated Entities (Balance Sheets) (Details) - Homebuilding - USD ($) $ in Thousands |
Feb. 28, 2019 |
Nov. 30, 2018 |
||
|---|---|---|---|---|
| Assets: | ||||
| Cash and cash equivalents | $ 741,581 | $ 781,833 | ||
| Inventories | 4,315,061 | 4,291,470 | ||
| Other assets | 1,041,639 | 1,045,274 | ||
| Total assets | 6,098,281 | 6,118,577 | ||
| Liabilities and equity: | ||||
| Accounts payable and other liabilities | 868,466 | 874,355 | ||
| Debt | 1,219,163 | 1,202,556 | ||
| Equity | 4,010,652 | 4,041,666 | ||
| Total liabilities and equity | 6,098,281 | 6,118,577 | ||
| Investment | [1] | 924,056 | 870,201 | |
| Debt issue costs | 11,253 | 12,403 | ||
| Investments recorded as negative investments for one unconsolidated entity | $ (67,000) | $ (62,000) | ||
| ||||
Homebuilding Investments in Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details) $ in Thousands |
3 Months Ended | 12 Months Ended |
|---|---|---|
|
Feb. 28, 2019
USD ($)
joint_venture
|
Nov. 30, 2018
USD ($)
joint_venture
|
|
| Schedule of Equity Method Investments [Line Items] | ||
| Number of unconsolidated entities debt repayment guarantee | joint_venture | 3 | 4 |
| Homebuilding | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Non-recourse bank debt and other debt (partner’s share of several recourse) | $ 41,816 | $ 48,313 |
| Non-recourse debt with completion guarantees | 233,115 | 239,568 |
| Non-recourse debt without completion guarantees | 896,219 | 861,371 |
| Non-recourse debt to the Company | 1,171,150 | 1,149,252 |
| The Company’s maximum recourse exposure | 59,266 | 65,707 |
| Debt issuance costs | (11,253) | (12,403) |
| Total debt | $ 1,219,163 | $ 1,202,556 |
| The Company’s maximum recourse exposure as a % of total JV debt | 5.00% | 5.00% |
Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 08, 2019 |
Feb. 28, 2019 |
Nov. 30, 2018 |
Aug. 31, 2018 |
May 31, 2018 |
Feb. 28, 2018 |
Nov. 30, 2018 |
Jan. 31, 2019 |
||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
| Balance, beginning | $ 14,682,957,000 | [1] | $ 13,174,084,000 | $ 7,986,132,000 | $ 7,986,132,000 | ||||||||
| Net earnings (including net loss attributable to noncontrolling interests) | 239,424,000 | 136,817,000 | |||||||||||
| Employee stock and directors plans | (1,422,000) | (2,557,000) | |||||||||||
| Purchases of treasury stock | (46,998,000) | ||||||||||||
| Stock issuance in connection with CalAtlantic acquisition | 5,047,464,000 | ||||||||||||
| Amortization of restricted stock | 16,899,000 | 17,766,000 | |||||||||||
| Cash dividends | (12,860,000) | (9,617,000) | |||||||||||
| Receipts related to noncontrolling interests | 8,348,000 | 3,852,000 | |||||||||||
| Payments related to noncontrolling interests | (11,297,000) | (23,760,000) | |||||||||||
| Non-cash distributions to noncontrolling interests | 18,645,000 | ||||||||||||
| Non-cash consolidations, net | 8,894,000 | ||||||||||||
| Cumulative-effect of accounting change (see Note 1 to the Notes to the Condensed Consolidated Financial Statements) | 9,542,000 | ||||||||||||
| Total other comprehensive loss, net of tax | 208,000 | (658,000) | |||||||||||
| Balance, ending | $ 14,893,695,000 | [1] | $ 14,682,957,000 | [1] | 13,174,084,000 | 14,682,957,000 | [1] | ||||||
| Stock repurchase program, authorized value | $ 1,000,000,000 | ||||||||||||
| Stock repurchase program, authorized shares | 25,000,000 | ||||||||||||
| Shares repurchased during period | 1,000,000,000,000 | ||||||||||||
| Shares repurchased during period, value | $ 47,000,000.0 | ||||||||||||
| Average share price of shares repurchased (in dollars per share) | $ 46.98 | ||||||||||||
| Additional Paid - in Capital | |||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
| Balance, beginning | $ 8,496,677,000 | 8,221,423,000 | 3,142,013,000 | 3,142,013,000 | |||||||||
| Employee stock and directors plans | 725,000 | 214,000 | |||||||||||
| Stock issuance in connection with CalAtlantic acquisition | 5,061,430,000 | ||||||||||||
| Amortization of restricted stock | 16,899,000 | 17,766,000 | |||||||||||
| Balance, ending | 8,514,301,000 | 8,496,677,000 | 8,221,423,000 | 8,496,677,000 | |||||||||
| Treasury Stock | |||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
| Balance, beginning | (435,869,000) | (161,378,000) | (136,020,000) | (136,020,000) | |||||||||
| Employee stock and directors plans | (2,149,000) | (2,816,000) | |||||||||||
| Purchases of treasury stock | (46,998,000) | ||||||||||||
| Stock issuance in connection with CalAtlantic acquisition | (22,542,000) | ||||||||||||
| Balance, ending | (485,016,000) | (435,869,000) | (161,378,000) | (435,869,000) | |||||||||
| Accumulated Other Comprehensive Income (Loss) | |||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
| Balance, beginning | (366,000) | 376,000 | 1,034,000 | 1,034,000 | |||||||||
| Total other comprehensive loss, net of tax | 208,000 | (658,000) | |||||||||||
| Balance, ending | (158,000) | (366,000) | 376,000 | (366,000) | |||||||||
| Retained Earnings | |||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
| Balance, beginning | 6,487,650,000 | 4,967,580,000 | 4,840,978,000 | 4,840,978,000 | |||||||||
| Net earnings (including net loss attributable to noncontrolling interests) | 239,910,000 | 136,215,000 | |||||||||||
| Employee stock and directors plans | 4,000 | ||||||||||||
| Cash dividends | (12,860,000) | (9,617,000) | |||||||||||
| Cumulative-effect of accounting change (see Note 1 to the Notes to the Condensed Consolidated Financial Statements) | 9,542,000 | ||||||||||||
| Balance, ending | 6,724,242,000 | 6,487,650,000 | 4,967,580,000 | 6,487,650,000 | |||||||||
| Noncontrolling Interests | |||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
| Balance, beginning | 101,422,000 | $ 113,154,000 | 113,815,000 | 113,815,000 | |||||||||
| Net earnings (including net loss attributable to noncontrolling interests) | (486,000) | 602,000 | |||||||||||
| Receipts related to noncontrolling interests | 8,348,000 | 3,852,000 | |||||||||||
| Payments related to noncontrolling interests | (11,297,000) | (23,760,000) | |||||||||||
| Non-cash distributions to noncontrolling interests | 18,645,000 | ||||||||||||
| Non-cash consolidations, net | 8,894,000 | ||||||||||||
| Balance, ending | 106,881,000 | $ 101,422,000 | 113,154,000 | $ 101,422,000 | |||||||||
| Class A Common Stock | |||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
| Cash dividends (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | ||||||||
| Class A Common Stock | Common Stock | |||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
| Balance, beginning | 29,499,000 | $ 28,992,000 | 20,543,000 | $ 20,543,000 | |||||||||
| Employee stock and directors plans | 2,000 | 41,000 | |||||||||||
| Stock issuance in connection with CalAtlantic acquisition | 8,408,000 | ||||||||||||
| Balance, ending | 29,501,000 | $ 29,499,000 | $ 28,992,000 | 29,499,000 | |||||||||
| Class B Common Stock | |||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
| Cash dividends (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | ||||||||
| Class B Common Stock | Common Stock | |||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
| Balance, beginning | 3,944,000 | $ 3,937,000 | $ 3,769,000 | 3,769,000 | |||||||||
| Stock issuance in connection with CalAtlantic acquisition | 168,000 | ||||||||||||
| Balance, ending | $ 3,944,000 | $ 3,944,000 | $ 3,937,000 | $ 3,944,000 | |||||||||
| |||||||||||||
Income Taxes (Income Tax Benefit (Provision) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
|---|---|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|||
| Income Tax Disclosure [Abstract] | ||||
| Benefit (provision) for income taxes | [1] | $ 79,700 | $ 132,611 | |
| Effective tax rate | 24.90% | 49.30% | ||
| Write down of deferred tax asset resulting from Tax Cuts and Jobs Act | $ 68,600 | |||
| Excluding impact of write down of deferred tax assets, percent | 23.80% | |||
| ||||
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Feb. 28, 2019 |
Nov. 30, 2018 |
|
| Income Tax Disclosure [Abstract] | ||
| Deferred tax assets | $ 449.2 | $ 515.5 |
| Unrecognized tax benefits | 14.7 | |
| Income tax penalties and interest expense | 0.7 | |
| Income tax penalties and interest accrued | $ 53.6 | $ 52.9 |
Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|
| Numerator: | ||
| Net earnings attributable to Lennar | $ 239,910 | $ 136,215 |
| Less: distributed earnings allocated to nonvested shares | 99 | 115 |
| Less: undistributed earnings allocated to nonvested shares | 1,860 | 1,282 |
| Numerator for basic earnings per share | 237,951 | 134,818 |
| Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan | 323 | 210 |
| Plus: interest on convertible senior notes | 0 | 26 |
| Plus: undistributed earnings allocated to convertible shares | 0 | 1 |
| Numerator for diluted earnings per share | $ 237,628 | $ 134,635 |
| Denominator: | ||
| Denominator for basic earnings per share-weighted average common shares outstanding (shares) | 321,339 | 253,665 |
| Effect of dilutive securities: | ||
| Share-based payments (shares) | 10 | 55 |
| Convertible senior notes (shares) | 0 | 728 |
| Denominator for diluted earnings per share-weighted average common shares outstanding (shares) | 321,349 | 254,448 |
| Basic earnings per share (in dollars per share) | $ 0.74 | $ 0.53 |
| Diluted earnings per share (in dollars per share) | $ 0.74 | $ 0.53 |
| Options | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Options to purchase outstanding and anti-dilutive shares | 0 | 0 |
Earnings Per Share (Narrative) (Details) - shares shares in Millions |
3 Months Ended | |
|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|
| Options | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Options to purchase outstanding and anti-dilutive shares | 0.0 | 0.0 |
Financial Services Segment (Schedule Of Assets And Liabilities) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2019 |
Nov. 30, 2018 |
Feb. 28, 2018 |
Feb. 12, 2018 |
||||||
| Assets: | |||||||||
| Total assets | [1] | $ 28,749,926 | $ 28,566,181 | ||||||
| Liabilities: | |||||||||
| Total liabilities | [2] | 13,856,231 | 13,883,224 | ||||||
| CalAtlantic Group, Inc. | |||||||||
| Assets: | |||||||||
| Goodwill | $ 3,300,000 | ||||||||
| Financial Services | |||||||||
| Assets: | |||||||||
| Cash and cash equivalents | 155,914 | 188,485 | $ 195,229 | ||||||
| Restricted cash | 10,837 | 17,944 | 13,295 | ||||||
