(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
ý | Accelerated filer | ¨ | Emerging growth company | ||
Non-accelerated filer | ¨ | Smaller reporting 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. ¨ |
LENNAR CORPORATION | ||||
FORM 10-Q | ||||
For the period ended August 31, 2020 | ||||
Part I | ||||
Item 1. | ||||
Item 2. | ||||
Item 3. | ||||
Item 4. | ||||
Part II | ||||
Item 1. | ||||
Item 1A. | ||||
Item 2. | ||||
Item 3 - 5. | ||||
Item 6. | ||||
August 31, | November 30, | |||||
2020 (1) | 2019 (1) | |||||
ASSETS | ||||||
Homebuilding: | ||||||
Cash and cash equivalents | $ | |||||
Restricted cash | ||||||
Receivables, net | ||||||
Inventories: | ||||||
Finished homes and construction in progress | ||||||
Land and land under development | ||||||
Consolidated inventory not owned | ||||||
Total inventories | ||||||
Investments in unconsolidated entities | ||||||
Goodwill | ||||||
Other assets | ||||||
Financial Services | ||||||
Multifamily | ||||||
Lennar Other | ||||||
Total assets | $ |
(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, nor any of its subsidiaries, has any obligations. |
August 31, | November 30, | |||||
2020 (2) | 2019 (2) | |||||
LIABILITIES AND EQUITY | ||||||
Homebuilding: | ||||||
Accounts payable | $ | |||||
Liabilities related to consolidated inventory not owned | ||||||
Senior notes and other debts payable, net | ||||||
Other liabilities | ||||||
Financial Services | ||||||
Multifamily | ||||||
Lennar Other | ||||||
Total liabilities | ||||||
Stockholders’ equity: | ||||||
Preferred stock | ||||||
Class A common stock of $0.10 par value; Authorized: August 31, 2020 and November 30, 2019 - 400,000,000 shares; Issued: August 31, 2020 - 298,935,646 shares and November 30, 2019 - 297,119,153 shares | ||||||
Class B common stock of $0.10 par value; Authorized: August 31, 2020 and November 30, 2019 - 90,000,000 shares; Issued: August 31, 2020 - 39,443,130 shares and November 30, 2019 - 39,443,064 shares | ||||||
Additional paid-in capital | ||||||
Retained earnings | ||||||
Treasury stock, at cost; August 31, 2020 - 23,819,899 shares of Class A common stock and 1,821,964 shares of Class B common stock; November 30, 2019 - 18,964,973 shares of Class A common stock and 1,704,630 shares of Class B common stock | ( | ) | ( | ) | ||
Accumulated other comprehensive income (loss) | ( | ) | ||||
Total stockholders’ equity | ||||||
Noncontrolling interests | ||||||
Total equity | ||||||
Total liabilities and equity | $ |
(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, nor any of its subsidiaries, has any obligations. |
Three Months Ended | Nine Months Ended | |||||||||||
August 31, | August 31, | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Revenues: | ||||||||||||
Homebuilding | $ | |||||||||||
Financial Services | ||||||||||||
Multifamily | ||||||||||||
Lennar Other | ||||||||||||
Total revenues | ||||||||||||
Costs and expenses: | ||||||||||||
Homebuilding | ||||||||||||
Financial Services | ||||||||||||
Multifamily | ||||||||||||
Lennar Other | ||||||||||||
Corporate general and administrative | ||||||||||||
Total costs and expenses | ||||||||||||
Homebuilding equity in loss from unconsolidated entities | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Homebuilding other income (expense), net | ( | ) | ( | ) | ( | ) | ||||||
Financial Services gain on deconsolidation | ||||||||||||
Multifamily equity in earnings (loss) from unconsolidated entities and other gain | ( | ) | ||||||||||
Lennar Other equity in earnings (loss) from unconsolidated entities | ( | ) | ( | ) | ||||||||
Lennar Other income (expense), net | ( | ) | ( | ) | ( | ) | ||||||
Earnings before income taxes | ||||||||||||
Provision for income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | ||||||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | ( | ) | ( | ) | ( | ) | ||||||
Net earnings attributable to Lennar | $ | |||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Net unrealized gain (loss) on securities available-for-sale | $ | ( | ) | |||||||||
Reclassification adjustments for loss included in earnings, net of tax | ( | ) | ( | ) | ||||||||
Total other comprehensive income (loss), net of tax | $ | ( | ) | |||||||||
Total comprehensive income attributable to Lennar | $ | |||||||||||
Total comprehensive income (loss) attributable to noncontrolling interests | $ | ( | ) | ( | ) | ( | ) | |||||
Basic earnings per share | $ | |||||||||||
Diluted earnings per share | $ |
Nine Months Ended | ||||||
August 31, | ||||||
2020 | 2019 | |||||
Cash flows from operating activities: | ||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
Amortization of discount/premium and accretion on debt, net | ( | ) | ( | ) | ||
Equity in loss (earnings) from unconsolidated entities | ( | ) | ||||
Distributions of earnings from unconsolidated entities | ||||||
Share-based compensation expense | ||||||
Deferred income tax expense | ||||||
Gain on sale of other assets, operating properties and equipment and real estate owned | ( | ) | ( | ) | ||
Loss on consolidation | ||||||
Gain on deconsolidation of previously consolidated entity | ( | ) | ||||
Gain on sale of interest in unconsolidated entity and other Multifamily gain | ( | ) | ( | ) | ||
Gain on sale of Financial Services' portfolio/businesses | ( | ) | ( | ) | ||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs | ||||||
Changes in assets and liabilities: | ||||||
Decrease in receivables | ||||||
Decrease (increase) in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | ( | ) | ||||
(Increase) decrease in other assets | ( | ) | ||||
Decrease (increase) in loans held-for-sale | ( | ) | ||||
Increase (decrease) in accounts payable and other liabilities | ( | ) | ||||
Net cash provided by operating activities | ||||||
Cash flows from investing activities: | ||||||
Net additions of operating properties and equipment | ( | ) | ( | ) | ||
Proceeds from the sale of operating properties and equipment, other assets and real estate owned | ||||||
Proceeds from sale of investment in unconsolidated entity | ||||||
Proceeds from sale of Financial Services' portfolio/businesses | ||||||
Investments in and contributions to unconsolidated entities/deconsolidation of previously consolidated entity | ( | ) | ( | ) | ||
Distributions of capital from unconsolidated entities | ||||||
Receipts of principal payments on loans receivable and other | ||||||
Proceeds from sale of commercial mortgage-backed securities bonds | ||||||
Decrease (increase) in Financial Services loans held-for-investment, net | ( | ) | ||||
Purchases of investment securities | ( | ) | ( | ) | ||
Proceeds from maturities/sales of investments securities | ||||||
Other receipts, net | ||||||
Net cash used in investing activities | $ | ( | ) | ( | ) |
Nine Months Ended | ||||||
August 31, | ||||||
2020 | 2019 | |||||
Cash flows from financing activities: | ||||||
Net borrowings under revolving line of credit | $ | |||||
Net repayments under warehouse facilities | ( | ) | ( | ) | ||
Redemption of senior notes | ( | ) | ( | ) | ||
Principal payments on notes payable and other borrowings | ( | ) | ( | ) | ||
Proceeds from other borrowings | ||||||
Net proceeds related to other liabilities | ( | ) | ||||
Conversions, exchanges and redemption of convertible senior notes | ( | ) | ||||
Receipts related to noncontrolling interests | ||||||
Payments related to noncontrolling interests | ( | ) | ( | ) | ||
Common stock: | ||||||
Issuances | ||||||
Repurchases | ( | ) | ( | ) | ||
Dividends | ( | ) | ( | ) | ||
Net cash used in financing activities | $ | ( | ) | ( | ) | |
Net increase (decrease) in cash and cash equivalents and restricted cash | ( | ) | ||||
Cash and cash equivalents and restricted cash at beginning of period | ||||||
Cash and cash equivalents and restricted cash at end of period | $ | |||||
Summary of cash and cash equivalents and restricted cash: | ||||||
Homebuilding | $ | |||||
Financial Services | ||||||
Multifamily | ||||||
Lennar Other | ||||||
$ | ||||||
Supplemental disclosures of non-cash investing and financing activities: | ||||||
Homebuilding and Multifamily: | ||||||
Purchases of inventories and other assets financed by sellers | $ | |||||
Non-cash contributions to unconsolidated entities | ||||||
Consolidation/deconsolidation of unconsolidated/consolidated entities, net: | ||||||
Financial Services assets | $ | |||||
Financial Services liabilities | ( | ) | ||||
Financial Services noncontrolling interests | ( | ) | ||||
Inventories | ||||||
Receivables | ||||||
Operating properties and equipment and other assets | ||||||
Investments in unconsolidated entities | ( | ) | ||||
Notes payable | ( | ) | ( | ) | ||
Other liabilities | ( | ) | ( | ) | ||
Noncontrolling interests | ( | ) |
(1) | Basis of Presentation |
(2) | Operating and Reporting Segments |
(In thousands) | August 31, 2020 | ||||||||||||||
Assets: | Homebuilding | Financial Services | Multifamily | Lennar Other | Total | ||||||||||
Cash and cash equivalents | $ | ||||||||||||||
Restricted cash | |||||||||||||||
Receivables, net (1) | |||||||||||||||
Inventories | |||||||||||||||
Loans held-for-sale (2) | |||||||||||||||
Loans held-for-investment, net | |||||||||||||||
Investments held-to-maturity | |||||||||||||||
Investments available-for-sale (3) | |||||||||||||||
Investments in unconsolidated entities (4) | |||||||||||||||
Goodwill | |||||||||||||||
Other assets (5) | |||||||||||||||
$ | |||||||||||||||
Liabilities: | |||||||||||||||
Notes and other debts payable, net | $ | ||||||||||||||
Other liabilities (6) | |||||||||||||||
$ |
(In thousands) | November 30, 2019 | ||||||||||||||
Assets: | Homebuilding | Financial Services | Multifamily | Lennar Other | Total | ||||||||||
Cash and cash equivalents | $ | ||||||||||||||
Restricted cash | |||||||||||||||
Receivables, net (1) | |||||||||||||||
Inventories | |||||||||||||||
Loans held-for-sale (2) | |||||||||||||||
Loans held-for-investment, net | |||||||||||||||
Investments held-to-maturity | |||||||||||||||
Investments available-for-sale (3) | |||||||||||||||
Investments in unconsolidated entities (4) | |||||||||||||||
Goodwill | |||||||||||||||
Other assets (5) | |||||||||||||||
$ | |||||||||||||||
Liabilities: | |||||||||||||||
Notes and other debts payable, net | $ | ||||||||||||||
Other liabilities (6) | |||||||||||||||
$ |
(1) | Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2020 and November 30, 2019, respectively. |
(2) | Loans held-for-sale related to unsold residential and commercial loans carried at fair value. |
(3) | Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet. |
(4) | Lennar Other investments in unconsolidated entities decreased primarily due to a $ |
(5) | As of August 31, 2020 and November 30, 2019, Financial Services other assets included mortgage loan commitments carried at fair value of $ |
(6) | As of August 31, 2020 and November 30, 2019, Financial Services other liabilities included $ |
Three Months Ended August 31, 2020 | ||||||||||||||||||
(In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate and unallocated | Total | ||||||||||||
Revenues | $ | |||||||||||||||||
Operating earnings (loss) | ( | ) | ||||||||||||||||
Corporate general and administrative expenses | ||||||||||||||||||
Earnings (loss) before income taxes | ( | ) | ( | ) | ||||||||||||||
Three Months Ended August 31, 2019 | ||||||||||||||||||
Revenues | $ | |||||||||||||||||
Operating earnings | ||||||||||||||||||
Corporate general and administrative expenses | ||||||||||||||||||
Earnings before income taxes | ( | ) |
Nine Months Ended August 31, 2020 | ||||||||||||||||||
(In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate and unallocated | Total | ||||||||||||
Revenues | $ | |||||||||||||||||
Operating earnings (loss) (1) | ( | ) | ( | ) | ||||||||||||||
Corporate general and administrative expenses | ||||||||||||||||||
Earnings (loss) before income taxes | ( | ) | ( | ) | ( | ) | ||||||||||||
Nine Months Ended August 31, 2019 | ||||||||||||||||||
Revenues | $ | |||||||||||||||||
Operating earnings | ||||||||||||||||||
Corporate general and administrative expenses | ||||||||||||||||||
Earnings before income taxes | ( | ) |
(1) | Operating loss for Lennar Other for the nine months ended August 31, 2020 included a $ |
(In thousands) | |||||||||||||||||||||
Assets: | East | Central | Texas | West | Other | Corporate and Unallocated | Total Homebuilding | ||||||||||||||
Balance at August 31, 2020 | $ | ||||||||||||||||||||
Balance at November 30, 2019 |
Three Months Ended August 31, 2020 | ||||||||||||||||||
(In thousands) | East | Central | Texas | West | Other | Total Homebuilding | ||||||||||||
Revenues | $ | |||||||||||||||||
Operating earnings (loss) | ( | ) | ||||||||||||||||
Three Months Ended August 31, 2019 | ||||||||||||||||||
Revenues | $ | |||||||||||||||||
Operating earnings (loss) | ( | ) |
Nine Months Ended August 31, 2020 | ||||||||||||||||||
(In thousands) | East | Central | Texas | West | Other | Total Homebuilding | ||||||||||||
Revenues | $ | |||||||||||||||||
Operating earnings (loss) | ( | ) | ||||||||||||||||
Nine Months Ended August 31, 2019 | ||||||||||||||||||
Revenues | $ | |||||||||||||||||
Operating earnings (loss) | ( | ) |
(In thousands) | Maximum Aggregate Commitment | ||
Residential facilities maturing: | |||
January 2021 | $ | ||
March 2021 | |||
June 2021 | |||
July 2021 | |||
Total - Residential facilities | $ | ||
LMF Commercial facilities maturing | |||
November 2020 | $ | ||
December 2020 (1) | |||
Total - LMF Commercial facilities | $ | ||
Total | $ |
(1) | Includes $ |
(In thousands) | August 31, 2020 | November 30, 2019 | ||||
Borrowings under the residential facilities | $ | |||||
Collateral under the residential facilities | ||||||
Borrowings under the LMF Commercial facilities |
Three Months Ended | Nine Months Ended | |||||||||||
August 31, | August 31, | |||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||
Loan origination liabilities, beginning of period | $ | |||||||||||
Provision for losses | ||||||||||||
Payments/settlements | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Loan origination liabilities, end of period | $ |
(3) | Investments in Unconsolidated Entities |
August 31, 2020 | ||||||
(In thousands) | LMV I | LMV II | ||||
Lennar's carrying value of investments | $ | |||||
Equity commitments | ||||||
Equity commitments called | ||||||
Lennar's equity commitments | ||||||
Lennar's equity commitments called | ||||||
Lennar's remaining commitments | ||||||
Distributions to Lennar during the nine months ended August 31, 2020 |
(4) | Stockholders' Equity |
Three Months Ended August 31, 2020 | ||||||||||||||||||||||||
(In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid - in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | ||||||||||||||||
Balance at May 31, 2020 | $ | ( | ) | ( | ) | |||||||||||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | — | — | — | — | — | |||||||||||||||||||
Employee stock and directors plans | ( | ) | — | ( | ) | ( | ) | — | — | — | ||||||||||||||
Amortization of restricted stock | — | — | — | — | — | — | ||||||||||||||||||
Cash dividends | ( | ) | — | — | — | — | — | ( | ) | — | ||||||||||||||
Receipts related to noncontrolling interests | — | — | — | — | — | — | ||||||||||||||||||
Payments related to noncontrolling interests | ( | ) | — | — | — | — | — | — | ( | ) | ||||||||||||||
Non-cash purchase or activity of noncontrolling interests, net | ( | ) | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||
Non-cash consolidations/deconsolidations, net | — | — | — | — | — | — | ||||||||||||||||||
Total other comprehensive income, net of tax | — | — | — | — | — | — | ||||||||||||||||||
Balance at August 31, 2020 | $ | ( | ) | ( | ) |
Three Months Ended August 31, 2019 | |||||||||||||||||||||||||
(In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid - in Capital | Treasury Stock | Accumulated Other Comprehensive Income) | Retained Earnings | Noncontrolling Interests | |||||||||||||||||
Balance at May 31, 2019 | $ | ( | ) | ||||||||||||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | — | — | — | — | — | ( | ) | ||||||||||||||||||
Employee stock and directors plans | ( | ) | — | ( | ) | ( | ) | — | — | — | |||||||||||||||
Purchases of treasury stock | ( | ) | — | — | — | ( | ) | — | — | — | |||||||||||||||
Amortization of restricted stock | — | — | — | — | — | — | |||||||||||||||||||
Cash dividends | ( | ) | — | — | — | — | — | — | ( | ) | — | ||||||||||||||
Receipts related to noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||
Payments related to noncontrolling interests | ( | ) | — | — | — | — | — | — | ( | ) | |||||||||||||||
Non-cash activity related to noncontrolling interests | ( | ) | — | — | ( | ) | — | — | — | ||||||||||||||||
Total other comprehensive income, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Balance at August 31, 2019 | $ | ( | ) |
Nine Months Ended August 31, 2020 | |||||||||||||||||||||||||
(In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid - in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | |||||||||||||||||
Balance at November 30, 2019 | $ | ( | ) | ||||||||||||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | — | — | — | — | — | ( | ) | ||||||||||||||||||
Employee stock and directors plans | ( | ) | — | ( | ) | — | — | — | |||||||||||||||||
Purchases of treasury stock | ( | ) | — | — | — | ( | ) | — | — | — | |||||||||||||||
Amortization of restricted stock | — | — | — | — | — | — | |||||||||||||||||||
Cash dividends | ( | ) | — | — | — | — | — | — | ( | ) | — | ||||||||||||||
Receipts related to noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||
Payments related to noncontrolling interests | ( | ) | — | — | — | — | — | — | ( | ) | |||||||||||||||
Non-cash purchase or activity of noncontrolling interests, net | ( | ) | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||
Non-cash consolidations/deconsolidations, net | ( | ) | — | — | — | — | — | — | ( | ) | |||||||||||||||
Total other comprehensive loss, net of tax | ( | ) | — | — | — | — | ( | ) | — | — | |||||||||||||||
Balance at August 31, 2020 | $ | ( | ) | ( | ) |
Nine Months Ended August 31, 2019 | |||||||||||||||||||||||||
(In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid - in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | |||||||||||||||||
Balance at November 30, 2018 | $ | ( | ) | ( | ) | ||||||||||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | — | — | — | — | — | ( | ) | ||||||||||||||||||
Employee stock and directors plans | ( | ) | — | ( | ) | — | — | — | |||||||||||||||||
Purchases of treasury stock | ( | ) | — | — | — | ( | ) | — | — | — | |||||||||||||||
Amortization of restricted stock | — | — | — | — | — | — | |||||||||||||||||||
Cash dividends | ( | ) | — | — | — | — | — | — | ( | ) | — | ||||||||||||||
Receipts related to noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||
Payments related to noncontrolling interests | ( | ) | — | — | — | — | — | — | ( | ) | |||||||||||||||
Non-cash consolidations, net | — | — | — | — | — | — | |||||||||||||||||||
Cumulative-effect of accounting change | |||||||||||||||||||||||||
Non cash activity related to noncontrolling interests | ( | ) | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||
Total other comprehensive income, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Balance at August 31, 2019 | $ | ( | ) |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
August 31, 2020 | August 31, 2019 | August 31, 2020 | August 31, 2019 | |||||||||||||||||||||||||||||
(Dollars in thousands, except price per share) | Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | ||||||||||||||||||||||||
Shares repurchased | ||||||||||||||||||||||||||||||||
Principal | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Average price per share | $ | $ | $ | $ | $ | $ | $ | $ |
(5) | Income Taxes |
Three Months Ended | Nine Months Ended | |||||||||||
August 31, | August 31, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||
Provision for income taxes | $ | |||||||||||
Effective tax rate (1) | % | % | % | % |
(1) | For both the three and nine months ended August 31, 2020, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by new energy efficient home and solar tax credits, as well as a benefit related to years ended November 30, 2018 and 2019, due to Congress retroactively extending the new energy efficient home tax credit in December 2019. |
(6) | Earnings Per Share |
Three Months Ended | Nine Months Ended | |||||||||||
August 31, | August 31, | |||||||||||
(In thousands, except per share amounts) | 2020 | 2019 | 2020 | 2019 | ||||||||
Numerator: | ||||||||||||
Net earnings attributable to Lennar | $ | |||||||||||
Less: distributed earnings allocated to nonvested shares | ||||||||||||
Less: undistributed earnings allocated to nonvested shares | ||||||||||||
Numerator for basic earnings per share | ||||||||||||
Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) | ||||||||||||
Numerator for diluted earnings per share | $ | |||||||||||
Denominator: | ||||||||||||
Denominator for basic earnings per share - weighted average common shares outstanding | ||||||||||||
Effect of dilutive securities: | ||||||||||||
Shared based payments | ||||||||||||
Denominator for diluted earnings per share - weighted average common shares outstanding | ||||||||||||
Basic earnings per share | $ | |||||||||||
Diluted earnings per share | $ |
(1) | The amounts presented relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received from the Rialto funds included in the Lennar Other segment and the amount Lennar is assumed to own. |
(Dollars in thousands) | August 31, 2020 | November 30, 2019 | ||||
