Supplemental Financial Information |
Supplemental Financial Information The indentures governing the principal amounts of the Company’s 5.95% senior notes due 2013, 5.50% senior notes due 2014, 5.60% senior notes due 2015, 6.50% senior notes due 2016, 4.75% senior notes due 2017, 12.25% senior notes due 2017, 6.95% senior notes due 2018, 2.00% convertible senior notes due 2020, 2.75% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021 require that, if any of the Company’s wholly 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 were guaranteeing the senior notes because they were guaranteeing the $150 million LC Agreement, the $200 million Letter of Credit Facility and the Credit Facility at August 31, 2012. The guarantees are full and unconditional and the guarantor subsidiaries are 100% directly or indirectly owned by Lennar Corporation. The guarantees are joint and several, subject to limitations as to each guarantor designed to eliminate fraudulent conveyance concerns. Supplemental information for the guarantors is as follows: Condensed Consolidating Balance Sheet August 31, 2012 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | ASSETS | | | | | | | | | | Lennar Homebuilding: | | | | | | | | | | Cash and cash equivalents, restricted cash and receivables, net | $ | 574,032 |
| | 150,667 |
| | 20,187 |
| | — |
| | 744,886 |
| Inventories | — |
| | 4,506,482 |
| | 529,168 |
| | — |
| | 5,035,650 |
| Investments in unconsolidated entities | — |
| | 526,519 |
| | 44,147 |
| | — |
| | 570,666 |
| Other assets | 46,542 |
| | 646,380 |
| | 220,547 |
| | — |
| | 913,469 |
| Investments in subsidiaries | 3,416,526 |
| | 724,539 |
| | — |
| | (4,141,065 | ) | | — |
| | 4,037,100 |
| | 6,554,587 |
| | 814,049 |
| | (4,141,065 | ) | | 7,264,671 |
| Rialto Investments | — |
| | — |
| | 1,674,392 |
| | — |
| | 1,674,392 |
| Lennar Financial Services | — |
| | 74,819 |
| | 704,618 |
| | — |
| | 779,437 |
| Total assets | $ | 4,037,100 |
| | 6,629,406 |
| | 3,193,059 |
| | (4,141,065 | ) | | 9,718,500 |
| LIABILITIES AND EQUITY | | | | | | | | | | Lennar Homebuilding: | | | | | | | | | | Accounts payable and other liabilities | $ | 234,976 |
| | 514,332 |
| | 32,318 |
| | — |
| | 781,626 |
| Liabilities related to consolidated inventory not owned | — |
| | 268,207 |
| | — |
| | — |
| | 268,207 |
| Senior notes and other debts payable | 3,179,887 |
| | 269,178 |
| | 222,530 |
| | — |
| | 3,671,595 |
| Intercompany | (2,649,485 | ) | | 2,132,830 |
| | 516,655 |
| | — |
| | — |
| | 765,378 |
| | 3,184,547 |
| | 771,503 |
| | — |
| | 4,721,428 |
| Rialto Investments | — |
| | — |
| | 614,390 |
| | — |
| | 614,390 |
| Lennar Financial Services | — |
| | 28,333 |
| | 495,972 |
| | — |
| | 524,305 |
| Total liabilities | 765,378 |
| | 3,212,880 |
| | 1,881,865 |
| | — |
| | 5,860,123 |
| Stockholders’ equity | 3,271,722 |
| | 3,416,526 |
| | 724,539 |
| | (4,141,065 | ) | | 3,271,722 |
| Noncontrolling interests | — |
| | — |
| | 586,655 |
| | — |
| | 586,655 |
| Total equity | 3,271,722 |
| | 3,416,526 |
| | 1,311,194 |
| | (4,141,065 | ) | | 3,858,377 |
| Total liabilities and equity | $ | 4,037,100 |
| | 6,629,406 |
| | 3,193,059 |
| | (4,141,065 | ) | | 9,718,500 |
|
