Delaware | 95-4337490 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | ý | Accelerated filer | ¨ | |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
February 29, | November 30, | |||||
2016 (1) | 2015 (1) | |||||
ASSETS | ||||||
Lennar Homebuilding: | ||||||
Cash and cash equivalents | $ | 510,878 | 893,408 | |||
Restricted cash | 3,255 | 13,505 | ||||
Receivables, net | 61,229 | 74,538 | ||||
Inventories: | ||||||
Finished homes and construction in progress | 4,234,536 | 3,957,167 | ||||
Land and land under development | 5,113,493 | 4,724,578 | ||||
Consolidated inventory not owned | 20,290 | 58,851 | ||||
Total inventories | 9,368,319 | 8,740,596 | ||||
Investments in unconsolidated entities | 771,401 | 741,551 | ||||
Other assets | 599,915 | 609,222 | ||||
11,314,997 | 11,072,820 | |||||
Rialto | 1,272,004 | 1,505,500 | ||||
Lennar Financial Services | 1,157,079 | 1,425,837 | ||||
Lennar Multifamily | 451,108 | 415,352 | ||||
Total assets | $ | 14,195,188 | 14,419,509 |
(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 owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. |
February 29, | November 30, | |||||
2016 (2) | 2015 (2) | |||||
LIABILITIES AND EQUITY | ||||||
Lennar Homebuilding: | ||||||
Accounts payable | $ | 442,905 | 475,909 | |||
Liabilities related to consolidated inventory not owned | 19,854 | 51,431 | ||||
Senior notes and other debts payable | 5,333,981 | 5,025,130 | ||||
Other liabilities | 749,138 | 899,815 | ||||
6,545,878 | 6,452,285 | |||||
Rialto | 656,303 | 866,224 | ||||
Lennar Financial Services | 838,251 | 1,083,978 | ||||
Lennar Multifamily | 61,307 | 66,950 | ||||
Total liabilities | 8,101,739 | 8,469,437 | ||||
Stockholders’ equity: | ||||||
Preferred stock | — | — | ||||
Class A common stock of $0.10 par value; Authorized: February 29, 2016 and November 30, 2015 - 300,000,000 shares; Issued: February 29, 2016 - 184,262,923 shares and November 30, 2015 - 180,658,550 shares | 18,426 | 18,066 | ||||
Class B common stock of $0.10 par value; Authorized: February 29, 2016 and November 30, 2015 - 90,000,000 shares; Issued: February 29, 2016 - 32,982,815 shares and November 30, 2015 - 32,982,815 shares | 3,298 | 3,298 | ||||
Additional paid-in capital | 2,341,502 | 2,305,560 | ||||
Retained earnings | 3,565,264 | 3,429,736 | ||||
Treasury stock, at cost; February 29, 2016 - 857,333 shares of Class A common stock and 1,679,620 shares of Class B common stock; November 30, 2015 - 815,959 shares of Class A common stock and 1,679,620 shares of Class B common stock | (107,978 | ) | (107,755 | ) | ||
Accumulated other comprehensive income (loss) | (398 | ) | 39 | |||
Total stockholders’ equity | 5,820,114 | 5,648,944 | ||||
Noncontrolling interests | 273,335 | 301,128 | ||||
Total equity | 6,093,449 | 5,950,072 | ||||
Total liabilities and equity | $ | 14,195,188 | 14,419,509 |
(2) | As of February 29, 2016, total liabilities include $60.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $19.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $21.7 million in Lennar Homebuilding other liabilities, $11.7 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities. |
Three Months Ended | ||||||
February 29, | February 28, | |||||
2016 | 2015 | |||||
Revenues: | ||||||
Lennar Homebuilding | $ | 1,786,481 | 1,441,658 | |||
Lennar Financial Services | 123,956 | 124,827 | ||||
Rialto | 43,711 | 41,197 | ||||
Lennar Multifamily | 39,516 | 36,457 | ||||
Total revenues | 1,993,664 | 1,644,139 | ||||
Costs and expenses: | ||||||
Lennar Homebuilding | 1,568,205 | 1,265,175 | ||||
Lennar Financial Services | 109,025 | 109,300 | ||||
Rialto | 42,907 | 40,781 | ||||
Lennar Multifamily | 47,020 | 41,961 | ||||
Corporate general and administrative | 47,668 | 43,654 | ||||
Total costs and expenses | 1,814,825 | 1,500,871 | ||||
Lennar Homebuilding equity in earnings from unconsolidated entities | 3,000 | 28,899 | ||||
Lennar Homebuilding other income, net | 519 | 6,333 | ||||
Other interest expense | (1,157 | ) | (4,071 | ) | ||
Rialto equity in earnings from unconsolidated entities | 1,497 | 2,664 | ||||
Rialto other expense, net | (691 | ) | (272 | ) | ||
Lennar Multifamily equity in earnings (loss) from unconsolidated entities | 19,686 | (178 | ) | |||
Earnings before income taxes | 201,693 | 176,643 | ||||
Provision for income taxes | (56,241 | ) | (59,726 | ) | ||
Net earnings (including net earnings attributable to noncontrolling interests) | 145,452 | 116,917 | ||||
Less: Net earnings attributable to noncontrolling interests | 1,372 | 1,954 | ||||
Net earnings attributable to Lennar | $ | 144,080 | 114,963 | |||
Other comprehensive income, net of tax: | ||||||
Net unrealized gain (loss) on securities available-for-sale | (437 | ) | 200 | |||
Other comprehensive income attributable to Lennar | $ | 143,643 | 115,163 | |||
Other comprehensive income attributable to noncontrolling interests | $ | 1,372 | 1,954 | |||
Basic earnings per share | $ | 0.68 | 0.56 | |||
Diluted earnings per share | $ | 0.63 | 0.50 | |||
Cash dividends per each Class A and Class B common share | $ | 0.04 | 0.04 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
2016 | 2015 | |||||
Cash flows from operating activities: | ||||||
Net earnings (including net earnings attributable to noncontrolling interests) | $ | 145,452 | 116,917 | |||
Adjustments to reconcile net earnings to net cash used in operating activities: | ||||||
Depreciation and amortization | 10,077 | 8,306 | ||||
Amortization of discount/premium and accretion on debt, net | 4,777 | 5,417 | ||||
Equity in earnings from unconsolidated entities | (24,183 | ) | (31,385 | ) | ||
Distributions of earnings from unconsolidated entities | 27,207 | 29,914 | ||||
Share-based compensation expense | 11,142 | 10,251 | ||||
Excess tax benefits from share-based awards | (7,029 | ) | (35 | ) | ||
Deferred income tax expense | 43,402 | 27,616 | ||||
Loss on retirement of debt and notes payable | — | (608 | ) | |||
Gain on sale of operating property and equipment | — | (6,472 | ) | |||
Unrealized and realized gains on real estate owned | (7,230 | ) | (3,405 | ) | ||
Impairments of loans receivable and real estate owned | 5,976 | 4,055 | ||||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs and other assets | 1,164 | 519 | ||||
Changes in assets and liabilities: | ||||||
Decrease in restricted cash | 19,958 | 27,014 | ||||
Decrease in receivables | 262,453 | 210,670 | ||||
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | (677,078 | ) | (721,222 | ) | ||