2.95% senior notes due 2020 | $ | |||||
8.375% senior notes due 2021 | ||||||
4.750% senior notes due 2021 | ||||||
6.25% senior notes due December 2021 | ||||||
4.125% senior notes due 2022 | ||||||
5.375% senior notes due 2022 | ||||||
4.750% senior notes due 2022 | ||||||
4.875% senior notes due December 2023 | ||||||
4.500% senior notes due 2024 | ||||||
5.875% senior notes due 2024 | ||||||
4.750% senior notes due 2025 | ||||||
5.25% senior notes due 2026 | ||||||
5.00% senior notes due 2027 | ||||||
4.75% senior notes due 2027 | ||||||
6.625% senior notes due 2020 | ||||||
Mortgage notes on land and other debt | ||||||
$ |
(In thousands) | August 31, 2020 | November 30, 2019 | |||||
Performance letters of credit | $ | ||||||
Financial letters of credit | |||||||
Surety bonds | |||||||
Anticipated future costs primarily for site improvements related to performance surety bonds |
(8) | Product Warranty |
Three Months Ended | Nine Months Ended | |||||||||||
August 31, | August 31, | |||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||
Warranty reserve, beginning of the period | $ | |||||||||||
Warranties issued | ||||||||||||
Adjustments to pre-existing warranties from changes in estimates (1) | ( | ) | ||||||||||
Payments | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Warranty reserve, end of period | $ |
(1) | The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2020 and 2019 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments. |
(9) | Financial Instruments and Fair Value Disclosures |
August 31, 2020 | November 30, 2019 | |||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||
ASSETS | ||||||||||||||
Financial Services: | ||||||||||||||
Loans held-for-investment, net | Level 3 | $ | ||||||||||||
Investments held-to-maturity | Level 3 | $ | ||||||||||||
Investments held-to-maturity | Level 2 | $ | ||||||||||||
Lennar Other: | ||||||||||||||
Investments held-to-maturity | Level 3 | $ | ||||||||||||
LIABILITIES | ||||||||||||||
Homebuilding senior notes and other debts payable, net | Level 2 | $ | ||||||||||||
Financial Services notes and other debts payable, net | Level 2 | $ | ||||||||||||
Multifamily note payable, net | Level 2 | $ | ||||||||||||
Lennar Other notes and other debts payable, net | Level 2 | $ |
(In thousands) | Fair Value Hierarchy | Fair Value at August 31, 2020 | Fair Value at November 30, 2019 | |||||
Financial Services Assets: | ||||||||
Residential loans held-for-sale (1) | Level 2 | $ | ||||||
LMF Commercial loans held-for-sale (2) | Level 3 | $ | ||||||
Mortgage servicing rights | Level 3 | $ | ||||||
Lennar Other: | ||||||||
Investments available-for-sale | Level 3 | $ |
(1) | The aggregate fair value of residential loans held-for-sale of $ |
(2) | The aggregate fair value of LMF Commercial loans held-for-sale of $ |
As of August 31, 2020 | |
Unobservable inputs | |
Mortgage prepayment rate | |
Discount rate | |
Delinquency rate |
Three Months Ended | Nine Months Ended | |||||||||||
August 31, | August 31, | |||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||
Changes in fair value included in Financial Services revenues: | ||||||||||||
Loans held-for-sale | $ | ( | ) | |||||||||
Mortgage loan commitments | ( | ) | ||||||||||
Forward contracts | ( | ) | ( | ) | ||||||||
Changes in fair value included in other comprehensive income (loss), net of tax: | ||||||||||||
Lennar Other investments available-for-sale | ( | ) | ||||||||||
Financial Services investments available-for-sale | ( | ) |
Three Months Ended | ||||||||||||
August 31, 2020 | August 31, 2019 | |||||||||||
(In thousands) | Mortgage servicing rights | LMF Commercial loans held-for-sale | Mortgage servicing rights | LMF Commercial loans held-for-sale | ||||||||
Beginning balance | $ | |||||||||||
Purchases/loan originations | ||||||||||||
Sales/loan originations sold, including those not settled | ( | ) | ( | ) | ||||||||
Disposals/settlements | ( | ) | ( | ) | ||||||||
Changes in fair value (1) | ( | ) | ( | ) | ( | ) | ||||||
Interest and principal paydowns | ( | ) | ( | ) | ||||||||
Ending balance | $ |
Nine Months Ended | ||||||||||||
August 31, 2020 | August 31, 2019 | |||||||||||
(In thousands) | Mortgage servicing rights | LMF Commercial loans held-for-sale | Mortgage servicing rights | LMF Commercial loans held-for-sale | ||||||||
Beginning balance | $ | |||||||||||
Purchases/loan originations | ||||||||||||
Sales/loan originations sold, including those not settled | ( | ) | ( | ) | ||||||||
Disposals/settlements (2) | ( | ) | ( | ) | ( | ) | ||||||
Changes in fair value (1) | ( | ) | ( | ) | ||||||||
Interest and principal paydowns | ( | ) | ( | ) | ||||||||
Ending balance | $ |
(1) | Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues. |
(2) | Includes $7.5 million related to the sale of a servicing portfolio. |
Three Months Ended | ||||||||||||||||||||
August 31, 2020 | August 31, 2019 | |||||||||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying Value | Fair Value | Total Losses, Net (1) | Carrying Value | Fair Value | Total Losses, Net (1) | |||||||||||||
Non-financial assets | ||||||||||||||||||||
Homebuilding: | ||||||||||||||||||||
Finished homes and construction in progress (1) | Level 3 | $ | ( | ) | ( | ) | ||||||||||||||
Land and land under development (1) | Level 3 | $ | ( | ) | ( | ) |
Nine Months Ended | ||||||||||||||||||||
August 31, 2020 | August 31, 2019 | |||||||||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying Value | Fair Value | Total Losses, Net (1) | Carrying Value | Fair Value | Total Losses, Net (1) | |||||||||||||
Non-financial assets | ||||||||||||||||||||
Homebuilding: | ||||||||||||||||||||
Finished homes and construction in progress (1) | Level 3 | $ | ( | ) | ( | ) | ||||||||||||||
Land and land under development (1) | Level 3 | $ | ( | ) | ( | ) |
(1) | Valuation adjustments were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss). |
Communities with valuation adjustments | ||||||||||||
# of communities with potential indicator of impairment | # of communities | Fair Value (in thousands) | Valuation Adjustments (in thousands) | |||||||||
At or for the Nine Months Ended | ||||||||||||
August 31, 2020 | $ | $ | ||||||||||
August 31, 2019 |
Nine Months Ended | |||||||||||
August 31, 2020 | August 31, 2019 | ||||||||||
Unobservable inputs | Range | ||||||||||
Average selling price | $ | - | $ | $ | |||||||
Absorption rate per quarter (homes) | - | ||||||||||
Discount rate |
(10) | Variable Interest Entities |
August 31, 2020 | November 30, 2019 | |||||||||||
(In thousands) | Investments in Unconsolidated VIEs | Lennar’s Maximum Exposure to Loss (1) | Investments in Unconsolidated VIEs | Lennar’s Maximum Exposure to Loss (1) | ||||||||
Homebuilding | $ | |||||||||||
Multifamily (2) | ||||||||||||
Financial Services (3) | ||||||||||||
Lennar Other | ||||||||||||
$ |
(1) | Limited to investments in unconsolidated VIEs, except as noted below. |
(2) | As of August 31, 2020 and November 30, 2019, the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs, except with regard to the remaining equity commitment of $ |
(3) | As of August 31, 2020, the maximum exposure to loss of Financial Services' investments in unconsolidated entities included a note receivable. |
(Dollars in thousands) | August 31, 2020 | ||
Right-of-use assets | $ | ||
Lease liabilities | $ | ||
Weighted-average remaining lease term (in years) | |||
Weighted-average discount rate | % |
(Dollars in thousands) | Lease Payments | ||
2020 | $ | ||
2021 | |||
2022 | |||
2023 | |||
2024 | |||
2025 and thereafter | |||
Total future minimum lease payments (1) | $ | ||
Less: Interest (2) | |||
Present value of lease liabilities (2) | $ |
(1) | Total future minimum lease payments exclude variable lease costs of $ |
(2) | The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. As of August 31, 2020, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were |
(12) | New Accounting Pronouncements |
(13) | Supplemental Financial Information |
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
ASSETS | |||||||||||||||
Homebuilding: | |||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | ||||||||||||||
Inventories | |||||||||||||||
Investments in unconsolidated entities | |||||||||||||||
Goodwill | — | ||||||||||||||
Other assets | ( | ) | |||||||||||||
Investments in subsidiaries | ( | ) | |||||||||||||
Intercompany | ( | ) | |||||||||||||
( | ) | ||||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | ( | ) | |||||||||||||
Total assets | $ | ( | ) | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Homebuilding: | |||||||||||||||
Accounts payable and other liabilities | $ | ( | ) | ||||||||||||
Liabilities related to consolidated inventory not owned | — | ||||||||||||||
Senior notes and other debts payable | |||||||||||||||
Intercompany | ( | ) | |||||||||||||
( | ) | ||||||||||||||
Financial Services | |||||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Total liabilities | ( | ) | |||||||||||||
Total stockholders’ equity | ( | ) | ( | ) | |||||||||||
Noncontrolling interests | |||||||||||||||
Total equity | ( | ) | |||||||||||||
Total liabilities and equity | $ | ( | ) |
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
ASSETS | |||||||||||||||
Homebuilding: | |||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | ||||||||||||||
Inventories | |||||||||||||||
Investments in unconsolidated entities | |||||||||||||||
Goodwill | — | ||||||||||||||
Other assets | ( | ) | |||||||||||||
Investments in subsidiaries | ( | ) | |||||||||||||
Intercompany | ( | ) | |||||||||||||
( | ) | ||||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | ( | ) | |||||||||||||
Total assets | $ | ( | ) | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Homebuilding: | |||||||||||||||
Accounts payable and other liabilities | $ | ( | ) | ||||||||||||
Liabilities related to consolidated inventory not owned | |||||||||||||||
Senior notes and other debts payable | |||||||||||||||
Intercompany | ( | ) | |||||||||||||
( | ) | ||||||||||||||
Financial Services | |||||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Total liabilities | ( | ) | |||||||||||||
Total stockholders’ equity | ( | ) | |||||||||||||
Noncontrolling interests | |||||||||||||||
Total equity | ( | ) | |||||||||||||
Total liabilities and equity | $ | ( | ) |
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
Revenues: | |||||||||||||||
Homebuilding | $ | ||||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Total revenues | ( | ) | |||||||||||||
Cost and expenses: | |||||||||||||||
Homebuilding | ( | ) | |||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Corporate general and administrative | |||||||||||||||
Total costs and expenses | ( | ) | |||||||||||||
Homebuilding equity in earnings (loss) from unconsolidated entities | ( | ) | ( | ) | |||||||||||
Homebuilding other income (expense), net | ( | ) | ( | ) | ( | ) | |||||||||
Multifamily equity in loss from unconsolidated entities and other gain | ( | ) | ( | ) | |||||||||||
Lennar Other equity in earnings (loss) from unconsolidated entities | ( | ) | ( | ) | |||||||||||
Lennar Other income (expense), net | ( | ) | ( | ) | |||||||||||
Earnings (loss) before income taxes | ( | ) | |||||||||||||
Benefit (provision) for income taxes | ( | ) | ( | ) | ( | ) | |||||||||
Equity in earnings from subsidiaries | — | ( | ) | — | |||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | ( | ) | |||||||||||||
Less: Net earnings attributable to noncontrolling interests | |||||||||||||||
Net earnings attributable to Lennar | $ | ( | ) | ||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||
Net unrealized gain on securities available-for-sale | $ | ||||||||||||||
Total other comprehensive income, net of tax | $ | ||||||||||||||
Total comprehensive income attributable to Lennar | $ | ( | ) | ||||||||||||
Total comprehensive income attributable to noncontrolling interests | $ |
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
Revenues: | |||||||||||||||
Homebuilding | $ | ||||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Total revenues | ( | ) | |||||||||||||
Cost and expenses: | |||||||||||||||
Homebuilding | ( | ) | |||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Corporate general and administrative | |||||||||||||||
Total costs and expenses | ( | ) | |||||||||||||
Homebuilding equity in loss from unconsolidated entities | ( | ) | ( | ) | ( | ) | |||||||||
Homebuilding other income (expense), net | ( | ) | |||||||||||||
Multifamily equity in earnings from unconsolidated entities and other gain | |||||||||||||||
Lennar Other equity in earnings from unconsolidated entities | |||||||||||||||
Lennar Other income, net | |||||||||||||||
Earnings (loss) before income taxes | ( | ) | |||||||||||||
Benefit (provision) for income taxes | ( | ) | ( | ) | ( | ) | |||||||||
Equity in earnings from subsidiaries | ( | ) | |||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | ( | ) | |||||||||||||
Less: Net loss attributable to noncontrolling interests | ( | ) | ( | ) | |||||||||||
Net earnings attributable to Lennar | $ | ( | ) | ||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||
Net unrealized gain on securities available-for-sale | $ | ||||||||||||||
Total other comprehensive income, net of tax | $ | ||||||||||||||
Total comprehensive income attributable to Lennar | $ | ( | ) | ||||||||||||
Total comprehensive loss attributable to noncontrolling interests | $ | ( | ) | ( | ) |
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
Revenues: | |||||||||||||||
Homebuilding | $ | ||||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Total revenues | ( | ) | |||||||||||||
Cost and expenses: | |||||||||||||||
Homebuilding | ( | ) | |||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Corporate general and administrative | |||||||||||||||
Total costs and expenses | ( | ) | |||||||||||||
Homebuilding equity in earnings (loss) from unconsolidated entities | ( | ) | ( | ) | |||||||||||
Homebuilding other income (expense), net | ( | ) | ( | ) | ( | ) | |||||||||
Financial Services gain on deconsolidation | |||||||||||||||
Multifamily equity in earnings from unconsolidated entities and other gain | |||||||||||||||
Lennar Other equity in loss from unconsolidated entities | ( | ) | ( | ) | ( | ) | |||||||||
Lennar Other income (expense), net | ( | ) | ( | ) | |||||||||||
Earnings (loss) before income taxes | ( | ) | |||||||||||||
Benefit (provision) for income taxes | ( | ) | ( | ) | ( | ) | |||||||||
Equity in earnings from subsidiaries | ( | ) | |||||||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | ( | ) | |||||||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | ( | ) | ( | ) | |||||||||||
Net earnings attributable to Lennar | $ | ( | ) | ||||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||
Net unrealized loss on securities available-for-sale | $ | ( | ) | ( | ) | ||||||||||
Reclassification adjustments for gain included in earnings, net of tax | ( | ) | ( | ) | |||||||||||
Total other comprehensive loss, net of tax | $ | ( | ) | ( | ) | ||||||||||
Total comprehensive income attributable to Lennar | $ | ( | ) | ||||||||||||
Total comprehensive loss attributable to noncontrolling interests | $ | ( | ) | ( | ) |
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
Revenues: | |||||||||||||||
Homebuilding | $ | ||||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Total revenues | ( | ) | |||||||||||||
Cost and expenses: | |||||||||||||||
Homebuilding | |||||||||||||||
Financial Services | ( | ) | |||||||||||||
Multifamily | |||||||||||||||
Lennar Other | |||||||||||||||
Corporate general and administrative | |||||||||||||||
Total costs and expenses | ( | ) | |||||||||||||
Homebuilding equity in earnings (loss) from unconsolidated entities | ( | ) | ( | ) | |||||||||||
Homebuilding other income (expense), net | ( | ) | ( | ) | ( | ) | |||||||||
Multifamily equity in earnings from unconsolidated entities and other gain | |||||||||||||||
Lennar Other equity in earnings (loss) from unconsolidated entities | ( | ) | |||||||||||||
Lennar Other expense, net | ( | ) | ( | ) | |||||||||||
Earnings (loss) before income taxes | ( | ) | |||||||||||||
Benefit (provision) for income taxes | ( | ) | ( | ) | ( | ) | |||||||||
Equity in earnings from subsidiaries | ( | ) | |||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | ( | ) | |||||||||||||
Less: Net loss attributable to noncontrolling interests | ( | ) | ( | ) | |||||||||||
Net earnings attributable to Lennar | $ | ( | ) | ||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||
Net unrealized gain on securities available-for-sale | $ | ||||||||||||||
Reclassification adjustments for loss included in earnings, net of tax | ( | ) | ( | ) | |||||||||||
Total other comprehensive income, net of tax | $ | ||||||||||||||
Total comprehensive income attributable to Lennar | $ | ( | ) | ||||||||||||
Total comprehensive loss attributable to noncontrolling interests | $ | ( | ) | ( | ) |
(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) | $ | ( | ) | ||||||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | ( | ) | |||||||||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities | ( | ) | |||||||||||||
Net cash provided by operating activities | ( | ) | |||||||||||||
Cash flows from investing activities: | |||||||||||||||
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital | ( | ) | ( | ) | ( | ) | |||||||||
Proceeds from the sales of operating properties and equipment and other assets | |||||||||||||||
Other | ( | ) | ( | ) | ( | ) | |||||||||
Distributions of capital from guarantor and non-guarantor subsidiaries | ( | ) | |||||||||||||
Intercompany | ( | ) | |||||||||||||
Net cash provided by (used in) investing activities | ( | ) | ( | ) | ( | ) | |||||||||
Cash flows from financing activities: | |||||||||||||||
Net borrowings (repayments) under unsecured revolving credit facilities | — | ( | ) | ( | ) | ||||||||||
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable | ( | ) | ( | ) | ( | ) | |||||||||
Common stock: | |||||||||||||||
Repurchases | ( | ) | ( | ) | |||||||||||
Dividends | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Intercompany | ( | ) | ( | ) | |||||||||||
Net cash used in financing activities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | ( | ) | ( | ) | |||||||||||
Cash and cash equivalents and restricted cash at beginning of period | |||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ |
(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) | $ | ( | ) | ||||||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | ( | ) | |||||||||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities | ( | ) | ( | ) | ( | ) | |||||||||
Net cash provided by operating activities | ( | ) | |||||||||||||
Cash flows from investing activities: | |||||||||||||||
Investments in and contributions to unconsolidated entities and consolidated entities, net of distributions of capital | ( | ) | ( | ) | |||||||||||
Proceeds from sales of real estate owned | |||||||||||||||
Proceeds from sale of investment in unconsolidated entities | |||||||||||||||
Proceeds from sales of Financial Services' business | |||||||||||||||
Other | ( | ) | ( | ) | ( | ) | |||||||||
Intercompany | ( | ) | |||||||||||||
Net cash provided by (used in) investing activities | ( | ) | ( | ) | ( | ) | |||||||||
Cash flows from financing activities: | |||||||||||||||
Net borrowings under unsecured revolving credit facilities | |||||||||||||||
Net repayments under warehouse facilities | ( | ) | ( | ) | ( | ) | |||||||||
Net borrowings (repayments) on convertible senior notes, other borrowings, other liabilities, and other notes payable | ( | ) | ( | ) | ( | ) | |||||||||
Net repayments related to noncontrolling interests | ( | ) | ( | ) | |||||||||||
Common stock: | |||||||||||||||
Issuances | |||||||||||||||
Repurchases | ( | ) | ( | ) | |||||||||||
Dividends | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Intercompany | ( | ) | |||||||||||||
Net cash used in financing activities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | ( | ) | ( | ) | ( | ) | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | |||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ |
Three Months Ended August 31, 2020 | ||||||||||||||||||
(In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | ||||||||||||
Revenues: | ||||||||||||||||||
Sales of homes | $ | 5,467,364 | — | — | — | — | 5,467,364 | |||||||||||
Sales of land | 34,323 | — | — | — | — | 34,323 | ||||||||||||
Other revenues | 3,433 | 237,068 | 115,170 | 12,896 | — | 368,567 | ||||||||||||
Total revenues | 5,505,120 | 237,068 | 115,170 | 12,896 | — | 5,870,254 | ||||||||||||
Costs and expenses: | ||||||||||||||||||
Costs of homes sold | 4,204,814 | — | — | — | — | 4,204,814 | ||||||||||||
Costs of land sold | 32,395 | — | — | — | — | 32,395 | ||||||||||||
Selling, general and administrative expenses | 435,949 | — | — | — | — | 435,949 | ||||||||||||
Other costs and expenses | — | 101,989 | 118,786 | 2,062 | — | 222,837 | ||||||||||||
Total costs and expenses | 4,673,158 | 101,989 | 118,786 | 2,062 | — | 4,895,995 | ||||||||||||
Equity in loss from unconsolidated entities and Multifamily other gain | (6,431 | ) | — | (1,532 | ) | (2,189 | ) | — | (10,152 | ) | ||||||||
Other expense, net | (11,787 | ) | — | — | (646 | ) | — | (12,433 | ) | |||||||||
Operating earnings (loss) | $ | 813,744 | 135,079 | (5,148 | ) | 7,999 | — | 951,674 | ||||||||||
Corporate general and administrative expenses | — | — | — | — | 92,661 | 92,661 | ||||||||||||
Earnings (loss) before income taxes | $ | 813,744 | 135,079 | (5,148 | ) | 7,999 | (92,661 | ) | 859,013 |