| Receivables, net | 354,216 | 731,169 | |||||||
| Lennar Financial Services loans held-for-sale | 1,056,984 | 1,213,889 | |||||||
| Loans held-for-investment, net | 81,004 | 70,216 | |||||||
| Investments held-to-maturity | 210,806 | 189,472 | |||||||
| Investments available-for-sale | 5,188 | 4,161 | |||||||
| Goodwill | 215,516 | 237,688 | |||||||
| Other | 153,146 | 125,886 | |||||||
| Total assets | [1] | 2,243,611 | 2,778,910 | ||||||
| Liabilities: | |||||||||
| Notes and other debts payable | 1,070,547 | 1,558,702 | |||||||
| Other | 229,458 | 309,500 | |||||||
| Total liabilities | [2] | 1,300,005 | 1,868,202 | ||||||
| Self-insurance reserves | 58,500 | 60,300 | |||||||
| Net gain on sale of business | 1,700 | ||||||||
| Financial Services | Servicing Contracts | |||||||||
| Liabilities: | |||||||||
| Mortgage servicing rights | 35,400 | 37,200 | |||||||
| Financial Services | Mortgage loan commitments | |||||||||
| Liabilities: | |||||||||
| Other asset | 16,100 | 16,400 | |||||||
| Financial Services | Forward Contracts | |||||||||
| Liabilities: | |||||||||
| Other liability | (1,500) | (10,400) | |||||||
| Financial Services | CalAtlantic Group, Inc. | |||||||||
| Assets: | |||||||||
| Goodwill | $ 175,400 | ||||||||
| Lennar Other | |||||||||
| Assets: | |||||||||
| Cash and cash equivalents | 15,843 | 24,334 | 84,202 | ||||||
| Restricted cash | 975 | 7,175 | $ 18,492 | ||||||
| Investments held-to-maturity | 60,204 | 59,974 | |||||||
| Other | 45,582 | 47,740 | |||||||
| Total assets | [1] | 574,863 | 588,959 | ||||||
| Liabilities: | |||||||||
| Other | 18,182 | 53,020 | |||||||
| Total liabilities | [2] | $ 33,228 | $ 67,508 | ||||||
| |||||||||
Financial Services Segment (Schedule of Credit Facilities) (Details) |
3 Months Ended | |
|---|---|---|
|
Feb. 28, 2019
USD ($)
extension
|
Feb. 28, 2018
USD ($)
|
|
| Financial Services | Warehouse Repurchase Facility | ||
| Line of Credit Facility [Line Items] | ||
| Maximum Aggregate Commitment | $ 1,600,000,000 | |
| Financial Services | Warehouse Repurchase Facility | 364-day warehouse repurchase facility that matures December 2018 | ||
| Line of Credit Facility [Line Items] | ||
| Maximum Aggregate Commitment | $ 300,000,000 | |
| Facility, term | 364 days | |
| Uncommitted amount | $ 300,000,000 | |
| Financial Services | Warehouse Repurchase Facility | 364-day warehouse repurchase facility that matures June 2019 | ||
| Line of Credit Facility [Line Items] | ||
| Maximum Aggregate Commitment | $ 300,000,000 | |
| Facility, term | 364 days | |
| Uncommitted amount | $ 300,000,000 | |
| Financial Services | Warehouse Repurchase Facility | Warehouse Repurchase Facility Due in June 2019 | ||
| Line of Credit Facility [Line Items] | ||
| Maximum Aggregate Commitment | $ 500,000,000 | |
| Facility, term | 364 days | |
| Financial Services | Warehouse Repurchase Facility | 364-day warehouse repurchase facility that matures September 2018 | ||
| Line of Credit Facility [Line Items] | ||
| Maximum Aggregate Commitment | $ 500,000,000 | |
| Facility, term | 364 days | |
| Uncommitted amount | $ 400,000,000 | |
| Lennar Other | Warehouse Repurchase Facility Due In November 2019 | ||
| Line of Credit Facility [Line Items] | ||
| Facility, term | 364 days | |
| Lennar Other | Warehouse Repurchase Facility Due in December 2019, One | ||
| Line of Credit Facility [Line Items] | ||
| Facility, term | 364 days | |
| Lennar Other | Warehouse Repurchase Facility Due in December 2019, Two | ||
| Line of Credit Facility [Line Items] | ||
| Facility, term | 364 days | |
| Lennar Other | Warehouse Repurchase Facility Due in December 2019, Three | ||
| Line of Credit Facility [Line Items] | ||
| Facility, term | 364 days | |
| Lennar Other | Warehouse Repurchase Facility | Warehouse Repurchase Facility Due in June 2019 | ||
| Line of Credit Facility [Line Items] | ||
| Maximum Aggregate Commitment | $ 200,000,000 | |
| Lennar Other | Warehouse Repurchase Facility | 364-day warehouse repurchase facility that matures September 2018 | ||
| Line of Credit Facility [Line Items] | ||
| Maximum Aggregate Commitment | 200,000,000 | |
| Warehouse Repurchase Facility | Lennar Other | ||
| Line of Credit Facility [Line Items] | ||
| Maximum Aggregate Commitment | 900,000,000 | |
| Warehouse Repurchase Facility | Lennar Other | Warehouse Repurchase Facility Due in December 2019 Four | ||
| Line of Credit Facility [Line Items] | ||
| Long-term Line of Credit | $ 0 | $ 0 |
| Debt Instrument, Extension Term | 1 year | |
| Debt Instrument, Number of Extensions | extension | 2 | |
| Warehouse Repurchase Facility | Lennar Other | Warehouse Repurchase Facility Due In November 2019 | ||
| Line of Credit Facility [Line Items] | ||
| Maximum Aggregate Commitment | $ 200,000,000 | |
| Warehouse Repurchase Facility | Lennar Other | Warehouse Repurchase Facility Due in December 2019 Three | ||
| Line of Credit Facility [Line Items] | ||
| Maximum Aggregate Commitment | 50,000,000 | |
| Rialto Mortgage Finance | Warehouse Repurchase Facility | Lennar Other | ||
| Line of Credit Facility [Line Items] | ||
| Maximum Aggregate Commitment | 850,000,000 | |
| Rialto Mortgage Finance | Warehouse Repurchase Facility | Lennar Other | Warehouse Repurchase Facility Due in December 2019, One | ||
| Line of Credit Facility [Line Items] | ||
| Maximum Aggregate Commitment | $ 250,000,000 |
Financial Services Segment (Narrative) (Details) |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Feb. 28, 2019
USD ($)
transaction
|
Feb. 28, 2018
USD ($)
transaction
|
Nov. 30, 2018
USD ($)
|
||||
| Financial Services | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Notes and other debts payable | $ 1,070,547,000 | $ 1,558,702,000 | ||||
| Outstanding principal balance | 801,100,000 | 1,300,000,000 | ||||
| Investments held-to-maturity | 210,806,000 | 189,472,000 | ||||
| Lennar Other | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Originations of loans receivable | 270,100,000 | $ 238,000,000.0 | ||||
| Proceeds from Sale of Loans Held-for-sale | $ 200,500,000 | $ 347,700,000 | ||||
| Number of Securitization Transactions | transaction | 2 | 3 | ||||
| Principal Amount Outstanding on Loans Held-for-sale or Securitization or Asset-backed Financing Arrangement | $ 0 | |||||
| Debt Instrument, Collateral as a Percentage of Total Originated Loans in Portfolio | 75.00% | |||||
| Investments held-to-maturity | $ 60,204,000 | 59,974,000 | ||||
| Warehouse Repurchase Facility | Financial Services | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Notes and other debts payable | 771,500,000 | 1,300,000,000 | ||||
| Financing Agreement to Purchase Commercial Mortgage Backed Securities | Secured Debt | Lennar Other | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Senior notes and other debts payable | $ 155,900,000 | 123,700,000 | ||||
| Financing Agreement to Purchase Commercial Mortgage Backed Securities | Secured Debt | Minimum | Lennar Other | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Interest rate | 3.20% | |||||
| Financing Agreement to Purchase Commercial Mortgage Backed Securities | Secured Debt | Maximum | Lennar Other | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Interest rate | 4.10% | |||||
| Warehouse Repurchase Facility | Lennar Other | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Borrowings under loan originations and securitizations activities | $ 122,600,000 | 178,800,000 | ||||
| CMBS | Financial Services | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Investments held-to-maturity | 167,400,000 | 137,000,000.0 | ||||
| CMBS | Lennar Other | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Senior notes and other debts payable | 13,100,000 | 12,600,000 | ||||
| Investments held-to-maturity | $ 60,200,000 | $ 60,000,000.0 | [1] | |||
| CMBS | Minimum | Financial Services | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Discount rate as a percentage of face value for held-to-maturity securities | 6.00% | |||||
| Coupon rate for held-to-maturity securities | 1.30% | |||||
| CMBS | Minimum | Lennar Other | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Interest rate | 4.60% | |||||
| Discount rate as a percentage of face value for held-to-maturity securities | 6.50% | |||||
| Coupon rate for held-to-maturity securities | 1.30% | |||||
| CMBS | Maximum | Financial Services | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Discount rate as a percentage of face value for held-to-maturity securities | 84.00% | |||||
| Coupon rate for held-to-maturity securities | 5.30% | |||||
| CMBS | Maximum | Lennar Other | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Interest rate | 5.00% | |||||
| Discount rate as a percentage of face value for held-to-maturity securities | 86.10% | |||||
| Coupon rate for held-to-maturity securities | 4.00% | |||||
| ||||||
Financial Services Segment (Schedule Of Loan Origination Liabilities) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|
| Loss Contingency Accrual [Roll Forward] | ||
| Origination liabilities assumed related to CalAtlantic acquisition | $ 0 | $ 3,959 |
| Financial Services | Loss origination liability | ||
| Loss Contingency Accrual [Roll Forward] | ||
| Loan origination liabilities, beginning of period | 48,584 | 22,543 |
| Provision for losses | 673 | 647 |
| Payments/settlements | (42,560) | (39) |
| Loan origination liabilities, end of period | $ 6,697 | $ 27,110 |
Multifamily Segment (Assets and Liabilities related to Multifamily Segment) (Details) - USD ($) $ in Thousands |
Feb. 28, 2019 |
Nov. 30, 2018 |
Feb. 28, 2018 |
|||||
|---|---|---|---|---|---|---|---|---|
| Assets: | ||||||||
| Total assets | [1] | $ 28,749,926 | $ 28,566,181 | |||||
| Liabilities: | ||||||||
| Total liabilities | [2] | 13,856,231 | 13,883,224 | |||||
| Multifamily | ||||||||
| Assets: | ||||||||
| Cash and cash equivalents | 13,594 | 7,832 | $ 16,249 | |||||
| Receivables, net | 74,508 | 73,829 | ||||||
| Land under development | 332,642 | 277,894 | ||||||
| Investments in unconsolidated entities | 485,140 | 481,129 | ||||||
| Other assets | 97,988 | 33,535 | ||||||
| Total assets | [1] | 1,003,872 | 874,219 | |||||
| Liabilities: | ||||||||
| Accounts payable and other liabilities | 170,349 | 170,616 | ||||||
| Notes payable | 39,616 | 0 | ||||||
| Total liabilities | [2] | $ 209,965 | $ 170,616 | |||||
| ||||||||
Multifamily (Narrative) (Details) apartment in Thousands, $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