Condensed Consolidating Balance Sheet November 30, 2011 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | ASSETS | | | | | | | | | | Lennar Homebuilding: | | | | | | | | | | Cash and cash equivalents, restricted cash and receivables, net | $ | 871,376 |
| | 190,483 |
| | 24,920 |
| | — |
| | 1,086,779 |
| Inventories | — |
| | 3,822,009 |
| | 538,526 |
| | — |
| | 4,360,535 |
| Investments in unconsolidated entities | — |
| | 502,363 |
| | 43,397 |
| | — |
| | 545,760 |
| Other assets | 35,722 |
| | 269,392 |
| | 219,580 |
| | — |
| | 524,694 |
| Investments in subsidiaries | 3,368,336 |
| | 611,311 |
| | — |
| | (3,979,647 | ) | | — |
| | 4,275,434 |
| | 5,395,558 |
| | 826,423 |
| | (3,979,647 | ) | | 6,517,768 |
| Rialto Investments | — |
| | — |
| | 1,897,148 |
| | — |
| | 1,897,148 |
| Lennar Financial Services | — |
| | 149,842 |
| | 589,913 |
| | — |
| | 739,755 |
| Total assets | $ | 4,275,434 |
| | 5,545,400 |
| | 3,313,484 |
| | (3,979,647 | ) | | 9,154,671 |
| LIABILITIES AND EQUITY | | | | | | | | | | Lennar Homebuilding: | | | | | | | | | | Accounts payable and other liabilities | $ | 290,337 |
| | 483,590 |
| | 29,405 |
| | — |
| | 803,332 |
| Liabilities related to consolidated inventory not owned | — |
| | 326,200 |
| | — |
| | — |
| | 326,200 |
| Senior notes and other debts payable | 2,922,855 |
| | 215,840 |
| | 224,064 |
| | — |
| | 3,362,759 |
| Intercompany | (1,634,226 | ) | | 1,105,872 |
| | 528,354 |
| | — |
| | — |
| | 1,578,966 |
| | 2,131,502 |
| | 781,823 |
| | — |
| | 4,492,291 |
| Rialto Investments | — |
| | — |
| | 796,120 |
| | — |
| | 796,120 |
| Lennar Financial Services | — |
| | 45,562 |
| | 517,173 |
| | — |
| | 562,735 |
| Total liabilities | 1,578,966 |
| | 2,177,064 |
| | 2,095,116 |
| | — |
| | 5,851,146 |
| Stockholders’ equity | 2,696,468 |
| | 3,368,336 |
| | 611,311 |
| | (3,979,647 | ) | | 2,696,468 |
| Noncontrolling interests | — |
| | — |
| | 607,057 |
| | — |
| | 607,057 |
| Total equity | 2,696,468 |
| | 3,368,336 |
| | 1,218,368 |
| | (3,979,647 | ) | | 3,303,525 |
| Total liabilities and equity | $ | 4,275,434 |
| | 5,545,400 |
| | 3,313,484 |
| | (3,979,647 | ) | | 9,154,671 |
|
Condensed Consolidating Statement of Operations Three Months Ended August 31, 2012 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | Revenues: | | | | | | | | | | Lennar Homebuilding | $ | — |
| | 955,800 |
| | — |
| | — |
| | 955,800 |
| Lennar Financial Services | — |
| | 43,163 |
| | 68,091 |
| | (4,490 | ) | | 106,764 |
| Rialto Investments | — |
| | — |
| | 37,194 |
| | — |
| | 37,194 |
| Total revenues | — |
| | 998,963 |
| | 105,285 |
| | (4,490 | ) | | 1,099,758 |
| Cost and expenses: | | | | | | | | | | Lennar Homebuilding | — |
| | 845,316 |
| | 4,403 |
| | 713 |
| | 850,432 |
| Lennar Financial Services | — |
| | 40,266 |
| | 46,233 |
| | (5,058 | ) | | 81,441 |
| Rialto Investments | — |
| | — |
| | 46,396 |
| | — |
| | 46,396 |
| Corporate general and administrative | 31,021 |
| | — |
| | — |
| | 1,265 |
| | 32,286 |
| Total costs and expenses | 31,021 |
| | 885,582 |
| | 97,032 |
| | (3,080 | ) | | 1,010,555 |
| Lennar Homebuilding equity in loss from unconsolidated entities | — |
| | (5,835 | ) | | (156 | ) | | — |
| | (5,991 | ) | Lennar Homebuilding other income (expense), net | 72 |
| | (5,435 | ) | | — |
| | (43 | ) | | (5,406 | ) | Other interest expense | (1,453 | ) | | (22,659 | ) | | — |
