Supplemental Financial Information (Tables)

9 Months Ended

Aug. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

August 31, 2019



(In thousands)	Lennar Corporation		Guarantor Subsidiaries	Non-Guarantor Subsidiaries	Consolidating Adjustments		Total
ASSETS
Homebuilding:
Cash and cash equivalents, restricted cash and receivables, net	$	383,310	699,003	21,748	—		1,104,061
Inventories	—		18,496,698	351,472	—		18,848,170
Investments in unconsolidated entities	—		998,863	4,073	—		1,002,936
Goodwill	—		3,442,359	—	—		3,442,359
Other assets	347,411		651,596	201,097	(41,779	)	1,158,325
Investments in subsidiaries	10,451,599		26,682	—	(10,478,281	)	—
Intercompany	13,162,167		—	—	(13,162,167	)	—
	24,344,487		24,315,201	578,390	(23,682,227	)	25,555,851
Financial Services	—		253,881	2,077,040	(1,135	)	2,329,786
Multifamily	—		—	1,020,842	—		1,020,842
Lennar Other	—		140,777	412,191	—		552,968
Total assets	$	24,344,487	24,709,859	4,088,463	(23,683,362	)	29,459,447
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable and other liabilities	$	826,969	1,833,573	308,995	(42,914	)	2,926,623
Liabilities related to consolidated inventory not owned	—		298,724	—	—		298,724
Senior notes and other debts payable	8,145,580		882,357	47,079	—		9,075,016
Intercompany	—		11,298,276	1,863,891	(13,162,167	)	—
	8,972,549		14,312,930	2,219,965	(13,205,081	)	12,300,363
Financial Services	—		36,421	1,419,035	—		1,455,456
Multifamily	—		—	213,054	—		213,054
Lennar Other	—		—	24,627	—		24,627
Total liabilities	8,972,549		14,349,351	3,876,681	(13,205,081	)	13,993,500
Stockholders’ equity	15,371,938		10,360,508	117,773	(10,478,281	)	15,371,938
Noncontrolling interests	—		—	94,009	—		94,009
Total equity	15,371,938		10,360,508	211,782	(10,478,281	)	15,465,947
Total liabilities and equity	$	24,344,487	24,709,859	4,088,463	(23,683,362	)	29,459,447

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 August 31, 2019



(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Revenues:
Homebuilding	$	—		5,413,602		25,396		—		5,438,998
Financial Services	—			36,409		192,960		(4,867	)	224,502
Multifamily	—			—		183,958		—		183,958
Lennar Other	—			—		9,600		—		9,600
Total revenues	—			5,450,011		411,914		(4,867	)	5,857,058
Cost and expenses:
Homebuilding	—			4,758,852		24,009		(929	)	4,781,932
Financial Services	—			17,707		137,148		(5,051	)	149,804
Multifamily	—			—		181,616		—		181,616
Lennar Other	—			—		2,734		—		2,734
Corporate general and administrative	86,846			4,503		—		1,266		92,615
Total costs and expenses	86,846			4,781,062		345,507		(4,714	)	5,208,701
Homebuilding equity in loss from unconsolidated entities	—			(10,455	)	(4	)	—		(10,459	)
Homebuilding other income (expense), net	(153		)	7,101		5,274		153		12,375
Multifamily equity in earnings from unconsolidated entities and other gain	—			—		7,883		—		7,883
Lennar Other equity in earnings from unconsolidated entities	—			561		8,342		—		8,903
Lennar Other income, net	—			—		24		—		24
Earnings (loss) before income taxes	(86,999		)	666,156		87,926		—		667,083
Benefit (provision) for income taxes	19,816			(151,808	)	(22,448	)	—		(154,440	)
Equity in earnings from subsidiaries	580,549			42,876		—		(623,425	)	—
Net earnings (including net loss attributable to noncontrolling interests)	513,366			557,224		65,478		(623,425	)	512,643
Less: Net loss attributable to noncontrolling interests	—			—		(723	)	—		(723	)
Net earnings attributable to Lennar	$	513,366		557,224		66,201		(623,425	)	513,366
Other comprehensive income, net of tax:
Net unrealized gain on securities available-for-sale	$	—		—		180		—		180
Total other comprehensive income, net of tax	$	—		—		180		—		180
Total comprehensive income attributable to Lennar	$	513,366		557,224		66,381		(623,425	)	513,546
Total comprehensive loss attributable to noncontrolling interests	$	—		—		(723	)	—		(723	)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Three Months Ended August 31, 2018