(Increase) decrease in other assets | (9,825 | ) | 18,524 | |||
Decrease (increase) in loans held-for-sale | 228,316 | (216,669 | ) | |||
Decrease in accounts payable and other liabilities | (250,466 | ) | (209,671 | ) | ||
Net cash used in operating activities | (215,887 | ) | (730,264 | ) | ||
Cash flows from investing activities: | ||||||
Increase in restricted cash related to LOCs | — | 64 | ||||
Net additions of operating properties and equipment | (18,453 | ) | (28,946 | ) | ||
Investments in and contributions to unconsolidated entities | (103,971 | ) | (35,456 | ) | ||
Distributions of capital from unconsolidated entities | 69,356 | 18,174 | ||||
Proceeds from sales of real estate owned | 20,256 | 28,055 | ||||
Improvements to real estate owned | (1,194 | ) | (2,347 | ) | ||
Receipts of principal payments on loans receivable | 2,725 | 3,519 | ||||
Originations of loans receivable | (10,046 | ) | — | |||
Purchase of investment carried at cost | — | (18,000 | ) | |||
Purchases of commercial mortgage-backed securities bonds | (23,078 | ) | — | |||
Acquisition, net of cash acquired | (600 | ) | — | |||
Purchases of Lennar Homebuilding investments available-for-sale | — | (28,093 | ) | |||
Decrease in Lennar Financial Services loans held-for-investment, net | 766 | 606 | ||||
Purchases of Lennar Financial Services investment securities | (6,968 | ) | (18,886 | ) | ||
Proceeds from maturities/sales of Lennar Financial Services investments securities | 4,621 | 14,116 | ||||
Net cash used in investing activities | $ | (66,586 | ) | (67,194 | ) |
Three Months Ended | ||||||
February 29, | February 28, | |||||
2016 | 2015 | |||||
Cash flows from financing activities: | ||||||
Net borrowings under unsecured revolving credit facility | $ | 500,000 | 250,000 | |||
Net repayments under warehouse facilities | (395,233 | ) | (29,681 | ) | ||
Proceeds from senior notes | — | 250,625 | ||||
Debt issuance costs | (684 | ) | (1,494 | ) | ||
Conversions and exchanges on convertible senior notes | (162,852 | ) | — | |||
Principal payments on Rialto notes payable including structured notes | (669 | ) | (17,499 | ) | ||
Proceeds from other borrowings | 6,763 | 46,630 | ||||
Principal payments on other borrowings | (59,146 | ) | (108,048 | ) | ||
Receipts related to noncontrolling interests | 65 | 1,302 | ||||
Payments related to noncontrolling interests | (42,015 | ) | (57,629 | ) | ||
Excess tax benefits from share-based awards | 7,029 | 35 | ||||
Common stock: | ||||||
Issuances | — | 8,227 | ||||
Repurchases | (219 | ) | (186 | ) | ||
Dividends | (8,552 | ) | (8,208 | ) | ||
Net cash (used in) provided by financing activities | (155,513 | ) | 334,074 | |||
Net decrease in cash and cash equivalents | (437,986 | ) | (463,384 | ) | ||
Cash and cash equivalents at beginning of period | 1,158,445 | 1,281,814 | ||||
Cash and cash equivalents at end of period | $ | 720,459 | 818,430 | |||
Summary of cash and cash equivalents: | ||||||
Lennar Homebuilding | $ | 510,878 | 583,754 | |||
Rialto | 112,305 | 147,219 | ||||
Lennar Financial Services | 91,214 | 84,201 | ||||
Lennar Multifamily | 6,062 | 3,256 | ||||
$ | 720,459 | 818,430 | ||||
Supplemental disclosures of non-cash investing and financing activities: | ||||||
Lennar Homebuilding and Lennar Multifamily: | ||||||
Non-cash sale of operating properties and equipment | $ | — | (59,397 | ) | ||
Purchases of inventories and other assets financed by sellers | $ | 20,714 | 290 | |||
Non-cash contributions to unconsolidated entities | $ | 19,248 | 26,594 | |||
Rialto: | ||||||
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable | $ | 5,183 | 8,637 | |||
Consolidation/deconsolidation of unconsolidated/consolidated entities, net: | ||||||
Inventories | $ | 14,923 | — | |||
Operating properties and equipment and other assets | $ | — | (17,421 | ) | ||
Investments in unconsolidated entities | $ | (2,445 | ) | 2,948 | ||
Other liabilities | $ | — | 1,220 | |||
Noncontrolling interests | $ | (12,478 | ) | 13,253 |
(1) | Basis of Presentation |
(2) | Operating and Reporting Segments |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Assets: | ||||||
Homebuilding East | $ | 3,519,242 | 3,140,604 | |||
Homebuilding Central | 1,488,437 | 1,421,195 | ||||
Homebuilding West | 4,248,352 | 4,157,616 | ||||
Homebuilding Houston | 541,449 | 481,386 | ||||
Homebuilding Other | 825,145 | 858,000 | ||||
Rialto | 1,272,004 | 1,505,500 | ||||
Lennar Financial Services | 1,157,079 | 1,425,837 | ||||
Lennar Multifamily | 451,108 | 415,352 | ||||
Corporate and unallocated | 692,372 | 1,014,019 | ||||
Total assets | $ | 14,195,188 | 14,419,509 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Revenues: | ||||||
Homebuilding East | $ | 659,054 | 610,683 | |||
Homebuilding Central | 275,219 | 210,508 | ||||
Homebuilding West | 551,339 | 382,773 | ||||
Homebuilding Houston | 138,621 | 131,257 | ||||
Homebuilding Other | 162,248 | 106,437 | ||||
Lennar Financial Services | 123,956 | 124,827 | ||||
Rialto | 43,711 | 41,197 | ||||
Lennar Multifamily | 39,516 | 36,457 | ||||
Total revenues (1) | $ | 1,993,664 | 1,644,139 | |||
Operating earnings (loss): | ||||||
Homebuilding East | $ | 84,706 | 86,533 | |||
Homebuilding Central | 20,323 | 15,052 | ||||
Homebuilding West (2) | 88,834 | 82,493 | ||||
Homebuilding Houston | 12,872 | 17,015 | ||||
Homebuilding Other | 13,903 | 6,551 | ||||
Lennar Financial Services | 14,931 | 15,527 | ||||
Rialto | 1,610 | 2,808 | ||||
Lennar Multifamily | 12,182 | (5,682 | ) | |||
Total operating earnings | 249,361 | 220,297 | ||||
Corporate general and administrative expenses | 47,668 | 43,654 | ||||
Earnings before income taxes | $ | 201,693 | 176,643 |
(1) | Total revenues were net of sales incentives of $103.7 million ($21,600 per home delivered) for the three months ended February 29, 2016, and $93.6 million ($21,800 per home delivered) for the three months ended February 28, 2015. |
(2) | For the three months ended February 29, 2016 and February 28, 2015, operating earnings included $6.0 million and $31.3 million, respectively, of equity in earnings from Heritage Fields El Toro, one of the Company's unconsolidated entities ("El Toro"), for details refer to Note 3. |
(3) | Lennar Homebuilding Investments in Unconsolidated Entities |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Revenues | $ | 99,726 | 442,957 | |||
Costs and expenses | 97,200 | 298,879 | ||||
Other income | — | 2,943 | ||||
