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Supplemental Financial Information
12 Months Ended
Nov. 30, 2012
Supplemental Financial Information [Abstract]  
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, 3.25% convertible senior notes due 2021 and 4.750% senior notes due 2022 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 November 30, 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:
Consolidating Balance Sheet
November 30, 2012
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Lennar Homebuilding:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, restricted cash and receivables, net
$
962,116

 
226,047

 
20,545

 

 
1,208,708

Inventories

 
4,532,755

 
538,958

 

 
5,071,713

Investments in unconsolidated entities

 
521,662

 
43,698

 

 
565,360

Other assets
55,625

 
677,692

 
222,753

 

 
956,070

Investments in subsidiaries
3,488,054

 
770,119

 

 
(4,258,173
)
 

 
4,505,795

 
6,728,275

 
825,954

 
(4,258,173
)
 
7,801,851

Rialto Investments

 

 
1,647,360

 

 
1,647,360

Lennar Financial Services

 
77,637

 
835,358

 

 
912,995

Total assets
$
4,505,795

 
6,805,912

 
3,308,672

 
(4,258,173
)
 
10,362,206

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Lennar Homebuilding:
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
$
279,926

 
533,882

 
42,406

 

 
856,214

Liabilities related to consolidated inventory not owned

 
268,159

 

 

 
268,159

Senior notes and other debts payable
3,533,463

 
245,665

 
225,923

 

 
4,005,051

Intercompany
(2,722,358
)
 
2,239,096

 
483,262

 

 

 
1,091,031

 
3,286,802

 
751,591

 

 
5,129,424

Rialto Investments

 

 
600,602

 

 
600,602

Lennar Financial Services

 
31,056

 
599,916

 

 
630,972

Total liabilities
$
1,091,031

 
3,317,858

 
1,952,109

 

 
6,360,998

Stockholders’ equity
3,414,764

 
3,488,054

 
770,119

 
(4,258,173
)
 
3,414,764

Noncontrolling interests

 

 
586,444

 

 
586,444

Total equity
3,414,764

 
3,488,054

 
1,356,563

 
(4,258,173
)
 
4,001,208

Total liabilities and equity
$
4,505,795

 
6,805,912

 
3,308,672

 
(4,258,173
)
 
10,362,206

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

Consolidating Statement of Operations
Year Ended November 30, 2012
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
$

 
3,580,827

 
405

 

 
3,581,232

Lennar Financial Services

 
156,478

 
246,566

 
(18,426
)
 
384,618

Rialto Investments

 

 
138,856

 

 
138,856

Total revenues

 
3,737,305

 
385,827

 
(18,426
)
 
4,104,706

Cost and expenses:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding

 
3,201,036

 
15,872

 
(542
)
 
3,216,366

Lennar Financial Services

 
151,455

 
165,419

 
(17,038
)
 
299,836

Rialto Investments

 

 
138,990

 

 
138,990

Corporate general and administrative
122,277

 

 

 
5,061

 
127,338

Total costs and expenses
122,277

 
3,352,491

 
320,281

 
(12,519
)
 
3,782,530

Lennar Homebuilding equity in loss from unconsolidated entities

 
(26,157
)
 
(519
)
 

 
(26,676
)
Lennar Homebuilding other income (expense), net
(90
)
 
9,226

 

 
128

 
9,264

Other interest expense
(5,779
)
 
(94,353
)
 

 
5,779

 
(94,353
)
Rialto Investments equity in earnings from unconsolidated entities

 

 
41,483

 

 
41,483

Rialto Investments other expense, net

 

 
(29,780
)
 

 
(29,780
)
Earnings (loss) before income taxes
(128,146
)
 
273,530

 
76,730

 

 
222,114

Benefit (provision) for income taxes
20,711

 
457,850

 
(43,343
)
 

 
435,218

Equity in earnings from subsidiaries
786,559

 
55,179

 

 
(841,738
)
 

Net earnings (including net loss attributable to noncontrolling interests)
679,124