|
Feb. 28, 2019
USD ($)
apartment
asset
|
Feb. 28, 2018
USD ($)
|
Nov. 30, 2018
USD ($)
|
|
| Segment Reporting Information [Line Items] | |||
| Distributions of capital from unconsolidated entities | $ 70,080 | $ 20,927 | |
| Multifamily | |||
| Segment Reporting Information [Line Items] | |||
| Non-recourse debt with completion guarantees | 926,300 | $ 1,000,000 | |
| Investments in unconsolidated entities | 485,140 | 481,129 | |
| Multifamily | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments | |||
| Segment Reporting Information [Line Items] | |||
| Obligations related to VIEs | 218,200 | 237,000 | |
| Multifamily | Lennar Multifamily Venture | |||
| Segment Reporting Information [Line Items] | |||
| Total equity commitments | 2,200,000 | ||
| Equity commitments | 504,000 | ||
| Equity commitments called during period | 64,800 | ||
| Equity commitment contributions during period | 16,200 | ||
| Distributions of capital from unconsolidated entities | 4,900 | ||
| Equity Commitments Called | 1,800,000 | ||
| Funds contributed by the company | 457,000 | ||
| Investments in unconsolidated entities | 390,700 | 383,400 | |
| Multifamily | Lennar Multifamily Venture | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments | |||
| Segment Reporting Information [Line Items] | |||
| Obligations related to VIEs | 47,000 | ||
| Multifamily | Lennar Multifamily Venture II LP | |||
| Segment Reporting Information [Line Items] | |||
| Total equity commitments | 787,000 | ||
| Equity Method Investment, Equity Commitments Called | 83,800 | ||
| Equity commitments | 255,000 | ||
| Equity commitments called during period | 26,800 | ||
| Equity commitment contributions during period | 8,700 | ||
| Remaining equity commitment | 171,200 | ||
| Distributions of capital from unconsolidated entities | 6,300 | ||
| Equity Commitments Called | 262,200 | ||
| Investments in unconsolidated entities | $ 65,200 | 63,000 | |
| Number of assets transferred | asset | 8 | ||
| Number of apartments | apartment | 3 | ||
| Projected project costs | $ 1,300,000 | ||
| Multifamily | Financial Letters of Credit | |||
| Segment Reporting Information [Line Items] | |||
| Letters of credit outstanding | 1,900 | $ 4,600 | |
| Management Fee | Multifamily | Unconsolidated Entities | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 13,100 | 11,500 | |
| General Contractor Services | Multifamily | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 82,400 | 81,700 | |
| Cost of revenue | $ 79,400 | $ 78,600 | |
Multifamily Segment (Condensed Financial Information by Equity Method Investments) (Details) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
|
Feb. 28, 2019
USD ($)
property
|
Feb. 28, 2018
USD ($)
property
|
Nov. 30, 2018
USD ($)
|
|
| Liabilities and equity: | |||
| Equity in earnings (loss) from unconsolidated entities | $ (5,710) | $ (2,431) | |
| Multifamily | |||
| Assets: | |||
| Cash and cash equivalents | 37,533 | $ 61,571 | |
| Operating properties and equipment | 3,798,753 | 3,708,613 | |
| Other assets | 43,746 | 40,899 | |
| Total assets | 3,880,032 | 3,811,083 | |
| Liabilities and equity: | |||
| Accounts payable and other liabilities | 186,555 | 199,119 | |
| Notes payable | 1,449,294 | 1,381,656 | |
| Equity | 2,244,183 | 2,230,308 | |
| Total liabilities and equity | 3,880,032 | 3,811,083 | |
| Investment | 485,140 | 481,129 | |
| Debt issuance cost | 18,200 | $ 15,700 | |
| Revenues | 35,371 | 23,952 | |
| Costs and expenses | 56,128 | 31,795 | |
| Other income (expense), net | 21,400 | 7,307 | |
| Net loss of unconsolidated entities | 643 | (536) | |
| Equity in earnings (loss) from unconsolidated entities | $ 10,581 | $ 2,742 | |
| Number of operating properties sold | property | 1 | 1 | |
| Gain on disposition of assets | $ 15,500 | $ 4,100 | |
| Deferred development fees | $ 11,900 | ||
Lennar Other Segment (Assets And Liabilities By Segment) (Details) - USD ($) $ in Thousands |
Feb. 28, 2019 |
Nov. 30, 2018 |
Feb. 28, 2018 |
|||||
|---|---|---|---|---|---|---|---|---|
| Assets: | ||||||||
| Total assets | [1] | $ 28,749,926 | $ 28,566,181 | |||||
| Liabilities: | ||||||||
| Total liabilities | [2] | 13,856,231 | 13,883,224 | |||||
| Lennar Other | ||||||||
| Assets: | ||||||||
| Cash and cash equivalents | 15,843 | 24,334 | $ 84,202 | |||||
| Restricted cash | 975 | 7,175 | $ 18,492 | |||||
| Real estate owned, net | 23,874 | 25,632 | ||||||
| Investments in unconsolidated entities | 428,385 | 424,104 | ||||||
| Investments held-to-maturity | 60,204 | 59,974 | ||||||
| Other | 45,582 | 47,740 | ||||||
| Total assets | [1] | 574,863 | 588,959 | |||||
| Liabilities: | ||||||||
| Notes and other debts payable | 15,046 | 14,488 | ||||||
| Other | 18,182 | 53,020 | ||||||
| Total liabilities | [2] | $ 33,228 | $ 67,508 | |||||
| ||||||||
Lennar Other Segment (Narrative) (Details) - Lennar Other - USD ($) |
3 Months Ended | ||||
|---|---|---|---|---|---|
Feb. 28, 2019 |
Nov. 30, 2018 |
||||
| Segment Reporting Information [Line Items] | |||||
| Investments held-to-maturity | $ 60,204,000 | $ 59,974,000 | |||
| CMBS | |||||
| Segment Reporting Information [Line Items] | |||||
| Investments held-to-maturity | 60,200,000 | 60,000,000.0 | [1] | ||
| Impairment charges for CMBS securities | 0 | ||||
| Outstanding debt | $ 13,100,000 | $ 12,600,000 | |||
| CMBS | Minimum | |||||
| Segment Reporting Information [Line Items] | |||||
| Discount rate as a percentage of face value for held-to-maturity securities | 6.50% | ||||
| Coupon rate for held-to-maturity securities | 1.30% | ||||
| Interest rate | 4.60% | ||||
| CMBS | Maximum | |||||
| Segment Reporting Information [Line Items] | |||||
| Discount rate as a percentage of face value for held-to-maturity securities | 86.10% | ||||
| Coupon rate for held-to-maturity securities | 4.00% | ||||
| Interest rate | 5.00% | ||||
| |||||
Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Feb. 28, 2019 |
Nov. 30, 2018 |
Feb. 28, 2018 |
Nov. 30, 2017 |
|||||
| Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
| Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ 1,062,589 | $ 1,595,978 | $ 1,084,214 | $ 2,694,084 | ||||
| Cash held in escrow | $ 651,200 | 926,100 | ||||||
| Escrow deposit period | 3 days | |||||||
| Homebuilding | ||||||||
| Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
| Cash and cash equivalents | $ 852,551 | [1] | 1,337,807 | [1] | 733,905 | |||
| Restricted cash | 12,875 | [1] | 12,399 | [1] | 22,842 | |||
| Financial Services | ||||||||
| Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
| Cash and cash equivalents | 155,914 | 188,485 | 195,229 | |||||
| Restricted cash | 10,837 | 17,944 | 13,295 | |||||
| Multifamily | ||||||||
| Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
| Cash and cash equivalents | 13,594 | 7,832 | 16,249 | |||||
| Lennar Other | ||||||||
| Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
| Cash and cash equivalents | 15,843 | 24,334 | 84,202 | |||||
| Restricted cash | $ 975 | $ 7,175 | $ 18,492 | |||||
| ||||||||
Homebuilding Senior Notes and Other Debts Payable (Schedule of Senior Notes and Other Debts Payable) (Details) - USD ($) $ in Thousands |
Feb. 28, 2019 |
Nov. 30, 2018 |
||
|---|---|---|---|---|
| Senior Notes | 4.500% senior notes due 2019 | ||||
| Debt Instrument [Line Items] | ||||
| Interest rate | 4.50% | |||
| Senior Notes | 4.50% senior notes due 2019 | ||||
| Debt Instrument [Line Items] | ||||
| Interest rate | 4.50% | |||
| Senior Notes | 4.750% senior notes due 2021 | ||||
| Debt Instrument [Line Items] | ||||
| Interest rate | 4.75% | |||
| Senior Notes | 4.750% senior notes due 2022 | ||||
| Debt Instrument [Line Items] | ||||
| Interest rate | 4.75% | |||
| Senior Notes | 4.875% senior notes due December 2023 | ||||
| Debt Instrument [Line Items] | ||||
| Interest rate | 4.875% | |||
| Senior Notes | 4.750% senior notes due 2025 | ||||
| Debt Instrument [Line Items] | ||||
| Interest rate | 4.75% | |||
| Homebuilding | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | [1] | $ 9,256,423 | $ 8,543,868 | |
| Homebuilding | 4.125% senior notes due 2022 | ||||
| Debt Instrument [Line Items] | ||||
| Interest rate | 4.125% | |||
| Homebuilding | 4.500% senior notes due 2024 | ||||
| Debt Instrument [Line Items] | ||||
| Interest rate | 4.50% | |||
| Homebuilding | Senior Notes | 4.125% senior notes due December 2018 | ||||
| Debt Instrument [Line Items] | ||||
| Interest rate | 4.125% | |||
| Homebuilding | Senior Notes | 0.25% convertible senior notes due 2019 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 1,289 | 1,291 | ||
| Interest rate | 0.25% | |||
| Homebuilding | Senior Notes | 4.500% senior notes due 2019 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 499,760 | 499,585 | ||
| Interest rate | 4.50% | |||
| Homebuilding | Senior Notes | 4.50% senior notes due 2019 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 599,422 | 599,176 | ||
| Interest rate | 4.50% | |||
| Homebuilding | Senior Notes | 6.625% senior notes due 2020 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 309,718 | 311,735 | ||
| Interest rate | 6.625% | |||
| Homebuilding | Senior Notes | 2.95% senior notes due 2020 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 298,984 | 298,838 | ||
| Interest rate | 2.95% | |||
| Homebuilding | Senior Notes | 8.375% senior notes due 2021 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 431,638 | 435,897 | ||
| Interest rate | 8.375% | |||
| Homebuilding | Senior Notes | 4.750% senior notes due 2021 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 498,306 | 498,111 | ||
| Interest rate | 4.75% | |||
| Homebuilding | Senior Notes | 6.25% senior notes due December 2021 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 314,026 | 315,283 | ||
| Interest rate | 6.25% | |||
| Homebuilding | Senior Notes | 4.125% senior notes due 2022 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 597,142 | 596,894 | ||
| Interest rate | 4.125% | |||
| Homebuilding | Senior Notes | 5.375% senior notes due 2022 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 260,341 | 261,055 | ||
| Interest rate | 5.375% | |||
| Homebuilding | Senior Notes | 4.750% senior notes due 2022 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 570,725 | 570,564 | ||
| Interest rate | 4.75% | |||
| Homebuilding | Senior Notes | 4.875% senior notes due December 2023 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 396,059 | 395,759 | ||