Net earnings of unconsolidated entities | $ | 2,526 | 147,021 | |||
Lennar Homebuilding equity in earnings from unconsolidated entities | $ | 3,000 | 28,899 |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | 242,573 | 248,980 | |||
Inventories | 3,126,810 | 3,059,054 | ||||
Other assets | 501,077 | 465,404 | ||||
$ | 3,870,460 | 3,773,438 | ||||
Liabilities and equity: | ||||||
Accounts payable and other liabilities | $ | 279,893 | 288,192 | |||
Debt | 836,483 | 792,886 | ||||
Equity | 2,754,084 | 2,692,360 | ||||
$ | 3,870,460 | 3,773,438 |
(Dollars in thousands) | February 29, 2016 | November 30, 2015 | ||||
Non-recourse bank debt and other debt (partner’s share of several recourse) | $ | 50,098 | 50,411 | |||
Non-recourse land seller debt and other debt | 323,995 | 324,000 | ||||
Non-recourse debt with completion guarantees | 148,781 | 146,760 | ||||
Non-recourse debt without completion guarantees | 303,080 | 260,734 | ||||
Non-recourse debt to the Company | 825,954 | 781,905 | ||||
The Company’s maximum recourse exposure | 10,529 | 10,981 | ||||
Total debt | $ | 836,483 | 792,886 | |||
The Company’s maximum recourse exposure as a % of total JV debt | 1 | % | 1 | % |
(4) | Stockholders' Equity |
Stockholders’ Equity | ||||||||||||||||||||||||
(In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid - in Capital | Treasury Stock | Accumulated Comprehensive Other Income (Loss) | Retained Earnings | Noncontrolling Interests | ||||||||||||||||
Balance at November 30, 2015 | $ | 5,950,072 | 18,066 | 3,298 | 2,305,560 | (107,755 | ) | 39 | 3,429,736 | 301,128 | ||||||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 145,452 | — | — | — | — | — | 144,080 | 1,372 | ||||||||||||||||
Employee stock and directors plans | (194 | ) | — | — | 29 | (223 | ) | — | — | — | ||||||||||||||
Conversions and exchanges of convertible senior notes to Class A common stock | — | 360 | — | (360 | ) | — | — | — | — | |||||||||||||||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 25,131 | — | — | 25,131 | — | — | — | — | ||||||||||||||||
Amortization of restricted stock | 11,142 | — | — | 11,142 | — | — | — | — | ||||||||||||||||
Cash dividends | (8,552 | ) | — | — | — | — | — | (8,552 | ) | — | ||||||||||||||
Receipts related to noncontrolling interests | 65 | — | — | — | — | — | — | 65 | ||||||||||||||||
Payments related to noncontrolling interests | (42,015 | ) | — | — | — | — | — | — | (42,015 | ) | ||||||||||||||
Non-cash consolidations, net | 12,478 | — | — | — | — | — | — | 12,478 | ||||||||||||||||
Non-cash activity related to noncontrolling interests | 307 | — | — | — | — | — | — | 307 | ||||||||||||||||
Other comprehensive loss, net of tax | (437 | ) | — | — | — | — | (437 | ) | — | — | ||||||||||||||
Balance at February 29, 2016 | $ | 6,093,449 | 18,426 | 3,298 | 2,341,502 | (107,978 | ) | (398 | ) | 3,565,264 | 273,335 |
Stockholders’ Equity | ||||||||||||||||||||||||
(In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid - in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Retained Earnings | Noncontrolling Interests | ||||||||||||||||
Balance at November 30, 2014 | $ | 5,251,302 | 17,424 | 3,298 | 2,239,574 | (93,440 | ) | 130 | 2,660,034 | 424,282 | ||||||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 116,917 | — | — | — | — | — | 114,963 | 1,954 | ||||||||||||||||
Employee stock and directors plans | 8,074 | 1 | — | 47 | 8,026 | — | — | — | ||||||||||||||||
Tax benefit from employee stock plans and vesting of restricted stock | 35 | — | — | 35 | — | — | — | — | ||||||||||||||||
Amortization of restricted stock and performance-based stock options | 10,250 | — | — | 10,250 | — | — | — | — | ||||||||||||||||
Cash dividends | (8,208 | ) | — | — | — | — | — | (8,208 | ) | — | ||||||||||||||
Receipts related to noncontrolling interests | 1,302 | — | — | — | — | — | — | 1,302 | ||||||||||||||||
Payments related to noncontrolling interests | (57,629 | ) | — | — | — | — | — | — | (57,629 | ) | ||||||||||||||
Non-cash deconsolidations, net | (13,253 | ) | — | — | — | — | — | — | (13,253 | ) | ||||||||||||||
Other comprehensive income, net of tax | 200 | — | — | — | — | 200 | — | — | ||||||||||||||||
Balance at February 28, 2015 | $ | 5,308,990 | 17,425 | 3,298 | 2,249,906 | (85,414 | ) | 330 | 2,766,789 | 356,656 |
(5) | Income Taxes |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(Dollars in thousands) | 2016 | 2015 | ||||
Provision for income taxes | $ | (56,241 | ) | (59,726 | ) | |
Effective tax rate (1) | 28.08 | % | 34.19 | % |
(1) | For the three months ended February 29, 2016, the effective tax rate included tax benefits for (1) a settlement with the IRS, (2) the domestic production activities deduction, and (3) energy tax credits, offset primarily by state income tax expense. For the three months ended February 28, 2015, the effective tax rate included a tax benefit for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense and interest accrued on uncertain tax positions. |
(6) | Earnings Per Share |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands, except per share amounts) | 2016 | 2015 | ||||
Numerator: | ||||||
Net earnings attributable to Lennar | $ | 144,080 | 114,963 | |||
Less: distributed earnings allocated to nonvested shares | 89 | 91 | ||||
Less: undistributed earnings allocated to nonvested shares | 1,420 | 1,184 | ||||
Numerator for basic earnings per share | 142,571 | 113,688 | ||||
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) | 202 | — | ||||
Plus: interest on 3.25% convertible senior notes due 2021 | 1,982 | 1,982 | ||||
Plus: undistributed earnings allocated to convertible shares | 1,420 | 1,184 | ||||
Less: undistributed earnings reallocated to convertible shares | 1,325 | 1,064 | ||||
Numerator for diluted earnings per share | $ | 144,446 | 115,790 | |||
Denominator: | ||||||
Denominator for basic earnings per share - weighted average common shares outstanding | 210,292 | 202,930 | ||||
Effect of dilutive securities: | ||||||
Share-based payments | 4 | 11 | ||||
Convertible senior notes | 18,620 | 27,375 | ||||
Denominator for diluted earnings per share - weighted average common shares outstanding | 228,916 | 230,316 | ||||
Basic earnings per share | $ | 0.68 | 0.56 | |||
Diluted earnings per share | $ | 0.63 | 0.50 |
(1) | The amount presented above relates to Rialto's Carried Interest Incentive Plan adopted in June 2015 (see Note 8) and represents the difference between the advanced tax distributions received by Rialto's subsidiary and the amount Lennar, as the parent company, is assumed to own. |
