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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 2019
Commission File Number: 1-11749
 
Lennar Corporation
(Exact name of registrant as specified in its charter)
 
Delaware
 
95-4337490
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
700 Northwest 107th Avenue, Miami, Florida 33172
(Address of principal executive offices) (Zip Code)
(305) 559-4000
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, par value $.10

LEN
New York Stock Exchange
Class B Common Stock, par value $.10

LEN.B
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  ý    NO  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    YES  ý    NO  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
 
Accelerated filer
¨
Non-accelerated filer
¨
 
Smaller reporting company
¨
 
 
 
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  ý
Common stock outstanding as of May 31, 2019:
Class A 284,403,290
Class B 37,743,090





Part I. Financial Information
Item 1. Financial Statements

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(unaudited)
 
May 31,
 
November 30,
 
2019 (1)
 
2018 (1)
ASSETS
 
 
 
Homebuilding:
 
 
 
Cash and cash equivalents
$
800,678

 
1,337,807

Restricted cash
11,687

 
12,399

Receivables, net
303,595

 
236,841

Inventories:
 
 
 
Finished homes and construction in progress
10,045,155

 
8,681,357

Land and land under development
8,334,678

 
8,178,388

Consolidated inventory not owned
394,655

 
208,959

Total inventories
18,774,488

 
17,068,704

Investments in unconsolidated entities
983,683

 
870,201

Goodwill
3,442,359

 
3,442,359

Other assets
1,202,965

 
1,355,782

 
25,519,455

 
24,324,093

Financial Services
2,468,263

 
2,778,910

Multifamily
1,046,196

 
874,219

Lennar Other
549,150

 
588,959

Total assets
$
29,583,064

 
28,566,181

(1)
Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.
As of May 31, 2019, total assets include $1.4 billion related to consolidated VIEs of which $52.9 million is included in Homebuilding cash and cash equivalents, $103.3 million in Homebuilding receivables, net, $240.1 million in Homebuilding finished homes and construction in progress, $301.0 million in Homebuilding land and land under development, $394.7 million in Homebuilding consolidated inventory not owned, $4.1 million in Homebuilding investments in unconsolidated entities, $10.4 million in Homebuilding other assets, $187.2 million in Financial Services assets, $50.8 million in Multifamily assets and $7.2 million in Lennar Other assets.
As of November 30, 2018, total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $81.7 million in Homebuilding finished homes and construction in progress, $293.1 million in Homebuilding land and land under development, $209.0 million in Homebuilding consolidated inventory not owned, $3.8 million in Homebuilding investments in unconsolidated entities, $10.5 million in Homebuilding other assets and $10.3 million in Lennar Other assets.

See accompanying notes to condensed consolidated financial statements.
2

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

 
May 31,
 
November 30,
 
2019 (2)
 
2018 (2)
LIABILITIES AND EQUITY
 
 
 
Homebuilding:
 
 
 
Accounts payable
$
1,067,984

 
1,154,782

Liabilities related to consolidated inventory not owned
346,287

 
175,590

Senior notes and other debts payable
9,390,941

 
8,543,868

Other liabilities
1,804,956

 
1,902,658

 
12,610,168

 
11,776,898

Financial Services
1,481,006

 
1,868,202

Multifamily
215,316

 
170,616

Lennar Other
30,039

 
67,508

Total liabilities
14,336,529

 
13,883,224

Stockholders’ equity:
 
 
 
Preferred stock

 

Class A common stock of $0.10 par value; Authorized: May 31, 2019 and November 30, 2018 - 400,000,000 shares; Issued: May 31, 2019 - 295,034,256 shares and November 30, 2018 - 294,992,562 shares
29,503

 
29,499

Class B common stock of $0.10 par value; Authorized: May 31, 2019 and November 30, 2018 - 90,000,000 shares; Issued: May 31, 2019 - 39,442,649 shares and November 30, 2018 - 39,442,219 shares
3,944

 
3,944

Additional paid-in capital
8,529,828

 
8,496,677

Retained earnings
7,132,908

 
6,487,650

Treasury stock, at cost; May 31, 2019 - 10,630,966 shares of Class A common stock and 1,699,559 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
(537,106
)
 
