XML 83 R2.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Condensed Consolidated Balance Sheets (USD $)
In Thousands
Aug. 31, 2011
Nov. 30, 2010
ASSETS    
Cash and cash equivalents $ 927,331 $ 1,394,135
Inventories:    
Total assets 8,724,018 [1] 8,787,851 [1]
LIABILITIES AND EQUITY    
Total liabilities 5,443,731 [2] 5,593,468 [2]
Stockholders' equity:    
Preferred stock   [2]   [2]
Additional paid-in capital 2,332,374 [2] 2,310,339 [2]
Retained earnings 933,604 [2] 894,108 [2]
Treasury stock, at cost; August 31, 2011 - 11,690,070 Class A common shares and 1,679,620 Class B common shares; November 30, 2010 - 11,664,744 Class A common shares and 1,679,620 Class B common shares (615,525) [2] (615,496) [2]
Total stockholders' equity 2,670,491 [2] 2,608,949 [2]
Noncontrolling interests 609,796 [2] 585,434 [2]
Total equity 3,280,287 [2] 3,194,383 [2]
Total liabilities and equity 8,724,018 [2] 8,787,851 [2]
Class A Common Stock [Member]
   
Stockholders' equity:    
Common stock 16,740 [2] 16,701 [2]
Total equity 16,740 16,701
Class B Common Stock [Member]
   
Stockholders' equity:    
Common stock 3,298 [2] 3,297 [2]
Total equity 3,298 3,297
Lennar Homebuilding [Member]
   
ASSETS    
Cash and cash equivalents 800,332 [1] 1,207,247 [1]
Restricted cash 8,889 [1] 8,195 [1]
Receivables, net 55,624 [1] 82,202 [1]
Inventories:    
Finished homes and construction in progress 1,437,510 [1] 1,491,292 [1]
Land and land under development 2,426,643 [1] 2,223,300 [1]
Consolidated inventory not owned 400,857 [1] 455,016 [1]
Total inventories 4,265,010 [1] 4,169,608 [1]
Investments in unconsolidated entities 653,080 [1] 626,185 [1]
Other assets 526,731 [1] 307,810 [1]
Total assets 6,309,666 [1] 6,401,247 [1]
LIABILITIES AND EQUITY    
Accounts payable 196,793 [2] 168,006 [2]
Liabilities related to consolidated inventory not owned 336,714 [2] 384,233 [2]
Senior notes and other debts payable 3,127,649 [2] 3,128,154 [2]
Other liabilities 620,993 [2] 694,142 [2]
Total liabilities 4,282,149 [2] 4,374,535 [2]
Rialto Investments [Member]
   
ASSETS    
Cash and cash equivalents 69,576 [1] 76,412 [1]
Defeasance cash to retire notes payable 189,667 [1] 101,309 [1]
Inventories:    
Loans receivable 793,009 [1] 1,219,314 [1]
Real estate owned, net 667,332 [1] 258,104 [1]
Investments in unconsolidated entities 142,821 [1] 84,526 [1]
Other assets 32,198 [1] 37,949 [1]
Total assets 1,894,603 [1],[3] 1,777,614 [1],[3]
LIABILITIES AND EQUITY    
Senior notes and other debts payable 765,939 752,302
Other liabilities 18,253 18,412
Notes payable and other liabilities 784,192 [2] 770,714 [2]
Total liabilities 784,192 770,714
Lennar Financial Services [Member]
   
ASSETS    
Cash and cash equivalents 57,423 110,476
Restricted cash 20,112 21,210
Receivables, net 96,506 [4] 136,672 [4]
Inventories:    
Other assets 40,257 [5] 36,249 [5]
Total assets 519,749 [1] 608,990 [1]
LIABILITIES AND EQUITY    
Other liabilities 162,025 [6] 176,541 [6]
Total liabilities $ 377,390 [2] $ 448,219 [2]
[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 of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and non-recourse liabilities of consolidated VIEs. As of August 31, 2011, total assets include $2,273.5 million related to consolidated VIEs of which $26.2 million is included in Lennar Homebuilding cash and cash equivalents, $3.7 million in Lennar Homebuilding receivables, net, $22.0 million in Lennar Homebuilding finished homes and construction in progress, $475.1 million in Lennar Homebuilding land and land under development, $74.4 million in Lennar Homebuilding consolidated inventory not owned, $42.7 million in Lennar Homebuilding investments in unconsolidated entities, $213.7 million in Lennar Homebuilding other assets, $69.6 million in Rialto Investments cash and cash equivalents, $189.7 million in Rialto Investments defeasance cash to retire notes payable, $623.2 million in Rialto Investments loans receivable, $521.0 million in Rialto Investments real estate owned, net, $0.6 million in Rialto Investments in unconsolidated entities and $11.6 million in Rialto Investments other assets. As of November 30, 2010, total assets include $2,300.2 million related to consolidated VIEs of which $34.1 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding restricted cash, $6.6 million in Lennar Homebuilding receivables, net, $221.7 million in Lennar Homebuilding finished homes and construction in progress, $400.7 million in Lennar Homebuilding land and land under development, $87.4 million in Lennar Homebuilding consolidated inventory not owned, $38.8 million in Lennar Homebuilding investments in unconsolidated entities, $159.5 million in Lennar Homebuilding other assets, $72.4 million in Rialto Investments cash and cash equivalents, $101.3 million in Rialto Investments defeasance cash to retire notes payable, $974.4 million in Rialto Investments loans receivable, $188.5 million in Rialto Investments real estate owned, net and $14.6 million in Rialto Investments other assets.
[2] As of August 31, 2011, total liabilities include $897.0 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.9 million is included in Lennar Homebuilding accounts payable, $46.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $178.2 million in Lennar Homebuilding senior notes and other debts payable, $16.4 million in Lennar Homebuilding other liabilities and $646.6 million in Rialto Investments notes payable and other liabilities. As of November 30, 2010, total liabilities include $963.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $32.4 million is included in Lennar Homebuilding accounts payable, $60.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $185.4 million in Lennar Homebuilding senior notes and other debts payable, $53.1 million in Lennar Homebuilding other liabilities and $631.8 million in Rialto Investments notes payable and other liabilities.
[3]
[4] Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of August 31, 2011 and November 30, 2010, respectively.
[5] Other assets include mortgage loan commitments carried at fair value of $7.4 million and $1.4 million, respectively, as of August 31, 2011 and November 30, 2010. Other assets also include forward contracts carried at fair value of $2.9 million as of November 30, 2010.
[6] Other liabilities include forward contracts carried at fair value of $3.2 million as of August 31, 2011.