(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Revenues:
Homebuilding	$	—		5,266,053		19,689		—		5,285,742
Financial Services	—			104,233		158,996		(5,021	)	258,208
Multifamily	—			—		101,064		—		101,064
Lennar Other	—			—		27,555		—		27,555
Total revenues	—			5,370,286		307,304		(5,021	)	5,672,569
Cost and expenses:
Homebuilding	—			4,649,490		18,211		3,387		4,671,088
Financial Services	—			89,902		118,856		(11,065	)	197,693
Multifamily	—			—		103,187		—		103,187
Lennar Other	—			—		24,731		(3,213	)	21,518
Acquisition and integration costs related to CalAtlantic	—			11,992		—		—		11,992
Corporate general and administrative	94,476			604		—		1,266		96,346
Total costs and expenses	94,476			4,751,988		264,985		(9,625	)	5,101,824
Homebuilding equity in earnings (loss) from unconsolidated entities	—			(16,995	)	256		—		(16,739	)
Homebuilding other income, net	4,614			7,618		3,211		(4,604	)	10,839
Multifamily equity in loss from unconsolidated entities and other gain	—			—		(1,730	)	—		(1,730	)
Lennar Other equity in earnings from unconsolidated entities	—			1,257		5,357		—		6,614
Lennar Other income (expense), net	—			122		(3,933	)	—		(3,811	)
Earnings (loss) before income taxes	(89,862		)	610,300		45,480		—		565,918
Benefit (provision) for income taxes	13,688			(101,924	)	(10,062	)	—		(98,298	)
Equity in earnings from subsidiaries	529,385			19,889		—		(549,274	)	—
Net earnings (including net earnings attributable to noncontrolling interests)	453,211			528,265		35,418		(549,274	)	467,620
Less: Net earnings attributable to noncontrolling interests	—			—		14,409		—		14,409
Net earnings attributable to Lennar	$	453,211		528,265		21,009		(549,274	)	453,211
Other comprehensive loss, net of tax:
Net unrealized loss on securities available-for-sale	$	—		—		(110	)	—		(110	)
Reclassification adjustments for gains included in net earnings, net of tax	—			—		(166	)	—		(166	)
Total other comprehensive loss, net of tax	$	—		—		(276	)	—		(276	)
Total comprehensive income attributable to Lennar	$	453,211		528,265		20,733		(549,274	)	452,935
Total comprehensive income attributable to noncontrolling interests	$	—		—		14,409		—		14,409

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Nine Months Ended August 31, 2019



(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Revenues:
Homebuilding	$	—		14,202,932		55,386		—		14,258,318
Financial Services	—			121,679		464,938		(14,588	)	572,029
Multifamily	—			—		428,764		—		428,764
Lennar Other	—			—		28,919		—		28,919
Total revenues	—			14,324,611		978,007		(14,588	)	15,288,030
Cost and expenses:
Homebuilding	—			12,546,016		55,910		6,100		12,608,026
Financial Services	—			76,914		368,926		(23,698	)	422,142
Multifamily	—			—		431,510		—		431,510
Lennar Other	—			—		7,550		—		7,550
Corporate general and administrative	238,696			5,579		—		3,796		248,071
Total costs and expenses	238,696			12,628,509		863,896		(13,802	)	13,717,299
Homebuilding equity in earnings (loss) from unconsolidated entities	—			(4,869	)	268		—		(4,601	)
Homebuilding other income (expense), net	(783		)	(43,845	)	8,517		786		(35,325	)
Multifamily equity in earnings from unconsolidated entities and other gain	—			—		15,446		—		15,446
Lennar Other equity in earnings (loss) from unconsolidated entities	—			(7,024	)	19,279		—		12,255
Lennar Other expense, net	—			—		(12,900	)	—		(12,900	)
Earnings (loss) before income taxes	(239,479		)	1,640,364		144,721		—		1,545,606
Benefit (provision) for income taxes	57,906			(394,383	)	(38,193	)	—		(374,670	)
Equity in earnings from subsidiaries	1,356,321			76,352		—		(1,432,673	)	—
Net earnings (including net loss attributable to noncontrolling interests)	1,174,748			1,322,333		106,528		(1,432,673	)	1,170,936
Less: Net loss attributable to noncontrolling interests	—			—		(3,812	)	—		(3,812	)
Net earnings attributable to Lennar	$	1,174,748		1,322,333		110,340		(1,432,673	)	1,174,748
Other comprehensive income, net of tax:
Net unrealized gain on securities available-for-sale	$	—		—		949		—		949
Reclassification adjustments for loss included in earnings, net of tax	—			—		(176	)	—		(176	)
Total other comprehensive income, net of tax	$	—		—		773		—		773
Total comprehensive income attributable to Lennar	$	1,174,748		1,322,333		111,113		(1,432,673	)	1,175,521
Total comprehensive loss attributable to noncontrolling interests	$	—		—		(3,812	)	—		(3,812	)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Nine Months Ended August 31, 2018