(435,869
)
Accumulated other comprehensive income (loss)
227

 
(366
)
Total stockholders’ equity
15,159,304

 
14,581,535

Noncontrolling interests
87,231

 
101,422

Total equity
15,246,535

 
14,682,957

Total liabilities and equity
$
29,583,064

 
28,566,181

(2)
Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.
As of May 31, 2019, total liabilities include $928.9 million related to consolidated VIEs as to which there was no recourse against the Company, of which $17.3 million is included in Homebuilding accounts payable, $370.7 million in Homebuilding senior notes and other debts payable, $346.3 million in Homebuilding liabilities related to consolidated inventory not owned, $1.7 million in Homebuilding other liabilities, $190.6 million in Financial Services liabilities, $1.0 million in Multifamily liabilities and $1.3 million in Lennar Other liabilities.
As of November 30, 2018, total liabilities include $242.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $11.4 million is included in Homebuilding accounts payable, $51.9 million in Homebuilding senior notes and other debt payable, $175.6 million in Homebuilding liabilities related to consolidated inventory not owned, $2.6 million in Homebuilding other liabilities and $1.0 million in Lennar Other liabilities.

See accompanying notes to condensed consolidated financial statements.
3

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


 
Three Months Ended
 
Six Months Ended
 
May 31,
 
May 31,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Homebuilding
$
5,195,599

 
5,063,997

 
8,819,320

 
7,726,090

Financial Services
204,216

 
249,709

 
347,527

 
445,796

Multifamily
147,412

 
117,693

 
244,806

 
210,949

Lennar Other
15,663

 
27,662

 
19,319

 
57,017

Total revenues
5,562,890

 
5,459,061

 
9,430,972

 
8,439,852

Costs and expenses:
 
 
 
 
 
 
 
Homebuilding
4,587,259

 
4,636,063

 
7,826,094

 
7,040,096

Financial Services
147,999

 
193,935

 
272,338

 
364,160

Multifamily
148,716

 
117,186

 
249,894

 
214,385

Lennar Other
3,194

 
21,758

 
4,816

 
48,365

Acquisition and integration costs related to CalAtlantic

 
23,875

 

 
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

Homebuilding equity in earnings (loss) from unconsolidated entities
19,614

 
(12,670
)
 
5,858

 
(26,798
)
Homebuilding other income (expense), net (1)
(46,165
)
 
9,879

 
(47,700
)
 
179,874

Multifamily equity in earnings (loss) from unconsolidated entities and other gain
(3,018
)
 
14,281

 
7,563

 
17,023

Lennar Other equity in earnings (loss) from unconsolidated entities
(4,978
)
 
4,560

 
3,352

 
13,515

Lennar Other expense, net
(5,663
)
 
(6,569
)
 
(12,924
)
 
(15,427
)
Earnings before income taxes
559,399

 
390,810

 
878,523

 
660,238

Provision for income taxes (2)
(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
$
1.31

 
0.95

 
2.05

 
1.53

Diluted earnings per share
$
1.30

 
0.94

 
2.03

 
1.52


(1)
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.
(2)
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.




See accompanying notes to condensed consolidated financial statements.
4

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


 
Six Months Ended
 
May 31,
 
2019
 
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) provided by 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

 
(5,107
)
Gain on sale of other assets
(218
)
 

Loss on consolidation of previously unconsolidated entity
48,874

 

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
)
 

Unrealized and realized gains on real estate owned
(1,253
)
 
(1,770
)
Impairments of loans receivable, loans held-for-sale and real estate owned

 
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

 
22,820

Proceeds from sale of investment in unconsolidated entities
17,790

 
175,179

Proceeds from sale of Financial Services' businesses
24,446

 

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

 
(31,068
)
Acquisitions, net of cash and restricted cash acquired

 
(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
)






See accompanying notes to condensed consolidated financial statements.
5

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


 
Six Months Ended
 
May 31,
 
2019
 
2018
Cash flows from financing activities:
 
 
 
Net borrowings under revolving lines of credit
$
550,000

 
495,300

Net (repayments) borrowings under warehouse facilities
(365,184
)
 