(7) | Lennar Financial Services Segment |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | 91,214 | 106,777 | |||
Restricted cash | 9,235 | 13,961 | ||||
Receivables, net (1) | 150,214 | 242,808 | ||||
Loans held-for-sale (2) | 684,406 | 843,252 | ||||
Loans held-for-investment, net | 31,223 | 30,998 | ||||
Investments held-to-maturity | 39,268 | 40,174 | ||||
Investments available-for-sale (3) | 45,180 | 42,827 | ||||
Goodwill | 39,439 | 38,854 | ||||
Other (4) | 66,900 | 66,186 | ||||
$ | 1,157,079 | 1,425,837 | ||||
Liabilities: | ||||||
Notes and other debts payable | $ | 625,322 | 858,300 | |||
Other (5) | 212,929 | 225,678 | ||||
$ | 838,251 | 1,083,978 |
(1) | Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 29, 2016 and November 30, 2015, respectively. |
(2) | Loans held-for-sale related to unsold loans carried at fair value. |
(3) | Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss). |
(4) | As of February 29, 2016 and November 30, 2015, other assets included mortgage loan commitments carried at fair value of $19.1 million and $13.1 million, respectively, and mortgage servicing rights carried at fair value of $15.8 million and $16.8 million, respectively. In addition, other assets also included forward contracts carried at fair value $0.5 million as of November 30, 2015. |
(5) | Other liabilities included $62.7 million and $65.0 million as of February 29, 2016 and November 30, 2015, respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $9.6 million as of February 29, 2016. |
(In thousands) | Maximum Aggregate Commitment | ||
364-day warehouse repurchase facility that matures August 2016 (1) | $ | 400,000 | |
364-day warehouse repurchase facility that matures August 2016 | 300,000 | ||
364-day warehouse repurchase facility that matures October 2016 (2) | 450,000 | ||
Total | $ | 1,150,000 |
(1) | In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment will be increased to $600 million in the second quarter of fiscal 2016. |
(2) | Maximum aggregate commitment includes an uncommitted amount of $250 million. |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Loan origination liabilities, beginning of period | $ | 19,492 | 11,818 | |||
Provision for losses | 788 | 802 | ||||
Payments/settlements | (172 | ) | (144 | ) | ||
Loan origination liabilities, end of period | $ | 20,108 | 12,476 |
(8) | Rialto Segment |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | 112,305 | 150,219 | |||
Restricted cash (1) | 10,233 | 15,061 | ||||
Receivables, net (2) | — | 154,948 | ||||
Loans held-for-sale (3) | 243,230 | 316,275 | ||||
Loans receivable, net | 166,536 | 164,826 | ||||
Real estate owned - held-for-sale | 177,221 | 183,052 | ||||
Real estate owned - held-and-used, net | 148,900 | 153,717 | ||||
Investments in unconsolidated entities | 234,039 | 224,869 | ||||
Investments held-to-maturity | 49,309 | 25,625 | ||||
Other (4) | 130,231 | 116,908 | ||||
$ | 1,272,004 | 1,505,500 | ||||
Liabilities: | ||||||
Notes and other debts payable | $ | 609,150 | 771,728 | |||
Other (5) | 47,153 | 94,496 | ||||
$ | 656,303 | 866,224 |
(1) | Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. |
(2) | Receivables, net primarily relate to loans sold but not settled as of November 30, 2015. |
(3) | Loans held-for-sale relate to unsold loans originated by RMF carried at fair value. |
(4) | Other assets included credit default swaps carried at fair value of $9.8 million and $6.2 million as of February 29, 2016 and November 30, 2015, respectively, and interest rate swaps and swap futures carried at fair value of $0.3 million as of November 30, 2015. |
(5) | Other liabilities included interest rate swaps and swap futures carried at fair value of $6.0 million and $1.0 million as of February 29, 2016 and November 30, 2015, respectively, and credit default swaps carried at fair value of $0.7 million as of November 30, 2015. |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Realized gains on REO sales, net | $ | 3,746 | 3,130 | |||
Unrealized losses on transfer of loans receivable to REO and impairments, net | (153 | ) | (2,556 | ) | ||
REO and other expenses | (14,835 | ) | (13,242 | ) | ||
Rental and other income | 10,551 | 12,396 | ||||
Rialto other expense, net | $ | (691 | ) | (272 | ) |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Nonaccrual loans: FDIC and Bank Portfolios | $ | 78,447 | 88,694 | |||
Accrual loans | 88,089 | 76,132 | ||||
Loans receivable, net | $ | 166,536 | 164,826 |
Recorded Investment | ||||||||||||
(In thousands) | Unpaid Principal Balance | With Allowance | Without Allowance | Total Recorded Investment | ||||||||
Land | $ | 114,480 | 51,691 | 1,153 | 52,844 | |||||||
Single family homes | 35,413 | 8,306 | 1,974 | 10,280 | ||||||||
Commercial properties | 12,154 | 1,379 | 1,072 | 2,451 | ||||||||
Other | 66,667 | — | 12,872 | 12,872 | ||||||||
Loans receivable | $ | 228,714 | 61,376 | 17,071 | 78,447 |
Recorded Investment | ||||||||||||
(In thousands) | Unpaid Principal Balance | With Allowance | Without Allowance | Total Recorded Investment | ||||||||
Land | $ | 145,417 | 59,740 | 1,165 | 60,905 | |||||||
Single family homes | 39,659 | 8,344 | 3,459 | 11,803 | ||||||||
Commercial properties | 13,458 | 1,368 | 1,085 | 2,453 | ||||||||
Other | 78,279 | — | 13,533 | 13,533 | ||||||||
Loans receivable | $ | 276,813 | 69,452 | 19,242 | 88,694 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Allowance on nonaccrual loans, beginning of the period | $ | 35,625 | 58,236 | |||
Provision for loan losses, net of recoveries | 2,339 | 1,224 | ||||
Charge-offs | (7,571 | ) | (8,441 | ) | ||
Allowance on nonaccrual loans, end of the period | $ | 30,393 | 51,019 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
REO - held-for-sale, beginning of period | $ | 183,052 | 190,535 | |||
Improvements | 887 | 1,704 | ||||
Sales | (16,510 | ) | (24,925 | ) | ||
Impairments and unrealized losses | (3,548 | ) | (1,418 | ) | ||
Transfers from held-and-used, net (1) | 13,340 | 19,615 | ||||
REO - held-for-sale, end of period | $ | 177,221 | 185,511 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
REO - held-and-used, net, beginning of period | $ | 153,717 | 255,795 | |||
Additions | 8,667 | 8,912 | ||||
Improvements | 307 | 643 | ||||
Impairments | (89 | ) | (1,413 | ) | ||
Depreciation | (362 | ) | (789 | ) | ||
Transfers to held-for-sale (1) | (13,340 | ) | (19,615 | ) | ||