(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Revenues:
Homebuilding	$	—		12,942,016		69,816		—		13,011,832
Financial Services	—			277,502		441,517		(15,015	)	704,004
Multifamily	—			—		312,013		—		312,013
Lennar Other	—			—		84,572		—		84,572
Total revenues	—			13,219,518		907,918		(15,015	)	14,112,421
Cost and expenses:
Homebuilding	—			11,640,728		69,826		630		11,711,184
Financial Services	—			254,130		331,181		(23,458	)	561,853
Multifamily	—			—		317,572		—		317,572
Lennar Other	—			—		76,465		(6,582	)	69,883
Acquisition and integration costs related to CalAtlantic	—			140,062		—		—		140,062
Corporate general and administrative	243,361			1,813		—		3,897		249,071
Total costs and expenses	243,361			12,036,733		795,044		(25,513	)	13,049,625
Homebuilding equity in earnings (loss) from unconsolidated entities	—			(43,756	)	219		—		(43,537	)
Homebuilding other income, net	10,527			182,870		7,814		(10,498	)	190,713
Multifamily equity in earnings from unconsolidated entities	—			—		15,293		—		15,293
Lennar Other equity in earnings from unconsolidated entities	—			1,852		18,277		—		20,129
Lennar Other income (expense), net	—			—		(19,238	)	—		(19,238	)
Earnings (loss) before income taxes	(232,834		)	1,323,751		135,239		—		1,226,156
Benefit (provision) for income taxes	59,210			(327,148	)	(38,932	)	—		(306,870	)
Equity in earnings from subsidiaries	1,073,307			58,807		—		(1,132,114	)	—
Net earnings (including net earnings attributable to noncontrolling interests)	899,683			1,055,410		96,307		(1,132,114	)	919,286
Less: Net earnings attributable to noncontrolling interests	—			—		19,603		—		19,603
Net earnings attributable to Lennar	$	899,683		1,055,410		76,704		(1,132,114	)	899,683
Other comprehensive loss, net of tax:
Net unrealized loss on securities available-for-sale	$	—		—		(1,357	)	—		(1,357	)
Reclassification adjustments for gains included in earnings, net of tax	—			—		(292	)	—		(292	)
Total other comprehensive loss, net of tax	$	—		—		(1,649	)	—		(1,649	)
Total comprehensive income attributable to Lennar	$	899,683		1,055,410		75,055		(1,132,114	)	898,034
Total comprehensive income attributable to noncontrolling interests	$	—		—		19,603		—		19,603