Three Months Ended August 31, 2019 | ||||||||||||||||||
(In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | ||||||||||||
Revenues: | ||||||||||||||||||
Sales of homes | $ | 5,330,694 | — | — | — | — | 5,330,694 | |||||||||||
Sales of land | 104,338 | — | — | — | — | 104,338 | ||||||||||||
Other revenues | 3,966 | 224,502 | 183,958 | 9,600 | — | 422,026 | ||||||||||||
Total revenues | 5,438,998 | 224,502 | 183,958 | 9,600 | — | 5,857,058 | ||||||||||||
Costs and expenses: | ||||||||||||||||||
Costs of homes sold | 4,245,061 | — | — | — | — | 4,245,061 | ||||||||||||
Costs of land sold | 92,151 | — | — | — | — | 92,151 | ||||||||||||
Selling, general and administrative expenses | 444,720 | — | — | — | — | 444,720 | ||||||||||||
Other costs and expenses | — | 149,804 | 181,616 | 2,734 | — | 334,154 | ||||||||||||
Total costs and expenses | 4,781,932 | 149,804 | 181,616 | 2,734 | — | 5,116,086 | ||||||||||||
Equity in earnings (loss) from unconsolidated entities and Multifamily other gain | (10,459 | ) | — | 7,883 | 8,903 | — | 6,327 | |||||||||||
Other income, net | 12,375 | — | — | 24 | — | 12,399 | ||||||||||||
Operating earnings | $ | 658,982 | 74,698 | 10,225 | 15,793 | — | 759,698 | |||||||||||
Corporate general and administrative expenses | — | — | — | — | 92,615 | 92,615 | ||||||||||||
Earnings (loss) before income taxes | $ | 658,982 | 74,698 | 10,225 | 15,793 | (92,615 | ) | 667,083 |
Nine Months Ended August 31, 2020 | ||||||||||||||||||
(In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | ||||||||||||
Revenues: | ||||||||||||||||||
Sales of homes | $ | 14,533,212 | — | — | — | — | 14,533,212 | |||||||||||
Sales of land | 81,023 | — | — | — | — | 81,023 | ||||||||||||
Other revenues | 12,485 | 631,992 | 370,904 | 33,348 | — | 1,048,729 | ||||||||||||
Total revenues | 14,626,720 | 631,992 | 370,904 | 33,348 | — | 15,662,964 | ||||||||||||
Costs and expenses: | ||||||||||||||||||
Costs of homes sold | 11,359,364 | — | — | — | — | 11,359,364 | ||||||||||||
Costs of land sold | 102,899 | — | — | — | — | 102,899 | ||||||||||||
Selling, general and administrative expenses | 1,222,032 | — | — | — | — | 1,222,032 | ||||||||||||
Other costs and expenses | — | 363,688 | 379,607 | 3,564 | — | 746,859 | ||||||||||||
Total costs and expenses | 12,684,295 | 363,688 | 379,607 | 3,564 | — | 13,431,154 | ||||||||||||
Equity in earnings (loss) from unconsolidated entities and Multifamily other gain | (20,077 | ) | — | 4,702 | (28,712 | ) | — | (44,087 | ) | |||||||||
Financial Services gain on deconsolidation | — | 61,418 | — | — | — | 61,418 | ||||||||||||
Other expense, net | (16,845 | ) | — | (10,195 | ) | — | (27,040 | ) | ||||||||||
Operating earnings (loss) | $ | 1,905,503 | 329,722 | (4,001 | ) | (9,123 | ) | — | 2,222,101 | |||||||||
Corporate general and administrative expenses | — | — | — | — | 262,959 | 262,959 | ||||||||||||
Earnings (loss) before income taxes | $ | 1,905,503 | 329,722 | (4,001 | ) | (9,123 | ) | (262,959 | ) | 1,959,142 |
Nine Months Ended August 31, 2019 | ||||||||||||||||||
(In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | ||||||||||||
Revenues: | ||||||||||||||||||
Sales of homes | $ | 14,114,939 | — | — | — | — | 14,114,939 | |||||||||||
Sales of land | 134,576 | — | — | — | — | 134,576 | ||||||||||||
Other revenues | 8,803 | 572,029 | 428,764 | 28,919 | — | 1,038,515 | ||||||||||||
Total revenues | 14,258,318 | 572,029 | 428,764 | 28,919 | — | 15,288,030 | ||||||||||||
Homebuilding costs and expenses: | ||||||||||||||||||
Costs of homes sold | 11,264,640 | — | — | — | — | 11,264,640 | ||||||||||||
Costs of land sold | 119,685 | — | — | — | — | 119,685 | ||||||||||||
Selling, general and administrative | 1,223,701 | — | — | — | — | 1,223,701 | ||||||||||||
Other costs and expenses | — | 422,142 | 431,510 | 7,550 | 861,202 | |||||||||||||
Total costs and expenses | 12,608,026 | 422,142 | 431,510 | 7,550 | — | 13,469,228 | ||||||||||||
Equity in earnings (loss) from unconsolidated entities and Multifamily other gain | (4,601 | ) | — | 15,446 | 12,255 | — | 23,100 | |||||||||||
Other expense, net | (35,325 | ) | — | — | (12,900 | ) | — | (48,225 | ) | |||||||||
Operating earnings | $ | 1,610,366 | 149,887 | 12,700 | 20,724 | — | 1,793,677 | |||||||||||
Corporate general and administrative expenses | — | — | — | — | 248,071 | 248,071 | ||||||||||||
Earnings (loss) before income taxes | $ | 1,610,366 | 149,887 | 12,700 | 20,724 | (248,071 | ) | 1,545,606 |
Three Months Ended August 31, 2020 | ||||||||||||||||||||||||||||
Gross Margins | Operating Earnings (Loss) | |||||||||||||||||||||||||||
(In thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin % | Net Margins on Sales of Homes (1) | Gross Margins on Sales of Land | Other Revenue | Equity in Earnings (Loss) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings (Loss) | |||||||||||||||||||
East | $ | 1,477,273 | 1,112,035 | 24.7 | % | 241,904 | (103 | ) | 638 | 897 | 853 | 244,189 | ||||||||||||||||
Central | 1,062,799 | 842,764 | 20.7 | % | 134,395 | (57 | ) | 1,341 | 70 | (3,071 | ) | 132,678 | ||||||||||||||||
Texas | 719,467 | 538,480 | 25.2 | % | 114,954 | 2,016 | 203 | 242 | (1,304 | ) | 116,111 | |||||||||||||||||
West | 2,205,235 | 1,706,530 | 22.6 | % | 343,353 | 72 | 1,145 | 48 | (1,784 | ) | 342,834 | |||||||||||||||||
Other (2) | 2,590 | 5,005 | (93.2 | )% | (8,005 | ) | — | 106 | (7,688 | ) | (6,481 | ) | (22,068 | ) | ||||||||||||||
Totals | $ | 5,467,364 | 4,204,814 | 23.1 | % | $ | 826,601 | 1,928 | 3,433 | (6,431 | ) | (11,787 | ) | 813,744 |
Three Months Ended August 31, 2019 | ||||||||||||||||||||||||||||
Gross Margins | Operating Earnings (Loss) | |||||||||||||||||||||||||||
(In thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin % | Net Margins on Sales of Homes (1) | Gross Margins on Sales of Land | Other Revenue | Equity in Earnings (Loss) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings (Loss) | |||||||||||||||||||
East | $ | 1,500,056 | 1,167,440 | 22.2 | % | 209,610 | 119 | 1,083 | (184 | ) | 8,707 | 219,335 | ||||||||||||||||
Central | 1,054,715 | 858,434 | 18.6 | % | 108,564 | 4,113 | 699 | 14 | 3,199 | 116,589 | ||||||||||||||||||
Texas | 696,903 | 555,561 | 20.3 | % | 75,213 | 3,322 | 253 | 176 | (666 | ) | 78,298 | |||||||||||||||||
West | 2,060,740 | 1,646,254 | 20.1 | % | 253,844 | 727 | 1,336 | 655 | 2,862 | 259,424 | ||||||||||||||||||
Other (2) | 18,280 | 17,372 | 5.0 | % | (6,318 | ) | 3,906 | 595 | (11,120 | ) | (1,727 | ) | (14,664 | ) | ||||||||||||||
Totals | $ | 5,330,694 | 4,245,061 | 20.4 | % | $ | 640,913 | 12,187 | 3,966 | (10,459 | ) | 12,375 | 658,982 |
Nine Months Ended August 31, 2020 | ||||||||||||||||||||||||||||
Gross Margins | Operating Earnings (Loss) | |||||||||||||||||||||||||||
(In thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin % | Net Margins on Sales of Homes (1) | Gross Margins on Sales of Land | Other Revenue | Equity in Earnings (Loss) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings (Loss) | |||||||||||||||||||
East | $ | 3,904,268 | 2,971,929 | 23.9 | % | 581,923 | (1,681 | ) | 3,913 | 1,474 | 475 | 586,104 | ||||||||||||||||
Central | 2,833,745 | 2,300,783 | 18.8 | % | 291,672 | (703 | ) | 2,209 | 642 | (1,789 | ) | 292,031 | ||||||||||||||||
Texas | 1,877,374 | 1,428,758 | 23.9 | % | 266,647 | 5,213 | 970 | 446 | (4,205 | ) | 269,071 | |||||||||||||||||
West | 5,894,183 | 4,619,334 | 21.6 | % | 841,369 | (1,267 | ) | 4,873 | 3,948 | (1,088 | ) | 847,835 | ||||||||||||||||
Other (2) | 23,642 | 38,560 | (63.1 | )% | (29,795 | ) | (23,438 | ) | 520 | (26,587 | ) | (10,238 | ) | (89,538 | ) | |||||||||||||
Totals | $ | 14,533,212 | 11,359,364 | 21.8 | % | $ | 1,951,816 | (21,876 | ) | 12,485 | (20,077 | ) | (16,845 | ) | 1,905,503 |
Nine Months Ended August 31, 2019 | ||||||||||||||||||||||||||||
Gross Margins | Operating Earnings (Loss) | |||||||||||||||||||||||||||
(In thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin % | Net Margins on Sales of Homes (1) | Gross Margins on Sales of Land | Other Revenue | Equity in Earnings (Loss) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings (Loss) | |||||||||||||||||||
East | $ | 3,828,659 | 2,998,113 | 21.7 | % | 491,322 | 3,854 | 2,802 | (418 | ) | 6,243 | 503,803 | ||||||||||||||||
Central | 2,723,292 | 2,230,857 | 18.1 | % | 254,422 | 4,957 | 975 | 152 | 3,732 | 264,238 | ||||||||||||||||||
Texas | 1,796,343 | 1,435,311 | 20.1 | % | 182,257 | 5,597 | 508 | 334 | (2,746 | ) | 185,950 | |||||||||||||||||
West | 5,738,881 | 4,569,646 | 20.4 | % | 718,061 | (3,422 | ) | 2,743 | 158 | 5,449 | 722,989 | |||||||||||||||||
Other (2) | 27,764 | 30,713 | (10.6 | )% | (19,464 | ) | 3,905 | 1,775 | (4,827 | ) | (48,003 | ) | (66,614 | ) | ||||||||||||||
Totals | $ | 14,114,939 | 11,264,640 | 20.2 | % | $ | 1,626,598 | 14,891 | 8,803 | (4,601 | ) | (35,325 | ) | 1,610,366 |
(1) | Net margins on sales of homes include selling, general and administrative expenses. |
(2) | Negative gross and net margins were due to period costs in Urban divisions that impact costs of homes sold without sufficient sales of homes revenue to offset those costs. |
Three Months Ended | |||||||||||||||||||
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||
August 31, | August 31, | August 31, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
East | 4,309 | 4,521 | $ | 1,488,022 | 1,502,780 | $ | 345,000 | 332,000 | |||||||||||
Central | 2,767 | 2,809 | 1,062,799 | 1,054,715 | 384,000 | 375,000 | |||||||||||||
Texas | 2,598 | 2,260 | 719,467 | 696,904 | 277,000 | 308,000 | |||||||||||||
West | 4,165 | 3,908 | 2,205,235 | 2,060,740 | 529,000 | 527,000 | |||||||||||||
Other | 3 | 24 | 2,590 | 18,280 | 863,000 | 762,000 | |||||||||||||
Total | 13,842 | 13,522 | $ | 5,478,113 | 5,333,419 | $ | 396,000 | 394,000 |
Nine Months Ended | |||||||||||||||||||
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||
August 31, | August 31, | August 31, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
East | 11,511 | 11,502 | $ | 3,924,289 | 3,838,124 | $ | 341,000 | 334,000 | |||||||||||
Central | 7,389 | 7,193 | 2,833,745 | 2,723,291 | 384,000 | 379,000 | |||||||||||||
Texas | 6,637 | 5,660 | 1,877,374 | 1,796,344 | 283,000 | 317,000 | |||||||||||||
West | 11,273 | 10,667 | 5,894,183 | 5,738,881 | 523,000 | 538,000 | |||||||||||||
Other | 25 | 49 | 23,642 | 43,312 | 946,000 | 884,000 | |||||||||||||
Total | 36,835 | 35,071 | $ | 14,553,233 | 14,139,952 | $ | 395,000 | 403,000 |
Three Months Ended | |||||||||||||||||||||||||
Active Communities | Homes | Dollar Value (In thousands) | Average Sales Price | ||||||||||||||||||||||
August 31, | August 31, | August 31, | August 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
East | 340 | 361 | 4,655 | 4,530 | $ | 1,631,349 | 1,462,210 | $ | 350,000 | 323,000 | |||||||||||||||
Central | 297 | 338 | 3,375 | 2,632 | 1,298,792 | 1,003,818 | 385,000 | 381,000 | |||||||||||||||||
Texas | 217 | 235 | 2,746 | 2,221 | 743,553 | 660,304 | 271,000 | 297,000 | |||||||||||||||||
West | 341 | 362 | 4,786 | 3,949 | 2,580,328 | 2,049,404 | 539,000 | 519,000 | |||||||||||||||||
Other | 3 | 4 | 2 | 37 | 1,452 | 33,896 | 726,000 | 916,000 | |||||||||||||||||
Total | 1,198 | 1,300 | 15,564 | 13,369 | $ | 6,255,474 | 5,209,632 | $ | 402,000 | 390,000 |
Nine Months Ended | |||||||||||||||||||
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||
August 31, | August 31, | August 31, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
East | 12,512 | 12,756 | $ | 4,266,221 | 4,242,708 | $ | 341,000 | 333,000 | |||||||||||
Central | 8,741 | 7,974 | 3,341,959 | 3,020,328 | 382,000 | 379,000 | |||||||||||||
Texas | 7,327 | 6,069 | 1,986,770 | 1,861,849 | 271,000 | 307,000 | |||||||||||||
West | 12,359 | 11,481 | 6,508,509 | 5,977,758 | 527,000 | 521,000 | |||||||||||||
Other | 16 | 70 | 15,189 | 60,447 | 949,000 | 864,000 | |||||||||||||
Total | 40,955 | 38,350 | $ | 16,118,648 | 15,163,090 | $ | 394,000 | 395,000 |
(1) | New orders represent the number of new sales contracts executed with homebuyers, net of cancellations, during the three and nine months ended August 31, 2020 and August 31, 2019. |
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||
August 31, | August 31, | August 31, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
East | 6,691 | 6,999 | $ | 2,368,300 | 2,419,795 | $ | 354,000 | 346,000 | |||||||||||
Central | 4,502 | 4,110 | 1,752,180 | 1,597,944 | 389,000 | 389,000 | |||||||||||||
Texas | 2,860 | 2,557 | 822,734 | 826,226 | 288,000 | 323,000 | |||||||||||||
West | 5,644 | 5,215 | 2,922,743 | 2,726,329 | 518,000 | 523,000 | |||||||||||||
Other | — | 27 | — | 26,123 | — | 968,000 | |||||||||||||
Total | 19,697 | 18,908 | $ | 7,865,957 | 7,596,417 | $ | 399,000 | 402,000 |
(1) | During the nine months ended August 31, 2019, we acquired 13 homes in backlog. |
Three Months Ended | Nine Months Ended | |||||||||||
August 31, | August 31, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||
Dollar value of mortgages originated | $ | 3,529,000 | 2,883,000 | 9,007,000 | 7,440,000 | |||||||
Number of mortgages originated | 10,800 | 9,200 | 27,800 | 23,700 | ||||||||
Mortgage capture rate of Lennar homebuyers | 82 | % | 77 | % | 80 | % | 75 | % | ||||
Number of title and closing service transactions | 16,400 | 14,300 | 42,000 | 42,400 |
Balance Sheets | August 31, 2020 | November 30, 2019 | ||||
(Dollars in thousands) | ||||||
Multifamily investments in unconsolidated entities | $ | 656,012 | 561,190 | |||
Lennar's net investment in Multifamily | 930,213 | 829,537 |
Statements of Operations | Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | |||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Number of operating properties/investments sold through joint ventures | — | 1 | 2 | 3 | ||||||||||
Lennar's share of gains on the sale of operating properties/investments | $ | — | 12,620 | $ | 3,001 | $ | 28,128 |
(Dollars in thousands) | August 31, 2020 | November 30, 2019 | August 31, 2019 | ||||||
Homebuilding debt | $ | 7,180,274 | 7,776,638 | 9,075,016 | |||||
Stockholders’ equity | 17,172,103 | 15,949,517 | 15,371,938 | ||||||
Total capital | $ | 24,352,377 | 23,726,155 | 24,446,954 | |||||
Homebuilding debt to total capital | 29.5 | % | 32.8 | % | 37.1 | % | |||
Homebuilding debt | $ | 7,180,274 | 7,776,638 | 9,075,016 | |||||
Less: Homebuilding cash and cash equivalents | 1,966,796 | 1,200,832 | 795,405 | ||||||
Net Homebuilding debt | $ | 5,213,478 | 6,575,806 | 8,279,611 | |||||
Net Homebuilding debt to total capital (1) | 23.3 | % | 29.2 | % | 35.0 | % |
(1) | Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). We believe the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement our GAAP results. |
August 31, 2020 | November 30, 2019 | ||||||
(In thousands) | |||||||
Performance letters of credit | $ | 770,527 | 715,793 | ||||
Financial letters of credit | 258,703 | 184,075 | |||||
Surety bonds | 3,041,946 | 2,946,167 | |||||
Anticipated future costs primarily for site improvements related to performance surety bonds | 1,498,173 | 1,427,145 |
Nine Months Ended | |||||||
(Dollars in thousands) | August 31, 2020 | August 31, 2019 | |||||
Homebuilding average debt outstanding | $ | 7,896,372 | $ | 9,191,109 | |||
Average interest rate | 4.9 | % | 4.8 | % | |||
Interest incurred | 272,347 | 320,960 |
(Dollars in thousands) | Covenant Level | Level Achieved as of August 31, 2020 | ||||
Minimum net worth test | $ | 8,370,211 | 11,621,827 | |||
Maximum leverage ratio | 65.0 | % | 27.8 | % | ||
Liquidity test | 1.00 | 5.68 |
(In thousands) | Maximum Aggregate Commitment | ||
Residential facilities maturing: | |||
January 2021 | $ | 500,000 | |
March 2021 | 300,000 | ||
June 2021 | 600,000 | ||
July 2021 | 200,000 | ||
Total - Residential facilities | $ | 1,600,000 | |
LMF Commercial facilities maturing | |||
November 2020 | $ | 200,000 | |
December 2020 (1) | 700,000 | ||
Total - LMF Commercial facilities | $ | 900,000 | |
Total | $ | 2,500,000 |
(1) | Includes $50.0 million LMF Commercial warehouse repurchase facility used to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net. There were borrowings under this facility of $11.4 million as of August 31, 2020. |
(In thousands) | August 31, 2020 | November 30, 2019 | |||||
Borrowings under the residential facilities | $ | 699,016 | 1,374,063 | ||||
Collateral under the residential facilities | 727,319 | 1,423,650 | |||||
Borrowings under the LMF Commercial facilities | 103,667 | 216,870 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
August 31, 2020 | August 31, 2019 | August 31, 2020 | August 31, 2019 | |||||||||||||||||||||||||||||
(Dollars in thousands, except price per share) | Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | ||||||||||||||||||||||||
Shares repurchased | — | — | 6,110,000 | — | 4,250,000 | 115,000 | 8,110,000 | — | ||||||||||||||||||||||||
Principal | $ | — | $ | — | $ | 295,930 | $ | — | $ | 282,274 | $ | 6,155 | $ | 394,710 | $ | — | ||||||||||||||||
Average price per share | $ | — | $ | — | $ | 48.41 | $ | — | $ | 66.42 | $ | 53.52 | $ | 48.65 | $ | — |
Principal Maturities of Unconsolidated JVs by Period | ||||||||||||||||||
(In thousands) | Total JV Debt | 2020 | 2021 | 2022 | Thereafter | Other | ||||||||||||
Debt without recourse to Lennar | $ | 1,088,048 | 49,497 | 211,460 | 164,396 | 662,695 | — | |||||||||||
Land seller and CDD debt | 8,200 | — | — | — | — | 8,200 | ||||||||||||
Maximum recourse debt exposure to Lennar | 4,932 | — | — | 4,932 | — | — | ||||||||||||
Debt issuance costs | (11,930 | ) | — | — | — | — | (11,930 | ) | ||||||||||
Total | $ | 1,089,250 | 49,497 | 211,460 | 169,328 | 662,695 | (3,730 | ) |
August 31, 2020 | |||||||
(In thousands) | LMV I | LMV II | |||||
Lennar's carrying value of investments | $ | 348,561 | 250,777 | ||||
Equity commitments | 2,204,016 | 1,257,700 | |||||
Equity commitments called | 2,137,746 | 861,508 | |||||
Lennar's equity commitments | 504,016 | 381,000 | |||||
Lennar's equity commitments called | 496,082 | 259,886 | |||||
Lennar's remaining commitments | 7,934 | 121,114 | |||||
Distributions to Lennar during the nine months ended August 31, 2020 | 23,822 | — |
Principal Maturities of Unconsolidated JVs by Period | ||||||||||||||||||
(In thousands) | Total JV Debt | 2020 | 2021 | 2022 | Thereafter | Other | ||||||||||||
Debt without recourse to Lennar | $ | 2,466,461 | 92,629 | 676,916 | 478,041 | 1,218,875 | — | |||||||||||
Debt issuance costs | (28,246 | ) | — | — | — | — | (28,246 | ) | ||||||||||
Total | $ | 2,438,215 | 92,629 | 676,916 | 478,041 | 1,218,875 | (28,246 | ) |
Controlled Homesites | Years of | ||||||||||||||||
August 31, 2020 | Optioned | JVs | Total | Owned Homesites | Total Homesites | Supply Owned (1) | |||||||||||
East | 30,683 | 12,718 | 43,401 | 62,256 | 105,657 | ||||||||||||
Central | 14,504 | 122 | 14,626 | 42,785 | 57,411 | ||||||||||||
Texas | 25,556 | — | 25,556 | 35,560 | 61,116 | ||||||||||||
West | 14,911 | 2,854 | 17,765 | 59,475 | 77,240 | ||||||||||||
Other | 1,137 | 7,544 | 8,681 | 2,068 | 10,749 | ||||||||||||
Total homesites | 86,791 | 23,238 | 110,029 | 202,144 | 312,173 | 3.8 | |||||||||||
% of total homesites | 35 | % | 65 | % |
Controlled Homesites | Years of | ||||||||||||||||
August 31, 2019 | Optioned | JVs | Total | Owned Homesites | Total Homesites | Supply Owned (1) | |||||||||||
East | 24,269 | 16,613 | 40,882 | 68,308 | 109,190 | ||||||||||||
Central | 14,760 | 132 | 14,892 | 43,802 | 58,694 | ||||||||||||
Texas | 24,049 | — | 24,049 | 37,603 | 61,652 | ||||||||||||
West | 8,193 | 3,304 | 11,497 | 64,627 | 76,124 | ||||||||||||
Other | — | 1,310 | 1,310 | 3,234 | 4,544 | ||||||||||||
Total homesites | 71,271 | 21,359 | 92,630 | 217,574 | 310,204 | 4.4 | |||||||||||
% of total homesites | 30 | % | 70 | % |
(1) | Based on trailing twelve months of home deliveries. |
Three Months Ending November 30, | Years Ending November 30, | Fair Value at August 31, | |||||||||||||||||||||||||
(Dollars in millions) | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | 2020 | ||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||||||||
Senior Notes and other debts payable: | |||||||||||||||||||||||||||
Fixed rate | $ | 345.1 | 1,039.1 | 1,793.6 | 56.8 | 1,519.3 | 571.7 | 1,674.1 | 6,999.7 | 7,513.0 | |||||||||||||||||
Average interest rate | 2.9 | % | 6.0 | % | 4.9 | % | 4.5 | % | 5.0 | % | 4.8 | % | 5.0 | % | 5.0 | % | — | ||||||||||
Variable rate | $ | — | 150.3 | — | — | — | — | — | 150.3 | 157.6 | |||||||||||||||||
Average interest rate | — | 5.3 | % | — | — | — | — | — | 5.3 | % | — | ||||||||||||||||
Financial Services: | |||||||||||||||||||||||||||
Notes and other debts payable: | |||||||||||||||||||||||||||
Fixed rate | $ | — | — | — | — | — | — | 153.7 | 153.7 | 155.1 | |||||||||||||||||
Average interest rate | — | — | — | — | — | — | 3.4 | % | 3.4 | % | — | ||||||||||||||||
Variable rate | $ | 802.7 | — | — | — | — | — | — | 802.7 | 802.7 | |||||||||||||||||
Average interest rate | 2.8 | % | — | — | — | — | — | — | 2.8 | % | — | ||||||||||||||||
Lennar Other: | |||||||||||||||||||||||||||
Notes and other debts payable: | |||||||||||||||||||||||||||
Fixed rate | $ | 1.9 | — | — | — | — | — | — | 1.9 | 1.9 | |||||||||||||||||
Average interest rate | 3.0 | % | — | — | — | — | — | — | 3.0 | % | — |
Period: | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number of Shares that may yet be Purchased under the Plans or Programs (2) | ||||||||
June 1 to June 30, 2020 | 14,401 | $ | 63.55 | — | 10,860,271 | |||||||
July 1 to July 31, 2020 | 363,624 | $ | 60.05 | — | 10,860,271 | |||||||
August 1 to August 31, 2020 | 997 | $ | 74.55 | — | 10,860,271 |
