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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
May 31, 2019
May 31, 2018
May 31, 2019
May 31, 2018
Revenues:        
Revenues $ 5,562,890 $ 5,459,061 $ 9,430,972 $ 8,439,852
Cost and expenses:        
Acquisition and integration costs related to CalAtlantic 0 23,875 0 128,070
Corporate general and administrative 76,113 84,915 155,456 152,725
Total costs and expenses 4,963,281 5,077,732 8,508,598 7,947,801
Equity in earnings (loss) from unconsolidated entities     (5,908) (3,740)
Earnings before income taxes 559,399 390,810 878,523 660,238
Provision for income taxes [1] (140,530) (75,961) (220,230) (208,572)
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 418,869 314,849 658,293 451,666
Less: Net earnings (loss) attributable to noncontrolling interests (2,603) 4,592 (3,089) 5,194
Net earnings attributable to Lennar 421,472 310,257 661,382 446,472
Other comprehensive income (loss), net of tax:        
Net unrealized gain (loss) on securities available-for-sale 561 (589) 769 (1,247)
Reclassification adjustments for gains included in earnings, net of tax (176) (126) (176) (126)
Total other comprehensive income (loss), net of tax 385 (715) 593 (1,373)
Total comprehensive income attributable to Lennar 421,857 309,542 661,975 445,099
Total comprehensive income (loss) attributable to noncontrolling interests $ (2,603) $ 4,592 $ (3,089) $ 5,194
Basic earnings per share (in dollars per share) $ 1.31 $ 0.95 $ 2.05 $ 1.53
Diluted earnings per share (in dollars per share) $ 1.30 $ 0.94 $ 2.03 $ 1.52
Loss on consolidation of previously unconsolidated entity     $ 48,874 $ 0
Write down of deferred tax asset resulting from Tax Cuts and Jobs Act       68,600
Homebuilding        
Revenues:        
Revenues $ 5,195,599 $ 5,063,997 8,819,320 7,726,090
Cost and expenses:        
Cost and expenses 4,587,259 4,636,063 7,826,094 7,040,096
Equity in earnings (loss) from unconsolidated entities 19,614 (12,670) 5,858 (26,798)
Other income (expense), net (46,165) 9,879 (47,700) 179,874
Financial Services        
Revenues:        
Revenues 204,216 249,710 347,527 445,797
Cost and expenses:        
Cost and expenses 147,999 193,935 272,338 364,159
Multifamily        
Revenues:        
Revenues 147,412 117,693 244,806 210,949
Cost and expenses:        
Cost and expenses 148,716 117,186 249,894 214,385
Equity in earnings (loss) from unconsolidated entities (3,018) 14,281 7,563 17,023
Lennar Other        
Revenues:        
Revenues 15,663 27,661 19,319 57,016
Cost and expenses:        
Cost and expenses 3,194 21,758 4,816 48,366
Equity in earnings (loss) from unconsolidated entities (4,978) 4,560 3,352 13,515
Other income (expense), net (5,663) (6,569) (12,924) (15,427)
Earnings before income taxes       660,238
Operating Segments | Homebuilding        
Revenues:        
Revenues 5,195,599 5,063,997 8,819,320 7,726,090
Cost and expenses:        
Cost and expenses 4,587,259 4,636,063 7,826,094 7,040,096
Equity in earnings (loss) from unconsolidated entities 19,614 (12,670) 5,858 (26,798)
Other income (expense), net [2] (46,165) 9,879 (47,700) 179,874
Other comprehensive income (loss), net of tax:        
Loss on consolidation of previously unconsolidated entity     48,900  
Operating Segments | Financial Services        
Revenues:        
Revenues 204,216 249,709 347,527 445,796
Cost and expenses:        
Cost and expenses 147,999 193,935 272,338 364,160
Operating Segments | Multifamily        
Revenues:        
Revenues 147,412 117,693 244,806 210,949
Cost and expenses:        
Cost and expenses 148,716 117,186 249,894 214,385
Income (Loss) from Equity Method Investments and other gain (3,018) 14,281 7,563 17,023
Operating Segments | Lennar Other        
Revenues:        
Revenues 15,663 27,662 19,319 57,017
Cost and expenses:        
Cost and expenses 3,194 21,758 4,816 48,365
Equity in earnings (loss) from unconsolidated entities (4,978) 4,560 3,352 13,515
Other income (expense), net (5,663) (6,569) (12,924) (15,427)
Operating Segments | Homebuilding Other        
Revenues:        
Revenues 8,237 $ 15,351 10,664 $ 25,858
Other comprehensive income (loss), net of tax:        
Loss on consolidation of previously unconsolidated entity $ 48,900   $ 48,900  
[1]
Provision for income taxes for the six months ended May 31, 2018 includes a non-cash one-time write down of deferred tax assets of $68.6 million resulting from the Tax Cuts and Jobs Act enacted in December 2017.
[2]
Homebuilding other expense, net for the three and six months ended May 31, 2019 includes a one-time loss of $48.9 million relating to the consolidation of a previously unconsolidated entity.