 
786,559

 
33,387

 
(841,738
)
 
657,332

Less: Net loss attributable to noncontrolling interests

 

 
(21,792
)
 

 
(21,792
)
Net earnings attributable to Lennar
$
679,124

 
786,559

 
55,179

 
(841,738
)
 
679,124

Consolidating Statement of Operations
Year Ended November 30, 2011
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
$

 
2,654,660

 
20,464

 

 
2,675,124

Lennar Financial Services

 
138,602

 
144,674

 
(27,758
)
 
255,518

Rialto Investments

 

 
164,743

 

 
164,743

Total revenues

 
2,793,262

 
329,881

 
(27,758
)
 
3,095,385

Cost and expenses:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding

 
2,495,101

 
40,586

 
(6,864
)
 
2,528,823

Lennar Financial Services

 
141,159

 
111,881

 
(18,251
)
 
234,789

Rialto Investments

 

 
132,583

 

 
132,583

Corporate general and administrative
90,195

 

 

 
5,061

 
95,256

Total costs and expenses
90,195

 
2,636,260

 
285,050

 
(20,054
)
 
2,991,451

Lennar Homebuilding equity in loss from unconsolidated entities

 
(62,192
)
 
(524
)
 

 
(62,716
)
Lennar Homebuilding other income, net
8,441

 
116,071

 

 
(8,403
)
 
116,109

Other interest expense
(16,107
)
 
(90,650
)
 

 
16,107

 
(90,650
)
Rialto Investments equity in loss from unconsolidated entities

 

 
(7,914
)
 

 
(7,914
)
Rialto Investments other income, net

 

 
39,211

 

 
39,211

Earnings (loss) before income taxes
(97,861
)
 
120,231

 
75,604

 

 
97,974

Benefit (provision) for income taxes
48,407

 
(24,516
)
 
(9,321
)
 

 
14,570

Equity in earnings from subsidiaries
141,653

 
45,938

 

 
(187,591
)
 

Net earnings (including net earnings attributable to noncontrolling interests)
92,199

 
141,653

 
66,283

 
(187,591
)
 
112,544

Less: Net earnings attributable to noncontrolling interests

 

 
20,345

 

 
20,345

Net earnings attributable to Lennar
$
92,199

 
141,653

 
45,938

 
(187,591
)
 
92,199

Consolidating Statement of Operations
Year Ended November 30, 2010
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
$

 
2,657,189

 
48,450

 

 
2,705,639

Lennar Financial Services

 
154,607

 
180,283

 
(59,104
)
 
275,786

Rialto Investments
1,901

 
4,942

 
85,754

 

 
92,597

Total revenues
1,901

 
2,816,738

 
314,487

 
(59,104
)
 
3,074,022

Cost and expenses:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding

 
2,467,117

 
75,247

 
959

 
2,543,323

Lennar Financial Services

 
151,812

 
148,325

 
(55,635
)
 
244,502

Rialto Investments
24,717

 
1,839

 
41,348

 

 
67,904

Corporate general and administrative
88,795

 

 

 
5,131

 
93,926

Total costs and expenses
113,512

 
2,620,768

 
264,920

 
(49,545
)
 
2,949,655

Lennar Homebuilding equity in loss from unconsolidated entities

 
(10,724
)
 
(242
)
 

 
(10,966
)
Lennar Homebuilding other income, net
38,194

 
19,096

 

 
(38,155
)
 
19,135

Other interest expense
(47,714
)
 
(70,425
)
 

 
47,714

 
(70,425
)
Rialto Investments equity in earnings from unconsolidated entities
15,363

 

 

 

 
15,363

Rialto Investments other income (expense), net

 
(22
)
 
17,273

 

 
17,251

Earnings (loss) before income taxes
(105,768
)
 
133,895

 
66,598

 

 
94,725

Benefit (provision) for income taxes
67,368

 
(34,838
)
 
(6,796
)
 

 
25,734

Equity in earnings from subsidiaries
133,661

 
34,604

 