(1) | Includes shares of Class A common stock withheld by us to cover withholding taxes due, at the election of certain holders of nonvested shares, with market value approximating the amount of withholding taxes due. |
(2) | In January 2019, our Board of Directors authorized a stock repurchase program, which replaced the June 2001 stock repurchase program, under which we are authorized to purchase up to the lesser of $1.0 billion in value, excluding commission, or 25 million in shares, of our outstanding Class A or Class B common stock. This repurchase authorization has no expiration. |
31.1* | |
31.2* | |
32.* | |
101.* | The following financial statements from Lennar Corporation's Quarterly Report on Form 10-Q for the quarter ended August 31, 2020, filed on October 1, 2020, were formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Condensed Consolidated Financial Statements. |
101.INS* | iXBRL Instance Document. |
101.SCH* | iXBRL Taxonomy Extension Schema Document. |
101.CAL* | iXBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF* | iXBRL Taxonomy Extension Definition. |
101.LAB* | iXBRL Taxonomy Extension Label Linkbase Document. |
101.PRE* | iXBRL Taxonomy Presentation Linkbase Document. |
104** | The cover page from Lennar Corporation's Quarterly Report on Form 10-Q for the quarter ended August 31, 2020 was formatted in iXBRL. |
Lennar Corporation | |||
(Registrant) | |||
Date: | October 1, 2020 | /s/ Diane Bessette | |
Diane Bessette | |||
Vice President, Chief Financial Officer and Treasurer | |||
Date: | October 1, 2020 | /s/ David Collins | |
David Collins | |||
Controller |
1. | I have reviewed this quarterly report on Form 10-Q of Lennar Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | October 1, 2020 | /s/ Rick Beckwitt | |
Name: | Rick Beckwitt | ||
Title: | Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Lennar Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | October 1, 2020 | /s/ Diane Bessette | |
Name: | Diane Bessette | ||
Title: | Vice President, Chief Financial Officer and Treasurer |
Date: | October 1, 2020 | /s/ Rick Beckwitt | |
Name: | Rick Beckwitt | ||
Title: | Chief Executive Officer | ||
Date: | October 1, 2020 | /s/ Diane Bessette | |
Name: | Diane Bessette | ||
Title: | Vice President, Chief Financial Officer and Treasurer |
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Aug. 31, 2020 |
Nov. 30, 2019 |
||||
---|---|---|---|---|---|---|
ASSETS | ||||||
Cash and cash equivalents | $ 2,209,131 | $ 1,445,996 | ||||
Restricted cash | 22,947 | 22,695 | ||||
Receivables, net | 699,400 | 906,877 | ||||
Inventories: | ||||||
Total inventories | 18,007,755 | 18,091,614 | ||||
Investments in unconsolidated entities | 2,053,172 | 1,973,913 | ||||
Goodwill | 3,632,058 | 3,657,875 | ||||
Other assets | 1,316,644 | 1,245,391 | ||||
Total assets | [1] | 29,315,285 | 29,359,511 | |||
LIABILITIES AND EQUITY | ||||||
Senior notes and other debts payable, net | 8,138,594 | 9,573,696 | ||||
Other liabilities | 3,896,346 | 3,751,985 | ||||
Total liabilities | [2] | 12,034,940 | 13,325,681 | |||
Stockholders' equity: | ||||||
Preferred stock | [2] | 0 | 0 | |||
Additional paid-in capital | [2] | 8,654,954 | 8,578,219 | |||
Retained earnings | [2] | 9,760,165 | 8,295,001 | |||
Treasury stock, at cost; August 31, 2020 - 23,819,899 shares of Class A common stock and 1,821,964 shares of Class B common stock; November 30, 2019 - 18,964,973 shares of Class A common stock and 1,704,630 shares of Class B common stock | [2] | (1,276,691) | (957,857) | |||
Accumulated other comprehensive income (loss) | [2] | (163) | 498 | |||
Total stockholders’ equity | [2] | 17,172,103 | 15,949,517 | |||
Noncontrolling interests | [2] | 108,242 | 84,313 | |||
Total equity | [2] | 17,280,345 | 16,033,830 | |||
Total liabilities and equity | [2] | 29,315,285 | 29,359,511 | |||
Class A Common Stock | ||||||
Stockholders' equity: | ||||||
Common stock | [2] | 29,894 | 29,712 | |||
Class B Common Stock | ||||||
Stockholders' equity: | ||||||
Common stock | [2] | 3,944 | 3,944 | |||
Homebuilding | ||||||
ASSETS | ||||||
Cash and cash equivalents | [1] | 1,966,796 | 1,200,832 | |||
Restricted cash | [1] | 11,959 | 9,698 | |||
Receivables, net | [1] | 295,958 | 329,124 | |||
Inventories: | ||||||
Finished homes and construction in progress | [1] | 9,288,624 | 9,195,721 | |||
Land and land under development | [1] | 7,987,149 | 8,267,647 | |||
Consolidated inventory not owned | [1] | 395,489 | 313,139 | |||
Total inventories | [1] | 17,671,262 | 17,776,507 | |||
Investments in unconsolidated entities | [1] | 940,695 | 1,009,035 | |||
Goodwill | [1] | 3,442,359 | 3,442,359 | |||
Other assets | [1] | 1,137,137 | 1,021,684 | |||
Total assets | [1] | 25,466,166 | 24,789,239 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable | [2] | 1,140,341 | 1,069,179 | |||
Liabilities related to consolidated inventory not owned | [2] | 324,544 | 260,266 | |||
Senior notes and other debts payable, net | [2] | 7,180,274 | 7,776,638 | |||
Other liabilities | [2] | 1,944,247 | 1,900,955 | |||
Total liabilities | [2] | 10,589,406 | 11,007,038 | |||
Financial Services | ||||||
Inventories: | ||||||
Total assets | [1] | 2,209,549 | 3,006,024 | |||
LIABILITIES AND EQUITY | ||||||
Total liabilities | [2] | 1,197,847 | 2,056,450 | |||
Multifamily | ||||||
Inventories: | ||||||
Total assets | [1] | 1,184,086 | 1,068,831 | |||
LIABILITIES AND EQUITY | ||||||
Total liabilities | [2] | 236,059 | 232,155 | |||
Lennar Other | ||||||
Inventories: | ||||||
Total assets | [1] | 455,484 | 495,417 | |||
LIABILITIES AND EQUITY | ||||||
Total liabilities | [2] | $ 11,628 | $ 30,038 | |||
|
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Aug. 31, 2020 |
Nov. 30, 2019 |
||||
---|---|---|---|---|---|---|
Total assets | [1] | $ 29,315,285 | $ 29,359,511 | |||
Cash and cash equivalents | 2,209,131 | 1,445,996 | ||||
Receivables, net | 699,400 | 906,877 | ||||
Investments in unconsolidated entities | 2,053,172 | 1,973,913 | ||||
Other assets | 1,316,644 | 1,245,391 | ||||
Total liabilities | [2] | 12,034,940 | 13,325,681 | |||
Senior notes and other debts payable, net | 8,138,594 | 9,573,696 | ||||
Other liabilities | $ 3,896,346 | $ 3,751,985 | ||||
Class A Common Stock | ||||||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | ||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | ||||
Common stock, shares issued | 298,935,646 | 297,119,153 | ||||
Treasury stock, shares | 23,819,899 | 18,964,973 | ||||
Class B Common Stock | ||||||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | ||||
Common stock, shares authorized | 90,000,000 | 90,000,000 | ||||
Common stock, shares issued | 39,443,130 | 39,443,064 | ||||
Treasury stock, shares | 1,821,964 | 1,704,630 | ||||
Homebuilding | ||||||
Total assets | [1] | $ 25,466,166 | $ 24,789,239 | |||
Cash and cash equivalents | [1] | 1,966,796 | 1,200,832 | |||
Receivables, net | [1] | 295,958 | 329,124 | |||
Finished homes and construction in progress | [1] | 9,288,624 | 9,195,721 | |||
Land and land under development | [1] | 7,987,149 | 8,267,647 | |||
Consolidated inventory not owned | [1] | 395,489 | 313,139 | |||
Investments in unconsolidated entities | [1] | 940,695 | 1,009,035 | |||
Other assets | [1] | 1,137,137 | 1,021,684 | |||
Total liabilities | [2] | 10,589,406 | 11,007,038 | |||
Accounts payable | [2] | 1,140,341 | 1,069,179 | |||
Senior notes and other debts payable, net | [2] | 7,180,274 | 7,776,638 | |||
Liabilities related to consolidated inventory not owned | [2] | 324,544 | 260,266 | |||
Other liabilities | [2] | 1,944,247 | 1,900,955 | |||
Financial Services | ||||||
Total assets | [1] | 2,209,549 | 3,006,024 | |||
Total liabilities | [2] | 1,197,847 | 2,056,450 | |||
Multifamily | ||||||
Total assets | [1] | 1,184,086 | 1,068,831 | |||
Total liabilities | [2] | 236,059 | 232,155 | |||
Variable Interest Entity, Primary Beneficiary | ||||||
Total assets | 960,500 | 980,200 | ||||
Total liabilities | 473,800 | 549,700 | ||||
Variable Interest Entity, Primary Beneficiary | Homebuilding | ||||||
Cash and cash equivalents | 21,300 | 15,500 | ||||
Receivables, net | 100 | 200 | ||||
Finished homes and construction in progress | 15,800 | 97,500 | ||||
Land and land under development | 481,000 | 283,200 | ||||
Consolidated inventory not owned | 386,600 | 301,000 | ||||
Investments in unconsolidated entities | 2,100 | 2,500 | ||||
Other assets | 8,900 | 10,000 | ||||
Accounts payable | 20,000 | 13,700 | ||||
Senior notes and other debts payable, net | [2] | 118,400 | 47,100 | |||
Liabilities related to consolidated inventory not owned | 315,400 | 247,500 | ||||
Other liabilities | 9,300 | 8,900 | ||||
Variable Interest Entity, Primary Beneficiary | Financial Services | ||||||
Other assets | 221,200 | |||||
Total liabilities | 231,100 | |||||
Variable Interest Entity, Primary Beneficiary | Multifamily | ||||||
Total assets | 44,700 | 49,100 | ||||
Total liabilities | $ 10,700 | $ 1,400 | ||||
|
Basis of Presentation |
9 Months Ended |
---|---|
Aug. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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 10 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, 2019. 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 nine months ended August 31, 2020 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. Cash and Cash Equivalents Homebuilding cash and cash equivalents as of August 31, 2020 and November 30, 2019 included $396.9 million and $565.8 million, respectively, of cash held in escrow for approximately three days. Share-based Payments During the three and nine months ended August 31, 2020, the Company granted employees 0.9 million and 1.8 million nonvested shares, respectively. During both the three and nine months ended August 31, 2019, the Company granted employees 2.1 million nonvested shares. Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases ("ASU 2016-02"), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification determined whether the lease expense was recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU 2016-02 was effective for the Company beginning December 1, 2019. The Company elected the available practical expedients on adoption. Additionally, in preparation for adoption of the standard, the Company implemented internal controls and key system functionality to enable the preparation of financial information. The standard did not have a material impact on our condensed consolidated statements of operations and comprehensive income (loss) or our condensed consolidated statements of cash flows. As a result of the adoption, as of December 1, 2019, the Company has recorded $150.7 million of ROU assets and $159.7 million of lease liabilities on its condensed consolidated balance sheets within other assets and accounts payable or other liabilities of the respective segments. Reclassifications Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2020 presentation. The Company's segments were adjusted, effective December 1, 2019, to reflect the North Carolina divisions within the Central segment, which were previously part of the East segment. This was due to a change in operations. This reclassification was between segments and had no impact on the Company's total assets, total equity, revenue or net income in the condensed consolidated financial statements.
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Operating and Reporting Segments |
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Operating and Reporting Segments | 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. The Company's chief operating decision makers manage and assess the Company’s performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting, and determined that the following are its operating and reportable segments: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding Texas (4) Homebuilding West (5) Financial Services (6) Multifamily (7) Lennar Other The assets and liabilities related to the Company’s segments were as follows:
Financial information relating to the Company’s segments was as follows:
Homebuilding Segments 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, Pennsylvania and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina 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") The assets related to the Company’s homebuilding segments were as follows:
Financial information relating to the Company’s homebuilding segments was as follows:
Financial Services 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 LMF Commercial business, formerly Rialto Mortgage Finance. The Financial Services segment sells substantially all of the residential loans it originates within a short period of time in the secondary mortgage market. The segment applies residential mortgage financing underwriting standards it believes are in-line with industry standards. The majority of the residential loans 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. At August 31, 2020, the Financial Services warehouse facilities were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:
The Financial Services segment uses the residential facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial facilities finance LMF Commercial loan originations and securitization activities and were secured by a 75% interest in the originated commercial loans financed. Borrowings and collateral under the facilities and their prior year predecessors were as follows:
If the facilities are not renewed or replaced, the borrowings under the lines of credit will be repaid by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially all of the residential loans the Financial Services segment originates are sold within a short period in the secondary mortgage market 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. Purchasers sometimes try to defray losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the residential mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows:
LMF Commercial - loans held-for-sale During the nine months ended August 31, 2020, LMF Commercial originated commercial loans with a total principal balance of $582.0 million, all of which were recorded as loans held-for-sale and sold $622.3 million of commercial loans into four separate securitizations. As of August 31, 2020, there were no unsettled transactions. During the nine months ended August 31, 2019, LMF Commercial originated commercial loans with a total principal balance of $984.5 million, of which $969.2 million were recorded as loans held-for-sale, $15.3 million were recorded as loans held-for-investments, and sold $848.3 million of commercial loans into seven separate securitizations. Investments held-to-maturity At August 31, 2020 and November 30, 2019, the carrying value of Financial Services' commercial mortgage-backed securities ("CMBS") was $164.6 million and $166.0 million, respectively. These securities were purchased at discounts ranging from 6% to 84% with coupon rates ranging from 2.0% to 5.3%, stated and assumed final distribution dates between October 2027 and December 2028, and stated maturity dates between October 2050 and December 2051. The Financial Services segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on the segment’s assessment, no impairment charges were recorded during either the three or nine months ended August 31, 2020 or 2019. The Financial Services segment classifies these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment. At August 31, 2020 and November 30, 2019, the carrying amount, net of debt issuance costs, of outstanding debt in these agreements was $153.7 million and $154.7 million, respectively, and interest is incurred at a rate of 3.4%. Multifamily The Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. 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. Lennar Other Lennar Other primarily includes fund interests the Company retained when it sold the Rialto asset and investment management platform, as well as strategic investments in technology companies. 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.
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Investments in Unconsolidated Entities | Investments in Unconsolidated Entities Homebuilding Unconsolidated Entities As of August 31, 2020 and November 30, 2019, the Company’s recorded investments in Homebuilding unconsolidated entities were $940.7 million and $1.0 billion, respectively, while the underlying equity in Homebuilding unconsolidated entities partners’ net assets as of August 31, 2020 and November 30, 2019 was $1.2 billion and $1.3 billion, respectively. The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity and deferring equity in earnings on land sales to the Company. Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of August 31, 2020 and November 30, 2019, the carrying amounts of the Company's FivePoint investment were $376.4 million and $374.0 million, respectively. The total debt of the Homebuilding unconsolidated entities in which the Company has investments was $1.1 billion as of both August 31, 2020 and November 30, 2019, of which the Company's maximum recourse exposure was $4.9 million and $10.8 million as of August 31, 2020 and November 30, 2019, respectively. In most instances in which the Company has guaranteed debt of an unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. If the Company is required to make a payment under any guarantee, the payment would constitute a capital contribution or loan to the Homebuilding unconsolidated entity and increase the Company’s investment in the unconsolidated entity and its share of any funds the unconsolidated entity distributes. As of both August 31, 2020 and November 30, 2019, the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were not material. The Company believes that as of August 31, 2020, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 7 of the Notes to the Condensed Consolidated Financial Statements). Multifamily Unconsolidated Entities The unconsolidated entities in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both August 31, 2020 and November 30, 2019, the fair value of the completion guarantees was immaterial. As of August 31, 2020 and November 30, 2019, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $933.2 million and $867.3 million, respectively. In many instances, the Multifamily segment is appointed as the construction, development and property manager for its Multifamily unconsolidated entities and receives fees for performing this function. During the three and nine months ended August 31, 2020, the Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $14.1 million and $42.5 million, respectively. During the three and nine months ended August 31, 2019, the Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $14.3 million and $40.7 million, respectively. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment. During the three and nine months ended August 31, 2020, the Multifamily segment provided general contractor services, net of deferrals, totaling $101.1 million and $299.5 million, respectively, which were partially offset by costs related to those services of $97.2 million and $287.6 million, respectively. During the three and nine months ended August 31, 2019, the Multifamily segment provided general contractor services, net of deferrals, totaling $83.2 million and $264.8 million, respectively, which were partially offset by costs related to those services of $79.9 million and $254.5 million, respectively. The Multifamily segment includes Multifamily Venture Fund I (the "LMV I") and Multifamily Venture Fund II LP (the "LMV II"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. Details of each as of and during the nine months ended August 31, 2020 are included below:
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders' Equity The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three and nine months ended August 31, 2020 and 2019:
On October 1, 2020, the Company's Board of Directors increased its annual dividend to $1.00 per share from $0.50 per share resulting in a quarterly cash dividend of $0.25 per share on both its Class A and Class B common stock, payable on October 30, 2020 to holders of record at the close of business on October 16, 2020. On July 24, 2020, the Company paid cash dividends of $0.125 per share on both its Class A and Class B common stock to holders of record at the close of business on July 10, 2020, as declared by its Board of Directors on June 25, 2020. The Company approved and paid cash dividends of $0.04 per share on both its Class A and Class B common stock in each quarter for the year ended November 30, 2019. In January 2019, the Company's Board of Directors authorized the repurchase of up to the lesser of $1 billion in value, excluding commissions, or 25 million in shares, of the Company's outstanding Class A and Class B common stock. The repurchase has no expiration date. The following table represents the repurchase of the Company's Class A and Class B common stocks, under this program, for the three and nine months ended August 31, 2020 and 2019:
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Income Taxes |
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Aug. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The provision for income taxes and effective tax rate were as follows:
(1) For both the three and nine months ended August 31, 2020, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by new energy efficient home and solar tax credits, as well as a benefit related to years ended November 30, 2018 and 2019, due to Congress retroactively extending the new energy efficient home tax credit in December 2019.