| Interest rate | 4.875% | |||
| Homebuilding | Senior Notes | 4.500% senior notes due 2024 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 646,259 | 646,078 | ||
| Interest rate | 4.50% | |||
| Homebuilding | Senior Notes | 5.875% senior notes due 2024 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 451,664 | 452,833 | ||
| Interest rate | 5.875% | |||
| Homebuilding | Senior Notes | 4.750% senior notes due 2025 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 497,225 | 497,114 | ||
| Interest rate | 4.75% | |||
| Homebuilding | Senior Notes | 5.25% senior notes due 2026 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 408,830 | 409,133 | ||
| Interest rate | 5.25% | |||
| Homebuilding | Senior Notes | 5.00% senior notes due 2027 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 353,179 | 353,275 | ||
| Interest rate | 5.00% | |||
| Homebuilding | Senior Notes | 4.75% senior notes due 2027 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 892,485 | 892,297 | ||
| Interest rate | 4.75% | |||
| Homebuilding | Senior Notes | 6.95% senior notes due 2018 | ||||
| Debt Instrument [Line Items] | ||||
| Interest rate | 6.95% | |||
| Homebuilding | Mortgage notes on land and other debt | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 504,371 | 508,950 | ||
| Homebuilding | Unsecured revolving credit facility | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | 725,000 | $ 0 | ||
| CalAtlantic Group, Inc. | Senior Notes | 6.625% senior notes due 2020 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | 267,700 | |||
| CalAtlantic Group, Inc. | Senior Notes | 8.375% senior notes due 2021 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | 397,600 | |||
| CalAtlantic Group, Inc. | Senior Notes | 6.25% senior notes due December 2021 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | 292,000 | |||
| CalAtlantic Group, Inc. | Senior Notes | 5.375% senior notes due 2022 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | 240,800 | |||
| CalAtlantic Group, Inc. | Senior Notes | 5.875% senior notes due 2024 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | 421,400 | |||
| CalAtlantic Group, Inc. | Senior Notes | 5.25% senior notes due 2026 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | 395,500 | |||
| CalAtlantic Group, Inc. | Senior Notes | 5.00% senior notes due 2027 | ||||
| Debt Instrument [Line Items] | ||||
| Senior notes and other debts payable | $ 347,300 | |||
| ||||
Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details) - Homebuilding - USD ($) |
3 Months Ended | |
|---|---|---|
Feb. 28, 2019 |
Nov. 30, 2018 |
|
| Debt Instrument [Line Items] | ||
| Guarantee by subsidiaries | $ 75,000,000 | |
| Surety Bond | ||
| Debt Instrument [Line Items] | ||
| Outstanding performance and surety bonds | 2,900,000,000 | |
| Uncompleted site improvements amount | $ 1,400,000,000 | |
| Uncompleted site improvements percent | 50.00% | |
| Unsecured revolving credit facility | ||
| Debt Instrument [Line Items] | ||
| Maximum borrowing capacity | $ 2,600,000,000 | |
| Accordion feature | 315,000,000 | |
| Unsecured revolving credit facility | Credit Facility Due in June 2020 | ||
| Debt Instrument [Line Items] | ||
| Maximum borrowing capacity | 50,000,000 | |
| Unsecured revolving credit facility | Credit Facility Due in June 2022 | ||
| Debt Instrument [Line Items] | ||
| Maximum borrowing capacity | 2,200,000,000 | |
| Letter of Credit | ||
| Debt Instrument [Line Items] | ||
| Maximum borrowing capacity | 335,000,000 | |
| Performance Letters of Credit | ||
| Debt Instrument [Line Items] | ||
| Maximum borrowing capacity | 500,000,000 | |
| Letters of credit outstanding | 606,000,000.0 | $ 598,400,000 |
| Financial Letters of Credit | ||
| Debt Instrument [Line Items] | ||
| Letters of credit outstanding | 153,700,000 | 165,400,000 |
| Senior Notes | ||
| Debt Instrument [Line Items] | ||
| Debt issuance cost | $ 29,000,000.0 | $ 31,200,000 |
Product Warranty (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|
| Movement in Standard Product Warranty Accrual [Roll Forward] | ||
| Warranty reserve, beginning of the period | $ 319,109 | $ 164,619 |
| Warranties issued | 33,971 | 24,689 |
| Adjustments to pre-existing warranties from changes in estimates | (9,527) | 2,868 |
| Warranties assumed related to acquisitions | 0 | 108,404 |
| Payments | (47,931) | (30,524) |
| Warranty reserve, end of period | $ 295,622 | $ 270,056 |
Share-Based Payments (Compensation Expense, Share-Based Payment Awards) (Details) - Nonvested shares - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Nonvested shares granted (in shares) | 400,000 | |
| Compensation expense for share-based awards | $ 16.9 | $ 17.8 |
Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands |
Feb. 28, 2019 |
Nov. 30, 2018 |
|---|---|---|
| Financial Services | Level 3 | Carrying Amount | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Loans receivable and loans held-for-investment | $ 81,004 | $ 70,216 |
| Investments held-to-maturity | 167,351 | 136,982 |
| Financial Services | Level 3 | Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Loans receivable and loans held-for-investment | 73,245 | 63,794 |
| Investments held-to-maturity | 187,398 | 149,767 |
| Financial Services | Level 2 | Carrying Amount | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Investments held-to-maturity | 43,455 | 52,490 |
| Notes and other debts payable | 1,070,547 | 1,558,702 |
| Financial Services | Level 2 | Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Investments held-to-maturity | 43,275 | 52,220 |
| Notes and other debts payable | 1,071,982 | 1,559,718 |
| Homebuilding | Level 2 | Carrying Amount | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Notes and other debts payable | 9,256,423 | 8,543,868 |
| Homebuilding | Level 2 | Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Notes and other debts payable | 9,308,161 | 8,336,166 |
| Multifamily | Level 2 | Carrying Amount | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Notes payable | 39,616 | 0 |
| Multifamily | Level 2 | Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Notes payable | 39,616 | 0 |
| Lennar Other | Level 3 | Carrying Amount | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Investments held-to-maturity | 60,204 | 59,974 |
| Lennar Other | Level 3 | Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Investments held-to-maturity | 63,669 | 72,986 |
| Lennar Other | Level 2 | Carrying Amount | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Notes and other debts payable | 15,046 | 14,488 |
| Lennar Other | Level 2 | Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Notes and other debts payable | $ 15,046 | $ 14,488 |
Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands |
Feb. 28, 2019 |
Nov. 30, 2018 |
|---|---|---|
| Lennar Other | Fair Value, Measurements, Recurring | RMF loans held-for-sale | ||
| Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
| Aggregate principal balance | $ 130,500 | $ 61,000 |
| Aggregate fair value of loans (below) in excess of principal balance | 500 | 700 |
| Lennar Other | Fair Value, Measurements, Recurring | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
| Loans held for sale | 131,042 | 61,691 |
| Financial Services | ||
| Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
| Investments available-for-sale | 5,188 | 4,161 |
| Financial Services | Mortgage loan commitments | ||
| Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
| Financial asset | 16,100 | 16,400 |
| Financial Services | Fair Value, Measurements, Recurring | RMF loans held-for-sale | ||
| Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
| Aggregate principal balance | 898,700 | 1,100,000 |
| Aggregate fair value of loans (below) in excess of principal balance | 27,200 | 37,300 |
| Financial Services | Fair Value, Measurements, Recurring | Level 1 | ||
| Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
| Investments available-for-sale | 5,188 | 4,161 |
| Financial Services | Fair Value, Measurements, Recurring | Level 2 | ||
| Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
| Loans held for sale | 925,942 | 1,152,198 |
| Financial Services | Fair Value, Measurements, Recurring | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
| Mortgage servicing rights | 35,448 | 37,206 |
| Financial Services | Fair Value, Measurements, Recurring | Mortgage loan commitments | Level 2 | ||
| Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
| Financial asset | 16,114 | 16,373 |
| Financial Services | Fair Value, Measurements, Recurring | Forward contracts | Level 2 | ||
| Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
| Forward contracts | $ (1,507) | $ (10,360) |
Financial Instruments and Fair Value Disclosures - (Narrative) (Details) $ in Millions |
3 Months Ended | |
|---|---|---|
|
Feb. 28, 2019
USD ($)
community
homes
|
Feb. 28, 2018
USD ($)
community
communities
homes
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
| Active communities | 1,287 | 1,340 |
| Number of communities assessed for impairment | community | 54 | 20 |
| Number of homesites assessed for impairment | homes | 3,513 | 1,184 |
| Inventory with potential indicators of impairment | $ 463.5 | $ 267.6 |
| Valuation adjustments to inventory | $ 6.9 | |
| Number of homes impaired | homes | 114 | |
| Number of communities impaired | community | 1 | |
| Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
| Carrying value of homesites impaired | $ 17.5 | |
| Commitments to Sell MBS | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
| Open commitments | $ 1,300.0 | |
| Mortgage Prepayment Rate | Level 3 | Mortgage servicing rights | Financial Services | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
| Unobservable inputs for valuation of mortgage servicing rights | 0.130 | |
| Discount Rate | Level 3 | Mortgage servicing rights | Financial Services | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
| Unobservable inputs for valuation of mortgage servicing rights | 0.124 | |
| Delinquency Rate | Level 3 | Mortgage servicing rights | Financial Services | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
| Unobservable inputs for valuation of mortgage servicing rights | 0.085 | |
Financial Instruments and Fair Value Disclosures - (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|
| Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||