Other | — | (964 | ) | |||
REO - held-and-used, net, end of period | $ | 148,900 | 242,569 |
(1) | During both the three months ended February 29, 2016 and February 28, 2015, the Rialto segment transferred certain properties from REO held-and-used, net to REO held-for-sale as a result of changes in the disposition strategy of the real estate assets. |
(In thousands) | Maximum Aggregate Commitment | ||
364-day warehouse repurchase facility that matures August 2016 (1) | $ | 250,000 | |
364-day warehouse repurchase facility that matures October 2016 (one year extension) (1) | 400,000 | ||
364-day warehouse repurchase facility that matures January 2017 (1) | 250,000 | ||
Warehouse repurchase facility that matures December 2017 (1) | 100,000 | ||
Warehouse repurchase facility that matures August 2018 (two - one year extensions) (2) | 100,000 | ||
Total | $ | 1,100,000 |
(1) | RMF uses these facilities to finance its loan origination and securitization activities. |
(2) | In 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this facility will be held as accrual loans within loans receivable, net. Borrowings under this facility were $41.6 million and $36.3 million as of February 29, 2016 and November 30, 2015, respectively. |
February 29, 2016 | February 29, 2016 | November 30, 2015 | ||||||||||||||||||||||
(Dollars in thousands) | Inception Year | Equity Commitments | Equity Commitments Called | Commitment to Fund by the Company | Funds Contributed by the Company | Investment | ||||||||||||||||||
Rialto Real Estate Fund, LP | 2010 | $ | 700,006 | $ | 700,006 | $ | 75,000 | $ | 75,000 | $ | 63,278 | 68,570 | ||||||||||||
Rialto Real Estate Fund II, LP | 2012 | 1,305,000 | 1,305,000 | 100,000 | 100,000 | 97,498 | 99,947 | |||||||||||||||||
Rialto Mezzanine Partners Fund, LP | 2013 | 300,000 | 300,000 | 33,799 | 33,799 | 28,296 | 32,344 | |||||||||||||||||
Rialto Capital CMBS Funds | 2014 | 102,878 | 102,878 | 44,750 | 44,750 | 44,097 | 23,233 | |||||||||||||||||
Rialto Real Estate Fund III | 2015 | 697,173 | — | 100,000 | — | 72 | — | |||||||||||||||||
Other investments | 798 | 775 | ||||||||||||||||||||||
$ | 234,039 | 224,869 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Rialto Real Estate Fund, LP | $ | 1,339 | 746 | |||
Rialto Real Estate Fund II, LP | (722 | ) | 893 | |||
Rialto Mezzanine Partners Fund, LP | 724 | 475 | ||||
Rialto Capital CMBS Funds | 372 | 544 | ||||
Rialto Real Estate Fund III | (239 | ) | — | |||
Other investments | 23 | 6 | ||||
Rialto equity in earnings from unconsolidated entities | $ | 1,497 | 2,664 |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | 108,500 | 188,147 | |||
Loans receivable | 450,787 | 473,997 | ||||
Real estate owned | 518,466 | 506,609 | ||||
Investment securities | 1,188,653 | 1,092,476 | ||||
Investments in partnerships | 422,493 | 429,979 | ||||
Other assets | 27,495 | 30,340 | ||||
$ | 2,716,394 | 2,721,548 | ||||
Liabilities and equity: | ||||||
Accounts payable and other liabilities | $ | 35,947 | 29,462 | |||
Notes payable | 450,250 | 374,498 | ||||
Equity | 2,230,197 | 2,317,588 | ||||
$ | 2,716,394 | 2,721,548 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Revenues | $ | 44,296 | 41,738 | |||
Costs and expenses | 20,899 | 23,005 | ||||
Other income (expense), net (1) | (15,162 | ) | 5,874 | |||
Net earnings of unconsolidated entities | $ | 8,235 | 24,607 | |||
Rialto equity in earnings from unconsolidated entities | $ | 1,497 | 2,664 |
(1) | Other income (expense), net, included realized and unrealized gains (losses) on investments. |
(9) | Lennar Multifamily Segment |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | 6,062 | 8,041 | |||
Land under development | 145,917 | 115,982 | ||||
Consolidated inventory not owned | 5,508 | 5,508 | ||||
Investments in unconsolidated entities | 257,719 | 250,876 | ||||
Other assets | 35,902 | 34,945 | ||||
$ | 451,108 | 415,352 | ||||
Liabilities: | ||||||
Accounts payable and other liabilities | $ | 57,300 | 62,943 | |||
Liabilities related to consolidated inventory not owned | 4,007 | 4,007 | ||||
$ | 61,307 | 66,950 |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | 43,252 | 39,579 | |||
Operating properties and equipment | 1,563,679 | 1,398,244 | ||||
Other assets | 31,931 | 25,925 | ||||
$ | 1,638,862 | 1,463,748 | ||||
Liabilities and equity: | ||||||
Accounts payable and other liabilities | $ | 210,231 | 179,551 | |||
Notes payable | 520,177 | 466,724 | ||||
Equity | 908,454 | 817,473 | ||||
$ | 1,638,862 | 1,463,748 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Revenues | $ | 8,314 | 2,094 | |||
Costs and expenses | 11,672 | 2,994 | ||||
Other income, net | 40,122 | — | ||||
Net earnings (loss) of unconsolidated entities | $ | 36,764 | (900 | ) | ||
Lennar Multifamily equity in earnings (loss) from unconsolidated entities (1) | $ | 19,686 | (178 | ) |
(1) | For the three months ended February 29, 2016, Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $20.4 million share of a gain as a result of the sale of an operating property by one of its unconsolidated entities. |
(10) | Lennar Homebuilding Cash and Cash Equivalents |
(11) | Lennar Homebuilding Senior Notes and Other Debts Payable |
(Dollars in thousands) | February 29, 2016 | November 30, 2015 | ||||
Unsecured revolving credit facility | $ | 500,000 | — | |||
6.50% senior notes due 2016 | 249,960 | 249,905 | ||||
12.25% senior notes due 2017 | 397,037 | 396,252 | ||||
4.75% senior notes due 2017 | 397,922 | 397,736 | ||||
6.95% senior notes due 2018 | 247,931 | 247,632 | ||||
4.125% senior notes due 2018 | 273,460 | 273,319 | ||||
4.500% senior notes due 2019 | 497,384 | 497,210 | ||||
4.50% senior notes due 2019 | 596,868 | 596,622 | ||||
2.75% convertible senior notes due 2020 | 71,041 | 233,225 | ||||
3.25% convertible senior notes due 2021 | 398,644 | 398,194 | ||||
4.750% senior notes due 2022 | 567,486 | 567,325 | ||||
4.875% senior notes due 2023 | 393,642 | 393,545 | ||||
4.750% senior notes due 2025 | 495,894 | 495,784 | ||||
Mortgage notes on land and other debt | 246,712 | 278,381 | ||||
$ | 5,333,981 | 5,025,130 |
(12) | Product Warranty |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Warranty reserve, beginning of period | $ | 130,853 | 115,927 | |||
Warranties issued | 17,573 | 13,323 | ||||
Adjustments to pre-existing warranties from changes in estimates (1) | (620 | ) | 3,661 | |||
Payments | (23,073 | ) | (16,640 | ) | ||