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Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock ("nonvested shares") is considered participating securities. Basic and diluted earnings per share were calculated as follows:
For both the three and nine months ended August 31, 2020 and August 31, 2019, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.
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Homebuilding Senior Notes and Other Debts Payable |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Homebuilding Senior Notes and Other Debts Payable | Homebuilding Senior Notes and Other Debts Payable
The carrying amounts of the senior notes in the table above are net of debt issuance costs of $17.9 million and $22.9 million as of August 31, 2020 and November 30, 2019, respectively. At August 31, 2020, the Company had an unsecured revolving credit facility (the "Credit Facility") with maximum borrowings of $2.4 billion maturing in 2024. The Credit Facility agreement (the "Credit Agreement") provides that up to $500 million in commitments may be used for letters of credit. The maturity and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Form 10-K for the year ended November 30, 2019. Under the Credit Agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Agreement, which involves adjustments to GAAP financial measures. The Company believes it was in compliance with its debt covenants at August 31, 2020. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions. Performance letters of credit are generally posted with regulatory bodies to guarantee the Company’s performance of certain development and construction activities. Financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at August 31, 2020, the Company had outstanding surety bonds including performance surety bonds related to site improvements at various projects (including certain projects in the Company’s joint ventures) and financial surety bonds. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. The Company does not presently anticipate any draws upon these bonds or letters of credit, but if any such draws occur, the Company does not believe they would have a material effect on its financial position, results of operations or cash flows. The Company's outstanding letters of credit and surety bonds are described below:
The Company's senior notes are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries and some of the Company's other subsidiaries. Although the guarantees are full, unconditional and joint and several while they are in effect, (i) a subsidiary will cease to be a guarantor at any time when it is not directly or indirectly guaranteeing at least $75 million of debt of Lennar Corporation (the parent company), and (ii) a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of.
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Product Warranty |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty | Product Warranty Warranty and similar 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. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The activity in the Company’s warranty reserve, which are included in Homebuilding other liabilities was as follows:
(1) The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2020 and 2019 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
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Financial Instruments and Fair Value Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Disclosures | Financial Instruments and Fair Value Disclosures The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at August 31, 2020 and November 30, 2019, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
The following methods and assumptions are used by the Company in estimating fair values: Financial Services—The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. For notes and other debts payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the majority of the borrowings. Homebuilding—For senior notes and other debts payable, the fair value of fixed-rate borrowings is primarily based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates. Multifamily—For notes payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the borrowings. Lennar Other—The fair value for investments held-to-maturity is based on discounted cash flow. For notes payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the borrowings. Fair Value Measurements: GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows: Level 1: Fair value determined based on quoted prices in active markets for identical assets. Level 2: Fair value determined using significant other observable inputs. Level 3: Fair value determined using significant unobservable inputs. The Company’s financial instruments measured at fair value on a recurring basis are summarized below:
Financial Services residential loans held-for-sale - Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. Management believes carrying loans held-for-sale at fair value improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. In addition, the Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these servicing rights is included in Financial Services’ loans held-for-sale as of August 31, 2020 and November 30, 2019. Fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics. LMF Commercial loans held-for-sale - The fair value of loans held-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. The Company estimates CMBS spreads by observing the pricing of recent CMBS offerings, secondary CMBS markets, changes in the CMBX index, and general capital and commercial real estate market conditions. Considerations in estimating CMBS spreads include comparing the Company’s current loan portfolio with comparable CMBS offerings containing loans with similar duration, credit quality and collateral composition. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust. Mortgage servicing rights - Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:
Lennar Other investments available-for-sale - The fair value of investments available-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:
Interest on Financial Services loans held-for-sale and LMF Commercial loans held-for-sale measured at fair value is calculated based on the interest rate of the loans and recorded as revenues in the Financial Services’ statement of operations. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment:
The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below:
Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. The Company disclosed its accounting policy related to inventories and its review for indicators of impairment in the Summary of Significant Accounting Policies in its Form 10-K for the year ended November 30, 2019. The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. This was particularly the case with regard to inventory owned at August 31, 2020, because of the need to consider the effect of the COVID-19 pandemic and related government actions in determining whether there was a need for valuation adjustments and write-offs. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts. The Company disclosed its accounting policy related to inventories and its review for indicators of impairment in the Summary of Significant Accounting Policies in its Form 10-K for the year ended November 30, 2019. On a quarterly basis, the Company reviews its active communities for indicators of potential impairments. As of August 31, 2020 and August 31, 2019, there were 1,194 and 1,295 active communities, excluding unconsolidated entities, respectively. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:
The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments:
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Variable Interest Entities |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities The Company evaluated the joint venture ("JV") agreements of its JV's that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements during the nine months ended August 31, 2020. Based on the Company's evaluation, the Company consolidated one Homebuilding entity and one Multifamily entity that had a total assets and liabilities of $140.0 million and $51.2 million and $49.4 million and $0.9 million, respectively. The Company deconsolidated two Multifamily entities that had total assets of $37.2 million and an immaterial amount of liabilities. In addition, the Company's Financial Services segment deconsolidated one entity that had total assets and liabilities of $291.2 million and $204.1 million, respectively. In January 2019, this JV was formed by the sale of the Company’s retail title agency and its retail title insurance business to this JV entity. In exchange for the sale of the retail agency and retail title insurance business, the Company received 20% of the JV entity’s preferred stock, warrants exercisable to purchase additional shares of preferred stock in the JV entity and a note due from the JV to the Company. The JV entity’s reconsideration event was due to a significant equity raise that was completed during the three months ended May 31, 2020. The proceeds of the equity raise resulted in approximately a 43% reduction of the principal amount of debt owed by the JV entity to the Company as well as an approximately 20% reduction of the Company’s ownership interest in the JV. The JV remains a VIE; however, the Company has concluded that it is no longer the primary beneficiary as the Company no longer has the power to direct the VIE. In particular, the additional infusion of equity from third party investors provides evidence that the JV entity is no longer financially dependent on the Company. The Company does not have the voting or economic power to direct the activities of the JV entity. As a result, the Company concluded that the JV entity should be deconsolidated which required fair value accounting for its equity investment and note receivable. The valuation assumptions used in determining fair value of the equity investment began by utilizing the capital raise discounted by public company comparable transactions that took into account the impact of COVID-19 and the economic shutdown and the lack of marketability of the Company’s investment. The valuation of the note receivable utilized the underlying cash flows and applied a discount, which was determined by using market comparables. The Company used discount rates ranging from 16% to 30% for the fair value calculations. In aggregate, the resulting fair value of the equity investment and note receivable totaled $123.4 million, of which $70.8 million was included in Financial Services investments in unconsolidated entities at the time of deconsolidation. Upon deconsolidation, the Company recorded a gain of $61.4 million. The carrying amount of our consolidated VIE's assets and non-recourse liabilities are disclosed in the footnote to the condensed consolidated balance sheets. A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of the Company’s senior notes or other debts payable. The assets held by a VIE usually are collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with a VIE’s lenders. Other than debt guarantee agreements with a VIE’s lenders, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Unconsolidated VIEs At August 31, 2020 and November 30, 2019, the Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows:
While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared and the Company and its partners are not de-facto agents. While the Company generally manages the day-to-day operations of the VIEs, each of these VIEs has an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent. There are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Option Contracts The Company has access to land through option contracts, which generally enable it to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company has determined whether to exercise the options. The Company evaluates all option contracts for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary or makes a significant deposit for optioned land, it may need to consolidate the land under option at the purchase price of the optioned land. During the nine months ended August 31, 2020, consolidated inventory not owned increased by $82.4 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 31, 2020. The increase was primarily related to the Company entering into option contracts, which required consolidation during the period, partially offset by the Company exercising its options to acquire land under previously consolidated contracts. To reflect the purchase price of the inventory consolidated, the Company had a net reclass related to option deposits from consolidated inventory not owned to land under development in the accompanying condensed consolidated balance sheet as of August 31, 2020. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits. The Company’s exposure to losses related to its option contracts with third parties and unconsolidated entities consisted of its non-refundable option deposits and pre-acquisition costs totaling $325.4 million and $320.5 million at August 31, 2020 and November 30, 2019, respectively. Additionally, the Company had posted $76.8 million and $75.0 million of letters of credit in lieu of cash deposits under certain land and option contracts as of August 31, 2020 and November 30, 2019, respectively. As a result of the COVID-19 pandemic, the Company reviewed its option contracts as of August 31, 2020 and had no write-offs of costs related to option contracts because of the COVID-19 pandemic during the nine months ended August 31, 2020.
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Commitments and Contingent Liabilities |
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Aug. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities The Company is a party to various claims, legal actions and complaints arising in the ordinary course of business. In the opinion of management, the disposition of these matters will not have a material adverse effect on the Company’s consolidated financial statements. From time to time, the Company is also a party to various lawsuits involving purchases and sales of real property. These lawsuits include claims regarding representations and warranties made in connection with the transfer of properties and disputes regarding the obligation to purchase or sell properties. The Company does not believe that the ultimate resolution of these claims or lawsuits will have a material adverse effect on its business or financial position. However, the financial effect of litigation concerning purchases and sales of property may depend upon the value of the subject property, which may have changed from the time the agreement for purchase or sale was entered into. Leases The Company has entered into agreements to lease certain office facilities and equipment under operating leases. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. ROU assets and right-of-use lease liabilities are recorded on the balance sheet for all leases, except leases with an initial term of 12 months or less. Many of the Company's leases include options to renew. The exercise of lease renewal options is at the Company's option and therefore renewal option payments have not been included in the ROU assets or lease liabilities. The following table includes additional information about the Company's leases:
The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at August 31, 2020 were as follows:
Rental expense for the nine months ended August 31, 2020, was $62.6 million. Payments on lease liabilities during the nine months ended August 31, 2020 totaled $40.4 million. Rental expense includes costs for all leases. On occasion, the Company may sublease rented space which is no longer used for the Company's operations. For the nine months ended August 31, 2020, the Company had an immaterial amount of sublease income.
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New Accounting Pronouncements |
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Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 is effective for the Company's fiscal year beginning December 1, 2020 and subsequent interim periods. While the Company is continuing to evaluate the impact of the adoption of ASU 2016-13, the Company does not expect the adoption to have a material impact on its condensed consolidated financial statements. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments —Credit Losses and ASU 2019-05, Financial Instruments —Credit Losses (Topic 326) Targeted Transition Relief. These ASUs do not change the core principle of the guidance in ASU 2016-13. Instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. These ASUs will have the same effective date and transition requirements as ASU 2016-13. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Accounting for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 will be effective for the Company’s fiscal year beginning December 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact the adoption of ASU 2017-04 will have on the Company's condensed consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 will be effective for the Company’s fiscal year beginning December 1, 2022. The Company is currently evaluating the impact the adoption of ASU 2019-12 will have on the Company's condensed consolidated financial statements.
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Supplemental Financial Information |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information | Supplemental Financial Information The indentures governing the Company’s senior notes require that, if any of the Company’s 100% owned subsidiaries, other than its finance company subsidiaries and foreign subsidiaries, directly or indirectly guarantee at least $75 million principal amount of debt of Lennar Corporation, those subsidiaries must also guarantee Lennar Corporation’s obligations with regard to its senior notes. The entities referred to as "guarantors" in the following tables are subsidiaries that are not finance company subsidiaries or foreign subsidiaries and were guaranteeing the senior notes because at August 31, 2020 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 7 of the Notes to the Condensed Consolidated Financial Statements. The guarantees are full, unconditional and joint and several and the guarantor subsidiaries are 100% directly or indirectly owned by Lennar Corporation. A subsidiary's guarantee of Lennar senior notes will be suspended at any time when it is not directly or indirectly guaranteeing at least $75 million principal amount of debt of Lennar Corporation, and a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of. For purposes of the condensed consolidating statement of cash flows included in the following supplemental financial information, the Company's accounting policy is to treat cash received by Lennar Corporation (the "Parent") from its subsidiaries, to the extent of net earnings from such subsidiaries as a dividend and accordingly a return on investment within cash flows from operating activities. Distributions of capital received by the Parent from its subsidiaries are reflected as cash flows from investing activities. The cash outflows associated with the return on investment dividends and distributions of capital received by the Parent are reflected by the Guarantor and Non-Guarantor subsidiaries in the Dividends line item within cash flows from financing activities. All other cash flows between the Parent and its subsidiaries represent the settlement of receivables and payables between such entities in conjunction with the Parent's centralized cash management arrangement with its subsidiaries, which operates with the characteristics of a revolving credit facility, and are accordingly reflected net in the Intercompany line item within cash flows from investing activities for the Parent and net in the Intercompany line item within cash flows from financing activities for the Guarantor and Non-Guarantor subsidiaries. Supplemental information for the subsidiaries that were guarantor subsidiaries at August 31, 2020 was as follows: Condensed Consolidating Balance Sheet August 31, 2020
Condensed Consolidating Balance Sheet November 30, 2019
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended August 31, 2020
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended August 31, 2019
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended August 31, 2020
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended August 31, 2019
Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2020
Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2019
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Basis of Presentation (Policy) |
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Aug. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Consolidation | 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 10 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.
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Basis of Accounting | 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, 2019. 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 nine months ended August 31, 2020 are not necessarily indicative of the results to be expected for the full year.
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Use of Estimates | 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.
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New Accounting Pronouncements | Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases ("ASU 2016-02"), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification determined whether the lease expense was recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU 2016-02 was effective for the Company beginning December 1, 2019. The Company elected the available practical expedients on adoption. Additionally, in preparation for adoption of the standard, the Company implemented internal controls and key system functionality to enable the preparation of financial information. The standard did not have a material impact on our condensed consolidated statements of operations and comprehensive income (loss) or our condensed consolidated statements of cash flows. As a result of the adoption, as of December 1, 2019, the Company has recorded $150.7 million of ROU assets and $159.7 million of lease liabilities on its condensed consolidated balance sheets within other assets and accounts payable or other liabilities of the respective segments. New Accounting Pronouncements
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Reclassifications | Reclassifications Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2020 presentation. The Company's segments were adjusted, effective December 1, 2019, to reflect the North Carolina divisions within the Central segment, which were previously part of the East segment. This was due to a change in operations. This reclassification was between segments and had no impact on the Company's total assets, total equity, revenue or net income in the condensed consolidated financial statements.
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Operating and Reporting Segments (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Financial Information Relating To Company's Operations | The assets related to the Company’s homebuilding segments were as follows:
Financial information relating to the Company’s homebuilding segments was as follows:
The assets and liabilities related to the Company’s segments were as follows:
Financial information relating to the Company’s segments was as follows:
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Schedule of Line of Credit Facilities | Borrowings and collateral under the facilities and their prior year predecessors were as follows:
At August 31, 2020, the Financial Services warehouse facilities were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:
(1) Includes $50.0 million LMF Commercial warehouse repurchase facility used to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net. There were borrowings under this facility of $11.4 million as of August 31, 2020. The Company's outstanding letters of credit and surety bonds are described below:
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Schedule of Loan Origination Liabilities | The activity in the Company’s loan origination liabilities was as follows:
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Investments in Unconsolidated Entities (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Entities | The Multifamily segment includes Multifamily Venture Fund I (the "LMV I") and Multifamily Venture Fund II LP (the "LMV II"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. Details of each as of and during the nine months ended August 31, 2020 are included below:
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Stockholders' Equity (Tables) |
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Aug. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Equity | The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three and nine months ended August 31, 2020 and 2019:
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Income Taxes (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income Tax Benefit (Provision) and Effective Tax Rate | The provision for income taxes and effective tax rate were as follows:
(1) For both the three and nine months ended August 31, 2020, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by new energy efficient home and solar tax credits, as well as a benefit related to years ended November 30, 2018 and 2019, due to Congress retroactively extending the new energy efficient home tax credit in December 2019.
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Earnings Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Numerator and Denominator In Earnings Per Share | Basic and diluted earnings per share were calculated as follows:
(1) The amounts presented relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received from the Rialto funds included in the Lennar Other segment and the amount Lennar is assumed to own.
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Homebuilding Senior Notes and Other Debts Payable (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Senior Notes and Other Debts Payable |
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Schedule of Letter of Credit Facilities | Borrowings and collateral under the facilities and their prior year predecessors were as follows:
At August 31, 2020, the Financial Services warehouse facilities were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:
(1) Includes $50.0 million LMF Commercial warehouse repurchase facility used to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net. There were borrowings under this facility of $11.4 million as of August 31, 2020. The Company's outstanding letters of credit and surety bonds are described below:
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Product Warranty (Tables) |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Reserve | The activity in the Company’s warranty reserve, which are included in Homebuilding other liabilities was as follows:
(1) The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2020 and 2019 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
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Financial Instruments and Fair Value Disclosures (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amounts And Estimated Fair Value Of Financial Instruments | The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at August 31, 2020 and November 30, 2019, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
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Fair Value Measured On Recurring Basis | The Company’s financial instruments measured at fair value on a recurring basis are summarized below:
(2) The aggregate fair value of LMF Commercial loans held-for-sale of $157.0 million at August 31, 2020 exceeded their aggregate principal balance of $155.5 million by $1.6 million. The aggregate fair value of LMF Commercial loans held-for-sale of $197.2 million at November 30, 2019 exceeded their aggregate principal balance of $196.3 million by $0.9 million.
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Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities | The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:
The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments:
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Schedule Of Gains And Losses Of Financial Instruments Measured on a Recurring Basis | The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:
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Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements | The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment:
(2) Includes $7.5 million related to the sale of a servicing portfolio.
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Fair Value Measurements, Nonrecurring | The assets measured at fair value on a nonrecurring basis are summarized below:
(1) Valuation adjustments were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss). The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:
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Variable Interest Entities (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Maximum Exposure To Loss | At August 31, 2020 and November 30, 2019, the Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows:
(3) As of August 31, 2020, the maximum exposure to loss of Financial Services' investments in unconsolidated entities included a note receivable.
|
Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Information About Leases | The following table includes additional information about the Company's leases:
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||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Payments Under Noncancellable Leases | The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at August 31, 2020 were as follows:
(2) The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. As of August 31, 2020, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 2.7 years and 3.1%, respectively. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable or other liabilities of the respective segments.