| Changes in fair value included in other comprehensive income (loss), net of tax | $ 208 | $ (658) |
| Fair Value, Measurements, Recurring | ||
| Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||
| Changes in fair value included in other comprehensive income (loss), net of tax | 208 | (658) |
| Fair Value, Measurements, Recurring | Financial Services | RMF loans held-for-sale | ||
| Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||
| Changes in fair value included in revenue | (10,120) | (16,297) |
| Fair Value, Measurements, Recurring | Financial Services | Mortgage loan commitments | ||
| Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||
| Changes in fair value included in revenue | (259) | 1,781 |
| Fair Value, Measurements, Recurring | Financial Services | Forward contracts | ||
| Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||
| Changes in fair value included in revenue | $ 8,853 | $ 3,163 |
Financial Instruments and Fair Value Disclosures - (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|
| Mortgage servicing rights | Financial Services | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Beginning balance | $ 37,206 | $ 31,163 |
| Purchases/loan originations | 1,586 | 2,288 |
| Sales/loan originations sold, including those not settled | 0 | 0 |
| Disposals/settlements | (908) | (1,213) |
| Changes in fair value | (2,436) | 4,534 |
| Interest and principal paydowns | 0 | 0 |
| Ending balance | 35,448 | 36,772 |
| RMF loans held-for-sale | Lennar Other | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Beginning balance | 61,691 | 234,403 |
| Purchases/loan originations | 270,123 | 237,965 |
| Sales/loan originations sold, including those not settled | (200,588) | (347,712) |
| Disposals/settlements | 0 | 0 |
| Changes in fair value | 302 | 753 |
| Interest and principal paydowns | (486) | (2,011) |
| Ending balance | $ 131,042 | $ 123,398 |
Financial Instruments and Fair Value Disclosures - (Fair Value Assets Measured On Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - Homebuilding - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|
| Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
| Land and land under development, carrying value | $ 6,954 | $ 52,929 |
| Land and land under development, fair value | 3,001 | 43,565 |
| Land and land under development, total gains (losses) | $ (3,953) | $ (9,364) |
Financial Instruments and Fair Value Disclosures - (Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities) (Details) $ / homes in Thousands |
Feb. 28, 2018
$ / homes
|
|---|---|
| Average selling price | |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
| Unobservable inputs | 572,000 |
| Absorption rate per quarter (homes) | |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
| Unobservable inputs | 6 |
| Discount rate | |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
| Unobservable inputs | 0.20 |
Variable Interest Entities (Narrative) (Details) $ in Millions |
3 Months Ended | |
|---|---|---|
|
Feb. 28, 2019
USD ($)
joint_venture
entity
|
Nov. 30, 2018
USD ($)
joint_venture
|
|
| Variable Interest Entity [Line Items] | ||
| Number of entities consolidated | entity | 3 | |
| VIE assets consolidated | $ 260.2 | |
| VIE liabilities consolidated | 228.6 | |
| Consolidated VIEs assets | 1,000.0 | $ 666.2 |
| Consolidated VIEs liabilities | $ 528.4 | $ 242.5 |
| Number of unconsolidated entities debt repayment guarantee | joint_venture | 3 | 4 |
| Variable Interest Entity, Not Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Decrease in consolidated inventory | $ 93.0 | |
| Variable Interest Entity, Not Primary Beneficiary Including Third Parties | ||
| Variable Interest Entity [Line Items] | ||
| Non-refundable option deposits and pre-acquisition costs | 226.4 | $ 209.5 |
| Financial Standby Letters of Credit | Variable Interest Entity, Not Primary Beneficiary Including Third Parties | ||
| Variable Interest Entity [Line Items] | ||
| Letters of credit outstanding | 69.2 | 72.4 |
| Multifamily | Equity Commitments | Variable Interest Entity, Not Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Obligations to make capital contributions to VIEs | (218.2) | (237.0) |
| Multifamily | Financial Standby Letters of Credit | Variable Interest Entity, Not Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Obligations to make capital contributions to VIEs | (1.9) | (4.6) |
| Homebuilding | Variable Interest Entity, Not Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Obligations to make capital contributions to VIEs | $ (50.2) | $ (54.8) |
| Number of unconsolidated entities debt repayment guarantee | joint_venture | 1 |
Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - USD ($) $ in Thousands |
Feb. 28, 2019 |
Nov. 30, 2018 |
|---|---|---|
| Variable Interest Entity, Not Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Investments in Unconsolidated VIEs | $ 809,319 | $ 787,499 |
| Lennar’s Maximum Exposure to Loss | 1,093,380 | 1,096,600 |
| Homebuilding | Variable Interest Entity, Not Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Investments in Unconsolidated VIEs | 106,450 | 123,064 |
| Lennar’s Maximum Exposure to Loss | 164,739 | 184,945 |
| Obligations related to VIEs | 50,200 | 54,800 |
| Multifamily | Variable Interest Entity, Not Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Investments in Unconsolidated VIEs | 471,357 | 463,534 |
| Lennar’s Maximum Exposure to Loss | 697,129 | 710,754 |
| Multifamily | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments | ||
| Variable Interest Entity [Line Items] | ||
| Obligations related to VIEs | 218,200 | 237,000 |
| Multifamily | Variable Interest Entity, Not Primary Beneficiary | Financial Standby Letters of Credit | ||
| Variable Interest Entity [Line Items] | ||
| Obligations related to VIEs | 1,900 | 4,600 |
| Financial Services | ||
| Variable Interest Entity [Line Items] | ||
| Investments held-to-maturity | 210,806 | 189,472 |
| Financial Services | Variable Interest Entity, Not Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Investments in Unconsolidated VIEs | 167,363 | 136,982 |
| Lennar’s Maximum Exposure to Loss | 167,363 | 136,982 |
| Investments held-to-maturity | 167,400 | 137,000 |
| Lennar Other | ||
| Variable Interest Entity [Line Items] | ||
| Investments held-to-maturity | 60,204 | 59,974 |
| Lennar Other | Variable Interest Entity, Not Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Investments in Unconsolidated VIEs | 64,149 | 63,919 |
| Lennar’s Maximum Exposure to Loss | 64,149 | 63,919 |
| Investments held-to-maturity | $ 60,200 | $ 60,000 |
Supplemental Financial Information (Narrative) (Details) |
3 Months Ended |
|---|---|
|
Feb. 28, 2019
USD ($)
| |
| Senior Notes | 4.500% senior notes due 2019 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.50% |
| Senior Notes | 4.50% senior notes due 2019 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.50% |
| Senior Notes | 4.750% senior notes due 2021 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.75% |
| Senior Notes | 4.750% senior notes due 2022 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.75% |
| Senior Notes | 4.875% senior notes due December 2023 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.875% |
| Senior Notes | 4.750% senior notes due 2025 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.75% |
| Homebuilding | |
| Debt Instrument [Line Items] | |
| Guarantee by subsidiaries | $ 75,000,000 |
| Homebuilding | 4.125% senior notes due 2022 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.125% |
| Homebuilding | 4.500% senior notes due 2024 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.50% |
| Homebuilding | Senior Notes | 6.95% senior notes due 2018 | |
| Debt Instrument [Line Items] | |
| Interest rate | 6.95% |
| Homebuilding | Senior Notes | 4.125% senior notes due December 2018 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.125% |
| Homebuilding | Senior Notes | 0.25% convertible senior notes due 2019 | |
| Debt Instrument [Line Items] | |
| Interest rate | 0.25% |
| Homebuilding | Senior Notes | 4.500% senior notes due 2019 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.50% |
| Homebuilding | Senior Notes | 4.50% senior notes due 2019 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.50% |
| Homebuilding | Senior Notes | 4.750% senior notes due 2021 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.75% |
| Homebuilding | Senior Notes | 6.25% senior notes due December 2021 | |
| Debt Instrument [Line Items] | |
| Interest rate | 6.25% |
| Homebuilding | Senior Notes | 4.125% senior notes due 2022 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.125% |
| Homebuilding | Senior Notes | 5.375% senior notes due 2022 | |
| Debt Instrument [Line Items] | |
| Interest rate | 5.375% |
| Homebuilding | Senior Notes | 4.750% senior notes due 2022 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.75% |
| Homebuilding | Senior Notes | 4.875% senior notes due December 2023 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.875% |
| Homebuilding | Senior Notes | 4.500% senior notes due 2024 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.50% |
| Homebuilding | Senior Notes | 5.875% senior notes due 2024 | |
| Debt Instrument [Line Items] | |
| Interest rate | 5.875% |
| Homebuilding | Senior Notes | 4.750% senior notes due 2025 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.75% |
| Homebuilding | Senior Notes | 6.625% senior notes due 2020 | |
| Debt Instrument [Line Items] | |
| Interest rate | 6.625% |
| Homebuilding | Senior Notes | 2.95% senior notes due 2020 | |
| Debt Instrument [Line Items] | |
| Interest rate | 2.95% |
| Homebuilding | Senior Notes | 8.375% senior notes due 2021 | |
| Debt Instrument [Line Items] | |
| Interest rate | 8.375% |
| Homebuilding | Senior Notes | 5.25% senior notes due 2026 | |
| Debt Instrument [Line Items] | |
| Interest rate | 5.25% |
| Homebuilding | Senior Notes | 5.00% senior notes due 2027 | |
| Debt Instrument [Line Items] | |
| Interest rate | 5.00% |
| Homebuilding | Senior Notes | 4.75% senior notes due 2027 | |
| Debt Instrument [Line Items] | |
| Interest rate | 4.75% |
Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands |
Feb. 28, 2019 |
Nov. 30, 2018 |
Feb. 28, 2018 |
Nov. 30, 2017 |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets: | |||||||||||
