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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
May 31, 2019
May 31, 2018
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) $ 658,293 $ 451,666
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 40,986 41,430
Amortization of discount/premium and accretion on debt, net (13,335) (11,984)
Equity in loss from unconsolidated entities 5,908 3,740
Distributions of earnings from unconsolidated entities 4,037 18,685
Share-based compensation expense 31,390 33,720
Deferred income tax expense 101,477 46,895
Gain on sale of operating properties and equipment 0 (5,107)
Gain on sale of other assets (218) 0
Loss on consolidation of previously unconsolidated entity 48,874 0
Gain on sale of interest in unconsolidated entities and other Multifamily gain (10,865) (164,880)
Gain on sale of Financial Services' businesses (2,168) 0
Unrealized and realized gains on real estate owned (1,253) (1,770)
Impairments of loans receivable, loans held-for-sale and real estate owned 0 6,009
Valuation adjustments and write-offs of option deposits and pre-acquisition costs 10,602 25,807
Changes in assets and liabilities:    
Decrease in receivables 542,054 44,248
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs (1,501,423) (408,913)
Decrease (increase) in other assets 66,464 (119,698)
Increase in loans held-for-sale (206,349) (43,903)
Increase (decrease) in accounts payable and other liabilities (192,548) 111,049
Net cash (used in) provided by operating activities (429,890) 19,514
Cash flows from investing activities:    
Net additions of operating properties and equipment (47,766) (58,935)
Proceeds from the sale of operating properties and equipment 0 22,820
Proceeds from sale of investment in unconsolidated entity 17,790 175,179
Proceeds from sale of Financial Services' businesses 24,446 0
Investments in and contributions to unconsolidated entities (230,744) (186,103)
Distributions of capital from unconsolidated entities 140,888 196,073
Proceeds from sales of real estate owned 4,210 21,658
Receipts of principal payments on loans receivable and other 1,811 2,147
Purchases of commercial mortgage-backed securities bonds 0 (31,068)
Acquisitions, net of cash and restricted cash acquired 0 (1,077,964)
Increase in Financial Services loans held-for-investment, net (5,975) (3,012)
Purchases of investment securities (31,462) (32,369)
Proceeds from maturities/sales of investments securities 35,416 20,578
Other payments, net (200) (318)
Net cash used in investing activities (91,586) (951,314)
Cash flows from financing activities:    
Proceeds from other borrowings 28,620 64,072
Principal payments on other borrowings (123,681) (410,549)
Payments related to other liabilities (1,046) (1,568)
Receipts related to noncontrolling interests 8,937 3,882
Debt issuance costs 0 (12,101)
Redemption of senior notes 0 (575,000)
Conversions and exchanges on convertible senior notes (1,288) (59,145)
Payments related to noncontrolling interests (23,317) (30,412)
Common stock:    
Issuances 634 3,184
Repurchases (101,229) (28,526)
Dividends (25,877) (22,780)
Net cash used in financing activities (53,431) (565,933)
Net decrease in cash and cash equivalents and restricted cash (574,907) (1,497,733)
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 1,021,071 1,196,351
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:    
Inventories 187,506 35,430
Receivables 102,959 7,198
Operating properties and equipment and other assets 53,412 0
Investments in unconsolidated entities 67,925 (25,614)
Notes payable (383,212) 0
Other liabilities (19,696) (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 (5,858) 26,798
Lennar Other    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in loss from unconsolidated entities (3,352) (13,515)
Multifamily    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in loss from unconsolidated entities (7,563) (17,023)
Lennar Homebuilding and Lennar Multifamily    
Homebuilding and Multifamily:    
Purchases of inventories and other assets financed by sellers 46,631 45,078
Non-cash contributions to unconsolidated entities 0 87,269
Conversions and exchanges on convertible senior notes 0 217,154
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) (809,248) (582,840)
Changes in assets and liabilities:    
Net cash (used in) provided by operating activities (809,248) (582,840)
Cash flows from investing activities:    
Proceeds from sale of investment in unconsolidated entity   0
Proceeds from sale of Financial Services' businesses 0  
Proceeds from sales of real estate owned 0 0
Purchases of commercial mortgage-backed securities bonds   0
Acquisitions, net of cash and restricted cash acquired   0
Net cash used in investing activities 1,263,527 949,631
Cash flows from financing activities:    
Redemption of senior notes   0
Conversions and exchanges on convertible senior notes   0
Common stock:    
Issuances 0 0
Repurchases 0 0
Dividends 809,248 667,840
Net cash used in financing activities (454,279) (366,791)
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 1,021,071 1,196,351
Operating Segments | Homebuilding    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in loss from unconsolidated entities (5,858) 26,798
