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Supplemental Financial Information (Tables)
 3 Months Ended
Feb. 28, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidating Balance Sheet Condensed Consolidating Balance Sheet
February 28, 2019
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, restricted cash and receivables, net
$
360,398

 
685,167

 
42,440

 
—

 
1,088,005

Inventories
—

 
17,795,557

 
413,241

 
—

 
18,208,798

Investments in unconsolidated entities
—

 
920,055

 
4,001

 
—

 
924,056

Goodwill
—

 
3,442,359

 
—

 
—

 
3,442,359

Other assets
394,132

 
726,747

 
176,625

 
(33,142
)
 
1,264,362

Investments in subsidiaries
10,562,273

 
128,510

 
—

 
(10,690,783
)
 
—

Intercompany
12,815,603

 
—

 
—

 
(12,815,603
)
 
—

 
24,132,406

 
23,698,395

 
636,307

 
(23,539,528
)
 
24,927,580

Financial Services
—

 
178,934

 
2,065,397

 
(720
)
 
2,243,611

Multifamily
—

 
—

 
1,003,872

 
—

 
1,003,872

Lennar Other
—

 
115,221

 
459,642

 
—

 
574,863

Total assets
$
24,132,406

 
23,992,550

 
4,165,218

 
(23,540,248
)
 
28,749,926

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
$
659,754

 
1,864,300

 
299,074

 
(33,862
)
 
2,789,266

Liabilities related to consolidated inventory not owned
—

 
267,344

 
—

 
—

 
267,344

Senior notes and other debts payable
8,685,838

 
509,742

 
60,843

 
—

 
9,256,423

Intercompany
—

 
10,863,814

 
1,951,789

 
(12,815,603
)
 
—

 
9,345,592

 
13,505,200

 
2,311,706

 
(12,849,465
)
 
12,313,033

Financial Services
—

 
20,410

 
1,279,595

 
—

 
1,300,005

Multifamily
—

 
—

 
209,965

 
—

 
209,965

Lennar Other
—

 
—

 
33,228

 
—

 
33,228

Total liabilities
9,345,592

 
13,525,610

 
3,834,494

 
(12,849,465
)
 
13,856,231

Stockholders’ equity
14,786,814

 
10,466,940

 
223,843

 
(10,690,783
)
 
14,786,814

Noncontrolling interests
—

 
—

 
106,881

 
—

 
106,881

Total equity
14,786,814

 
10,466,940

 
330,724

 
(10,690,783
)
 
14,893,695

Total liabilities and equity
$
24,132,406

 
23,992,550

 
4,165,218

 
(23,540,248
)
 
28,749,926

Condensed Consolidating Balance Sheet
November 30, 2018
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, restricted cash and receivables, net
$
637,083

 
886,059

 
63,905

 
—

 
1,587,047

Inventories
—

 
16,679,245

 
389,459

 
—

 
17,068,704

Investments in unconsolidated entities
—

 
857,238

 
12,963

 
—

 
870,201

Goodwill
—

 
3,442,359

 
—

 
—

 
3,442,359

Other assets
339,307

 
878,582

 
164,848

 
(26,955
)
 
1,355,782

Investments in subsidiaries
10,562,273

 
89,044

 
—

 
(10,651,317
)
 
—

Intercompany
11,815,491

 
—

 
—

 
(11,815,491
)
 
—

 
23,354,154

 
22,832,527

 
631,175

 
(22,493,763
)
 
24,324,093

Financial Services
—

 
232,632

 
2,547,167

 
(889
)
 
2,778,910

Multifamily
—

 
—

 
874,219

 
—

 
874,219

Lennar Other
—

 
126,725

 
462,234

 
—

 
588,959

Total assets
$
23,354,154

 
23,191,884

 
4,514,795

 
(22,494,652
)

28,566,181

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
$
804,232

 
1,977,579

 
303,473

 
(27,844
)
 
3,057,440

Liabilities related to consolidated inventory not owned
—

 
162,090

 
13,500

 
—

 
175,590

Senior notes and other debts payable
7,968,387

 
523,589

 
51,892

 
—

 
8,543,868

Intercompany
—

 
10,116,590

 
1,698,901

 
(11,815,491
)
 