| Total assets | [1] | $ 28,749,926 | $ 28,566,181 | ||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | [2] | 13,856,231 | 13,883,224 | ||||||||
| Stockholders’ equity | [2] | 14,786,814 | 14,581,535 | ||||||||
| Noncontrolling interests | [2] | 106,881 | 101,422 | ||||||||
| Total equity | 14,893,695 | [2] | 14,682,957 | [2] | $ 13,174,084 | $ 7,986,132 | |||||
| Total liabilities and equity | [2] | 28,749,926 | 28,566,181 | ||||||||
| Homebuilding | |||||||||||
| Assets: | |||||||||||
| Cash and cash equivalents, restricted cash and receivables, net | 1,088,005 | 1,587,047 | |||||||||
| Inventories | 18,208,798 | 17,068,704 | |||||||||
| Investments in unconsolidated entities | [1] | 924,056 | 870,201 | ||||||||
| Goodwill | [1] | 3,442,359 | 3,442,359 | ||||||||
| Other assets | [1] | 1,264,362 | 1,355,782 | ||||||||
| Investments in subsidiaries | 0 | 0 | |||||||||
| Intercompany | 0 | 0 | |||||||||
| Total assets | [1] | 24,927,580 | 24,324,093 | ||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Accounts payable and other liabilities | 2,789,266 | 3,057,440 | |||||||||
| Liabilities related to consolidated inventory not owned | [2] | 267,344 | 175,590 | ||||||||
| Senior notes and other debts payable | [2] | 9,256,423 | 8,543,868 | ||||||||
| Intercompany | 0 | 0 | |||||||||
| Total liabilities | [2] | 12,313,033 | 11,776,898 | ||||||||
| Financial Services | |||||||||||
| Assets: | |||||||||||
| Goodwill | 215,516 | 237,688 | |||||||||
| Other assets | 153,146 | 125,886 | |||||||||
| Total assets | [1] | 2,243,611 | 2,778,910 | ||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | [2] | 1,300,005 | 1,868,202 | ||||||||
| Multifamily | |||||||||||
| Assets: | |||||||||||
| Investments in unconsolidated entities | 485,140 | 481,129 | |||||||||
| Other assets | 97,988 | 33,535 | |||||||||
| Total assets | [1] | 1,003,872 | 874,219 | ||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Accounts payable and other liabilities | 170,349 | 170,616 | |||||||||
| Total liabilities | [2] | 209,965 | 170,616 | ||||||||
| Lennar Other | |||||||||||
| Assets: | |||||||||||
| Investments in unconsolidated entities | 428,385 | 424,104 | |||||||||
| Other assets | 45,582 | 47,740 | |||||||||
| Total assets | [1] | 574,863 | 588,959 | ||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | [2] | 33,228 | 67,508 | ||||||||
| Reportable Legal Entities | Lennar Corporation | |||||||||||
| Assets: | |||||||||||
| Total assets | 24,132,406 | 23,354,154 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 9,345,592 | 8,772,619 | |||||||||
| Stockholders’ equity | 14,786,814 | 14,581,535 | |||||||||
| Noncontrolling interests | 0 | 0 | |||||||||
| Total equity | 14,786,814 | 14,581,535 | |||||||||
| Total liabilities and equity | 24,132,406 | 23,354,154 | |||||||||
| Reportable Legal Entities | Lennar Corporation | Homebuilding | |||||||||||
| Assets: | |||||||||||
| Cash and cash equivalents, restricted cash and receivables, net | 360,398 | 637,083 | |||||||||
| Inventories | 0 | 0 | |||||||||
| Investments in unconsolidated entities | 0 | 0 | |||||||||
| Goodwill | 0 | 0 | |||||||||
| Other assets | 394,132 | 339,307 | |||||||||
| Investments in subsidiaries | 10,562,273 | 10,562,273 | |||||||||
| Intercompany | 12,815,603 | 11,815,491 | |||||||||
| Total assets | 24,132,406 | 23,354,154 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Accounts payable and other liabilities | 659,754 | 804,232 | |||||||||
| Liabilities related to consolidated inventory not owned | 0 | 0 | |||||||||
| Senior notes and other debts payable | 8,685,838 | 7,968,387 | |||||||||
| Intercompany | 0 | 0 | |||||||||
| Total liabilities | 9,345,592 | 8,772,619 | |||||||||
| Reportable Legal Entities | Lennar Corporation | Financial Services | |||||||||||
| Assets: | |||||||||||
| Total assets | 0 | 0 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 0 | 0 | |||||||||
| Reportable Legal Entities | Lennar Corporation | Multifamily | |||||||||||
| Assets: | |||||||||||
| Total assets | 0 | 0 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 0 | 0 | |||||||||
| Reportable Legal Entities | Lennar Corporation | Lennar Other | |||||||||||
| Assets: | |||||||||||
| Total assets | 0 | 0 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 0 | 0 | |||||||||
| Reportable Legal Entities | Guarantor Subsidiaries | |||||||||||
| Assets: | |||||||||||
| Total assets | 23,992,550 | 23,191,884 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 13,525,610 | 12,831,383 | |||||||||
| Stockholders’ equity | 10,466,940 | 10,360,501 | |||||||||
| Noncontrolling interests | 0 | 0 | |||||||||
| Total equity | 10,466,940 | 10,360,501 | |||||||||
| Total liabilities and equity | 23,992,550 | 23,191,884 | |||||||||
| Reportable Legal Entities | Guarantor Subsidiaries | Homebuilding | |||||||||||
| Assets: | |||||||||||
| Cash and cash equivalents, restricted cash and receivables, net | 685,167 | 886,059 | |||||||||
| Inventories | 17,795,557 | 16,679,245 | |||||||||
| Investments in unconsolidated entities | 920,055 | 857,238 | |||||||||
| Goodwill | 3,442,359 | 3,442,359 | |||||||||
| Other assets | 726,747 | 878,582 | |||||||||
| Investments in subsidiaries | 128,510 | 89,044 | |||||||||
| Intercompany | 0 | 0 | |||||||||
| Total assets | 23,698,395 | 22,832,527 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Accounts payable and other liabilities | 1,864,300 | 1,977,579 | |||||||||
| Liabilities related to consolidated inventory not owned | 267,344 | 162,090 | |||||||||
| Senior notes and other debts payable | 509,742 | 523,589 | |||||||||
| Intercompany | 10,863,814 | 10,116,590 | |||||||||
| Total liabilities | 13,505,200 | 12,779,848 | |||||||||
| Reportable Legal Entities | Guarantor Subsidiaries | Financial Services | |||||||||||
| Assets: | |||||||||||
| Total assets | 178,934 | 232,632 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 20,410 | 51,535 | |||||||||
| Reportable Legal Entities | Guarantor Subsidiaries | Multifamily | |||||||||||
| Assets: | |||||||||||
| Total assets | 0 | 0 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 0 | 0 | |||||||||
| Reportable Legal Entities | Guarantor Subsidiaries | Lennar Other | |||||||||||
| Assets: | |||||||||||
| Total assets | 115,221 | 126,725 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 0 | 0 | |||||||||
| Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
| Assets: | |||||||||||
| Total assets | 4,165,218 | 4,514,795 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 3,834,494 | 4,122,557 | |||||||||
| Stockholders’ equity | 223,843 | 290,816 | |||||||||
| Noncontrolling interests | 106,881 | 101,422 | |||||||||
| Total equity | 330,724 | 392,238 | |||||||||
| Total liabilities and equity | 4,165,218 | 4,514,795 | |||||||||
| Reportable Legal Entities | Non-Guarantor Subsidiaries | Homebuilding | |||||||||||
| Assets: | |||||||||||
| Cash and cash equivalents, restricted cash and receivables, net | 42,440 | 63,905 | |||||||||
| Inventories | 413,241 | 389,459 | |||||||||
| Investments in unconsolidated entities | 4,001 | 12,963 | |||||||||
| Other assets | 176,625 | 164,848 | |||||||||
| Investments in subsidiaries | 0 | 0 | |||||||||
| Intercompany | 0 | 0 | |||||||||
| Total assets | 636,307 | 631,175 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Accounts payable and other liabilities | 299,074 | 303,473 | |||||||||
| Liabilities related to consolidated inventory not owned | 13,500 | ||||||||||
| Senior notes and other debts payable | 60,843 | 51,892 | |||||||||
| Intercompany | 1,951,789 | 1,698,901 | |||||||||
| Total liabilities | 2,311,706 | 2,067,766 | |||||||||
| Reportable Legal Entities | Non-Guarantor Subsidiaries | Financial Services | |||||||||||
| Assets: | |||||||||||
| Total assets | 2,065,397 | 2,547,167 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 1,279,595 | 1,816,667 | |||||||||
| Reportable Legal Entities | Non-Guarantor Subsidiaries | Multifamily | |||||||||||
| Assets: | |||||||||||
| Total assets | 1,003,872 | 874,219 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 209,965 | 170,616 | |||||||||
| Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Other | |||||||||||
| Assets: | |||||||||||
| Total assets | 459,642 | 462,234 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 33,228 | 67,508 | |||||||||
| Consolidating Adjustments | |||||||||||
| Assets: | |||||||||||
| Total assets | (23,540,248) | (22,494,652) | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | (12,849,465) | (11,843,335) | |||||||||
| Stockholders’ equity | (10,690,783) | (10,651,317) | |||||||||
| Noncontrolling interests | 0 | 0 | |||||||||
| Total equity | (10,690,783) | (10,651,317) | |||||||||
| Total liabilities and equity | (23,540,248) | (22,494,652) | |||||||||
| Consolidating Adjustments | Homebuilding | |||||||||||
| Assets: | |||||||||||
| Cash and cash equivalents, restricted cash and receivables, net | 0 | 0 | |||||||||
| Inventories | 0 | 0 | |||||||||
| Investments in unconsolidated entities | 0 | 0 | |||||||||
| Goodwill | 0 | 0 | |||||||||
| Other assets | (33,142) | (26,955) | |||||||||
| Investments in subsidiaries | (10,690,783) | (10,651,317) | |||||||||
| Intercompany | (12,815,603) | (11,815,491) | |||||||||
| Total assets | (23,539,528) | (22,493,763) | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Accounts payable and other liabilities | (33,862) | (27,844) | |||||||||
| Liabilities related to consolidated inventory not owned | 0 | 0 | |||||||||
| Senior notes and other debts payable | 0 | 0 | |||||||||
| Intercompany | (12,815,603) | (11,815,491) | |||||||||
| Total liabilities | (12,849,465) | (11,843,335) | |||||||||
| Consolidating Adjustments | Financial Services | |||||||||||
| Assets: | |||||||||||
| Total assets | (720) | (889) | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 0 | 0 | |||||||||
| Consolidating Adjustments | Multifamily | |||||||||||
| Assets: | |||||||||||
| Total assets | 0 | 0 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | 0 | 0 | |||||||||
| Consolidating Adjustments | Lennar Other | |||||||||||
| Assets: | |||||||||||
| Total assets | 0 | 0 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Total liabilities | $ 0 | $ 0 | |||||||||
| |||||||||||
Supplemental Financial Information (Condensed Consolidating Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
|---|---|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|||
| Revenues: | ||||
| Revenues | $ 3,868,082 | $ 2,980,791 | ||
