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Supplemental Financial Information (Tables)
9 Months Ended
Aug. 31, 2015
Supplemental Financial Information [Abstract]  
Schedule of Condensed Balance Sheet
Supplemental information for the subsidiaries that were guarantor subsidiaries at August 31, 2015 was as follows:

Condensed Consolidating Balance Sheet
August 31, 2015
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Lennar Homebuilding:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, restricted cash and receivables, net
$
405,803

 
257,364

 
19,441

 

 
682,608

Inventories

 
8,770,103

 
175,960

 

 
8,946,063

Investments in unconsolidated entities

 
597,437

 
43,471

 

 
640,908

Other assets
222,681

 
309,535

 
60,503

 
15,467

 
608,186

Investments in subsidiaries
3,998,687

 
220,527

 

 
(4,219,214
)
 

Intercompany
6,181,597

 

 

 
(6,181,597
)
 

 
10,808,768

 
10,154,966

 
299,375

 
(10,385,344
)
 
10,877,765

Rialto

 

 
1,501,440

 

 
1,501,440

Lennar Financial Services

 
83,395

 
1,308,440

 

 
1,391,835

Lennar Multifamily

 

 
408,098

 
(9,763
)
 
398,335

Total assets
$
10,808,768

 
10,238,361

 
3,517,353

 
(10,395,107
)
 
14,169,375

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Lennar Homebuilding:
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
$
435,697

 
714,344

 
87,187

 

 
1,237,228

Liabilities related to consolidated inventory not owned

 
44,449

 

 

 
44,449

Senior notes and other debts payable
5,013,055

 
237,957

 
10,850

 

 
5,261,862

Intercompany

 
5,522,017

 
659,580

 
(6,181,597
)
 

 
5,448,752

 
6,518,767

 
757,617

 
(6,181,597
)
 
6,543,539

Rialto

 

 
861,799

 

 
861,799

Lennar Financial Services

 
32,828

 
992,705

 
5,704

 
1,031,237

Lennar Multifamily

 

 
58,103

 

 
58,103

Total liabilities
5,448,752

 
6,551,595

 
2,670,224

 
(6,175,893
)
 
8,494,678

Stockholders’ equity
5,360,016

 
3,686,766

 
532,448

 
(4,219,214
)
 
5,360,016

Noncontrolling interests

 

 
314,681

 

 
314,681

Total equity
5,360,016

 
3,686,766

 
847,129

 
(4,219,214
)
 
5,674,697

Total liabilities and equity
$
10,808,768

 
10,238,361

 
3,517,353

 
(10,395,107
)
 
14,169,375

Condensed Consolidating Balance Sheet
November 30, 2014
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Lennar Homebuilding:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, restricted cash and receivables, net
$
653,491

 
321,765

 
13,766

 

 
989,022

Inventories

 
7,517,261

 
219,339

 

 
7,736,600

Investments in unconsolidated entities

 
622,663

 
34,174

 

 
656,837

Other assets
159,564

 
385,143

 
120,591

 
7,291

 
672,589

Investments in subsidiaries
4,073,687

 
299,432

 

 
(4,373,119
)
 

Intercompany
4,709,544

 

 

 
(4,709,544
)
 

 
9,596,286

 
9,146,264

 
387,870

 
(9,075,372
)
 
10,055,048

Rialto

 

 
1,458,152

 

 
1,458,152

Lennar Financial Services

 
76,428

 
1,100,625

 

 
1,177,053

Lennar Multifamily

 

 
268,975

 
(961
)
 
268,014

Total assets
$
9,596,286

 
9,222,692

 
3,215,622

 
(9,076,333
)
 
12,958,267

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Lennar Homebuilding:
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
$
447,104

 
748,991

 
79,699

 

 
1,275,794

Liabilities related to consolidated inventory not owned

 
45,028

 

 

 
45,028

Senior notes and other debts payable
4,322,162

 
287,700

 
80,351

 

 
4,690,213

Intercompany

 
4,350,505

 
359,039

 
(4,709,544
)
 

 
4,769,266

 
5,432,224

 
519,089

 
(4,709,544
)
 
6,011,035

Rialto

 

 
747,044

 

 
747,044

Lennar Financial Services

 
28,705

 
861,608

 
6,330

 
896,643

Lennar Multifamily

 

 
52,243

 

 
52,243

Total liabilities
4,769,266

 
5,460,929

 
2,179,984

 
(4,703,214
)
 