| | 1,453 |
| | (22,659 | ) | Rialto Investments equity in earnings from unconsolidated entities | — |
| | — |
| | 13,551 |
| | — |
| | 13,551 |
| Rialto Investments other expense, net | — |
| | — |
| | (10,063 | ) | | — |
| | (10,063 | ) | Earnings (loss) before income taxes | (32,402 | ) | | 79,452 |
| | 11,585 |
| | — |
| | 58,635 |
| Benefit (provision) for income taxes | (8,090 | ) | | 44,373 |
| | (23,507 | ) | | — |
| | 12,776 |
| Equity in earnings from subsidiaries | 127,601 |
| | 3,776 |
| | — |
| | (131,377 | ) | | — |
| Net earnings (loss) (including net loss attributable to noncontrolling interests) | 87,109 |
| | 127,601 |
| | (11,922 | ) | | (131,377 | ) | | 71,411 |
| Less: Net loss attributable to noncontrolling interests | — |
| | — |
| | (15,698 | ) | | — |
| | (15,698 | ) | Net earnings attributable to Lennar | $ | 87,109 |
| | 127,601 |
| | 3,776 |
| | (131,377 | ) | | 87,109 |
|
Condensed Consolidating Statement of Operations Three Months Ended August 31, 2011 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | Revenues: | | | | | | | | | | Lennar Homebuilding | $ | — |
| | 706,256 |
| | 5,498 |
| | — |
| | 711,754 |
| Lennar Financial Services | — |
| | 35,133 |
| | 35,532 |
| | (4,291 | ) | | 66,374 |
| Rialto Investments | — |
| | — |
| | 42,065 |
| | — |
| | 42,065 |
| Total revenues | — |
| | 741,389 |
| | 83,095 |
| | (4,291 | ) | | 820,193 |
| Cost and expenses: | | | | | | | | | | Lennar Homebuilding | — |
| | 654,924 |
| | 10,190 |
| | (2,205 | ) | | 662,909 |
| Lennar Financial Services | — |
| | 33,719 |
| | 26,080 |
| | (1,413 | ) | | 58,386 |
| Rialto Investments | — |
| | — |
| | 33,562 |
| | — |
| | 33,562 |
| Corporate general and administrative | 21,571 |
| | — |
| | — |
| | 1,205 |
| | 22,776 |
| Total costs and expenses | 21,571 |
| | 688,643 |
| | 69,832 |
| | (2,413 | ) | | 777,633 |
| Lennar Homebuilding equity in loss from unconsolidated entities | — |
| | (4,440 | ) | | (112 | ) | | — |
| | (4,552 | ) | Lennar Homebuilding other income (expense), net | (417 | ) | | 6,931 |
| | — |
| | 426 |
| | 6,940 |
| Other interest expense | (1,452 | ) | | (24,107 | ) | | — |
| | 1,452 |
| | (24,107 | ) | Rialto Investments equity in loss from unconsolidated entities | — |
| | — |
| | (6,505 | ) | | — |
| | (6,505 | ) | Rialto Investments other income, net | — |
| | — |
| | 9,743 |
| | — |
| | 9,743 |
| Earnings (loss) before income taxes | (23,440 | ) | | 31,130 |
| | 16,389 |
| | — |
| | 24,079 |
| Benefit (provision) for income taxes | 8,463 |
| | (6,488 | ) | | (2,554 | ) | | — |
| | (579 | ) | Equity in earnings from subsidiaries | 35,707 |
| | 11,065 |
| | — |
| | (46,772 | ) | | — |
| Net earnings (including net earnings attributable to noncontrolling interests) | 20,730 |
| | 35,707 |
| | 13,835 |
| | (46,772 | ) | | 23,500 |
| Less: Net earnings attributable to noncontrolling interests | — |
| | — |
| | 2,770 |
| | — |
| | 2,770 |
| Net earnings attributable to Lennar | $ | 20,730 |
| | 35,707 |
| | 11,065 |
| | (46,772 | ) | | 20,730 |
|
Condensed Consolidating Statement of Operations Nine Months Ended August 31, 2012 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | Revenues: | | | | | | | | | | Lennar Homebuilding | $ | — |
| | 2,387,916 |
| | 405 |
| | — |
| | 2,388,321 |
| Lennar Financial Services | — |