| Cost and expenses: | ||||
| Acquisition and integration costs related to CalAtlantic | 0 | |||
| Corporate general and administrative | 79,343 | 67,810 | ||
| Total costs and expenses | 3,545,317 | 2,870,069 | ||
| Equity in earnings (loss) from unconsolidated entities | (5,710) | (2,431) | ||
| Earnings before income taxes | 319,124 | 269,428 | ||
| Benefit (provision) for income taxes | [1] | (79,700) | (132,611) | |
| Equity in earnings from subsidiaries | 0 | |||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 239,424 | 136,817 | ||
| Less: Net earnings (loss) attributable to noncontrolling interests | (486) | 602 | ||
| Net earnings attributable to Lennar | 239,910 | 136,215 | ||
| Other comprehensive income (loss), net of tax: | ||||
| Net unrealized gain (loss) on securities available-for-sale | 208 | (658) | ||
| Total other comprehensive income (loss), net of tax | 208 | (658) | ||
| Total comprehensive income attributable to Lennar | 240,118 | 135,557 | ||
| Total comprehensive income (loss) attributable to noncontrolling interests | (486) | 602 | ||
| Homebuilding | ||||
| Revenues: | ||||
| Revenues | 3,623,721 | 2,662,093 | ||
| Cost and expenses: | ||||
| Cost and expenses | 3,238,835 | 2,404,033 | ||
| Equity in earnings (loss) from unconsolidated entities | (13,756) | (14,128) | ||
| Other income (expense), net | (1,535) | 169,995 | ||
| Financial Services | ||||
| Revenues: | ||||
| Revenues | 143,311 | 196,087 | ||
| Cost and expenses: | ||||
| Cost and expenses | 124,339 | 170,225 | ||
| Multifamily | ||||
| Revenues: | ||||
| Revenues | 97,394 | 93,256 | ||
| Cost and expenses: | ||||
| Cost and expenses | 101,178 | 97,199 | ||
| Equity in earnings (loss) from unconsolidated entities | 10,581 | 2,742 | ||
| Lennar Other | ||||
| Revenues: | ||||
| Revenues | 3,656 | 29,355 | ||
| Cost and expenses: | ||||
| Cost and expenses | 1,622 | 26,607 | ||
| Acquisition and integration costs related to CalAtlantic | 104,195 | |||
| Equity in earnings (loss) from unconsolidated entities | 8,330 | 8,955 | ||
| Other income (expense), net | (7,261) | (8,858) | ||
| Reportable Legal Entities | Lennar Corporation | ||||
| Revenues: | ||||
| Revenues | 0 | 0 | ||
| Cost and expenses: | ||||
| Corporate general and administrative | 77,529 | 65,923 | ||
| Total costs and expenses | 77,529 | 65,923 | ||
| Earnings before income taxes | (77,937) | (63,988) | ||
| Benefit (provision) for income taxes | 19,437 | 31,565 | ||
| Equity in earnings from subsidiaries | 298,410 | 168,638 | ||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 239,910 | 136,215 | ||
| Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | ||
| Net earnings attributable to Lennar | 239,910 | 136,215 | ||
| Other comprehensive income (loss), net of tax: | ||||
| Net unrealized gain (loss) on securities available-for-sale | 0 | 0 | ||
| Total other comprehensive income (loss), net of tax | 0 | 0 | ||
| Total comprehensive income attributable to Lennar | 239,910 | 136,215 | ||
| Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | ||
| Reportable Legal Entities | Lennar Corporation | Homebuilding | ||||
| Revenues: | ||||
| Revenues | 0 | 0 | ||
| Cost and expenses: | ||||
| Cost and expenses | 0 | 0 | ||
| Equity in earnings (loss) from unconsolidated entities | 0 | 0 | ||
| Other income (expense), net | (408) | 1,935 | ||
| Reportable Legal Entities | Lennar Corporation | Financial Services | ||||
| Revenues: | ||||
| Revenues | 0 | 0 | ||
| Cost and expenses: | ||||
| Cost and expenses | 0 | 0 | ||
| Reportable Legal Entities | Lennar Corporation | Multifamily | ||||
| Revenues: | ||||
| Revenues | 0 | 0 | ||
| Cost and expenses: | ||||
| Cost and expenses | 0 | 0 | ||
| Equity in earnings (loss) from unconsolidated entities | 0 | 0 | ||
| Reportable Legal Entities | Lennar Corporation | Lennar Other | ||||
| Revenues: | ||||
| Revenues | 0 | 0 | ||
| Cost and expenses: | ||||
| Cost and expenses | 0 | 0 | ||
| Acquisition and integration costs related to CalAtlantic | 0 | |||
| Equity in earnings (loss) from unconsolidated entities | 0 | 0 | ||
| Other income (expense), net | 0 | 0 | ||
| Reportable Legal Entities | Guarantor Subsidiaries | ||||
| Revenues: | ||||
| Revenues | 3,662,958 | 2,726,206 | ||
| Cost and expenses: | ||||
| Corporate general and administrative | 549 | 604 | ||
| Total costs and expenses | 3,264,856 | 2,573,079 | ||
| Earnings before income taxes | 378,409 | 307,292 | ||
| Benefit (provision) for income taxes | (93,839) | (150,443) | ||
| Equity in earnings from subsidiaries | 4,773 | 10,200 | ||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 289,343 | 167,049 | ||
| Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | ||
| Net earnings attributable to Lennar | 289,343 | 167,049 | ||
| Other comprehensive income (loss), net of tax: | ||||
| Net unrealized gain (loss) on securities available-for-sale | 0 | 0 | ||
| Total other comprehensive income (loss), net of tax | 0 | 0 | ||
| Total comprehensive income attributable to Lennar | 289,343 | 167,049 | ||
| Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | ||
| Reportable Legal Entities | Guarantor Subsidiaries | Homebuilding | ||||
| Revenues: | ||||
| Revenues | 3,614,041 | 2,653,194 | ||
| Cost and expenses: | ||||
| Cost and expenses | 3,225,929 | 2,393,830 | ||
| Equity in earnings (loss) from unconsolidated entities | (13,951) | (13,972) | ||
| Other income (expense), net | (2,396) | 168,363 | ||
| Reportable Legal Entities | Guarantor Subsidiaries | Financial Services | ||||
| Revenues: | ||||
| Revenues | 48,917 | 73,012 | ||
| Cost and expenses: | ||||
| Cost and expenses | 38,378 | 74,476 | ||
| Reportable Legal Entities | Guarantor Subsidiaries | Multifamily | ||||
| Revenues: | ||||
| Revenues | 0 | 0 | ||
| Cost and expenses: | ||||
| Cost and expenses | 0 | 0 | ||
| Equity in earnings (loss) from unconsolidated entities | 0 | 0 | ||
| Reportable Legal Entities | Guarantor Subsidiaries | Lennar Other | ||||
| Revenues: | ||||
| Revenues | 0 | 0 | ||
| Cost and expenses: | ||||
| Cost and expenses | 0 | (26) | ||
| Acquisition and integration costs related to CalAtlantic | 104,195 | |||
| Equity in earnings (loss) from unconsolidated entities | (3,346) | (159) | ||
| Other income (expense), net | 0 | (67) | ||
| Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
| Revenues: | ||||
| Revenues | 209,979 | 259,559 | ||
| Cost and expenses: | ||||
| Corporate general and administrative | 0 | 0 | ||
| Total costs and expenses | 207,375 | 237,967 | ||
| Earnings before income taxes | 18,652 | 26,124 | ||
| Benefit (provision) for income taxes | (5,298) | (13,733) | ||
| Equity in earnings from subsidiaries | 0 | |||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 13,354 | 12,391 | ||
| Less: Net earnings (loss) attributable to noncontrolling interests | (486) | 602 | ||
| Net earnings attributable to Lennar | 13,840 | 11,789 | ||
| Other comprehensive income (loss), net of tax: | ||||
| Net unrealized gain (loss) on securities available-for-sale | 208 | (658) | ||
| Total other comprehensive income (loss), net of tax | 208 | (658) | ||
| Total comprehensive income attributable to Lennar | 14,048 | 11,131 | ||
| Total comprehensive income (loss) attributable to noncontrolling interests | (486) | 602 | ||
| Reportable Legal Entities | Non-Guarantor Subsidiaries | Homebuilding | ||||
| Revenues: | ||||
| Revenues | 9,680 | 8,899 | ||
| Cost and expenses: | ||||
| Cost and expenses | 12,307 | 12,237 | ||
| Equity in earnings (loss) from unconsolidated entities | 195 | (156) | ||
| Other income (expense), net | 857 | 1,623 | ||
| Reportable Legal Entities | Non-Guarantor Subsidiaries | Financial Services | ||||
| Revenues: | ||||
| Revenues | 99,249 | 128,049 | ||
| Cost and expenses: | ||||
| Cost and expenses | 92,268 | 101,898 | ||
| Reportable Legal Entities | Non-Guarantor Subsidiaries | Multifamily | ||||
| Revenues: | ||||
| Revenues | 97,394 | 93,256 | ||
| Cost and expenses: | ||||
| Cost and expenses | 101,178 | 97,199 | ||
| Equity in earnings (loss) from unconsolidated entities | 10,581 | 2,742 | ||
| Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Other | ||||
| Revenues: | ||||
| Revenues | 3,656 | 29,355 | ||
| Cost and expenses: | ||||
| Cost and expenses | 1,622 | 26,633 | ||
| Acquisition and integration costs related to CalAtlantic | 0 | |||
| Equity in earnings (loss) from unconsolidated entities | 11,676 | 9,114 | ||
| Other income (expense), net | (7,261) | (8,791) | ||
| Consolidating Adjustments | ||||
| Revenues: | ||||
| Revenues | (4,855) | (4,974) | ||
| Cost and expenses: | ||||
| Corporate general and administrative | 1,265 | 1,283 | ||
| Total costs and expenses | (4,443) | (6,900) | ||
| Earnings before income taxes | 0 | 0 | ||
| Benefit (provision) for income taxes | 0 | 0 | ||
| Equity in earnings from subsidiaries | (303,183) | (178,838) | ||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | (303,183) | (178,838) | ||
| Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | ||
| Net earnings attributable to Lennar | (303,183) | (178,838) | ||
| Other comprehensive income (loss), net of tax: | ||||
| Net unrealized gain (loss) on securities available-for-sale | 0 | 0 | ||
| Total other comprehensive income (loss), net of tax | 0 | 0 | ||
| Total comprehensive income attributable to Lennar | (303,183) | (178,838) | ||
| Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | ||
| Consolidating Adjustments | Homebuilding | ||||
| Revenues: | ||||
| Revenues | 0 | 0 | ||
| Cost and expenses: | ||||
| Cost and expenses | 599 | (2,034) | ||
| Equity in earnings (loss) from unconsolidated entities | 0 | 0 | ||
| Other income (expense), net | 412 | (1,926) | ||
| Consolidating Adjustments | Financial Services | ||||
| Revenues: | ||||
| Revenues | (4,855) | (4,974) | ||
| Cost and expenses: | ||||
| Cost and expenses | (6,307) | (6,149) | ||
| Consolidating Adjustments | Multifamily | ||||
| Revenues: | ||||
| Revenues | 0 | 0 | ||
| Cost and expenses: | ||||
| Cost and expenses | 0 | 0 | ||
| Equity in earnings (loss) from unconsolidated entities | 0 | 0 | ||
| Consolidating Adjustments | Lennar Other | ||||
| Revenues: | ||||
| Revenues | 0 | 0 | ||
| Cost and expenses: | ||||
| Cost and expenses | 0 | 0 | ||
| Acquisition and integration costs related to CalAtlantic | 0 | |||
| Equity in earnings (loss) from unconsolidated entities | 0 | 0 | ||
| Other income (expense), net | $ 0 | $ 0 | ||