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Supplemental Financial Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet August 31, 2020
Condensed Consolidating Balance Sheet November 30, 2019
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Condensed Consolidating Statement of Operations and Comprehensive Income | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended August 31, 2020
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended August 31, 2019
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended August 31, 2020
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended August 31, 2019
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Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2020
Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2019
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Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands, shares in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 31, 2020 |
Aug. 31, 2019 |
Aug. 31, 2020 |
Aug. 31, 2019 |
Dec. 01, 2019 |
Nov. 30, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cash and cash equivalents held in escrow | $ 396,900 | $ 396,900 | $ 565,800 | |||
Cash and cash equivalents held in escrow, deposit period | 3 days | |||||
Right-of-use assets | 121,728 | $ 121,728 | $ 150,700 | |||
Lease liabilities | $ 131,325 | $ 131,325 | $ 159,700 | |||
Nonvested shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Nonvested shares granted (in shares) | 0.9 | 2.1 | 1.8 | 2.1 |
Operating and Reporting Segments (Disclosure Of Assets and Liabilities) (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Aug. 31, 2020 |
Nov. 30, 2019 |
|||||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | $ 2,209,131 | $ 1,445,996 | ||||
Restricted cash | 22,947 | 22,695 | ||||
Receivables, net | 699,400 | 906,877 | ||||
Inventories | 18,007,755 | 18,091,614 | ||||
Loans held-for-sale | 1,087,182 | 1,644,939 | ||||
Loans held-for-investment, net | 68,638 | 73,867 | ||||
Investments held-to-maturity | 164,588 | 244,406 | ||||
Investments available-for-sale | 53,770 | 51,938 | ||||
Investments in unconsolidated entities | 2,053,172 | 1,973,913 | ||||
Goodwill | 3,632,058 | 3,657,875 | ||||
Other assets | 1,316,644 | 1,245,391 | ||||
Total assets | [1] | 29,315,285 | 29,359,511 | |||
Senior notes and other debts payable, net | 8,138,594 | 9,573,696 | ||||
Other liabilities | 3,896,346 | 3,751,985 | ||||
Total liabilities | [2] | 12,034,940 | 13,325,681 | |||
Self-insurance reserves | 67,300 | 60,700 | ||||
Homebuilding | ||||||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | [1] | 1,966,796 | 1,200,832 | |||
Restricted cash | [1] | 11,959 | 9,698 | |||
Receivables, net | [1] | 295,958 | 329,124 | |||
Inventories | [1] | 17,671,262 | 17,776,507 | |||
Investments in unconsolidated entities | [1] | 940,695 | 1,009,035 | |||
Goodwill | [1] | 3,442,359 | 3,442,359 | |||
Other assets | [1] | 1,137,137 | 1,021,684 | |||
Total assets | [1] | 25,466,166 | 24,789,239 | |||
Senior notes and other debts payable, net | [2] | 7,180,274 | 7,776,638 | |||
Other liabilities | [2] | 1,944,247 | 1,900,955 | |||
Total liabilities | [2] | 10,589,406 | 11,007,038 | |||
Financial Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | [1] | 2,209,549 | 3,006,024 | |||
Total liabilities | [2] | 1,197,847 | 2,056,450 | |||
Mortgage servicing rights | 1,400 | 24,700 | ||||
Multifamily | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | [1] | 1,184,086 | 1,068,831 | |||
Total liabilities | [2] | 236,059 | 232,155 | |||
Lennar Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | [1] | 455,484 | 495,417 | |||
Total liabilities | [2] | 11,628 | 30,038 | |||
Operating Segments | Financial Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | 217,442 | 234,113 | ||||
Restricted cash | 10,988 | 12,022 | ||||
Receivables, net | 316,717 | 500,847 | ||||
Inventories | 0 | 0 | ||||
Loans held-for-sale | 1,087,182 | 1,644,939 | ||||
Loans held-for-investment, net | 67,219 | 73,867 | ||||
Investments held-to-maturity | 164,588 | 190,289 | ||||
Investments available-for-sale | 0 | 3,732 | ||||
Investments in unconsolidated entities | 70,218 | 0 | ||||
Goodwill | 189,699 | 215,516 | ||||
Other assets | 85,496 | 130,699 | ||||
Total assets | 2,209,549 | 3,006,024 | ||||
Senior notes and other debts payable, net | 956,414 | 1,745,755 | ||||
Other liabilities | 241,433 | 310,695 | ||||
Total liabilities | 1,197,847 | 2,056,450 | ||||
Operating Segments | Multifamily | ||||||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | 21,591 | 8,711 | ||||
Restricted cash | 0 | 0 | ||||
Receivables, net | 86,725 | 76,906 | ||||
Inventories | 336,493 | 315,107 | ||||
Loans held-for-sale | 0 | 0 | ||||
Loans held-for-investment, net | 0 | 0 | ||||
Investments held-to-maturity | 0 | 0 | ||||
Investments available-for-sale | 0 | 48,206 | ||||
Investments in unconsolidated entities | 656,012 | 561,190 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 83,265 | 58,711 | ||||
Total assets | 1,184,086 | 1,068,831 | ||||
Senior notes and other debts payable, net | 0 | 36,125 | ||||
Other liabilities | 236,059 | 196,030 | ||||
Total liabilities | 236,059 | 232,155 | ||||
Operating Segments | Lennar Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | 3,302 | 2,340 | ||||
Restricted cash | 0 | 975 | ||||
Receivables, net | 0 | 0 | ||||
Inventories | 0 | 0 | ||||
Loans held-for-sale | 0 | 0 | ||||
Loans held-for-investment, net | 1,419 | 0 | ||||
Investments held-to-maturity | 0 | 54,117 | ||||
Investments available-for-sale | 53,770 | 0 | ||||
Investments in unconsolidated entities | 386,247 | 403,688 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 10,746 | 34,297 | ||||
Total assets | 455,484 | 495,417 | ||||
Senior notes and other debts payable, net | 1,906 | 15,178 | ||||
Other liabilities | 9,722 | 14,860 | ||||
Total liabilities | 11,628 | 30,038 | ||||
Write-down of investments in unconsolidated entities | 25,000 | |||||
Operating Segments And Corporate | Homebuilding | ||||||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | 1,966,796 | 1,200,832 | ||||
Restricted cash | 11,959 | 9,698 | ||||
Receivables, net | 295,958 | 329,124 | ||||
Inventories | 17,671,262 | 17,776,507 | ||||
Loans held-for-sale | 0 | 0 | ||||
Loans held-for-investment, net | 0 | 0 | ||||
Investments held-to-maturity | 0 | 0 | ||||
Investments available-for-sale | 0 | 0 | ||||
Investments in unconsolidated entities | 940,695 | 1,009,035 | ||||
Goodwill | 3,442,359 | 3,442,359 | ||||
Other assets | 1,137,137 | 1,021,684 | ||||
Total assets | 25,466,166 | 24,789,239 | ||||
Senior notes and other debts payable, net | 7,180,274 | 7,776,638 | ||||
Other liabilities | 3,409,132 | 3,230,400 | ||||
Total liabilities | 10,589,406 | 11,007,038 | ||||
Mortgage loan commitments | Financial Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Derivative asset | 40,500 | 16,300 | ||||
Forward contracts | Financial Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Derivative asset | $ 4,900 | $ 3,900 | ||||
|
Operating and Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands |
Aug. 31, 2020 |
Nov. 30, 2019 |
||
---|---|---|---|---|
Segment Reporting Information [Line Items] | ||||
Assets | [1] | $ 29,315,285 | $ 29,359,511 | |
Homebuilding | ||||
Segment Reporting Information [Line Items] | ||||
Assets | [1] | 25,466,166 | 24,789,239 | |
Operating Segments | East | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 5,586,328 | 5,804,764 | ||
Operating Segments | Central | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 3,494,566 | 3,636,694 | ||
Operating Segments | Texas | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 2,204,192 | 2,246,893 | ||
Operating Segments | West | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 10,800,281 | 10,663,666 | ||
Operating Segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 1,257,126 | 1,173,163 | ||
Corporate and Unallocated | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 2,123,673 | 1,264,059 | ||
Operating Segments And Corporate | Homebuilding | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $ 25,466,166 | $ 24,789,239 | ||
|
Operating and Reporting Segments Operating and Reporting Segments (Activity in Loan Origination Liabilities) (Details) - Loss origination liability - Financial Services - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 31, 2020 |
Aug. 31, 2019 |
Aug. 31, 2020 |
Aug. 31, 2019 |
|
Loss Contingency Accrual [Roll Forward] | ||||
Loan origination liabilities, beginning of period | $ 10,880 | $ 7,424 | $ 9,364 | $ 48,584 |
Provision for losses | 1,234 | 1,006 | 3,149 | 2,593 |
Payments/settlements | (24) | (109) | (423) | (42,856) |
Loan origination liabilities, end of period | $ 12,090 | $ 8,321 | $ 12,090 | $ 8,321 |
Investments in Unconsolidated Entities (Narrative) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Aug. 31, 2020
USD ($)
investment
|
Aug. 31, 2019
USD ($)
|
Aug. 31, 2020
USD ($)
investment
|
Aug. 31, 2019
USD ($)
|
Nov. 30, 2019
USD ($)
|
|||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated entities | $ 2,053,172 | $ 2,053,172 | $ 1,973,913 | ||||
Revenues | 5,870,254 | $ 5,857,058 | 15,662,964 | $ 15,288,030 | |||
FivePoint Unconsolidated Entity | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated entities | $ 376,400 | $ 376,400 | 374,000 | ||||
Unconsolidated entities ownership percentage | 40.00% | 40.00% | |||||
Homebuilding | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated entities | [1] | $ 940,695 | $ 940,695 | 1,009,035 | |||
Underlying equity in unconsolidated partners' net assets | 1,200,000 | 1,200,000 | 1,300,000 | ||||
Debt of unconsolidated entities | 1,100,000 | 1,100,000 | 1,100,000 | ||||
Maximum recourse exposure | 4,900 | 4,900 | 10,800 | ||||
Revenues | $ 5,505,120 | 5,438,998 | $ 14,626,720 | 14,258,318 | |||
Homebuilding | Joint Ventures Previously Managed by FivePoint Communities | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of investments in joint ventures contributed | investment | 3 | 3 | |||||
Multifamily | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Non-recourse debt with completion guarantees | $ 933,200 | $ 933,200 | $ 867,300 | ||||
Revenues | 115,170 | 183,958 | 370,904 | 428,764 | |||
General Contractor Services | Multifamily | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Revenues | 101,100 | 83,200 | 299,500 | 264,800 | |||
Cost of revenue | 97,200 | 79,900 | 287,600 | 254,500 | |||
Unconsolidated Entities | Management Fee | Multifamily | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Revenues | $ 14,100 | $ 14,300 | $ 42,500 | $ 40,700 | |||
|
Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 01, 2020 |
Jul. 24, 2020 |
Aug. 31, 2020 |
Nov. 30, 2019 |
Aug. 31, 2019 |
May 31, 2019 |
Feb. 28, 2019 |
Aug. 31, 2020 |
Aug. 31, 2019 |
Dec. 01, 2019 |
Jan. 31, 2019 |
||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | $ 16,632,624,000 | $ 15,465,947,000 | $ 15,246,535,000 | $ 14,682,957,000 | $ 16,033,830,000 | [1] | $ 14,682,957,000 | |||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 669,323,000 | 512,643,000 | 1,576,644,000 | 1,170,936,000 | ||||||||||||
Employee stock and directors plans | (22,843,000) | (22,359,000) | (29,616,000) | (23,050,000) | ||||||||||||
Purchases of treasury stock | (295,930,000) | (288,515,000) | (394,711,000) | |||||||||||||
Amortization of restricted stock | 28,658,000 | 34,048,000 | 83,799,000 | 65,438,000 | ||||||||||||
Cash dividends | (38,967,000) | (12,899,000) | (117,112,000) | (38,776,000) | ||||||||||||
Receipts related to noncontrolling interests | 6,504,000 | 18,458,000 | 175,565,000 | 27,395,000 | ||||||||||||
Payments related to noncontrolling interests | (7,949,000) | (12,372,000) | (29,450,000) | (35,689,000) | ||||||||||||
Non-cash activity related to noncontrolling interests | (4,259,000) | (2,357,000) | (9,427,000) | (7,973,000) | ||||||||||||
Non-cash consolidations/deconsolidations, net | 17,079,000 | (114,712,000) | 8,894,000 | |||||||||||||
Cumulative-effect of accounting change | $ 9,753,000 | |||||||||||||||
Total other comprehensive income, net of tax | 175,000 | 180,000 | (661,000) | 773,000 | ||||||||||||
Balance, ending | 17,280,345,000 | [1] | $ 16,033,830,000 | [1] | $ 15,465,947,000 | $ 15,246,535,000 | 17,280,345,000 | [1] | 15,465,947,000 | |||||||
Cash dividends (in dollars per share) | $ 0.125 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | |||||||||||
Stock repurchase program, authorized value | $ 1,000,000,000 | |||||||||||||||
Stock repurchase program, authorized shares (in shares) | 25,000,000 | |||||||||||||||
Additional Paid - in Capital | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | 8,630,442,000 | $ 8,559,704,000 | $ 8,529,828,000 | $ 8,496,677,000 | 8,578,219,000 | 8,496,677,000 | ||||||||||
Employee stock and directors plans | (105,000) | (400,000) | 521,000 | 1,361,000 | ||||||||||||
Amortization of restricted stock | 28,658,000 | 34,048,000 | 83,799,000 | 65,438,000 | ||||||||||||
Non-cash activity related to noncontrolling interests | (4,041,000) | (3,772,000) | (7,585,000) | (3,772,000) | ||||||||||||
Cumulative-effect of accounting change | 0 | |||||||||||||||
Balance, ending | 8,654,954,000 | 8,578,219,000 | 8,559,704,000 | $ 8,529,828,000 | 8,654,954,000 | 8,559,704,000 | ||||||||||
Treasury Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | (1,253,863,000) | (855,201,000) | (537,106,000) | (435,869,000) | (957,857,000) | (435,869,000) | ||||||||||
Employee stock and directors plans | (22,828,000) | (22,165,000) | (30,319,000) | (24,621,000) | ||||||||||||
Purchases of treasury stock | (295,930,000) | (288,515,000) | (394,711,000) | |||||||||||||
Cumulative-effect of accounting change | 0 | |||||||||||||||
Balance, ending | (1,276,691,000) | (957,857,000) | (855,201,000) | (537,106,000) | (1,276,691,000) | (855,201,000) | ||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | (338,000) | 407,000 | 227,000 | (366,000) | 498,000 | (366,000) | ||||||||||
Cumulative-effect of accounting change | 0 | |||||||||||||||
Total other comprehensive income, net of tax | 175,000 | 180,000 | (661,000) | 773,000 | ||||||||||||
Balance, ending | (163,000) | 498,000 | 407,000 | 227,000 | (163,000) | 407,000 | ||||||||||
Retained Earnings | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | 9,132,714,000 | 7,633,375,000 | 7,132,908,000 | 6,487,650,000 | 8,295,001,000 | 6,487,650,000 | ||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 666,418,000 | 513,366,000 | 1,582,276,000 | 1,174,748,000 | ||||||||||||
Cash dividends | (38,967,000) | (12,899,000) | (117,112,000) | (38,776,000) | ||||||||||||
Cumulative-effect of accounting change | 9,753,000 | |||||||||||||||
Balance, ending | 9,760,165,000 | 8,295,001,000 | 7,633,375,000 | 7,132,908,000 | 9,760,165,000 | 7,633,375,000 | ||||||||||
Noncontrolling Interests | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | 89,921,000 | 94,009,000 | 87,231,000 | 101,422,000 | 84,313,000 | 101,422,000 | ||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 2,905,000 | (723,000) | (5,632,000) | (3,812,000) | ||||||||||||
Receipts related to noncontrolling interests | 6,504,000 | 18,458,000 | 175,565,000 | 27,395,000 | ||||||||||||
Payments related to noncontrolling interests | (7,949,000) | (12,372,000) | (29,450,000) | (35,689,000) | ||||||||||||
Non-cash activity related to noncontrolling interests | (218,000) | 1,415,000 | (1,842,000) | (4,201,000) | ||||||||||||
Non-cash consolidations/deconsolidations, net | 17,079,000 | (114,712,000) | 8,894,000 | |||||||||||||
Cumulative-effect of accounting change | 0 | |||||||||||||||
Balance, ending | $ 108,242,000 | 84,313,000 | $ 94,009,000 | 87,231,000 | $ 108,242,000 | $ 94,009,000 | ||||||||||
Class A Common Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Shares repurchased during period (in shares) | 0 | 6,110,000 | 4,250,000 | 8,110,000 | ||||||||||||
Shares repurchased during period, value | $ 0 | $ 295,930,000 | $ 282,274,000 | $ 394,710,000 | ||||||||||||
Average share price of shares repurchased (in dollars per share) | $ 0 | $ 48.41 | $ 66.42 | $ 48.65 | ||||||||||||
Class A Common Stock | Common Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | $ 29,804,000 | 29,709,000 | $ 29,503,000 | 29,499,000 | $ 29,712,000 | $ 29,499,000 | ||||||||||
Employee stock and directors plans | 90,000 | 206,000 | 182,000 | 210,000 | ||||||||||||
Cumulative-effect of accounting change | 0 | |||||||||||||||
Balance, ending | $ 29,894,000 | 29,712,000 | $ 29,709,000 | 29,503,000 | $ 29,894,000 | $ 29,709,000 | ||||||||||
Class B Common Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Shares repurchased during period (in shares) | 0 | 0 | 115,000 | 0 | ||||||||||||
Shares repurchased during period, value | $ 0 | $ 0 | $ 6,155,000 | $ 0 | ||||||||||||
Average share price of shares repurchased (in dollars per share) | $ 0 | $ 0 | $ 53.52 | $ 0 | ||||||||||||
Class B Common Stock | Common Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Balance, beginning | $ 3,944,000 | 3,944,000 | $ 3,944,000 | $ 3,944,000 | $ 3,944,000 | $ 3,944,000 | ||||||||||
Cumulative-effect of accounting change | $ 0 | |||||||||||||||
Balance, ending | $ 3,944,000 | $ 3,944,000 | $ 3,944,000 | $ 3,944,000 | $ 3,944,000 | $ 3,944,000 | ||||||||||
Subsequent Event | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Cash dividends (in dollars per share) | $ 0.25 | |||||||||||||||
|
Income Taxes (Income Tax Benefit (Provision) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 31, 2020 |
Aug. 31, 2019 |
Aug. 31, 2020 |
Aug. 31, 2019 |
|
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 189,690 | $ 154,440 | $ 382,498 | $ 374,670 |
Effective tax rate | 22.20% | 23.10% | 19.50% | 24.20% |
Earnings Per Share (Narrative) (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 31, 2020 |
Aug. 31, 2019 |
Aug. 31, 2020 |
Aug. 31, 2019 |
|
Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options to purchase outstanding and anti-dilutive shares (in shares) | 0 | 0 | 0 | 0 |
Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details) - Homebuilding - USD ($) |
9 Months Ended | |
---|---|---|
Aug. 31, 2020 |
Nov. 30, 2019 |
|
Debt Instrument [Line Items] | ||
Guarantee by subsidiaries | $ 75,000,000 | |
Unsecured revolving credit facility | Credit Agreement | ||
Debt Instrument [Line Items] | ||
Maximum borrowings | 2,400,000,000 | |
Letter of Credit | Credit Agreement | ||
Debt Instrument [Line Items] | ||
Maximum borrowings | 500,000,000 | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt issuance cost | $ 17,900,000 | $ 22,900,000 |
Homebuilding Senior Notes and Other Debts Payable (Letter of Credit Facilities) (Details) - USD ($) $ in Thousands |
Aug. 31, 2020 |
Nov. 30, 2019 |
---|---|---|
Performance letters of credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding | $ 770,527 | $ 715,793 |
Financial letters of credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding | 258,703 | 184,075 |
Surety bonds | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding | 3,041,946 | 2,946,167 |
Anticipated future costs primarily for site improvements related to performance surety bonds | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding | $ 1,498,173 | $ 1,427,145 |
Product Warranty (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 31, 2020 |
Aug. 31, 2019 |
Aug. 31, 2020 |
Aug. 31, 2019 |
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Warranty reserve, beginning of the period | $ 301,462 | $ 291,624 | $ 294,138 | $ 319,109 |
Warranties issued | 50,324 | 49,603 | 134,867 | 131,429 |
Adjustments to pre-existing warranties from changes in estimates | 3,640 | 1,097 | 17,251 | (6,426) |
Payments | (36,677) | (51,808) | (127,507) | (153,596) |
Warranty reserve, end of period | $ 318,749 | $ 290,516 | $ 318,749 | $ 290,516 |
Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands |
Aug. 31, 2020 |
Nov. 30, 2019 |
---|---|---|
Financial Services | Level 3 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable and loans held-for-investment | $ 67,219 | $ 73,867 |
Investments held-to-maturity | 164,588 | 166,012 |
Financial Services | Level 3 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable and loans held-for-investment | 64,377 | 69,708 |
Investments held-to-maturity | 196,246 | 195,962 |
Financial Services | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments held-to-maturity | 0 | 24,277 |
Notes and other debts payable | 956,414 | 1,745,755 |
Financial Services | Level 2 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments held-to-maturity | 0 | 24,257 |
Notes and other debts payable | 957,832 | 1,745,782 |
Lennar Other | Level 3 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments held-to-maturity | 0 | 54,117 |
Lennar Other | Level 3 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments held-to-maturity | 0 | 56,415 |
Homebuilding | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and other debts payable | 7,180,274 | 7,776,638 |
Homebuilding | Level 2 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and other debts payable | 7,670,550 | 8,144,632 |
Multifamily | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | 0 | 36,125 |
Multifamily | Level 2 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | 0 | 36,125 |
Lennar Other | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and other debts payable | 1,906 | 15,178 |
Lennar Other | Level 2 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and other debts payable | $ 1,906 | $ 15,178 |
Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands |
Aug. 31, 2020 |
Nov. 30, 2019 |
---|---|---|
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Investments available-for-sale | $ 53,770 | $ 51,938 |
Financial Services | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 1,400 | 24,700 |
Financial Services | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 1,356 | 24,679 |
Lennar Other | Level 3 | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Investments available-for-sale | 53,770 | 0 |