7,706,965

Stockholders’ equity
4,827,020

 
3,761,763

 
611,356

 
(4,373,119
)
 
4,827,020

Noncontrolling interests

 

 
424,282

 

 
424,282

Total equity
4,827,020

 
3,761,763

 
1,035,638

 
(4,373,119
)
 
5,251,302

Total liabilities and equity
$
9,596,286

 
9,222,692

 
3,215,622

 
(9,076,333
)
 
12,958,267



Consolidating Statement Of Operations
Condensed Consolidating Statement of Operations
Three Months Ended August 31, 2015
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
$

 
2,232,318

 

 

 
2,232,318

Lennar Financial Services

 
54,415

 
119,345

 
(5,012
)
 
168,748

Rialto

 

 
51,554

 

 
51,554

Lennar Multifamily

 

 
39,091

 
(13
)
 
39,078

Total revenues

 
2,286,733

 
209,990

 
(5,025
)
 
2,491,698

Cost and expenses:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding

 
1,897,755

 
21,080

 
(5,552
)
 
1,913,283

Lennar Financial Services

 
47,514

 
81,762

 
35

 
129,311

Rialto

 

 
53,732

 
(409
)
 
53,323

Lennar Multifamily

 

 
47,072

 

 
47,072

Corporate general and administrative
55,229

 

 

 
1,265

 
56,494

Total costs and expenses
55,229

 
1,945,269

 
203,646

 
(4,661
)
 
2,199,483

Lennar Homebuilding equity in earnings from unconsolidated entities

 
8,633

 
4,667

 

 
13,300

Lennar Homebuilding other income (expense), net
1,674

 
(12,495
)
 
16,106

 
(1,096
)
 
4,189

Other interest expense
(1,460
)
 
(2,812
)
 

 
1,460

 
(2,812
)
Rialto equity in earnings from unconsolidated entities

 

 
7,590

 

 
7,590

Rialto other income, net

 

 
1,172

 

 
1,172

Lennar Multifamily equity in earnings from unconsolidated entities

 

 
5,004

 

 
5,004

Earnings (loss) before income taxes
(55,015
)
 
334,790

 
40,883

 

 
320,658

Benefit (provision) for income taxes
16,215

 
(96,069
)
 
(15,767
)
 

 
(95,621
)
Equity in earnings from subsidiaries
262,112

 
17,947

 

 
(280,059
)
 

Net earnings (including net earnings attributable to noncontrolling interests)
223,312

 
256,668

 
25,116

 
(280,059
)
 
225,037

Less: Net earnings attributable to noncontrolling interests

 

 
1,725

 

 
1,725

Net earnings attributable to Lennar
$
223,312

 
256,668

 
23,391

 
(280,059
)
 
223,312

Other comprehensive loss, net of tax:
 
 
 
 
 
 
 
 
 
Net unrealized loss on securities available-for-sale
$

 

 
(400
)
 

 
(400
)
Other comprehensive income attributable to Lennar
$
223,312

 
256,668

 
22,991

 
(280,059
)
 
222,912

Other comprehensive income attributable to noncontrolling interests
$

 

 
1,725

 

 
1,725



Condensed Consolidating Statement of Operations
Three Months Ended August 31, 2014
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
$

 
1,830,771

 

 

 
1,830,771

Lennar Financial Services

 
44,872

 
89,047

 
(5,540
)
 
128,379

Rialto

 

 
40,848

 

 
40,848

Lennar Multifamily

 

 
14,036

 

 
14,036

Total revenues

 
1,875,643

 
143,931

 
(5,540
)
 
2,014,034

Cost and expenses:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding

 
1,556,855

 
4,413

 
(2,949
)
 
1,558,319

Lennar Financial Services

 
39,604

 
64,152

 
(2,521
)
 
101,235

Rialto

 

 
47,644

 

 
47,644

Lennar Multifamily

 

 
20,482

 

 
20,482

Corporate general and administrative
41,807

 

 

 
1,265

 
43,072

Total costs and expenses
41,807

 
1,596,459

 
136,691

 
(4,205
)
 
1,770,752

Lennar Homebuilding equity in earnings (loss) from unconsolidated entities

 
(2,346
)
 
266

 

 
(2,080
)
Lennar Homebuilding other income (expense), net
251

 
(1,161
)
 
972

 
(125
)
 
(63
)
Other interest expense
(1,460
)
 