Loss on consolidation of previously unconsolidated entity 48,900  
Common stock:    
Cash and cash equivalents and restricted cash at end of period 812,365 949,262
Operating Segments | Financial Services    
Common stock:    
Cash and cash equivalents and restricted cash at end of period 186,760 175,884
Operating Segments | Lennar Other    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in loss from unconsolidated entities (3,352) (13,515)
Common stock:    
Cash and cash equivalents and restricted cash at end of period 16,743 55,825
Operating Segments | Multifamily    
Common stock:    
Cash and cash equivalents and restricted cash at end of period 5,203 15,380
Unsecured Revolving Credit Facility    
Cash flows from financing activities:    
Net borrowings under credit facilities 550,000 495,300
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 (365,184) 7,710
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) 661,382 446,472
Changes in assets and liabilities:    
Net cash (used in) provided by operating activities 617,285 277,845
Cash flows from investing activities:    
Proceeds from sale of investment in unconsolidated entity   0
Proceeds from sale of Financial Services' businesses 0  
Proceeds from sales of real estate owned 0 0
Purchases of commercial mortgage-backed securities bonds   0
Acquisitions, net of cash and restricted cash acquired   (1,140,367)
Net cash used in investing activities (1,263,697) (2,131,566)
Cash flows from financing activities:    
Redemption of senior notes   (484,332)
Conversions and exchanges on convertible senior notes   0
Common stock:    
Issuances 634 3,184
Repurchases (101,229) (28,526)
Dividends (25,877) (22,780)
Net cash used in financing activities 423,528 408,437
Net decrease in cash and cash equivalents and restricted cash (222,884) (1,445,284)
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 401,810 493,271
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 550,000 950,000
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) 765,109 526,835
Changes in assets and liabilities:    
Net cash (used in) provided by operating activities (424,128) 458,242
Cash flows from investing activities:    
Proceeds from sale of investment in unconsolidated entity   175,179
Proceeds from sale of Financial Services' businesses 21,317  
Proceeds from sales of real estate owned 0 0
Purchases of commercial mortgage-backed securities bonds   0
Acquisitions, net of cash and restricted cash acquired   23,035
Net cash used in investing activities (107,920) 236,294
Cash flows from financing activities:    
Redemption of senior notes   (90,668)
Conversions and exchanges on convertible senior notes   (59,145)
Common stock:    
Issuances 0 0
Repurchases 0 0
Dividends (765,109) (591,835)
Net cash used in financing activities 191,144 (625,331)
Net decrease in cash and cash equivalents and restricted cash (340,904) 69,205
Cash and cash equivalents and restricted cash at beginning of period 721,603 366,946
Cash and cash equivalents and restricted cash at end of period 380,699 436,151
Guarantor Subsidiaries | Reportable Legal Entities | Homebuilding    
Adjustments to reconcile net earnings to net cash used in operating activities:    
Equity in loss from unconsolidated entities (5,586) 26,761
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 7,585 (285)
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 170 (54)
Non-Guarantor Subsidiaries | Reportable Legal Entities    
Cash flows from operating activities:    
Net earnings (including net earnings (loss) attributable to noncontrolling interests) 41,050 61,199
Changes in assets and liabilities:    
Net cash (used in) provided by operating activities 186,201 (133,733)
Cash flows from investing activities:    
Proceeds from sale of investment in unconsolidated entity   0
Proceeds from sale of Financial Services' businesses 3,129  
Proceeds from sales of real estate owned 4,210 21,658
Purchases of commercial mortgage-backed securities bonds   (31,068)
Acquisitions, net of cash and restricted cash acquired   39,368
Net cash used in investing activities 16,504 (5,673)
Cash flows from financing activities:    
Redemption of senior notes   0
Conversions and exchanges on convertible senior notes   0
Common stock:    
Issuances 0 0
Repurchases 0 0
Dividends (44,139) (76,005)
Net cash used in financing activities (213,824) 17,752
Net decrease in cash and cash equivalents and restricted cash (11,119) (121,654)
Cash and cash equivalents and restricted cash at beginning of period 249,681 388,583
Cash and cash equivalents and restricted cash at end of period 238,562 266,929
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 (272) 37
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 (10,937) (13,230)
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 (7,563) (17,023)
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 $ (365,354) 7,764
Senior Notes    
Cash flows from financing activities:    
Debt issuance costs   (12,101)
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   (9,109)
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   $ (2,992)