Residential | Financial Services | Fair Value, Measurements, Recurring | RMF loans held-for-sale | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Aggregate principal balance | 887,900 | 1,400,000 |
Aggregate fair value of loans (below) in excess of principal balance | 42,200 | 42,200 |
Residential | Financial Services | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 930,151 | 1,447,715 |
Commercial | Financial Services | Fair Value, Measurements, Recurring | RMF loans held-for-sale | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Aggregate principal balance | 155,500 | 196,300 |
Aggregate fair value of loans (below) in excess of principal balance | 1,600 | 900 |
Commercial | Financial Services | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 157,031 | $ 197,224 |
Financial Instruments and Fair Value Disclosures - (Mortgage Servicing Rights Unobservable Inputs) (Details) - Financial Services - Level 3 |
Aug. 31, 2020 |
---|---|
Mortgage prepayment rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Unobservable inputs for valuation of mortgage servicing rights | 0.17 |
Discount rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Unobservable inputs for valuation of mortgage servicing rights | 0.12 |
Delinquency rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Unobservable inputs for valuation of mortgage servicing rights | 0.04 |
Financial Instruments and Fair Value Disclosures - (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 31, 2020 |
Aug. 31, 2019 |
Aug. 31, 2020 |
Aug. 31, 2019 |
|
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Changes in fair value included in other comprehensive income (loss), net of tax | $ 175 | $ 180 | $ (209) | $ 949 |
Fair Value, Measurements, Recurring | Lennar Other | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Changes in fair value included in other comprehensive income (loss), net of tax | 175 | 0 | (163) | 0 |
Fair Value, Measurements, Recurring | Financial Services | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Changes in fair value included in other comprehensive income (loss), net of tax | 0 | 180 | (46) | 949 |
Fair Value, Measurements, Recurring | Financial Services | Loans held-for-sale | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Changes in fair value included in revenue | 2,229 | (2,490) | 6 | 397 |
Fair Value, Measurements, Recurring | Financial Services | Mortgage loan commitments | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Changes in fair value included in revenue | (4,534) | 646 | 24,177 | 9,498 |
Fair Value, Measurements, Recurring | Financial Services | Forward contracts | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Changes in fair value included in revenue | $ (205) | $ 1,646 | $ (1,088) | $ 734 |
Financial Instruments and Fair Value Disclosures - (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details) - Financial Services - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 31, 2020 |
Aug. 31, 2019 |
Aug. 31, 2020 |
Aug. 31, 2019 |
|
Mortgage servicing rights | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 1,238 | $ 29,419 | $ 24,679 | $ 37,206 |
Purchases/loan originations | 563 | 449 | 1,917 | 2,707 |
Sales/loan originations sold, including those not settled | 0 | 0 | 0 | 0 |
Disposals/settlements | (34) | (1,544) | (10,231) | (3,830) |
Changes in fair value | (411) | (5,252) | (15,009) | (13,011) |
Interest and principal paydowns | 0 | 0 | 0 | 0 |
Ending balance | 1,356 | 23,072 | 1,356 | 23,072 |
RMF loans held-for-sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 159,885 | 259,599 | 197,224 | 61,691 |
Purchases/loan originations | 164,380 | 263,888 | 582,030 | 969,200 |
Sales/loan originations sold, including those not settled | (164,527) | (347,713) | (622,251) | (848,262) |
Disposals/settlements | 0 | 0 | 0 | (9,920) |
Changes in fair value | (1,165) | 3,502 | 2,102 | 6,825 |
Interest and principal paydowns | (1,542) | (572) | (2,074) | (830) |
Ending balance | $ 157,031 | $ 178,704 | $ 157,031 | $ 178,704 |
Financial Instruments and Fair Value Disclosures - (Fair Value Assets Measured On Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - Homebuilding - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 31, 2020 |
Aug. 31, 2019 |
Aug. 31, 2020 |
Aug. 31, 2019 |
|
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||||
Finished homes and construction in progress, carrying value | $ 20,650 | $ 4,922 | $ 162,459 | $ 4,922 |
Finished homes and construction in progress, fair value | 18,089 | 4,142 | 138,493 | 4,142 |
Finished homes and construction in progress, total losses, net | (2,561) | (780) | (23,966) | (780) |
Land and land under development, carrying value | 21,621 | 1,300 | 86,683 | 8,253 |
Land and land under development, fair value | 12,650 | 85 | 34,019 | 3,085 |
Land and land under development, total losses, net | $ (8,971) | $ (1,215) | $ (52,664) | $ (5,168) |
Financial Instruments and Fair Value Disclosures - (Narrative) (Details) - community |
Aug. 31, 2020 |
Aug. 31, 2019 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Active communities | 1,194 | 1,295 |
Financial Instruments and Fair Value Disclosures - (Communities with Indicators for Impairment) (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Aug. 31, 2020
USD ($)
community
|
Aug. 31, 2019
USD ($)
community
|
|
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Number of Communities with potential indicator of impairment | community | 28 | 47 |
Number of communities with valuation adjustments | community | 14 | 1 |
Valuation adjustments | $ | $ 40,364 | $ 1,995 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items] | ||
Fair value of communities with valuation adjustments | $ | $ 76,115 | $ 4,226 |
Financial Instruments and Fair Value Disclosures - (Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities) (Details) $ / homes in Thousands |
Aug. 31, 2020
$ / homes
|
Aug. 31, 2019
$ / homes
|
---|---|---|
Average selling price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 167,000 | |
Absorption rate per quarter (homes) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 12 | |
Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 0.20 | |
Minimum | Average selling price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 201,000 | |
Minimum | Absorption rate per quarter (homes) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 3 | |
Maximum | Average selling price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 970,000 | |
Maximum | Absorption rate per quarter (homes) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 15 |
Variable Interest Entities (Narrative) (Details) $ in Thousands |
1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 31, 2019 |
Aug. 31, 2020
USD ($)
entity
|
Aug. 31, 2019
USD ($)
|
Nov. 30, 2019
USD ($)
|
|
Variable Interest Entity [Line Items] | ||||
Gain on deconsolidation | $ 61,418 | $ 0 | ||
Financial Services | ||||
Variable Interest Entity [Line Items] | ||||
Gain on deconsolidation | 61,418 | |||
Variable Interest Entity, Primary Beneficiary | Homebuilding | ||||
Variable Interest Entity [Line Items] | ||||
VIE assets consolidated | 140,000 | |||
VIE liabilities consolidated | $ 51,200 | |||
Variable Interest Entity, Primary Beneficiary | Multifamily | ||||
Variable Interest Entity [Line Items] | ||||
Number of entities consolidated | entity | 1 | |||
VIE assets consolidated | $ 49,400 | |||
VIE liabilities consolidated | $ 900 | |||
Number of entities deconsolidated | entity | 2 | |||
VIE assets deconsolidated | $ 37,200 | |||
Variable Interest Entity, Primary Beneficiary | Financial Services | ||||
Variable Interest Entity [Line Items] | ||||
Number of entities deconsolidated | entity | 1 | |||
VIE assets deconsolidated | $ 291,200 | |||
VIE liabilities deconsolidated | 204,100 | |||
Percentage of stock owned | 20.00% | |||
Reduction in principal amount of debt owed to the company | 43.00% | |||
Reduction in ownership percentage | 20.00% | |||
Variable Interest Entity, Not Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Increase in consolidated inventory | 82,400 | |||
Variable Interest Entity, Not Primary Beneficiary | Financial Services | ||||
Variable Interest Entity [Line Items] | ||||
Fair value of equity investment and note receivable | 123,400 | |||
Fair value of equity investment | 70,800 | |||
Gain on deconsolidation | 61,400 | |||
Variable Interest Entity, Not Primary Beneficiary Including Third Parties | ||||
Variable Interest Entity [Line Items] | ||||
Non-refundable option deposits and pre-acquisition costs | 325,400 | $ 320,500 | ||
Variable Interest Entity, Not Primary Beneficiary Including Third Parties | Financial Standby Letters of Credit | ||||
Variable Interest Entity [Line Items] | ||||
Letters of credit outstanding | $ 76,800 | $ 75,000 | ||
Valuation Technique, Discounted Cash Flow | Minimum | Discount rate | Variable Interest Entity, Not Primary Beneficiary | Financial Services | ||||
Variable Interest Entity [Line Items] | ||||
Equity investment and note receivable, measurement input | 0.16 | |||
Valuation Technique, Discounted Cash Flow | Maximum | Discount rate | Variable Interest Entity, Not Primary Beneficiary | Financial Services | ||||
Variable Interest Entity [Line Items] | ||||
Equity investment and note receivable, measurement input | 0.30 |
Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands |
Aug. 31, 2020 |
Nov. 30, 2019 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | $ 936,602 | $ 840,851 |
Lennar’s Maximum Exposure to Loss | 1,136,074 | 1,076,663 |
Homebuilding | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | 85,733 | 80,939 |
Lennar’s Maximum Exposure to Loss | 85,914 | 81,118 |
Multifamily | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | 608,911 | 533,018 |
Lennar’s Maximum Exposure to Loss | 755,394 | 768,651 |
Multifamily | Equity Commitments | ||
Variable Interest Entity [Line Items] | ||
Obligations related to VIEs | 129,000 | 224,200 |
Financial Services | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | 234,806 | 166,012 |
Lennar’s Maximum Exposure to Loss | 287,614 | 166,012 |
Lennar Other | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | 7,152 | 60,882 |
Lennar’s Maximum Exposure to Loss | $ 7,152 | $ 60,882 |
Commitments and Contingent Liabilities - (Additional Information About Leases) (Details) - USD ($) $ in Thousands |
Aug. 31, 2020 |
Dec. 01, 2019 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Right-of-use assets | $ 121,728 | $ 150,700 |
Lease liabilities | $ 131,325 | $ 159,700 |
Weighted-average remaining lease term (in years) | 2 years 8 months 12 days | |
Weighted-average discount rate | 3.10% |
Commitments and Contingent Liabilities - (Future MInimum Payments Under Noncancellable Leases) (Details) - USD ($) $ in Thousands |
Aug. 31, 2020 |
Dec. 01, 2019 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
2020 | $ 8,897 | |
2021 | 36,049 | |
2022 | 28,843 | |
2022 | 21,804 | |
2023 | 15,853 | |
2025 and thereafter | 30,861 | |
Total future minimum lease payments | 142,307 | |
Less: Interest | 10,982 | |
Present value of lease liabilities | 131,325 | $ 159,700 |
Variable lease costs | 12,700 | |
Short-term lease costs | $ 2,300 | |
Weighted-average remaining lease term (in years) | 2 years 8 months 12 days | |
Weighted-average discount rate | 3.10% |
Commitments and Contingent Liabilities - (Narrative) (Details) $ in Millions |
9 Months Ended |
---|---|
Aug. 31, 2020
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Rental expense | $ 62.6 |
Payments on lease liabilities | $ 40.4 |
Supplemental Financial Information (Narrative) (Details) |
9 Months Ended |
---|---|
Aug. 31, 2020
USD ($)
| |
Homebuilding | |
Debt Instrument [Line Items] | |
Guarantee by subsidiaries | $ 75,000,000 |
Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands |
Aug. 31, 2020 |
May 31, 2020 |
Nov. 30, 2019 |
Aug. 31, 2019 |
May 31, 2019 |
Nov. 30, 2018 |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets: | ||||||||||||
Investments in unconsolidated entities | $ 2,053,172 | $ 1,973,913 | ||||||||||
Goodwill | 3,632,058 | 3,657,875 | ||||||||||
Other assets | 1,316,644 | 1,245,391 | ||||||||||
Total assets | [1] | 29,315,285 | 29,359,511 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||
Senior notes and other debts payable, net | 8,138,594 | 9,573,696 | ||||||||||
Total liabilities | [2] | 12,034,940 | 13,325,681 | |||||||||
Total stockholders’ equity | [2] | 17,172,103 | 15,949,517 | |||||||||
Noncontrolling interests | [2] | 108,242 | 84,313 | |||||||||
Total equity | 17,280,345 | [2] | $ 16,632,624 | 16,033,830 | [2] | $ 15,465,947 | $ 15,246,535 | $ 14,682,957 | ||||
Total liabilities and equity | [2] | 29,315,285 | 29,359,511 | |||||||||
Homebuilding | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | 2,274,713 | 1,539,654 | ||||||||||
Inventories | 17,671,262 | 17,776,507 | ||||||||||
Investments in unconsolidated entities | [1] | 940,695 | 1,009,035 | |||||||||
Goodwill | [1] | 3,442,359 | 3,442,359 | |||||||||
Other assets | [1] | 1,137,137 | 1,021,684 | |||||||||
Investments in subsidiaries | 0 | 0 | ||||||||||
Intercompany | 0 | 0 | ||||||||||
Total assets | [1] | 25,466,166 | 24,789,239 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||
Accounts payable and other liabilities | 3,084,588 | 2,970,134 | ||||||||||
Liabilities related to consolidated inventory not owned | [2] | 324,544 | 260,266 | |||||||||
Senior notes and other debts payable, net | [2] | 7,180,274 | 7,776,638 | |||||||||
Intercompany | 0 | 0 | ||||||||||
Total liabilities | [2] | 10,589,406 | 11,007,038 | |||||||||
Financial Services | ||||||||||||
Assets: | ||||||||||||
Total assets | [1] | 2,209,549 | 3,006,024 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | [2] | 1,197,847 | 2,056,450 | |||||||||
Multifamily | ||||||||||||
Assets: | ||||||||||||
Total assets | [1] | 1,184,086 | 1,068,831 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | [2] | 236,059 | 232,155 | |||||||||
Lennar Other | ||||||||||||
Assets: | ||||||||||||
Total assets | [1] | 455,484 | 495,417 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | [2] | 11,628 | 30,038 | |||||||||
Reportable Legal Entities | Lennar Corporation | ||||||||||||
Assets: | ||||||||||||
Total assets | 24,481,864 | 23,548,274 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 7,309,761 | 7,598,757 | ||||||||||
Total stockholders’ equity | 17,172,103 | 15,949,517 | ||||||||||
Noncontrolling interests | 0 | 0 | ||||||||||
Total equity | 17,172,103 | 15,949,517 | ||||||||||
Total liabilities and equity | 24,481,864 | 23,548,274 | ||||||||||
Reportable Legal Entities | Lennar Corporation | Homebuilding | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | 1,645,161 | 722,172 | ||||||||||
Inventories | 0 | 0 | ||||||||||
Investments in unconsolidated entities | 0 | 0 | ||||||||||
Goodwill | 0 | 0 | ||||||||||
Other assets | 397,033 | 344,941 | ||||||||||
Investments in subsidiaries | 10,166,689 | 10,453,165 | ||||||||||
Intercompany | 12,272,981 | 12,027,996 | ||||||||||
Total assets | 24,481,864 | 23,548,274 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Accounts payable and other liabilities | 773,363 | 760,981 | ||||||||||
Liabilities related to consolidated inventory not owned | 0 | 0 | ||||||||||
Senior notes and other debts payable, net | 6,536,398 | 6,837,776 | ||||||||||
Intercompany | 0 | 0 | ||||||||||
Total liabilities | 7,309,761 | 7,598,757 | ||||||||||
Reportable Legal Entities | Lennar Corporation | Financial Services | ||||||||||||
Assets: | ||||||||||||
Total assets | 0 | 0 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 0 | 0 | ||||||||||
Reportable Legal Entities | Lennar Corporation | Multifamily | ||||||||||||
Assets: | ||||||||||||
Total assets | 0 | 0 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 0 | 0 | ||||||||||
Reportable Legal Entities | Lennar Corporation | Lennar Other | ||||||||||||
Assets: | ||||||||||||
Total assets | 0 | 0 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 0 | 0 | ||||||||||
Reportable Legal Entities | Guarantor Subsidiaries | ||||||||||||
Assets: | ||||||||||||
Total assets | 23,097,872 | 23,600,762 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 12,839,723 | 13,244,024 | ||||||||||
Total stockholders’ equity | 10,258,149 | 10,356,738 | ||||||||||
Noncontrolling interests | 0 | 0 | ||||||||||
Total equity | 10,258,149 | 10,356,738 | ||||||||||
Total liabilities and equity | 23,097,872 | 23,600,762 | ||||||||||
Reportable Legal Entities | Guarantor Subsidiaries | Homebuilding | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | 602,845 | 794,588 | ||||||||||
Inventories | 17,174,841 | 17,396,139 | ||||||||||
Investments in unconsolidated entities | 938,584 | 1,006,541 | ||||||||||
Goodwill | 3,442,359 | 3,442,359 | ||||||||||
Other assets | 413,928 | 500,356 | ||||||||||
Investments in subsidiaries | 43,534 | 26,773 | ||||||||||
Intercompany | 0 | 0 | ||||||||||
Total assets | 22,616,091 | 23,166,756 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Accounts payable and other liabilities | 2,033,906 | 1,935,366 | ||||||||||
Liabilities related to consolidated inventory not owned | 324,544 | 260,266 | ||||||||||
Senior notes and other debts payable, net | 525,482 | 885,783 | ||||||||||
Intercompany | 9,924,870 | 10,122,374 | ||||||||||
Total liabilities | 12,808,802 | 13,203,789 | ||||||||||
Reportable Legal Entities | Guarantor Subsidiaries | Financial Services | ||||||||||||
Assets: | ||||||||||||
Total assets | 287,907 | 275,812 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 30,921 | 40,235 | ||||||||||
Reportable Legal Entities | Guarantor Subsidiaries | Multifamily | ||||||||||||
Assets: | ||||||||||||
Total assets | 0 | 0 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 0 | 0 | ||||||||||
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Other | ||||||||||||
Assets: | ||||||||||||
Total assets | 193,874 | 158,194 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 0 | 0 | ||||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||||||||
Assets: | ||||||||||||
Total assets | 4,278,522 | 4,763,467 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 4,218,206 | 4,555,954 | ||||||||||
Total stockholders’ equity | (47,926) | 123,200 | ||||||||||
Noncontrolling interests | 108,242 | 84,313 | ||||||||||
Total equity | 60,316 | 207,513 | ||||||||||
Total liabilities and equity | 4,278,522 | 4,763,467 | ||||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Homebuilding | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | 26,707 | 22,894 | ||||||||||
Inventories | 496,421 | 380,368 | ||||||||||
Investments in unconsolidated entities | 2,111 | 2,494 | ||||||||||
Other assets | 362,541 | 217,607 | ||||||||||
Investments in subsidiaries | 0 | 0 | ||||||||||
Intercompany | 0 | 0 | ||||||||||
Total assets | 887,780 | 623,363 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Accounts payable and other liabilities | 337,088 | 318,845 | ||||||||||
Liabilities related to consolidated inventory not owned | 0 | |||||||||||
Senior notes and other debts payable, net | 118,394 | 53,079 | ||||||||||
Intercompany | 2,348,111 | 1,905,622 | ||||||||||
Total liabilities | 2,803,593 | 2,277,546 | ||||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Financial Services | ||||||||||||
Assets: | ||||||||||||
Total assets | 1,923,928 | 2,731,285 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 1,166,926 | 2,016,215 | ||||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Multifamily | ||||||||||||
Assets: | ||||||||||||
Total assets | 1,184,086 | 1,068,831 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 236,059 | 232,155 | ||||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Other | ||||||||||||
Assets: | ||||||||||||
Total assets | 282,728 | 339,988 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 11,628 | 30,038 | ||||||||||
Consolidating Adjustments | ||||||||||||
Assets: | ||||||||||||
Total assets | (22,542,973) | (22,552,992) | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | (12,332,750) | (12,073,054) | ||||||||||
Total stockholders’ equity | (10,210,223) | (10,479,938) | ||||||||||
Noncontrolling interests | 0 | 0 | ||||||||||
Total equity | (10,210,223) | (10,479,938) | ||||||||||
Total liabilities and equity | (22,542,973) | (22,552,992) | ||||||||||
Consolidating Adjustments | Homebuilding | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | 0 | 0 | ||||||||||
Inventories | 0 | 0 | ||||||||||
Investments in unconsolidated entities | 0 | 0 | ||||||||||
Goodwill | 0 | 0 | ||||||||||
Other assets | (36,365) | (41,220) | ||||||||||
Investments in subsidiaries | (10,210,223) | (10,479,938) | ||||||||||
Intercompany | (12,272,981) | (12,027,996) | ||||||||||
Total assets | (22,519,569) | (22,549,154) | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Accounts payable and other liabilities | (59,769) | (45,058) | ||||||||||
Liabilities related to consolidated inventory not owned | 0 | |||||||||||
Senior notes and other debts payable, net | 0 | |||||||||||
Intercompany | (12,272,981) | (12,027,996) | ||||||||||
Total liabilities | (12,332,750) | (12,073,054) | ||||||||||
Consolidating Adjustments | Financial Services | ||||||||||||
Assets: | ||||||||||||
Total assets | (2,286) | (1,073) | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 0 | 0 | ||||||||||
Consolidating Adjustments | Multifamily | ||||||||||||
Assets: | ||||||||||||
Total assets | 0 | 0 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | 0 | 0 | ||||||||||
Consolidating Adjustments | Lennar Other | ||||||||||||
Assets: | ||||||||||||
Total assets | (21,118) | (2,765) | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Total liabilities | $ 0 | $ 0 | ||||||||||
|
Supplemental Financial Information (Condensed Consolidating Statement of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 31, 2020 |
Aug. 31, 2019 |
Aug. 31, 2020 |
Aug. 31, 2019 |
|
Revenues: | ||||
Revenues | $ 5,870,254 | $ 5,857,058 | $ 15,662,964 | $ 15,288,030 |
Cost and expenses: | ||||
Corporate general and administrative | 92,661 | 92,615 | 262,959 | 248,071 |
Total costs and expenses | 4,988,656 | 5,208,701 | 13,694,113 | 13,717,299 |