(8,381
)
 

 
1,460

 
(8,381
)
Rialto equity in earnings from unconsolidated entities

 

 
19,973

 

 
19,973

Rialto other expense, net

 

 
(5,342
)
 

 
(5,342
)
Lennar Multifamily equity in earnings from unconsolidated entities

 

 
14,946

 

 
14,946

Earnings (loss) before income taxes
(43,016
)
 
267,296

 
38,055

 

 
262,335

Benefit (provision) for income taxes
13,988

 
(87,643
)
 
(15,240
)
 

 
(88,895
)
Equity in earnings from subsidiaries
206,785

 
12,846

 

 
(219,631
)
 

Net earnings (including net loss attributable to noncontrolling interests)
177,757

 
192,499

 
22,815

 
(219,631
)
 
173,440

Less: Net loss attributable to noncontrolling interests

 

 
(4,317
)
 

 
(4,317
)
Net earnings attributable to Lennar
$
177,757

 
192,499


27,132

 
(219,631
)
 
177,757

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
 
Net unrealized gain on securities available-for-sale
$

 

 
64

 

 
64

Other comprehensive income attributable to Lennar
$
177,757

 
192,499

 
27,196

 
(219,631
)
 
177,821

Other comprehensive loss attributable to noncontrolling interests
$

 

 
(4,317
)
 

 
(4,317
)


Condensed Consolidating Statement of Operations
Nine Months Ended August 31, 2015
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
$

 
5,789,788

 

 

 
5,789,788

Lennar Financial Services

 
145,386

 
333,079

 
(15,005
)
 
463,460

Rialto

 

 
160,682

 

 
160,682

Lennar Multifamily

 

 
114,529

 
(18
)
 
114,511

Total revenues

 
5,935,174

 
608,290

 
(15,023
)
 
6,528,441

Cost and expenses:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding

 
4,974,687

 
41,110

 
(11,857
)
 
5,003,940

Lennar Financial Services

 
135,264

 
237,854

 
(3,675
)
 
369,443

Rialto

 

 
162,019

 
(409
)
 
161,610

Lennar Multifamily

 

 
136,293

 

 
136,293

Corporate general and administrative
146,559

 

 

 
3,796

 
150,355

Total costs and expenses
146,559

 
5,109,951

 
577,276

 
(12,145
)
 
5,821,641

Lennar Homebuilding equity in earnings from unconsolidated entities

 
35,020

 
13,673

 

 
48,693

Lennar Homebuilding other income (expense), net
2,068

 
(4,894
)
 
14,602

 
(1,471
)
 
10,305

Other interest expense
(4,349
)
 
(10,701
)
 

 
4,349

 
(10,701
)
Rialto equity in earnings from unconsolidated entities

 

 
17,582

 

 
17,582

Rialto other income, net

 

 
28

 

 
28

Lennar Multifamily equity in earnings from unconsolidated entities

 

 
4,404

 

 
4,404

Earnings (loss) before income taxes
(148,840
)
 
844,648

 
81,303

 

 
777,111

Benefit (provision) for income taxes
48,313

 
(267,715
)
 
(31,171
)
 

 
(250,573
)
Equity in earnings from subsidiaries
621,818

 
38,033

 

 
(659,851
)
 

Net earnings (including net earnings attributable to noncontrolling interests)
521,291

 
614,966

 
50,132

 
(659,851
)
 
526,538

Less: Net earnings attributable to noncontrolling interests

 

 
5,247

 

 
5,247

Net earnings attributable to Lennar
$
521,291

 
614,966

 
44,885

 
(659,851
)
 
521,291

Other comprehensive loss, net of tax:
 
 
 
 
 
 
 
 
 
Net unrealized loss on securities available-for-sale
$

 

 
(317
)
 

 
(317
)
Other comprehensive income attributable to Lennar
$
521,291

 
614,966

 
44,568

 
(659,851
)
 
520,974

Other comprehensive income attributable to noncontrolling interests
$

 

 
5,247

 

 
5,247

Condensed Consolidating Statement of Operations
Nine Months Ended August 31, 2014
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding
$

 
4,696,941

 

 

 
4,696,941

Lennar Financial Services

 
115,343

 
217,358

 
(16,354
)
 
316,347

Rialto

 

 
142,196

 

 
142,196

Lennar Multifamily

 

 
40,390

 

 
40,390

Total revenues

 
4,812,284

 
399,944

 
(16,354
)
 