—

 
8,772,619

 
12,779,848

 
2,067,766

 
(11,843,335
)
 
11,776,898

Financial Services
—

 
51,535

 
1,816,667

 
—

 
1,868,202

Multifamily
—

 
—

 
170,616

 
—

 
170,616

Lennar Other
—

 
—

 
67,508

 
—

 
67,508

Total liabilities
8,772,619

 
12,831,383

 
4,122,557

 
(11,843,335
)
 
13,883,224

Stockholders’ equity
14,581,535

 
10,360,501

 
290,816

 
(10,651,317
)
 
14,581,535

Noncontrolling interests
—

 
—

 
101,422

 
—

 
101,422

Total equity
14,581,535

 
10,360,501

 
392,238

 
(10,651,317
)
 
14,682,957

Total liabilities and equity
$
23,354,154

 
23,191,884

 
4,514,795

 
(22,494,652
)
 
28,566,181
Condensed Consolidating Statement of Operations and Comprehensive Income Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)Three Months Ended February 28, 2019
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
$
—

 
3,614,041

 
9,680

 
—

 
3,623,721

Financial Services
—

 
48,917

 
99,249

 
(4,855
)
 
143,311

Multifamily
—

 
—

 
97,394

 
—

 
97,394

Lennar Other
—

 
—

 
3,656

 
—

 
3,656

Total revenues
—

 
3,662,958

 
209,979

 
(4,855
)
 
3,868,082

Cost and expenses:
 
 
 
 
 
 
 
 
 
Homebuilding
—

 
3,225,929

 
12,307

 
599

 
3,238,835

Financial Services
—

 
38,378

 
92,268

 
(6,307
)
 
124,339

Multifamily
—

 
—

 
101,178

 
—

 
101,178

Lennar Other
—

 
—

 
1,622

 
—

 
1,622

Corporate general and administrative
77,529

 
549

 
—

 
1,265

 
79,343

Total costs and expenses
77,529


3,264,856


207,375


(4,443
)

3,545,317

Homebuilding equity in earnings (loss) from unconsolidated entities
—

 
(13,951
)
 
195

 
—

 
(13,756
)
Homebuilding other income (expenses), net
(408
)
 
(2,396
)
 
857

 
412

 
(1,535
)
Multifamily equity in earnings (loss) from unconsolidated entities and other gain
—

 
—

 
10,581

 
—

 
10,581

Lennar Other equity in earnings (loss) from unconsolidated entities
—

 
(3,346
)
 
11,676

 
—

 
8,330

Lennar Other expense, net
—

 
—

 
(7,261
)
 
—

 
(7,261
)
Earnings (loss) before income taxes
(77,937
)
 
378,409

 
18,652

 
—

 
319,124

Benefit (provision) for income taxes
19,437

 
(93,839
)
 
(5,298
)
 
—

 
(79,700
)
Equity in earnings from subsidiaries
298,410

 
4,773

 
—

 
(303,183
)
 
—

Net earnings (including net loss attributable to noncontrolling interests)
239,910

 
289,343

 
13,354

 
(303,183
)
 
239,424

Less: Net loss attributable to noncontrolling interests
—

 
—

 
(486
)
 
—

 
(486
)
Net earnings attributable to Lennar
$
239,910

 
289,343

 
13,840

 
(303,183
)
 
239,910

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

 
—

 
208

 
—

 
208

Total other comprehensive gain, net of tax
$
—

 
—

 
208

 
—

 
208

Total comprehensive income attributable to Lennar
$
239,910

 
289,343

 
14,048

 
(303,183
)
 
240,118

Total comprehensive loss attributable to noncontrolling interests
$
—

 
—

 
(486
)
 
—

 
(486
)
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
$
—

 
2,653,194

 
8,899

 
—

 
2,662,093

Financial Services
—

 
73,012

 
128,049

 
(4,974
)
 
196,087

Multifamily
—

 
—

 
93,256

 
—

 
93,256

Lennar Other
—

 
—

 
29,355

 
—

 
29,355

Total revenues
—

 
2,726,206

 
259,559

 
(4,974
)
 