| | 113,678 |
| | 163,153 |
| | (13,257 | ) | | 263,574 |
| Rialto Investments | — |
| | — |
| | 102,874 |
| | — |
| | 102,874 |
| Total revenues | — |
| | 2,501,594 |
| | 266,432 |
| | (13,257 | ) | | 2,754,769 |
| Cost and expenses: | | | | | | | | | | Lennar Homebuilding | — |
| | 2,151,982 |
| | 12,257 |
| | 2,780 |
| | 2,167,019 |
| Lennar Financial Services | — |
| | 110,711 |
| | 116,562 |
| | (15,252 | ) | | 212,021 |
| Rialto Investments | — |
| | — |
| | 109,964 |
| | — |
| | 109,964 |
| Corporate general and administrative | 84,500 |
| | — |
| | — |
| | 3,796 |
| | 88,296 |
| Total costs and expenses | 84,500 |
| | 2,262,693 |
| | 238,783 |
| | (8,676 | ) | | 2,577,300 |
| Lennar Homebuilding equity in loss from unconsolidated entities | — |
| | (13,880 | ) | | (409 | ) | | — |
| | (14,289 | ) | Lennar Homebuilding other income (expense), net | (210 | ) | | 11,390 |
| | — |
| | 239 |
| | 11,419 |
| Other interest expense | (4,342 | ) | | (71,311 | ) | | — |
| | 4,342 |
| | (71,311 | ) | Rialto Investments equity in earnings from unconsolidated entities | — |
| | — |
| | 37,578 |
| | — |
| | 37,578 |
| Rialto Investments other expense, net | — |
| | — |
| | (23,675 | ) | | — |
| | (23,675 | ) | Earnings (loss) before income taxes | (89,052 | ) | | 165,100 |
| | 41,143 |
| | — |
| | 117,191 |
| Benefit (provision) for income taxes | 2,671 |
| | 449,440 |
| | (35,490 | ) | | — |
| | 416,621 |
| Equity in earnings from subsidiaries | 641,161 |
| | 26,621 |
| | — |
| | (667,782 | ) | | — |
| Net earnings (including net loss attributable to noncontrolling interests) | 554,780 |
| | 641,161 |
| | 5,653 |
| | (667,782 | ) | | 533,812 |
| Less: Net loss attributable to noncontrolling interests | — |
| | — |
| | (20,968 | ) | | — |
| | (20,968 | ) | Net earnings attributable to Lennar | $ | 554,780 |
| | 641,161 |
| | 26,621 |
| | (667,782 | ) | | 554,780 |
|
Condensed Consolidating Statement of Operations Nine Months Ended August 31, 2011 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | Revenues: | | | | | | | | | | Lennar Homebuilding | $ | — |
| | 1,813,528 |
| | 27,411 |
| | — |
| | 1,840,939 |
| Lennar Financial Services | — |
| | 101,828 |
| | 105,088 |
| | (23,407 | ) | | 183,509 |
| Rialto Investments | — |
| | — |
| | 118,283 |
| | — |
| | 118,283 |
| Total revenues | — |
| | 1,915,356 |
| | 250,782 |
| | (23,407 | ) | | 2,142,731 |
| Cost and expenses: | | | | | | | | | | Lennar Homebuilding | — |
| | 1,703,368 |
| | 43,709 |
| | (5,694 | ) | | 1,741,383 |
| Lennar Financial Services | — |
| | 104,498 |
| | 82,837 |
| | (15,492 | ) | | 171,843 |
| Rialto Investments | — |
| | — |
| | 94,184 |
| | — |
| | 94,184 |
| Corporate general and administrative | 62,986 |
| | — |
| | — |
| | 3,740 |
| | 66,726 |
| Total costs and expenses | 62,986 |
| | 1,807,866 |
| | 220,730 |
| | (17,446 | ) | | 2,074,136 |
| Lennar Homebuilding equity in earnings (loss) from unconsolidated entities | — |
| | 6,872 |
| | (346 | ) | | — |
| | 6,526 |
| Lennar Homebuilding other income, net | 8,737 |
| | 46,383 |
| | — |
| | (8,709 | ) | | 46,411 |
| Other interest expense | (14,670 | ) | | (68,654 | ) | | — |
| | 14,670 |
| | (68,654 | ) | Rialto Investments equity in loss from unconsolidated entities | — |
| | — |
| | (4,953 | ) | | — |