Warranty reserve, end of period | $ | 124,733 | 116,271 |
(1) | The adjustments to pre-existing warranties from changes in estimates during both the three months ended February 29, 2016 and February 28, 2015 primarily related to specific claims related to certain of our homebuilding communities and other adjustments. |
(13) | Share-Based Payments |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Nonvested shares | $ | 11,142 | 10,250 | |||
Stock options | — | 1 | ||||
Total compensation expense for share-based awards | $ | 11,142 | 10,251 |
(14) | Financial Instruments and Fair Value Disclosures |
February 29, 2016 | November 30, 2015 | |||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | ||||||||||
(In thousands) | Hierarchy | Amount | Value | Amount | Value | |||||||||
ASSETS | ||||||||||||||
Rialto: | ||||||||||||||
Loans receivable, net | Level 3 | $ | 166,536 | 170,485 | 164,826 | 169,302 | ||||||||
Investments held-to-maturity | Level 3 | $ | 49,309 | 48,800 | 25,625 | 25,227 | ||||||||
Lennar Financial Services: | ||||||||||||||
Loans held-for-investment, net | Level 3 | $ | 31,223 | 30,333 | 30,998 | 29,931 | ||||||||
Investments held-to-maturity | Level 2 | $ | 39,268 | 39,127 | 40,174 | 40,098 | ||||||||
LIABILITIES | ||||||||||||||
Lennar Homebuilding senior notes and other debts payable | Level 2 | $ | 5,333,981 | 5,846,813 | 5,025,130 | 5,936,327 | ||||||||
Rialto notes and other debts payable | Level 2 | $ | 609,150 | 631,629 | 771,728 | 803,013 | ||||||||
Lennar Financial Services notes and other debts payable | Level 2 | $ | 625,322 | 625,322 | 858,300 | 858,300 |
(In thousands) | Fair Value Hierarchy | Fair Value at February 29, 2016 | Fair Value at November 30, 2015 | |||||
Rialto Financial Assets: | ||||||||
Loans held-for-sale (1) | Level 3 | $ | 243,230 | 316,275 | ||||
Credit default swaps | Level 2 | $ | 9,770 | 6,153 | ||||
Rialto Financial Liabilities: | ||||||||
Interest rate swaps and swap futures | Level 1 | $ | 5,983 | 978 | ||||
Lennar Financial Services Assets (Liabilities): | ||||||||
Loans held-for-sale (2) | Level 2 | $ | 684,406 | 843,252 | ||||
Investments available-for-sale | Level 1 | $ | 45,180 | 42,827 | ||||
Mortgage loan commitments | Level 2 | $ | 19,113 | 13,060 | ||||
Forward contracts | Level 2 | $ | (9,637 | ) | 531 | |||
Mortgage servicing rights | Level 3 | $ | 15,810 | 16,770 |
(1) | The aggregate fair value of Rialto loans held-for-sale of $243.2 million at February 29, 2016 exceeds their aggregate principal balance of $238.1 million by $5.1 million. The aggregate fair value of loans held-for-sale of $316.3 million at November 30, 2015 exceeds their aggregate principal balance of $314.3 million by $2.0 million. |
(2) | The aggregate fair value of Lennar Financial Services loans held-for-sale of $684.4 million at February 29, 2016 exceeds their aggregate principal balance of $655.6 million by $28.8 million. The aggregate fair value of loans held-for-sale of $843.3 million at November 30, 2015 exceeds their aggregate principal balance of $815.0 million by $28.2 million. |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Changes in fair value included in Lennar Financial Services revenues: | ||||||
Loans held-for-sale | $ | 513 | (7,300 | ) | ||
Mortgage loan commitments | $ | 6,053 | 6,279 | |||
Forward contracts | $ | (10,168 | ) | 7,521 | ||
Changes in fair value included in Rialto revenues: | ||||||
Financial Assets: | ||||||
Credit default swaps | $ | 3,431 | (492 | ) | ||
Financial Liabilities: | ||||||
Interest rate swaps and swap futures | $ | (5,006 | ) | (33 | ) | |
Changes in fair value included in other comprehensive income (loss): | ||||||
Lennar Financial Services investments available-for-sale | $ | (437 | ) | 200 |
Three Months Ended | ||||||||||||
February 29, 2016 | February 28, 2015 | |||||||||||
Lennar Financial Services | Rialto | Lennar Financial Services | Rialto | |||||||||
(In thousands) | Mortgage servicing rights | Loans held-for-sale | Mortgage servicing rights | Loans held-for-sale | ||||||||
Beginning balance | $ | 16,770 | 316,275 | 17,353 | 113,596 | |||||||
Purchases/loan originations | 1,619 | 305,785 | 344 | 565,515 | ||||||||
Sales/loan originations sold, including those not settled | — | (381,666 | ) | — | (318,104 | ) | ||||||
Disposals/settlements | (627 | ) | — | (779 | ) | — | ||||||
Changes in fair value (1) | (1,952 | ) | 4,084 | (132 | ) | (754 | ) | |||||
Interest and principal paydowns | — | (1,248 | ) | — | (208 | ) | ||||||
Ending balance | $ | 15,810 | 243,230 | 16,786 | 360,045 |
(1) | Changes in fair value for Rialto loans held-for-sale and Lennar Financial Services mortgage servicing rights are included in Rialto's and Lennar Financial Services' revenues, respectively. |
Three Months Ended | ||||||||||||||||||||
February 29, 2016 | February 28, 2015 | |||||||||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying Value | Fair Value | Total Gains (Losses) (1) | Carrying Value | Fair Value | Total Gains (Losses) (1) | |||||||||||||
Financial assets | ||||||||||||||||||||
Rialto: | ||||||||||||||||||||
Impaired loans receivable | Level 3 | $ | 60,666 | 58,327 | (2,339 | ) | 117,949 | 116,725 | (1,224 | ) | ||||||||||
Non-financial assets | ||||||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||||||
Land and land under development (2) | Level 3 | $ | 3,827 | 3,425 | (402 | ) | — | — | — | |||||||||||
Rialto: | ||||||||||||||||||||
REO - held-for-sale (3): | ||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 12,783 | 12,016 | (767 | ) | 4,883 | 4,590 | (293 | ) | ||||||||||
Upon management periodic valuations | Level 3 | $ | 16,430 | 13,649 | (2,781 | ) | 5,604 | 4,479 | (1,125 | ) | ||||||||||
REO - held-and-used, net (4): | ||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 5,183 | 8,667 | 3,484 | 8,637 | 8,912 | 275 | ||||||||||||
Upon management periodic valuations | Level 3 | $ | 3,089 | 3,000 | (89 | ) | 2,689 | 1,276 | (1,413 | ) |
(1) | Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended February 29, 2016 and February 28, 2015. |
(2) | Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three months ended February 29, 2016. |
(3) | REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The losses upon the transfer or acquisition of REO and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 29, 2016 and February 28, 2015. |
(4) | REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains upon acquisition of REO held-and-used, net and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 29, 2016 and February 28, 2015. |