7,710

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

Conversions, exchanges and redemption of convertible senior notes
(1,288
)
 
(59,145
)
Payments related to noncontrolling interests
(23,317
)
 
(30,412
)
Debt issuance costs

 
(12,101
)
Redemption of senior notes

 
(575,000
)
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

Summary of cash and cash equivalents and restricted cash:
 
 
 
Homebuilding
$
812,365

 
949,262

Financial Services
186,760

 
175,884

Multifamily
5,203

 
15,380

Lennar Other
16,743

 
55,825

 
$
1,021,071

 
1,196,351

Supplemental disclosures of non-cash investing and financing activities:
 
 
 
Homebuilding and Multifamily:
 
 
 
Purchases of inventories and other assets financed by sellers
$
46,631

 
45,078

Non-cash contributions to unconsolidated entities
$

 
87,269

Conversions and exchanges on convertible senior notes
$

 
217,154

Equity component of acquisition consideration
$

 
5,070,006

Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
 
 
 
Inventories
$
187,506

 
35,430

Receivables
$
102,959

 
7,198

Operating properties and equipment and other assets
$
53,412

 

Investments in unconsolidated entities
$
67,925

 
(25,614
)
Notes payable
$
(383,212
)
 

Other liabilities
$
(19,696
)
 
(17,014
)
Noncontrolling interests
$
(8,894
)
 


See accompanying notes to condensed consolidated financial statements.
6



Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
(1)
Basis of Presentation
Basis of Consolidation
The accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and variable interest entities ("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 and six months ended May 31, 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 as of December 1, 2018, 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.

7

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) - (Continued)


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.
Revenue Recognition
Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. The Company’s performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. Cash proceeds from home closings held in escrow for the Company’s benefit, typically for approximately three days, are included in Homebuilding cash and cash equivalents in the Condensed Consolidated Balance Sheets and disclosed in Note 11 of the Notes to the Condensed Consolidated Financial Statements. Contract liabilities include customer deposits liabilities related to sold but undelivered homes that are included in other liabilities in the Condensed Consolidated Balance Sheets. The Company periodically elects to sell parcels of land to third parties. Cash consideration from land sales is typically due on the closing date, which is generally when performance obligations are satisfied and revenue is recognized as title to and possession of the property are transferred to the buyer.
The Company’s financial services’ operations recognize revenues as follows: Title premiums on policies issued directly by the Company are recognized as revenue on the effective date of the title policies. Escrow fees and loan origination revenues are recognized at the time the related real estate transactions are completed, usually upon the close of escrow. Revenues from title policies issued by independent agents are recognized as revenue when notice of issuance is received from the agent, which is generally when cash payment is received by the Company.
The Company’s Multifamily segment provides management services with respect to the development, construction and property management of rental projects in joint ventures in which the Company has investments. As a result, the Multifamily segment earns and receives fees, which are generally based upon a stated percentage of development and construction costs and a percentage of gross rental collections. These fees are recorded over the period in which the services are performed using an input method, which properly depicts the level of effort required to complete the management services. In addition, the Multifamily segment provides general contractor services for the construction of some of its rental projects and recognizes the revenue over the period in which the services are performed using an input method, which properly depicts the level of effort required to complete the construction services. These customer contracts require the Company to provide management and general contractor services which represents a performance obligation that the Company satisfies over time. Management fees and general contractor services in the Multifamily segment are included in Multifamily revenue.

8

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) - (Continued)


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.
(2)
Business Acquisitions
Acquisition of CalAtlantic Group, Inc.
On February 12, 2018, the Company completed the acquisition of CalAtlantic Group, Inc. (“CalAtlantic”) through a transaction in which CalAtlantic was merged with and into a wholly-owned subsidiary of the Company (“Merger Sub”), with Merger Sub continuing as the surviving corporation and a wholly-owned subsidiary of the Company (the “Merger”). CalAtlantic was a homebuilder which built homes across the homebuilding spectrum, from entry level to luxury, in 43 metropolitan statistical areas spanning 19 states. CalAtlantic also provided mortgage, title and escrow services. A primary reason for the acquisition was to increase local market concentration in order to generate synergies and efficiencies.
Based on an evaluation of the provisions of ASC Topic 805, Business Combinations, ("ASC 805"), Lennar Corporation was determined to be the acquirer for accounting purposes. The $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.