 
(168,265
)
 

Net earnings (including net earnings attributable to noncontrolling interests)
95,261

 
133,661

 
59,802

 
(168,265
)
 
120,459

Less: Net earnings attributable to noncontrolling interests

 

 
25,198

 

 
25,198

Net earnings attributable to Lennar
$
95,261

 
133,661

 
34,604

 
(168,265
)
 
95,261

Consolidating Statement of Cash Flows
Year Ended November 30, 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)
$
679,124

 
786,559

 
33,387

 
(841,738
)
 
657,332

Adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities
68,287

 
(1,790,158
)
 
(201,847
)
 
841,738

 
(1,081,980
)
Net cash provided by (used in) operating activities
747,411

 
(1,003,599
)
 
(168,460
)
 

 
(424,648
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Investments in and contributions to Lennar Homebuilding unconsolidated entities, net

 
(27,113
)
 
(842
)
 

 
(27,955
)
Distributions of capital from Rialto Investments unconsolidated entities, net

 

 
39,813

 

 
39,813

Increase in Rialto Investments defeasance cash to retire notes payable

 

 
(4,427
)
 

 
(4,427
)
Receipts of principal payments on Rialto Investments loans receivable

 

 
81,648

 

 
81,648

Proceeds from sales of Rialto Investments real estate owned

 

 
183,883

 

 
183,883

Other
(218
)
 
3,720

 
(31,173
)
 

 
(27,671
)
Net cash (used in) provided by investing activities
(218
)
 
(23,393
)
 
268,902

 

 
245,291

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings (repayments) under Lennar Financial Services debt

 
(76
)
 
47,936

 

 
47,860

Net proceeds from convertible and senior notes
790,882

 

 

 

 
790,882

Partial redemption of senior notes
(210,862
)
 

 

 

 
(210,862
)
Net repayments on other borrowings

 
(51,918
)
 
(195,694
)
 

 
(247,612
)
Exercise of land option contracts from an unconsolidated land investment venture

 
(50,396
)
 

 

 
(50,396
)
Net receipts related to noncontrolling interests

 

 
1,179

 

 
1,179

Excess tax benefits from share-based awards
10,814

 

 

 

 
10,814

Common stock:
 
 
 
 
 
 
 
 
 
Issuances
32,174

 

 

 

 
32,174

Repurchases
(17,149
)
 

 

 

 
(17,149
)
Dividends
(30,394
)
 

 

 

 
(30,394
)
Intercompany
(1,233,417
)
 
1,149,737

 
83,680

 

 

Net cash (used in) provided by financing activities
(657,952
)
 
1,047,347

 
(62,899
)
 

 
326,496

Net increase in cash and cash equivalents
89,241

 
20,355

 
37,543

 

 
147,139

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
$
953,478

 
192,373

 
164,892

 

 
1,310,743

Consolidating Statement of Cash Flows
Year Ended November 30, 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)
$
92,199

 
141,653

 
66,283

 
(187,591
)
 
112,544

Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities
(10,137
)
 
(288,642
)
 
(260,491
)
 
187,591

 
(371,679
)
Net cash provided by (used in) operating activities
82,062

 
(146,989
)
 
(194,208
)
 

 
(259,135
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Investments in and contributions to Lennar homebuilding unconsolidated entities, net

 
(62,130
)
 
(5,246
)
 

 
(67,376
)
Investments in and contributions to Rialto Investments unconsolidated entities, net

 

 
(50,297
)
 

 
(50,297
)
Increase in Rialto Investments defeasance cash to retire notes payable

 

 
(118,077
)
 

 
(118,077
)
Receipts of principal payments on Rialto Investments loans receivable

 

 
74,888

 

 
74,888

Proceeds from sales of Rialto Investments real estate owned

 

 
91,034

 

 
91,034

Other
(12
)
 
(46,963
)
 
(19,351
)
 

 
(66,326
)
Net cash used in investing activities
(12
)
 