2,980,791

Cost and expenses:
 
 
 
 
 
 
 
 
 
Homebuilding
—

 
2,393,830

 
12,237

 
(2,034
)
 
2,404,033

Financial Services
—

 
74,476

 
101,898

 
(6,149
)
 
170,225

Multifamily
—

 
—

 
97,199

 
—

 
97,199

Lennar Other
—

 
(26
)
 
26,633

 
—

 
26,607

Acquisition and integration costs related to CalAtlantic
—

 
104,195

 
—

 
—

 
104,195

Corporate general and administrative
65,923

 
604

 
—

 
1,283

 
67,810

Total costs and expenses
65,923

 
2,573,079

 
237,967

 
(6,900
)
 
2,870,069

Homebuilding equity in loss from unconsolidated entities
—

 
(13,972
)
 
(156
)
 
—

 
(14,128
)
Homebuilding other income, net
1,935

 
168,363

 
1,623

 
(1,926
)
 
169,995

Multifamily equity in earnings from unconsolidated entities and other gain
—

 
—

 
2,742

 
—

 
2,742

Lennar Other equity in earnings (loss) from unconsolidated entities
—

 
(159
)
 
9,114

 
—

 
8,955

Lennar Other expense, net
—

 
(67
)
 
(8,791
)
 
—

 
(8,858
)
Earnings (loss) before income taxes
(63,988
)
 
307,292

 
26,124

 
—

 
269,428

Benefit (provision) for income taxes
31,565

 
(150,443
)
 
(13,733
)
 
—

 
(132,611
)
Equity in earnings from subsidiaries
168,638

 
10,200

 
—

 
(178,838
)
 
—

Net earnings (including net earnings attributable to noncontrolling interests)
136,215

 
167,049

 
12,391

 
(178,838
)
 
136,817

Less: Net earnings attributable to noncontrolling interests
—

 
—

 
602

 
—

 
602

Net earnings attributable to Lennar
$
136,215

 
167,049

 
11,789

 
(178,838
)
 
136,215

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

 
—

 
(658
)
 
—

 
(658
)
Total other comprehensive loss, net of tax
$
—

 
—

 
(658
)
 
—

 
(658
)
Total comprehensive income attributable to Lennar
$
136,215

 
167,049

 
11,131

 
(178,838
)
 
135,557

Total comprehensive income attributable to noncontrolling interests
$
—

 
—

 
602

 
—

 
602
Condensed Consolidating Statement of Cash Flows Condensed Consolidating Statement of Cash Flows
Three Months Ended February 28, 2019
(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)
$
239,910

 
289,343

 
13,354

 
(303,183
)
 
239,424

Distributions of earnings from guarantor and non-guarantor subsidiaries
298,410

 
4,773

 
—

 
(303,183
)
 
—

Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities
(339,730
)
 
(1,082,776
)
 
355,476

 
303,183

 
(763,847
)
Net cash provided by (used in) operating activities
198,590

 
(788,660
)
 
368,830

 
(303,183
)
 
(524,423
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Investments in and contributions to unconsolidated entities, net of distributions of capital
—

 
(60,660
)
 
(3,177
)
 
—

 
(63,837
)
Proceeds from sales of real estate owned
—

 
—

 
2,696

 
—

 
2,696

Proceeds from sale of investment in unconsolidated entity
—

 
—

 
17,790

 
—

 
17,790

Proceeds from sales of financial services' retail mortgage and real estate brokerage business
—

 
21,517

 
2,929

 
—

 
24,446

Other
(8,411
)
 
(15,686
)
 
(34,986
)
 
—

 
(59,083
)
Intercompany
(1,121,791
)
 
—

 
—

 
1,121,791

 
—

Net cash used in investing activities
(1,130,202
)
 
(54,829
)
 
(14,748
)
 
1,121,791

 
(77,988
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings under unsecured revolving credit facilities
725,000

 
—

 
—

 
—

 
725,000

Net borrowings (repayments) under warehouse facilities
—

 
5,801

 
(514,456
)
 
—

 
(508,655
)
Net payments on other borrowings, other liabilities, and other notes payable
—

 
(79,281
)
 