| | (4,953 | ) | Rialto Investments other income, net | — |
| | — |
| | 38,275 |
| | — |
| | 38,275 |
| Earnings (loss) before income taxes | (68,919 | ) | | 92,091 |
| | 63,028 |
| | — |
| | 86,200 |
| Benefit (provision) for income taxes | 32,170 |
| | (23,048 | ) | | (8,249 | ) | | — |
| | 873 |
| Equity in earnings from subsidiaries | 98,670 |
| | 29,627 |
| | — |
| | (128,297 | ) | | — |
| Net earnings (including net earnings attributable to noncontrolling interests) | 61,921 |
| | 98,670 |
| | 54,779 |
| | (128,297 | ) | | 87,073 |
| Less: Net earnings attributable to noncontrolling interests | — |
| | — |
| | 25,152 |
| | — |
| | 25,152 |
| Net earnings attributable to Lennar | $ | 61,921 |
| | 98,670 |
| | 29,627 |
| | (128,297 | ) | | 61,921 |
|
Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2012 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | Cash flows from operating activities: | | | | | | | | | | Net earnings (including net loss attributable to noncontrolling interests) | $ | 554,780 |
| | 641,161 |
| | 5,653 |
| | (667,782 | ) | | 533,812 |
| Adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (1,996 | ) | | (1,578,847 | ) | | (111,258 | ) | | 667,782 |
| | (1,024,319 | ) | Net cash provided by (used in) operating activities | 552,784 |
| | (937,686 | ) | | (105,605 | ) | | — |
| | (490,507 | ) | Cash flows from investing activities: | | | | | | | | | | Investments in and contributions to Lennar Homebuilding unconsolidated entities, net | — |
| | (28,007 | ) | | (1,142 | ) | | — |
| | (29,149 | ) | Distributions of capital from Rialto Investments unconsolidated entities, net | — |
| | — |
| | 54,646 |
| | — |
| | 54,646 |
| Decrease in Rialto Investments defeasance cash to retire notes payable | — |
| | — |
| | 33,411 |
| | — |
| | 33,411 |
| Receipts of principal payments on Rialto Investments loans receivable | — |
| | — |
| | 52,913 |
| | — |
| | 52,913 |
| Proceeds from sales of Rialto Investments real estate owned | — |
| | — |
| | 121,848 |
| | — |
| | 121,848 |
| Other | (218 | ) | | 3,807 |
| | 3,692 |
| | — |
| | 7,281 |
| Net cash provided by (used in) investing activities | (218 | ) | | (24,200 | ) | | 265,368 |
| | — |
| | 240,950 |
| Cash flows from financing activities: | | | | | | | | | | Net repayments under Lennar Financial Services debt | — |
| | (77 | ) | | (52,343 | ) | | — |
| | (52,420 | ) | Net proceeds from convertible senior notes and senior notes | 445,186 |
| | — |
| | — |
| | — |
| | 445,186 |
| Partial redemption of senior notes | (210,862 | ) | | — |
| | — |
| | — |
| | (210,862 | ) | Principal repayments on Rialto Investments notes payable | — |
| | — |
| | (170,889 | ) | | — |
| | (170,889 | ) | Net repayments on other borrowings | — |
| | (22,895 | ) | | (4,473 | ) | | — |
| | (27,368 | ) | Exercise of land option contracts from an unconsolidated land investment venture | — |
| | (48,242 | ) | | — |
| | — |
| | (48,242 | ) | Net receipts related to noncontrolling interests | — |
| | — |
| | 566 |
| | — |
| | 566 |
| Excess tax benefits from share-based awards | 1,572 |
| | — |
| | — |
| | — |
| | 1,572 |
| Common stock: | | | | | | | | | | Issuances | 16,323 |
| | — |
| | — |
| | — |
| | 16,323 |
| Dividends | (22,755 | ) | | — |
| | — |
| | — |
| | (22,755 | ) | Intercompany | (1,077,007 | ) | | 981,589 |