5,195,874

Cost and expenses:
 
 
 
 
 
 
 
 
 
Lennar Homebuilding

 
4,013,685

 
5,761

 
(4,129
)
 
4,015,317

Lennar Financial Services

 
112,670

 
165,669

 
(11,894
)
 
266,445

Rialto

 

 
174,824

 

 
174,824

Lennar Multifamily

 

 
59,958

 

 
59,958

Corporate general and administrative
115,705

 

 

 
3,796

 
119,501

Total costs and expenses
115,705

 
4,126,355

 
406,212

 
(12,227
)
 
4,636,045

Lennar Homebuilding equity in earnings (loss) from unconsolidated entities

 
(101
)
 
3,405

 

 
3,304

Lennar Homebuilding other income, net
251

 
3,504

 
1,555

 
(222
)
 
5,088

Other interest expense
(4,349
)
 
(31,359
)
 

 
4,349

 
(31,359
)
Rialto equity in earnings from unconsolidated entities

 

 
43,266

 

 
43,266

Rialto other expense, net

 

 
(2,976
)
 

 
(2,976
)
Lennar Multifamily equity in earnings from unconsolidated entities

 

 
14,689

 

 
14,689

Earnings (loss) before income taxes
(119,803
)
 
657,973

 
53,671

 

 
591,841

Benefit (provision) for income taxes
42,422

 
(232,204
)
 
(26,037
)
 

 
(215,819
)
Equity in earnings from subsidiaries
470,974

 
28,938

 

 
(499,912
)
 

Net earnings (including net loss attributable to noncontrolling interests)
393,593

 
454,707

 
27,634

 
(499,912
)
 
376,022

Less: Net loss attributable to noncontrolling interests

 

 
(17,571
)
 

 
(17,571
)
Net earnings attributable to Lennar
$
393,593

 
454,707

 
45,205

 
(499,912
)
 
393,593

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
 
Net unrealized gain on securities available-for-sale
$

 

 
64

 

 
64

Other comprehensive income attributable to Lennar
$
393,593

 
454,707

 
45,269

 
(499,912
)
 
393,657

Other comprehensive loss attributable to noncontrolling interests
$

 

 
(17,571
)
 

 
(17,571
)
Consolidating Statement Of Cash Flows
Condensed Consolidating Statement of Cash Flows
Nine Months Ended August 31, 2015
(In thousands)
Lennar
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net earnings (including net earnings attributable to noncontrolling interests)
$
521,291

 
614,966

 
50,132

 
(659,851
)
 
526,538

Distributions of earnings from guarantor and non-guarantor subsidiaries
621,818

 
38,033

 

 
(659,851
)
 

Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities
(594,735
)
 
(1,090,481
)
 
(589,587
)
 
659,851

 
(1,614,952
)
Net cash provided by (used in) operating activities
548,374

 
(437,482
)
 
(539,455
)
 
(659,851
)
 
(1,088,414
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Proceeds from sale of operating properties

 

 
73,732

 

 
73,732

(Investments in and contributions to) and distributions of capital from Lennar Homebuilding unconsolidated entities

 
(17,833
)
 
2,503

 

 
(15,330
)
Investments in and contributions to Rialto unconsolidated entities, net of distributions of capital

 

 
(30,212
)
 

 
(30,212
)
Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to

 

 
8,980

 

 
8,980

Receipts of principal payments on Rialto loans receivable

 

 
14,225

 

 
14,225

Proceeds from sales of Rialto real estate owned

 

 
88,565

 

 
88,565

Other
(26,189
)
 
(47,141
)
 
(82,311
)
 

 
(155,641
)
Distributions of capital from guarantor and non-guarantor subsidiaries
75,000

 
75,050

 

 
(150,050
)
 

Intercompany
(1,470,225
)
 

 

 
1,470,225

 

Net cash provided by (used in) investing activities
(1,421,414
)
 
10,076

 
75,482

 
1,320,175

 
(15,681
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings under unsecured revolving credit facility
575,000

 

 

 

 
575,000

Net borrowings under Lennar Financial Services warehouse facilities

 

 
113,761

 

 
113,761

Net borrowings under Rialto warehouse repurchase facilities

 

 
180,254

 

 
180,254

Proceeds from senior notes and debt issue costs
744,409

 

 
(994
)
 

 
743,415

Redemption of senior notes and conversions and exchanges of convertible senior notes
(668,854
)
 