Equity in earnings (loss) from unconsolidated entities | (50,971) | 12,235 | ||
Financial Services gain on deconsolidation | 61,418 | 0 | ||
Earnings before income taxes | 859,013 | 667,083 | 1,959,142 | 1,545,606 |
Benefit (provision) for income taxes | (189,690) | (154,440) | (382,498) | (374,670) |
Equity in earnings from subsidiaries | 0 | 0 | 0 | |
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 669,323 | 512,643 | 1,576,644 | 1,170,936 |
Less: Net earnings (loss) attributable to noncontrolling interests | 2,905 | (723) | (5,632) | (3,812) |
Net earnings attributable to Lennar | 666,418 | 513,366 | 1,582,276 | 1,174,748 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized gain (loss) on securities available-for-sale | 175 | 180 | (209) | 949 |
Reclassification adjustments for gain included in earnings, net of tax | 0 | 0 | (452) | (176) |
Total other comprehensive income (loss), net of tax | 175 | 180 | (661) | 773 |
Total comprehensive income attributable to Lennar | 666,593 | 513,546 | 1,581,615 | 1,175,521 |
Total comprehensive income (loss) attributable to noncontrolling interests | 2,905 | (723) | (5,632) | (3,812) |
Homebuilding | ||||
Revenues: | ||||
Revenues | 5,505,120 | 5,438,998 | 14,626,720 | 14,258,318 |
Cost and expenses: | ||||
Cost and expenses | 4,673,158 | 4,781,932 | 12,684,295 | 12,608,026 |
Equity in earnings (loss) from unconsolidated entities | (6,431) | (10,459) | (20,077) | (4,601) |
Other income (expense), net | (11,787) | 12,375 | (16,845) | (35,325) |
Financial Services | ||||
Revenues: | ||||
Revenues | 237,068 | 224,502 | 631,992 | 572,029 |
Cost and expenses: | ||||
Cost and expenses | 101,989 | 149,804 | 363,688 | 422,142 |
Financial Services gain on deconsolidation | 61,418 | |||
Multifamily | ||||
Revenues: | ||||
Revenues | 115,170 | 183,958 | 370,904 | 428,764 |
Cost and expenses: | ||||
Cost and expenses | 118,786 | 181,616 | 379,607 | 431,510 |
Equity in earnings (loss) from unconsolidated entities | (1,532) | 7,883 | 4,702 | 15,446 |
Lennar Other | ||||
Revenues: | ||||
Revenues | 12,896 | 9,600 | 33,348 | 28,919 |
Cost and expenses: | ||||
Cost and expenses | 2,062 | 2,734 | 3,564 | 7,550 |
Equity in earnings (loss) from unconsolidated entities | (2,189) | 8,903 | (28,712) | 12,255 |
Other income (expense), net | (646) | 24 | (10,195) | (12,900) |
Reportable Legal Entities | Lennar Corporation | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost and expenses: | ||||
Corporate general and administrative | 88,977 | 86,846 | 253,531 | 238,696 |
Total costs and expenses | 88,977 | 86,846 | 253,531 | 238,696 |
Earnings before income taxes | (89,296) | (86,999) | (254,556) | (239,479) |
Benefit (provision) for income taxes | 20,823 | 19,816 | 49,562 | 57,906 |
Equity in earnings from subsidiaries | 734,891 | 580,549 | 1,787,270 | 1,356,321 |
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 666,418 | 513,366 | 1,582,276 | 1,174,748 |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings attributable to Lennar | 666,418 | 513,366 | 1,582,276 | 1,174,748 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized gain (loss) on securities available-for-sale | 0 | 0 | 0 | 0 |
Reclassification adjustments for gain included in earnings, net of tax | 0 | 0 | ||
Total other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 |
Total comprehensive income attributable to Lennar | 666,418 | 513,366 | 1,582,276 | 1,174,748 |
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Reportable Legal Entities | Lennar Corporation | Homebuilding | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost and expenses: | ||||
Cost and expenses | 0 | 0 | 0 | 0 |
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | 0 |
Other income (expense), net | (319) | (153) | (1,025) | (783) |
Reportable Legal Entities | Lennar Corporation | Financial Services | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost and expenses: | ||||
Cost and expenses | 0 | 0 | 0 | 0 |
Financial Services gain on deconsolidation | 0 | |||
Reportable Legal Entities | Lennar Corporation | Multifamily | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost and expenses: | ||||
Cost and expenses | 0 | 0 | 0 | 0 |
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | 0 |
Reportable Legal Entities | Lennar Corporation | Lennar Other | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost and expenses: | ||||
Cost and expenses | 0 | 0 | 0 | 0 |
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Reportable Legal Entities | Guarantor Subsidiaries | ||||
Revenues: | ||||
Revenues | 5,533,318 | 5,450,011 | 14,693,846 | 14,324,611 |
Cost and expenses: | ||||
Corporate general and administrative | 2,419 | 4,503 | 5,632 | 5,579 |
Total costs and expenses | 4,681,883 | 4,781,062 | 12,710,352 | 12,628,509 |
Earnings before income taxes | 828,448 | 666,156 | 1,990,884 | 1,640,364 |
Benefit (provision) for income taxes | (182,045) | (151,808) | (373,756) | (394,383) |
Equity in earnings from subsidiaries | 81,609 | 42,876 | 162,444 | 76,352 |
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 728,012 | 557,224 | 1,779,572 | 1,322,333 |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings attributable to Lennar | 728,012 | 557,224 | 1,779,572 | 1,322,333 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized gain (loss) on securities available-for-sale | 0 | 0 | 0 | 0 |
Reclassification adjustments for gain included in earnings, net of tax | 0 | 0 | ||
Total other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 |
Total comprehensive income attributable to Lennar | 728,012 | 557,224 | 1,779,572 | 1,322,333 |
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Reportable Legal Entities | Guarantor Subsidiaries | Homebuilding | ||||
Revenues: | ||||
Revenues | 5,493,155 | 5,413,602 | 14,589,155 | 14,202,932 |
Cost and expenses: | ||||
Cost and expenses | 4,659,970 | 4,758,852 | 12,647,627 | 12,546,016 |
Equity in earnings (loss) from unconsolidated entities | (6,557) | (10,455) | (20,513) | (4,869) |
Other income (expense), net | (12,722) | 7,101 | (20,961) | (43,845) |
Reportable Legal Entities | Guarantor Subsidiaries | Financial Services | ||||
Revenues: | ||||
Revenues | 40,163 | 36,409 | 104,691 | 121,679 |
Cost and expenses: | ||||
Cost and expenses | 19,262 | 17,707 | 56,861 | 76,914 |
Financial Services gain on deconsolidation | 61,418 | |||
Reportable Legal Entities | Guarantor Subsidiaries | Multifamily | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost and expenses: | ||||
Cost and expenses | 0 | 0 | 0 | 0 |
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | 0 |
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Other | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost and expenses: | ||||
Cost and expenses | 232 | 0 | 232 | 0 |
Equity in earnings (loss) from unconsolidated entities | (4,145) | 561 | (12,997) | (7,024) |
Other income (expense), net | 437 | 0 | 443 | 0 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Revenues: | ||||
Revenues | 342,913 | 411,914 | 987,064 | 978,007 |
Cost and expenses: | ||||
Corporate general and administrative | 0 | 0 | 0 | 0 |
Total costs and expenses | 223,454 | 345,507 | 747,151 | 863,896 |
Earnings before income taxes | 119,861 | 87,926 | 222,814 | 144,721 |
Benefit (provision) for income taxes | (28,468) | (22,448) | (58,304) | (38,193) |
Equity in earnings from subsidiaries | 0 | 0 | 0 | |
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 91,393 | 65,478 | 164,510 | 106,528 |
Less: Net earnings (loss) attributable to noncontrolling interests | 2,905 | (723) | (5,632) | (3,812) |
Net earnings attributable to Lennar | 88,488 | 66,201 | 170,142 | 110,340 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized gain (loss) on securities available-for-sale | 175 | 180 | (209) | 949 |
Reclassification adjustments for gain included in earnings, net of tax | (452) | (176) | ||
Total other comprehensive income (loss), net of tax | 175 | 180 | (661) | 773 |
Total comprehensive income attributable to Lennar | 88,663 | 66,381 | 169,481 | 111,113 |
Total comprehensive income (loss) attributable to noncontrolling interests | 2,905 | (723) | (5,632) | (3,812) |
Reportable Legal Entities | Non-Guarantor Subsidiaries | Homebuilding | ||||
Revenues: | ||||
Revenues | 11,965 | 25,396 | 37,565 | 55,386 |
Cost and expenses: | ||||
Cost and expenses | 13,424 | 24,009 | 44,071 | 55,910 |
Equity in earnings (loss) from unconsolidated entities | 126 | (4) | 436 | 268 |
Other income (expense), net | 935 | 5,274 | 4,116 | 8,517 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | Financial Services | ||||
Revenues: | ||||
Revenues | 202,882 | 192,960 | 545,247 | 464,938 |
Cost and expenses: | ||||
Cost and expenses | 89,414 | 137,148 | 320,141 | 368,926 |
Financial Services gain on deconsolidation | 0 | |||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Multifamily | ||||
Revenues: | ||||
Revenues | 115,170 | 183,958 | 370,904 | 428,764 |
Cost and expenses: | ||||
Cost and expenses | 118,786 | 181,616 | 379,607 | 431,510 |
Equity in earnings (loss) from unconsolidated entities | (1,532) | 7,883 | 4,702 | 15,446 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Other | ||||
Revenues: | ||||
Revenues | 12,896 | 9,600 | 33,348 | 28,919 |
Cost and expenses: | ||||
Cost and expenses | 1,830 | 2,734 | 3,332 | 7,550 |
Equity in earnings (loss) from unconsolidated entities | 1,956 | 8,342 | (15,715) | 19,279 |
Other income (expense), net | (1,083) | 24 | (10,638) | (12,900) |
Consolidating Adjustments | ||||
Revenues: | ||||
Revenues | (5,977) | (4,867) | (17,946) | (14,588) |
Cost and expenses: | ||||
Corporate general and administrative | 1,265 | 1,266 | 3,796 | 3,796 |
Total costs and expenses | (5,658) | (4,714) | (16,921) | (13,802) |
Earnings before income taxes | 0 | 0 | 0 | 0 |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Equity in earnings from subsidiaries | (816,500) | (623,425) | (1,949,714) | (1,432,673) |
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | (816,500) | (623,425) | (1,949,714) | (1,432,673) |
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net earnings attributable to Lennar | (816,500) | (623,425) | (1,949,714) | (1,432,673) |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized gain (loss) on securities available-for-sale | 0 | 0 | 0 | 0 |
Reclassification adjustments for gain included in earnings, net of tax | 0 | 0 | ||
Total other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 |
Total comprehensive income attributable to Lennar | (816,500) | (623,425) | (1,949,714) | (1,432,673) |
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Consolidating Adjustments | Homebuilding | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost and expenses: | ||||
Cost and expenses | (236) | (929) | (7,403) | 6,100 |
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | 0 |
Other income (expense), net | 319 | 153 | 1,025 | 786 |
Consolidating Adjustments | Financial Services | ||||
Revenues: | ||||
Revenues | (5,977) | (4,867) | (17,946) | (14,588) |
Cost and expenses: | ||||
Cost and expenses | (6,687) | (5,051) | (13,314) | (23,698) |
Financial Services gain on deconsolidation | 0 | |||
Consolidating Adjustments | Multifamily | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost and expenses: | ||||
Cost and expenses | 0 | 0 | 0 | 0 |
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | 0 |
Consolidating Adjustments | Lennar Other | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost and expenses: | ||||
Cost and expenses | 0 | 0 | 0 | 0 |
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | 0 |
Other income (expense), net | $ 0 | $ 0 | $ 0 | $ 0 |
Supplemental Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 31, 2020 |
Aug. 31, 2019 |
Aug. 31, 2020 |
Aug. 31, 2019 |
|
Cash flows from operating activities: | ||||
Net earnings (including net loss attributable to noncontrolling interests) | $ 669,323 | $ 512,643 | $ 1,576,644 | $ 1,170,936 |
Distributions of earnings from guarantor and non-guarantor subsidiaries | 0 | 0 | ||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities | 1,320,200 | (872,643) | ||
Net cash provided by operating activities | 2,896,844 | 298,293 | ||
Cash flows from investing activities: | ||||
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital | (276,797) | (79,593) | ||
Proceeds from sales of real estate owned | 8,560 | |||
Proceeds from sale of investment in unconsolidated entity | 0 | 17,790 | ||
Proceeds from the sales of operating properties and equipment and other assets | 33,096 | 58,578 | ||
Proceeds from sale of Financial Services' portfolio/businesses | 14,978 | 24,446 | ||
Other | (23,766) | (10,560) | ||
Distributions of capital from guarantor and non-guarantor subsidiaries | 0 | |||
Intercompany | 0 | 0 | ||
Net cash used in investing activities | (267,467) | (39,357) | ||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | (789,339) | |||
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable | (640,550) | (595,923) | ||
Net receipts related to noncontrolling interests | (8,294) | |||
Common stock: | ||||
Issuances | 0 | 388 | ||
Repurchases | (318,989) | (419,322) | ||
Dividends | (117,112) | (38,776) | ||
Intercompany | 0 | 0 | ||
Net cash used in financing activities | (1,865,990) | (785,050) | ||
Net increase (decrease) in cash and cash equivalents and restricted cash | 763,387 | (526,114) | ||
Cash and cash equivalents and restricted cash at beginning of period | 1,468,691 | 1,595,978 | ||
Cash and cash equivalents and restricted cash at end of period | 2,232,078 | 1,069,864 | 2,232,078 | 1,069,864 |
Unsecured Revolving Credit Facility | ||||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | 0 | 700,000 | ||
Warehouse Repurchase Facility | ||||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | (789,339) | (423,123) | ||
Reportable Legal Entities | Lennar Corporation | ||||
Cash flows from operating activities: | ||||
Net earnings (including net loss attributable to noncontrolling interests) | 666,418 | 513,366 | 1,582,276 | 1,174,748 |
Distributions of earnings from guarantor and non-guarantor subsidiaries | 1,787,270 | 1,356,321 | ||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities | (1,757,490) | (1,261,601) | ||
Net cash provided by operating activities | 1,612,056 | 1,269,468 | ||
Cash flows from investing activities: | ||||
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital | 0 | 0 | ||
Proceeds from sales of real estate owned | 0 | |||
Proceeds from sale of investment in unconsolidated entity | 0 | |||
Proceeds from the sales of operating properties and equipment and other assets | 0 | |||
Proceeds from sale of Financial Services' portfolio/businesses | 0 | |||
Other | (3,414) | (2,164) | ||
Distributions of capital from guarantor and non-guarantor subsidiaries | 100,000 | |||
Intercompany | (62,896) | (1,256,112) | ||
Net cash used in investing activities | 33,690 | (1,258,276) | ||
Cash flows from financing activities: | ||||
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable | (280,630) | (500,000) | ||
Net receipts related to noncontrolling interests | 0 | |||
Common stock: | ||||
Issuances | 388 | |||
Repurchases | (318,989) | (419,322) | ||
Dividends | (117,112) | (38,776) | ||
Intercompany | 0 | 0 | ||
Net cash used in financing activities | (716,731) | (257,710) | ||
Net increase (decrease) in cash and cash equivalents and restricted cash | 929,015 | (246,518) | ||
Cash and cash equivalents and restricted cash at beginning of period | 713,828 | 624,694 | ||
Cash and cash equivalents and restricted cash at end of period | 1,642,843 | 378,176 | 1,642,843 | 378,176 |
Reportable Legal Entities | Lennar Corporation | Unsecured Revolving Credit Facility | ||||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | 700,000 | |||
Reportable Legal Entities | Lennar Corporation | Warehouse Repurchase Facility | ||||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | 0 | |||
Reportable Legal Entities | Guarantor Subsidiaries | ||||
Cash flows from operating activities: | ||||
Net earnings (including net loss attributable to noncontrolling interests) | 728,012 | 557,224 | 1,779,572 | 1,322,333 |
Distributions of earnings from guarantor and non-guarantor subsidiaries | 162,444 | 76,352 | ||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities | 395,502 | (1,342,672) | ||
Net cash provided by operating activities | 2,337,518 | 56,013 | ||
Cash flows from investing activities: | ||||
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital | (71,695) | (135,395) | ||
Proceeds from sales of real estate owned | 0 | |||
Proceeds from sale of investment in unconsolidated entity | 0 | |||
Proceeds from the sales of operating properties and equipment and other assets | 33,096 | |||
Proceeds from sale of Financial Services' portfolio/businesses | 21,517 | |||
Other | 32,229 | 34,935 | ||
Distributions of capital from guarantor and non-guarantor subsidiaries | 50,000 | |||
Intercompany | 0 | 0 | ||
Net cash used in investing activities | 43,630 | (78,943) | ||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | 1,476 | |||
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable | (481,524) | (117,444) | ||
Net receipts related to noncontrolling interests | 0 | |||
Common stock: | ||||
Issuances | 0 | |||
Repurchases | 0 | 0 | ||
Dividends | (1,879,572) | (1,322,333) | ||
Intercompany | (185,180) | 1,181,304 | ||
Net cash used in financing activities | (2,544,800) | (258,482) | ||
Net increase (decrease) in cash and cash equivalents and restricted cash | (163,652) | (281,412) | ||
Cash and cash equivalents and restricted cash at beginning of period | 532,304 | 721,603 | ||
Cash and cash equivalents and restricted cash at end of period | 368,652 | 440,191 | 368,652 | 440,191 |
Reportable Legal Entities | Guarantor Subsidiaries | Unsecured Revolving Credit Facility | ||||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | 0 | |||
Reportable Legal Entities | Guarantor Subsidiaries | Warehouse Repurchase Facility | ||||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | (9) | |||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Cash flows from operating activities: | ||||
Net earnings (including net loss attributable to noncontrolling interests) | 91,393 | 65,478 | 164,510 | 106,528 |
Distributions of earnings from guarantor and non-guarantor subsidiaries | 0 | 0 | ||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities | 732,474 | 298,957 | ||
Net cash provided by operating activities | 896,984 | 405,485 | ||
Cash flows from investing activities: | ||||
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital | (205,102) | 55,802 | ||
Proceeds from sales of real estate owned | 8,560 | |||
Proceeds from sale of investment in unconsolidated entity | 17,790 | |||
Proceeds from the sales of operating properties and equipment and other assets | 0 | |||
Proceeds from sale of Financial Services' portfolio/businesses | 2,929 | |||
Other | (52,581) | (43,331) | ||
Distributions of capital from guarantor and non-guarantor subsidiaries | 0 | |||
Intercompany | 0 | 0 | ||
Net cash used in investing activities | (257,683) | 41,750 | ||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | (790,815) | |||
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable | 121,604 | 21,521 | ||
Net receipts related to noncontrolling interests | (8,294) | |||
Common stock: | ||||
Issuances | 0 | |||
Repurchases | 0 | 0 | ||
Dividends | (220,142) | (110,340) | ||
Intercompany | 248,076 | 74,808 | ||
Net cash used in financing activities | (641,277) | (445,419) | ||
Net increase (decrease) in cash and cash equivalents and restricted cash | (1,976) | 1,816 | ||
Cash and cash equivalents and restricted cash at beginning of period | 222,559 | 249,681 | ||
Cash and cash equivalents and restricted cash at end of period | 220,583 | 251,497 | 220,583 | 251,497 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | Unsecured Revolving Credit Facility | ||||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | 0 | |||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Warehouse Repurchase Facility | ||||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | (423,114) | |||
Consolidating Adjustments | ||||
Cash flows from operating activities: | ||||
Net earnings (including net loss attributable to noncontrolling interests) | (816,500) | (623,425) | (1,949,714) | (1,432,673) |
Distributions of earnings from guarantor and non-guarantor subsidiaries | (1,949,714) | (1,432,673) | ||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities | 1,949,714 | 1,432,673 | ||
Net cash provided by operating activities | (1,949,714) | (1,432,673) | ||
Cash flows from investing activities: | ||||
Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital | 0 | 0 | ||
Proceeds from sales of real estate owned | 0 | |||
Proceeds from sale of investment in unconsolidated entity | 0 | |||
Proceeds from the sales of operating properties and equipment and other assets | 0 | |||
Proceeds from sale of Financial Services' portfolio/businesses | 0 | |||
Other | 0 | 0 | ||
Distributions of capital from guarantor and non-guarantor subsidiaries | (150,000) | |||
Intercompany | 62,896 | 1,256,112 | ||
Net cash used in investing activities | (87,104) | 1,256,112 | ||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | 0 | |||
Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable | 0 | 0 | ||
Net receipts related to noncontrolling interests | 0 | |||
Common stock: | ||||
Issuances | 0 | |||
Repurchases | 0 | 0 | ||
Dividends | 2,099,714 | 1,432,673 | ||
Intercompany | (62,896) | (1,256,112) | ||
Net cash used in financing activities | 2,036,818 | 176,561 | ||
Net increase (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 | $ 0 | 0 |
Consolidating Adjustments | Unsecured Revolving Credit Facility | ||||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | 0 | |||
Consolidating Adjustments | Warehouse Repurchase Facility | ||||
Cash flows from financing activities: | ||||
Net borrowings (repayments) under credit facilities | $ 0 |
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