Condensed Consolidating Statement of Cash Flows

Nine Months Ended August 31, 2019



(In thousands)	Lennar Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments		Total
Cash flows from operating activities:
Net earnings (including net loss attributable to noncontrolling interests)	$	1,174,748		1,322,333		106,528		(1,432,673	)	1,170,936
Distributions of earnings from guarantor and non-guarantor subsidiaries	1,356,321			76,352		—		(1,432,673	)	—
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities	(1,261,601		)	(1,342,672	)	298,957		1,432,673		(872,643	)
Net cash provided by operating activities	1,269,468			56,013		405,485		(1,432,673	)	298,293
Cash flows from investing activities:
Investments in and contributions to unconsolidated and consolidated entities, net of distributions of capital	—			(135,395	)	55,802		—		(79,593	)
Proceeds from sales of real estate owned	—			—		8,560		—		8,560
Proceeds from sale of investment in unconsolidated entities	—			—		17,790		—		17,790
Proceeds from sales of Financial Services' businesses	—			21,517		2,929		—		24,446
Other	(2,164		)	34,935		(43,331	)	—		(10,560	)
Intercompany	(1,256,112		)	—		—		1,256,112		—
Net cash provided by (used in) investing activities	(1,258,276		)	(78,943	)	41,750		1,256,112		(39,357	)
Cash flows from financing activities:
Net borrowings under unsecured revolving credit facilities	700,000			—		—		—		700,000
Net repayments under warehouse facilities	—			(9	)	(423,114	)	—		(423,123	)
Net borrowings (repayments) on convertible senior notes, other borrowings, other liabilities, and other notes payable	(500,000		)	(117,444	)	21,521		—		(595,923	)
Net repayments related to noncontrolling interests	—			—		(8,294	)	—		(8,294	)
Common stock:
Issuances	388			—		—		—		388
Repurchases	(419,322		)	—		—		—		(419,322	)
Dividends	(38,776		)	(1,322,333	)	(110,340	)	1,432,673		(38,776	)
Intercompany	—			1,181,304		74,808		(1,256,112	)	—
Net cash used in financing activities	(257,710		)	(258,482	)	(445,419	)	176,561		(785,050	)
Net increase (decrease) in cash and cash equivalents and restricted cash	(246,518		)	(281,412	)	1,816		—		(526,114	)
Cash and cash equivalents and restricted cash at beginning of period	624,694			721,603		249,681		—		1,595,978
Cash and cash equivalents and restricted cash at end of period	$	378,176		440,191		251,497		—		1,069,864

Condensed Consolidating Statement of Cash Flows

Nine Months Ended August 31, 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)	$	899,683		1,055,410		96,307		(1,132,114	)	919,286
Distributions of earnings from guarantor and non-guarantor subsidiaries	1,073,307			58,807		—		(1,132,114	)	—
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities	(1,142,909		)	(102,940	)	(79,134	)	1,132,114		(192,869	)
Net cash provided by operating activities	830,081			1,011,277		17,173		(1,132,114	)	726,417
Cash flows from investing activities:
Investments in and contributions to unconsolidated entities, net of distributions of capital	—			(67,664	)	(6,915	)	—		(74,579	)
Proceeds from sales of real estate owned	—			—		28,697		—		28,697
Proceeds from sale of investment in unconsolidated entity	—			199,654		—		—		199,654
Purchases of commercial mortgage-backed securities bonds	—			—		(31,068	)	—		(31,068	)
Acquisition, net of cash and restricted cash acquired	(1,140,367		)	22,654		39,368		—		(1,078,345	)
Other	(27,136		)	(20,555	)	(15,542	)	—		(63,233	)
Distributions of capital from guarantor and non-guarantor subsidiaries	65,000			20,000		—		(85,000	)	—
Intercompany	(1,035,226		)	—		—		1,035,226		—
Net cash provided by (used in) investing activities	(2,137,729		)	154,089		14,540		950,226		(1,018,874	)
Cash flows from financing activities:
Net borrowings (repayments) under unsecured revolving credit facilities	650,000			(454,700	)	—		—		195,300
Net repayments under warehouse facilities	—			(81	)	(100,882	)	—		(100,963	)
Debt issuance costs	(9,189		)	—		(3,270	)	—		(12,459	)
Net payments on other borrowings, other liabilities, Lennar Other senior notes and other notes payable	—			(78,528	)	(290,385	)	—		(368,913	)
Redemption of senior notes	(735,626		)	(89,374	)	—		—		(825,000	)
Conversions and exchanges of convertible senior notes	—			(59,145	)	—		—		(59,145	)
Net payments related to noncontrolling interests	—			—		(64,619	)	—		(64,619	)
Common stock:
Issuances	3,189			—		—		—		3,189
Repurchases	(49,490		)	—		—		—		(49,490	)
Dividends	(35,985		)	(1,120,410	)	(96,704	)	1,217,114		(35,985	)
Intercompany	—			651,665		383,561		(1,035,226	)	—
Net cash used in financing activities	(177,101		)	(1,150,573	)	(172,299	)	181,888		(1,318,085	)
Net increase (decrease) in cash and cash equivalents and restricted cash	(1,484,749		)	14,793		(140,586	)	—		(1,610,542	)
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	$	453,806		381,739		247,997		—		1,083,542