(15) | Variable Interest Entities |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Lennar Homebuilding | $ | 771,401 | 741,551 | |||
Rialto | $ | 234,039 | 224,869 | |||
Lennar Multifamily | $ | 257,719 | 250,876 |
(In thousands) | Investments in Unconsolidated VIEs | Lennar’s Maximum Exposure to Loss | ||||
Lennar Homebuilding (1) | $ | 130,249 | 145,882 | |||
Rialto (2) | 49,309 | 49,309 | ||||
Lennar Multifamily (3) | 182,242 | 583,802 | ||||
$ | 361,800 | 778,993 |
(In thousands) | Investments in Unconsolidated VIEs | Lennar’s Maximum Exposure to Loss | ||||
Lennar Homebuilding (1) | $ | 102,706 | 111,215 | |||
Rialto (2) | 25,625 | 25,625 | ||||
Lennar Multifamily (3) | 177,359 | 586,842 | ||||
$ | 305,690 | 723,682 |
(1) | At February 29, 2016 and November 30, 2015, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $15.4 million and $8.3 million, respectively, remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. |
(2) | At both February 29, 2016 and November 30, 2015, the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. At February 29, 2016 and November 30, 2015, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $49.3 million and $25.6 million, respectively, related to Rialto’s investments held-to-maturity. |
(3) | As of February 29, 2016 and November 30, 2015, the remaining equity commitment of $370.3 million and $378.3 million, respectively, to fund the Venture for future expenditures related to the construction and development of the projects is included in Lennar's maximum exposure to loss. In addition, at both February 29, 2016 and November 30, 2015, the maximum exposure to loss of Lennar Multifamily's investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $30.0 million of letters of credit outstanding for certain of the unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements. |
(16) | Commitments and Contingent Liabilities |
(17) | New Accounting Pronouncements |
(18) | Supplemental Financial Information |
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
ASSETS | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | 304,277 | 251,492 | 19,593 | — | 575,362 | |||||||||
Inventories | — | 9,191,051 | 177,268 | — | 9,368,319 | ||||||||||
Investments in unconsolidated entities | — | 723,644 | 47,757 | — | 771,401 | ||||||||||
Other assets | 168,966 | 340,531 | 75,683 | 14,735 | 599,915 | ||||||||||
Investments in subsidiaries | 3,938,687 | 156,222 | — | (4,094,909 | ) | — | |||||||||
Intercompany | 6,927,085 | — | — | (6,927,085 | ) | — | |||||||||
11,339,015 | 10,662,940 | 320,301 | (11,007,259 | ) | 11,314,997 | ||||||||||
Rialto | — | — | 1,272,004 | — | 1,272,004 | ||||||||||
Lennar Financial Services | — | 83,133 | 1,079,027 | (5,081 | ) | 1,157,079 | |||||||||
Lennar Multifamily | — | — | 460,762 | (9,654 | ) | 451,108 | |||||||||
Total assets | $ | 11,339,015 | 10,746,073 | 3,132,094 | (11,021,994 | ) | 14,195,188 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Accounts payable and other liabilities | $ | 431,632 | 675,799 | 84,612 | — | 1,192,043 | |||||||||
Liabilities related to consolidated inventory not owned | — | 19,854 | — | — | 19,854 | ||||||||||
Senior notes and other debts payable | 5,087,269 | 235,862 | 10,850 | — | 5,333,981 | ||||||||||
Intercompany | — | 6,160,287 | 766,798 | (6,927,085 | ) | — | |||||||||
5,518,901 | 7,091,802 | 862,260 | (6,927,085 | ) | 6,545,878 | ||||||||||
Rialto | — | — | 656,303 | — | 656,303 | ||||||||||
Lennar Financial Services | — | 27,500 | 810,751 | — | 838,251 | ||||||||||
Lennar Multifamily | — | — | 61,307 | — | 61,307 | ||||||||||
Total liabilities | 5,518,901 | 7,119,302 | 2,390,621 | (6,927,085 | ) | 8,101,739 | |||||||||
Stockholders’ equity | 5,820,114 | 3,626,771 | 468,138 | (4,094,909 | ) | 5,820,114 | |||||||||
Noncontrolling interests | — | — | 273,335 | — | 273,335 | ||||||||||
Total equity | 5,820,114 | 3,626,771 | 741,473 | (4,094,909 | ) | 6,093,449 | |||||||||
Total liabilities and equity | $ | 11,339,015 | 10,746,073 | 3,132,094 | (11,021,994 | ) | 14,195,188 |
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
ASSETS | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | 595,921 | 372,146 | 13,384 | — | 981,451 | |||||||||
Inventories | — | 8,571,769 | 168,827 | — | 8,740,596 | ||||||||||
Investments in unconsolidated entities | — | 692,879 | 48,672 | — | 741,551 | ||||||||||
Other assets | 193,360 | 324,050 | 75,108 | 16,704 | 609,222 | ||||||||||
Investments in subsidiaries | 3,958,687 | 176,660 | — | (4,135,347 | ) | — | |||||||||
Intercompany | 6,227,193 | — | — | (6,227,193 | ) | — | |||||||||
10,975,161 | 10,137,504 | 305,991 | (10,345,836 | ) | 11,072,820 | ||||||||||
Rialto | — | — | 1,505,500 | — | 1,505,500 | ||||||||||
Lennar Financial Services | — | 89,532 | 1,341,565 | (5,260 | ) | 1,425,837 | |||||||||
Lennar Multifamily | — | — | 426,796 | (11,444 | ) | 415,352 | |||||||||
Total assets | $ | 10,975,161 | 10,227,036 | 3,579,852 | (10,362,540 | ) | 14,419,509 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Accounts payable and other liabilities | $ | 579,468 | 710,460 | 85,796 | — | 1,375,724 | |||||||||
Liabilities related to consolidated inventory not owned | — | 51,431 | — | — | 51,431 | ||||||||||
Senior notes and other debts payable | 4,746,749 | 267,531 | 10,850 | — | 5,025,130 | ||||||||||
Intercompany | — | 5,514,610 | 712,583 | (6,227,193 | ) | — | |||||||||
5,326,217 | 6,544,032 | 809,229 | (6,227,193 | ) | 6,452,285 | ||||||||||
Rialto | — | — | 866,224 | — | 866,224 | ||||||||||
Lennar Financial Services | — | 36,229 | 1,047,749 | — | 1,083,978 | ||||||||||
Lennar Multifamily | — | — | 66,950 | — | 66,950 | ||||||||||
Total liabilities | 5,326,217 | 6,580,261 | 2,790,152 | (6,227,193 | ) | 8,469,437 | |||||||||
Stockholders’ equity | 5,648,944 | 3,646,775 | 488,572 | (4,135,347 | ) | 5,648,944 | |||||||||
Noncontrolling interests | — | — | 301,128 | — | 301,128 | ||||||||||
Total equity | 5,648,944 | 3,646,775 | 789,700 | (4,135,347 | ) | 5,950,072 | |||||||||
Total liabilities and equity | $ | 10,975,161 | 10,227,036 | 3,579,852 | (10,362,540 | ) | 14,419,509 |
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
Revenues: | |||||||||||||||
Lennar Homebuilding | $ | — | 1,786,481 | — | — | 1,786,481 | |||||||||
Lennar Financial Services | — | 40,610 | 88,342 | (4,996 | ) | 123,956 | |||||||||
Rialto | — | — | 43,711 | — | 43,711 | ||||||||||
