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 |
|
|