(3,697
)
 
—

 
(82,978
)
Net payments related to noncontrolling interests
—

 
—

 
(2,949
)
 
—

 
(2,949
)
Common stock:
 
 
 
 
 
 
 
 

Issuances
607

 
—

 
—

 
—

 
607

Repurchases
(49,143
)
 
—

 
—

 
—

 
(49,143
)
Dividends
(12,860
)
 
(289,343
)
 
(13,840
)
 
303,183

 
(12,860
)
Intercompany
—

 
973,489

 
148,302

 
(1,121,791
)
 
—

Net cash provided by (used in) financing activities
663,604

 
610,666

 
(386,640
)
 
(818,608
)
 
69,022

Net decrease in cash and cash equivalents and restricted cash
(268,008
)
 
(232,823
)
 
(32,558
)
 
—

 
(533,389
)
Cash and cash equivalents and restricted cash at beginning of period
624,694

 
721,968

 
249,316

 
—

 
1,595,978

Cash and cash equivalents and restricted cash at end of period
$
356,686

 
489,145

 
216,758

 
—

 
1,062,589



Condensed Consolidating Statement of Cash Flows
Three Months Ended February 28, 2018
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net earnings (including net earnings attributable to noncontrolling interests)
$
136,215

 
167,049

 
12,391

 
(178,838
)
 
136,817

Distributions of earnings from guarantor and non-guarantor subsidiaries
168,638

 
10,200

 
—

 
(178,838
)
 
—

Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities
(274,453
)
 
(360,387
)
 
163,656

 
178,838

 
(292,346
)
Net cash provided by (used in) operating activities
30,400

 
(183,138
)
 
176,047

 
(178,838
)
 
(155,529
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Investments in and contributions to unconsolidated entities, net of distributions of capital
—

 
(9,659
)
 
(31,989
)
 
—

 
(41,648
)
Proceeds from sales of real estate owned
—

 
—

 
18,080

 
—

 
18,080

Proceeds from sale of investment in unconsolidated entity
—

 
175,179

 
—

 
—

 
175,179

Purchases of commercial mortgage-backed securities bonds
—

 
—

 
(31,068
)
 
—

 
(31,068
)
Acquisition, net of cash and restricted cash acquired
(1,140,392
)
 
24,088

 
39,533

 
—

 
(1,076,771
)
Other
(9,045
)
 
(25,220
)
 
(13,499
)
 
—

 
(47,764
)
Intercompany
(921,113
)
 
—

 
—

 
921,113

 
—

Net cash provided by (used in) investing activities
(2,070,550
)
 
164,388

 
(18,943
)
 
921,113

 
(1,003,992
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings (repayments) under unsecured revolving credit facilities
500,000

 
(454,700
)
 
—

 
—

 
45,300

Net repayments under warehouse facilities
—

 
(27
)
 
(344,484
)
 
—

 
(344,511
)
Debt issuance costs
(9,117
)
 
—

 
(2,922
)
 
—

 
(12,039
)
Net payments on other borrowings, other liabilities, Lennar Other senior notes and other notes payable
—

 
(14,806
)
 
(69,413
)
 
—

 
(84,219
)
Net payments related to noncontrolling interests
—

 
—

 
(19,908
)
 
—

 
(19,908
)
Common stock:
 
 
 
 
 
 
 
 

Repurchases
(25,355
)
 
—

 
—

 
—

 
(25,355
)
Dividends
(9,617
)
 
(167,049
)
 
(11,789
)
 
178,838

 
(9,617
)
Intercompany
—

 
729,979

 
191,134

 
(921,113
)
 
—

Net cash provided by (used in) financing activities
455,911

 
93,397

 
(257,382
)
 
(742,275
)
 
(450,349
)
Net (decrease) increase in cash and cash equivalents and restricted cash
(1,584,239
)
 
74,647

 
(100,278
)
 
—

 
(1,609,870
)
Cash and cash equivalents and restricted cash at beginning of period
1,938,555

 
366,946

 
388,583

 
—

 
2,694,084

Cash and cash equivalents and restricted cash at end of period
$
354,316

 
441,593

 
288,305

 
—

 
1,084,214