| | 95,418 |
| | — |
| | — |
| Net cash provided by (used in) financing activities | (847,543 | ) | | 910,375 |
| | (131,721 | ) | | — |
| | (68,889 | ) | Net increase (decrease) in cash and cash equivalents | (294,977 | ) | | (51,511 | ) | | 28,042 |
| | — |
| | (318,446 | ) | Cash and cash equivalents at beginning of period | 864,237 |
| | 172,018 |
| | 127,349 |
| | — |
| | 1,163,604 |
| Cash and cash equivalents at end of period | $ | 569,260 |
| | 120,507 |
| | 155,391 |
| | — |
| | 845,158 |
|
Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2011 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total | Cash flows from operating activities: | | | | | | | | | | Net earnings (including net earnings attributable to noncontrolling interests) | $ | 61,921 |
| | 98,670 |
| | 54,779 |
| | (128,297 | ) | | 87,073 |
| Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | 34,414 |
| | (362,442 | ) | | (2,925 | ) | | 128,297 |
| | (202,656 | ) | Net cash provided by (used in) operating activities | 96,335 |
| | (263,772 | ) | | 51,854 |
| | — |
| | (115,583 | ) | Cash flows from investing activities: | | | | | | | | | | Investments in and contributions to Lennar Homebuilding unconsolidated entities, net | — |
| | (60,027 | ) | | (4,158 | ) | | — |
| | (64,185 | ) | Investments in and contributions to Rialto Investments unconsolidated entities, net | — |
| | — |
| | (64,360 | ) | | — |
| | (64,360 | ) | Increase in Rialto Investments defeasance cash to retire notes payable | — |
| | — |
| | (88,358 | ) | | — |
| | (88,358 | ) | Receipts of principal payments on Rialto Investments loans receivable | — |
| | — |
| | 52,849 |
| | — |
| | 52,849 |
| Proceeds from sales of Rialto Investments real estate owned | — |
| | — |
| | 55,283 |
| | — |
| | 55,283 |
| Other | (8 | ) | | (44,063 | ) | | (8,787 | ) | | — |
| | (52,858 | ) | Net cash used in investing activities | (8 | ) | | (104,090 | ) | | (57,531 | ) | | — |
| | (161,629 | ) | Cash flows from financing activities: | | | | | | | | | | Net repayments under Lennar Financial Services debt | — |
| | (15 | ) | | (56,298 | ) | | — |
| | (56,313 | ) | Net repayments on other borrowings | — |
| | (43,450 | ) | | (38,056 | ) | | — |
| | (81,506 | ) | Exercise of land option contracts from an unconsolidated land investment venture | — |
| | (33,827 | ) | | — |
| | — |
| | (33,827 | ) | Net payments related to noncontrolling interests | — |
| | — |
| | (1,322 | ) | | — |
| | (1,322 | ) | Excess tax benefits from share-based awards | 283 |
| | — |
| | — |
| | — |
| | 283 |
| Common stock: | | | | | | | | | | Issuances | 5,547 |
| | — |
| | — |
| | — |
| | 5,547 |
| Repurchases | (29 | ) | | — |
| | — |
| | — |
| | (29 | ) | Dividends | (22,425 | ) | | — |
| | — |
| | — |
| | (22,425 | ) | Intercompany | (488,655 | ) | | 408,663 |
| | 79,992 |
| | — |
| | — |
| Net cash provided by (used in) financing activities | (505,279 | ) | | 331,371 |
| | (15,684 | ) | | — |
| | (189,592 | ) | Net decrease in cash and cash equivalents | (408,952 | ) | | (36,491 | ) | | (21,361 | ) | | — |
| | (466,804 | ) | Cash and cash equivalents at beginning of period | 1,071,542 |
| | 179,215 |
| | 143,378 |
| | — |
| | 1,394,135 |
| Cash and cash equivalents at end of period | $ | 662,590 |
| | 142,724 |
| | 122,017 |
| | — |
| | 927,331 |
|
|