| ||||
Supplemental Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|
| Cash flows from operating activities: | ||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | $ 239,424 | $ 136,817 |
| Distributions of earnings from guarantor and non-guarantor subsidiaries | 0 | 0 |
| Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities | (763,847) | (292,346) |
| Net cash used in operating activities | (524,423) | (155,529) |
| Cash flows from investing activities: | ||
| Investments in and contributions to unconsolidated entities, net of distributions of capital | (63,837) | (41,648) |
| Proceeds from sales of real estate owned | 2,696 | 18,080 |
| Proceeds from sale of investment in unconsolidated entity | 17,790 | |
| Proceeds from sale of Financial Services' retail mortgage and real estate brokerage business | 24,446 | 0 |
| Acquisitions, net of cash acquired | 0 | (1,076,771) |
| Other | (59,083) | (47,764) |
| Intercompany | 0 | 0 |
| Net cash used in investing activities | (77,988) | (1,003,992) |
| Cash flows from financing activities: | ||
| Debt issuance costs | 0 | (12,039) |
| Net payments related to noncontrolling interests | (82,978) | (84,219) |
| Net payments related to noncontrolling interests | (2,949) | (19,908) |
| Common stock: | ||
| Issuances | 607 | 0 |
| Repurchases | (49,143) | (25,355) |
| Dividends | (12,860) | (9,617) |
| Intercompany | 0 | 0 |
| Net cash provided by (used in) financing activities | 69,022 | (450,349) |
| Net decrease in cash and cash equivalents and restricted cash | (533,389) | (1,609,870) |
| Cash and cash equivalents and restricted cash at beginning of period | 1,595,978 | 2,694,084 |
| Cash and cash equivalents and restricted cash at end of period | 1,062,589 | 1,084,214 |
| Unsecured Revolving Credit Facility | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 725,000 | 45,300 |
| Warehouse Repurchase Facility | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | (508,655) | (344,511) |
| Reportable Legal Entities | Lennar Corporation | ||
| Cash flows from operating activities: | ||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 239,910 | 136,215 |
| Distributions of earnings from guarantor and non-guarantor subsidiaries | 298,410 | 168,638 |
| Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities | (339,730) | (274,453) |
| Net cash used in operating activities | 198,590 | 30,400 |
| Cash flows from investing activities: | ||
| Investments in and contributions to unconsolidated entities, net of distributions of capital | 0 | 0 |
| Proceeds from sales of real estate owned | 0 | 0 |
| Proceeds from sale of investment in unconsolidated entity | 0 | |
| Proceeds from sale of Financial Services' retail mortgage and real estate brokerage business | 0 | |
| Acquisitions, net of cash acquired | (1,140,392) | |
| Other | (8,411) | (9,045) |
| Intercompany | (1,121,791) | (921,113) |
| Net cash used in investing activities | (1,130,202) | (2,070,550) |
| Cash flows from financing activities: | ||
| Net payments related to noncontrolling interests | 0 | 0 |
| Net payments related to noncontrolling interests | 0 | 0 |
| Common stock: | ||
| Issuances | 607 | |
| Repurchases | (49,143) | (25,355) |
| Dividends | (12,860) | (9,617) |
| Intercompany | 0 | 0 |
| Net cash provided by (used in) financing activities | 663,604 | 455,911 |
| Net decrease in cash and cash equivalents and restricted cash | (268,008) | (1,584,239) |
| Cash and cash equivalents and restricted cash at beginning of period | 624,694 | 1,938,555 |
| Cash and cash equivalents and restricted cash at end of period | 356,686 | 354,316 |
| Reportable Legal Entities | Lennar Corporation | Unsecured Revolving Credit Facility | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 725,000 | 500,000 |
| Reportable Legal Entities | Lennar Corporation | Warehouse Repurchase Facility | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 0 | 0 |
| Reportable Legal Entities | Guarantor Subsidiaries | ||
| Cash flows from operating activities: | ||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 289,343 | 167,049 |
| Distributions of earnings from guarantor and non-guarantor subsidiaries | 4,773 | 10,200 |
| Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities | (1,082,776) | (360,387) |
| Net cash used in operating activities | (788,660) | (183,138) |
| Cash flows from investing activities: | ||
| Investments in and contributions to unconsolidated entities, net of distributions of capital | (60,660) | (9,659) |
| Proceeds from sales of real estate owned | 0 | 0 |
| Proceeds from sale of investment in unconsolidated entity | 0 | |
| Proceeds from sale of Financial Services' retail mortgage and real estate brokerage business | 21,517 | |
| Acquisitions, net of cash acquired | 24,088 | |
| Other | (15,686) | (25,220) |
| Intercompany | 0 | 0 |
| Net cash used in investing activities | (54,829) | 164,388 |
| Cash flows from financing activities: | ||
| Net payments related to noncontrolling interests | (79,281) | (14,806) |
| Net payments related to noncontrolling interests | 0 | 0 |
| Common stock: | ||
| Issuances | 0 | |
| Repurchases | 0 | 0 |
| Dividends | (289,343) | (167,049) |
| Intercompany | 973,489 | 729,979 |
| Net cash provided by (used in) financing activities | 610,666 | 93,397 |
| Net decrease in cash and cash equivalents and restricted cash | (232,823) | 74,647 |
| Cash and cash equivalents and restricted cash at beginning of period | 721,968 | 366,946 |
| Cash and cash equivalents and restricted cash at end of period | 489,145 | 441,593 |
| Reportable Legal Entities | Guarantor Subsidiaries | Unsecured Revolving Credit Facility | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 0 | (454,700) |
| Reportable Legal Entities | Guarantor Subsidiaries | Warehouse Repurchase Facility | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 5,801 | (27) |
| Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
| Cash flows from operating activities: | ||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 13,354 | 12,391 |
| Distributions of earnings from guarantor and non-guarantor subsidiaries | 0 | 0 |
| Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities | 355,476 | 163,656 |
| Net cash used in operating activities | 368,830 | 176,047 |
| Cash flows from investing activities: | ||
| Investments in and contributions to unconsolidated entities, net of distributions of capital | (3,177) | (31,989) |
| Proceeds from sales of real estate owned | 2,696 | 18,080 |
| Proceeds from sale of investment in unconsolidated entity | 17,790 | |
| Proceeds from sale of Financial Services' retail mortgage and real estate brokerage business | 2,929 | |
| Acquisitions, net of cash acquired | 39,533 | |
| Other | (34,986) | (13,499) |
| Intercompany | 0 | 0 |
| Net cash used in investing activities | (14,748) | (18,943) |
| Cash flows from financing activities: | ||
| Net payments related to noncontrolling interests | (3,697) | (69,413) |
| Net payments related to noncontrolling interests | (2,949) | (19,908) |
| Common stock: | ||
| Issuances | 0 | |
| Repurchases | 0 | 0 |
| Dividends | (13,840) | (11,789) |
| Intercompany | 148,302 | 191,134 |
| Net cash provided by (used in) financing activities | (386,640) | (257,382) |
| Net decrease in cash and cash equivalents and restricted cash | (32,558) | (100,278) |
| Cash and cash equivalents and restricted cash at beginning of period | 249,316 | 388,583 |
| Cash and cash equivalents and restricted cash at end of period | 216,758 | 288,305 |
| Reportable Legal Entities | Non-Guarantor Subsidiaries | Unsecured Revolving Credit Facility | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 0 | 0 |
| Reportable Legal Entities | Non-Guarantor Subsidiaries | Warehouse Repurchase Facility | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | (514,456) | (344,484) |
| Consolidating Adjustments | ||
| Cash flows from operating activities: | ||
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | (303,183) | (178,838) |
| Distributions of earnings from guarantor and non-guarantor subsidiaries | (303,183) | (178,838) |
| Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities | 303,183 | 178,838 |
| Net cash used in operating activities | (303,183) | (178,838) |
| Cash flows from investing activities: | ||
| Investments in and contributions to unconsolidated entities, net of distributions of capital | 0 | 0 |
| Proceeds from sales of real estate owned | 0 | 0 |
| Proceeds from sale of investment in unconsolidated entity | 0 | |
| Proceeds from sale of Financial Services' retail mortgage and real estate brokerage business | 0 | |
| Acquisitions, net of cash acquired | 0 | |
| Other | 0 | 0 |
| Intercompany | 1,121,791 | 921,113 |
| Net cash used in investing activities | 1,121,791 | 921,113 |
| Cash flows from financing activities: | ||
| Net payments related to noncontrolling interests | 0 | 0 |
| Net payments related to noncontrolling interests | 0 | 0 |
| Common stock: | ||
| Issuances | 0 | |
| Repurchases | 0 | 0 |
| Dividends | 303,183 | 178,838 |
| Intercompany | (1,121,791) | (921,113) |
| Net cash provided by (used in) financing activities | (818,608) | (742,275) |
| Net decrease in cash and cash equivalents and restricted cash | 0 | 0 |
| Cash and cash equivalents and restricted cash at beginning of period | 0 | 0 |
| Cash and cash equivalents and restricted cash at end of period | 0 | 0 |
| Consolidating Adjustments | Unsecured Revolving Credit Facility | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | 0 | 0 |
| Consolidating Adjustments | Warehouse Repurchase Facility | ||
| Cash flows from financing activities: | ||
| Net borrowings under credit facilities | $ 0 | 0 |
| Senior Notes | ||
| Cash flows from financing activities: | ||
| Debt issuance costs | (12,039) | |
| Senior Notes | Reportable Legal Entities | Lennar Corporation | ||
| Cash flows from financing activities: | ||
| Debt issuance costs | (9,117) | |
| Senior Notes | Reportable Legal Entities | Guarantor Subsidiaries | ||
| Cash flows from financing activities: | ||
| Debt issuance costs | 0 | |
| Senior Notes | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
| Cash flows from financing activities: | ||
| Debt issuance costs | (2,922) | |
| Senior Notes | Consolidating Adjustments | ||
| Cash flows from financing activities: | ||
| Debt issuance costs | $ 0 | |
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