9

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) - (Continued)


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

CalAtlantic shares electing cash conversion
24,083,091

CalAtlantic shares exchanged
93,942,788

Exchange ratio for Class A common stock
0.885

Exchange ratio for Class B common stock
0.0177

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

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

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

Consideration attributable to Class B common stock
77,823

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

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

Total purchase price
$
6,232,347


(In thousands)
 
ASSETS
 
Homebuilding:
 
Cash and cash equivalents, restricted cash and receivables, net
$
55,191

Inventories
6,239,147

Intangible asset (1)
8,000

Investments in unconsolidated entities
151,900

Goodwill (2)
3,305,792

Other assets
561,151

Total Homebuilding assets
10,321,181

Financial Services (2)
355,128

Total assets
10,676,309

LIABILITIES
 
Homebuilding:
 
Accounts payable
306

Senior notes payable and other debts
3,926,152

Other liabilities (3)
374,656

Total Homebuilding liabilities
4,301,114

Financial Services
124,418

Total liabilities
4,425,532

Noncontrolling interests (4)
18,430

Total purchase price
$
6,232,347

(1)
Intangible asset includes trade name. The amortization period for the trade name was six months.
(2)
Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is generally not deductible for income tax purposes. As of the Merger date, goodwill consisted primarily of expected greater efficiencies and opportunities due to increased concentration of local market share, reduced general and administrative costs and reduced homebuilding costs resulting from the merger and cost savings as a result of additional homebuilding and non-homebuilding synergies. The allocation of goodwill among the Company's reporting segments included $1.1 billion to Homebuilding East, $495.0 million to Homebuilding Central, $342.2 million to Homebuilding Texas, $1.4 billion to Homebuilding West, and $175.4 million to Financial Services.
(3)
Other liabilities includes contingencies assumed at the Merger date, which includes warranty and legal reserves. Warranty reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Warranty reserves are determined based on historical data and trends with respect to similar product types and geographical areas. Consistent with ASC 450, Contingencies, legal reserves are established when a loss is considered probable and the amount of loss can be reasonably estimated.
(4)
Fair value of noncontrolling interests was measured using discounted cash flows of expected future contributions and distributions.

10

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) - (Continued)


Homebuilding revenue and net earnings attributable to Lennar for the three and six months ended May 31, 2018 included $2.1 billion and $2.5 billion, respectively, of home sales revenues, and earnings (loss) before income taxes included $56.5 million and ($52.0) million, respectively, of a pre-tax earnings (loss) from CalAtlantic since the date of acquisition, which included acquisition and integration costs of $23.9 million and $128.1 million, respectively. These transaction expenses were included within acquisition and integration costs related to CalAtlantic in the accompanying condensed consolidated statement of operations for the three and six months ended May 31, 2018.
(3)
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 Carolina 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 primarily in California, including FivePoint Holdings, LLC ("FivePoint")
Operations of the Financial Services segment include primarily mortgage financing, title and closing services primarily for buyers of the Company’s homes. 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.

11

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) - (Continued)


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, except that as a result of the adoption of ASC 606 as of December 1, 2018, the Company updated its revenue recognition policies as noted in Note 1 of the Notes to the Condensed Consolidated Financial Statements. 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:
(In thousands)
May 31,
2019
 
November 30,
2018
Assets:
 
 
 
Homebuilding East
$
6,987,845

 
7,183,758

Homebuilding Central
2,782,430

 
2,522,799

Homebuilding Texas
2,449,590

 
2,311,760

Homebuilding West
10,954,282

 
10,291,385

Homebuilding Other
1,238,115

 
1,013,367

Financial Services
2,468,263

 
2,778,910

Multifamily
1,046,196

 
874,219

Lennar Other
549,150

 
588,959

Corporate and unallocated
1,107,193

 
1,001,024

Total assets
$
29,583,064

 
28,566,181