 

 

 
(668,854
)
Principal payments on Rialto notes payable including structured notes

 

 
(28,247
)
 

 
(28,247
)
Net proceeds (repayments) on other borrowings
20,746

 
(96,265
)
 
(69,501
)
 

 
(145,020
)
Net payments related to noncontrolling interests

 

 
(104,355
)
 

 
(104,355
)
Excess tax benefits from share-based awards
113

 

 

 

 
113

Common stock:
 
 
 
 
 
 
 
 

Issuances
9,406

 

 

 

 
9,406

Repurchases
(23,133
)
 

 

 

 
(23,133
)
Dividends
(24,765
)
 
(689,966
)
 
(119,935
)
 
809,901

 
(24,765
)
Intercompany

 
1,169,960

 
300,265

 
(1,470,225
)
 

Net cash provided by financing activities
632,922

 
383,729

 
271,248

 
(660,324
)
 
627,575

Net decrease in cash and cash equivalents
(240,118
)
 
(43,677
)
 
(192,725
)
 

 
(476,520
)
Cash and cash equivalents at beginning of period
633,318

 
252,914

 
395,582

 

 
1,281,814

Cash and cash equivalents at end of period
$
393,200

 
209,237

 
202,857

 

 
805,294



Condensed Consolidating Statement of Cash Flows
Nine Months Ended August 31, 2014
(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)
$
393,593

 
454,707

 
27,634

 
(499,912
)
 
376,022

Distributions of earnings from guarantor and non-guarantor subsidiaries
470,974

 
28,938

 

 
(499,912
)
 

Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities
(398,881
)
 
(1,159,840
)
 
(215,714
)
 
499,912

 
(1,274,523
)
Net cash provided by (used in) operating activities
465,686

 
(676,195
)
 
(188,080
)
 
(499,912
)
 
(898,501
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Distributions of capital from Lennar Homebuilding unconsolidated entities and (investments in and contributions to)

 
20,954

 
(11,556
)
 

 
9,398

Distributions of capital from Rialto unconsolidated entities, net of investments in and contributions to

 

 
13,060

 

 
13,060

Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to

 

 
26,493

 

 
26,493

Receipts of principal payments on Rialto loans receivable

 

 
20,827

 

 
20,827

Proceeds from sales of Rialto real estate owned

 

 
168,946

 

 
168,946

Other
(1,644
)
 
40,951

 
(35,576
)
 

 
3,731

Distribution of capital from guarantor and non-guarantor subsidiaries
210,000

 

 

 
(210,000
)
 

Intercompany
(1,411,095
)
 

 

 
1,411,095

 

Net cash provided by (used in) investing activities
(1,202,739
)
 
61,905

 
182,194

 
1,201,095

 
242,455

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings under unsecured revolving credit facility
70,000

 

 

 

 
70,000

Net borrowings under Lennar Financial Services warehouse facilities

 

 
141,954

 

 
141,954

Net repayments under Rialto warehouse repurchase facilities

 

 
(4,596
)
 

 
(4,596
)
Net proceeds from senior notes and structured notes
495,725

 

 
175,405

 

 
671,130

Principal payments on Rialto notes payable

 

 
(26,512
)
 

 
(26,512
)
Net payments on other borrowings

 
(184,565
)
 
(23,671
)
 

 
(208,236
)
Exercise of land option contracts from an unconsolidated land investment venture

 
(1,540
)
 

 

 
(1,540
)
Net payments related to noncontrolling interests

 

 
(103,038
)
 

 
(103,038
)
Excess tax benefit from share-based awards
3,007

 

 

 

 
3,007

Common stock:
 
 
 
 
 
 
 
 

Issuances
13,603

 

 

 

 
13,603

Repurchases
(12,153
)
 

 

 

 
(12,153
)
Dividends
(24,565
)
 
(454,707
)
 
(255,205
)
 
709,912

 
(24,565
)
Intercompany

 
1,286,393

 
124,702

 
(1,411,095
)
 

Net cash provided by financing activities
545,617

 
645,581

 
29,039

 
(701,183
)
 
519,054

Net (decrease) increase in cash and cash equivalents
(191,436
)
 
31,291

 
23,153

 

 
(136,992
)
Cash and cash equivalents at beginning of period
547,101

 
151,992

 
271,412

 

 
970,505

Cash and cash equivalents at end of period
$
355,665

 
183,283

 
294,565

 

 
833,513