(109,093
)
 
(27,049
)
 

 
(136,154
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings (repayments) under Lennar Financial Services debt

 
(20
)
 
138,476

 

 
138,456

Net proceeds from convertible and senior notes
342,562

 

 

 

 
342,562

Redemption of senior notes
(113,242
)
 

 

 

 
(113,242
)
Net repayments on other borrowings

 
(86,185
)
 
(45,675
)
 

 
(131,860
)
Exercise of land option contracts from an unconsolidated land investment venture

 
(40,964
)
 

 

 
(40,964
)
Net payments related to noncontrolling interests

 

 
(1,315
)
 

 
(1,315
)
Common stock:
 
 
 
 
 
 
 
 
 
Issuances
6,751

 

 

 

 
6,751

Repurchases
(5,724
)
 

 

 

 
(5,724
)
Dividends
(29,906
)
 

 

 

 
(29,906
)
Intercompany
(489,795
)
 
376,054

 
113,741

 

 

Net cash (used in) provided by financing activities
(289,354
)
 
248,885

 
205,227

 

 
164,758

Net decrease in cash and cash equivalents
(207,304
)
 
(7,197
)
 
(16,030
)
 

 
(230,531
)
Cash and cash equivalents at beginning of period
1,071,541

 
179,215

 
143,379

 

 
1,394,135

Cash and cash equivalents at end of period
$
864,237

 
172,018

 
127,349

 

 
1,163,604

Consolidating Statement of Cash Flows
Year Ended November 30, 2010
(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)
$
95,261

 
133,661

 
59,802

 
(168,265
)
 
120,459

Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities
424,475

 
(338,204
)
 
(100,767
)
 
168,265

 
153,769

Net cash provided by (used in) operating activities
519,736

 
(204,543
)
 
(40,965
)
 

 
274,228

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Investments in and contributions to Lennar Homebuilding unconsolidated entities, net

 
(176,493
)
 
(3,380
)
 

 
(179,873
)
(Investments in and contributions to) and distributions of capital from Rialto Investments consolidated and unconsolidated entities, net
(329,369
)
 

 
93,660

 

 
(235,709
)
Acquisitions of Rialto Investments portfolios of distressed real estate assets and improvements to REO

 
(184,699
)
 

 

 
(184,699
)
Increase in Rialto Investments defeasance cash to retire notes payable

 

 
(101,309
)
 

 
(101,309
)
Other
(1,003
)
 
(16,861
)
 
46,083

 

 
28,219

Net cash (used in) provided by investing activities
(330,372
)
 
(378,053
)
 
35,054

 

 
(673,371
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings (repayments) under Lennar Financial Services debt

 
(26
)
 
54,147

 

 
54,121

Net proceeds from convertible notes
951,408

 

 

 

 
951,408

Redemption and partial redemption of senior notes
(474,654
)
 

 

 

 
(474,654
)
Net repayments on other borrowings

 
(80,076
)
 
(55,753
)
 

 
(135,829
)
Exercise of land option contracts from an unconsolidated land investment venture

 
(39,301
)
 

 

 
(39,301
)
Net receipts related to noncontrolling interests

 

 
9,240

 

 
9,240

Common stock:
 
 
 
 
 
 
 
 
 
Issuances
2,238

 

 

 

 
2,238

Repurchases
(1,806
)
 

 

 

 
(1,806
)
Dividends
(29,577
)
 

 

 

 
(29,577
)
Intercompany
(788,601
)
 
726,901

 
61,700

 

 

Net cash (used in) provided by financing activities
(340,992
)
 
607,498

 
69,334

 

 
335,840

Net (decrease) increase in cash and cash equivalents
(151,628
)
 
24,902

 
63,423

 

 
(63,303
)
Cash and cash equivalents at beginning of period
1,223,169

 
154,313

 
79,956

 

 
1,457,438

Cash and cash equivalents at end of period
$
1,071,541

 
179,215

 
143,379

 

 
1,394,135