Lennar Multifamily | — | — | 39,529 | (13 | ) | 39,516 | |||||||||
Total revenues | — | 1,827,091 | 171,582 | (5,009 | ) | 1,993,664 | |||||||||
Cost and expenses: | |||||||||||||||
Lennar Homebuilding | — | 1,556,166 | 14,863 | (2,824 | ) | 1,568,205 | |||||||||
Lennar Financial Services | — | 41,812 | 70,069 | (2,856 | ) | 109,025 | |||||||||
Rialto | — | — | 43,217 | (310 | ) | 42,907 | |||||||||
Lennar Multifamily | — | — | 47,020 | — | 47,020 | ||||||||||
Corporate general and administrative | 46,148 | 255 | — | 1,265 | 47,668 | ||||||||||
Total costs and expenses | 46,148 | 1,598,233 | 175,169 | (4,725 | ) | 1,814,825 | |||||||||
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities | — | 3,849 | (849 | ) | — | 3,000 | |||||||||
Lennar Homebuilding other income (expense), net | 1,170 | (8,516 | ) | 9,025 | (1,160 | ) | 519 | ||||||||
Other interest expense | (1,444 | ) | (1,157 | ) | — | 1,444 | (1,157 | ) | |||||||
Rialto equity in earnings from unconsolidated entities | — | — | 1,497 | — | 1,497 | ||||||||||
Rialto other expense, net | — | — | (691 | ) | — | (691 | ) | ||||||||
Lennar Multifamily equity in earnings from unconsolidated entities | — | — | 19,686 | — | 19,686 | ||||||||||
Earnings (loss) before income taxes | (46,422 | ) | 223,034 | 25,081 | — | 201,693 | |||||||||
Benefit (provision) for income taxes | 13,035 | (61,710 | ) | (7,566 | ) | — | (56,241 | ) | |||||||
Equity in earnings from subsidiaries | 177,467 | 4,538 | — | (182,005 | ) | — | |||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 144,080 | 165,862 | 17,515 | (182,005 | ) | 145,452 | |||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 1,372 | — | 1,372 | ||||||||||
Net earnings attributable to Lennar | $ | 144,080 | 165,862 | 16,143 | (182,005 | ) | 144,080 | ||||||||
Other comprehensive income, net of tax: | |||||||||||||||
Net unrealized loss on securities available-for-sale | (437 | ) | (437 | ) | |||||||||||
Other comprehensive income attributable to Lennar | $ | 144,080 | 165,862 | 15,706 | (182,005 | ) | 143,643 | ||||||||
Other comprehensive income attributable to noncontrolling interests | $ | — | — | 1,372 | — | 1,372 |
(In thousands) | Lennar Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||
Revenues: | |||||||||||||||
Lennar Homebuilding | $ | — | 1,441,658 | — | — | 1,441,658 | |||||||||
Lennar Financial Services | — | 38,149 | 91,659 | (4,981 | ) | 124,827 | |||||||||
Rialto | — | — | 41,197 | — | 41,197 | ||||||||||
Lennar Multifamily | — | — | 36,457 | — | 36,457 | ||||||||||
Total revenues | — | 1,479,807 | 169,313 | (4,981 | ) | 1,644,139 | |||||||||
Cost and expenses: | |||||||||||||||
Lennar Homebuilding | — | 1,264,789 | 5,223 | (4,837 | ) | 1,265,175 | |||||||||
Lennar Financial Services | — | 38,226 | 71,276 | (202 | ) | 109,300 | |||||||||
Rialto | — | — | 40,781 | — | 40,781 | ||||||||||
Lennar Multifamily | — | — | 41,961 | — | 41,961 | ||||||||||
Corporate general and administrative | 42,389 | — | — | 1,265 | 43,654 | ||||||||||
Total costs and expenses | 42,389 | 1,303,015 | 159,241 | (3,774 | ) | 1,500,871 | |||||||||
Lennar Homebuilding equity in earnings from unconsolidated entities | — | 22,374 | 6,525 | — | 28,899 | ||||||||||
Lennar Homebuilding other income, net | 231 | 5,774 | 550 | (222 | ) | 6,333 | |||||||||
Other interest expense | (1,429 | ) | (4,071 | ) | — | 1,429 | (4,071 | ) | |||||||
Rialto equity in earnings from unconsolidated entities | — | — | 2,664 | — | 2,664 | ||||||||||
Rialto other expense, net | — | — | (272 | ) | — | (272 | ) | ||||||||
Lennar Multifamily equity in loss from unconsolidated entities | — | — | (178 | ) | — | (178 | ) | ||||||||
Earnings (loss) before income taxes | (43,587 | ) | 200,869 | 19,361 | — | 176,643 | |||||||||
Benefit (provision) for income taxes | 14,902 | (67,471 | ) | (7,157 | ) | — | (59,726 | ) | |||||||
Equity in earnings from subsidiaries | 143,648 | 8,825 | — | (152,473 | ) | — | |||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 114,963 | 142,223 | 12,204 | (152,473 | ) | 116,917 | |||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 1,954 | — | 1,954 | ||||||||||
Net earnings attributable to Lennar | $ | 114,963 | 142,223 | 10,250 | (152,473 | ) | 114,963 | ||||||||
Other comprehensive income, net of tax: | |||||||||||||||
Net unrealized gain on securities available-for-sale | $ | — | — | 200 | — | 200 | |||||||||
Other comprehensive income attributable to Lennar | $ | 114,963 | 142,223 | 10,450 | (152,473 | ) | 115,163 | ||||||||
Other comprehensive earnings attributable to noncontrolling interests | $ | — | — | 1,954 | — | 1,954 |
(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) | $ | 144,080 | 165,862 | 17,515 | (182,005 | ) | 145,452 | ||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | 177,467 | 4,538 | — | (182,005 | ) | — | |||||||||
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (254,499 | ) | (660,587 | ) | 371,742 | 182,005 | (361,339 | ) | |||||||
Net cash provided by (used in) operating activities | 67,048 | (490,187 | ) | 389,257 | (182,005 | ) | (215,887 | ) | |||||||
Cash flows from investing activities: | |||||||||||||||
Investments in and contributions to unconsolidated entities, net of distributions of capital | — | (32,149 | ) | (2,466 | ) | — | (34,615 | ) | |||||||
Proceeds from sales of real estate owned | — | — | 20,256 | — | 20,256 | ||||||||||
Originations of loans receivable | — | — | (10,046 | ) | — | (10,046 | ) | ||||||||
Purchases of commercial mortgage-backed securities bonds | — | — | (23,078 | ) | — | (23,078 | ) | ||||||||
Other | (3,400 | ) | (14,297 | ) | (1,406 | ) | — | (19,103 | ) | ||||||
Distributions of capital from guarantor and non-guarantor subsidiaries | 20,000 | 20,000 | — | (40,000 | ) | — | |||||||||
Intercompany | (699,551 | ) | — | — | 699,551 | — | |||||||||
Net cash used in investing activities | (682,951 | ) | (26,446 | ) | (16,740 | ) | 659,551 | (66,586 | ) | ||||||
Cash flows from financing activities: | |||||||||||||||
Net borrowings under unsecured revolving credit facility | 500,000 | — | — | — | 500,000 | ||||||||||
Net repayments under warehouse facilities | — | — | (395,233 | ) | — | (395,233 | ) | ||||||||
Debt issuance costs | — | — | (684 | ) | — | (684 | ) | ||||||||
Conversions and exchanges of convertible senior notes | (162,852 | ) | — | — | — | (162,852 | ) | ||||||||
Principal payments on Rialto notes payable | — | — | (669 | ) | — | (669 | ) | ||||||||
Net repayments on other borrowings | — | (52,383 | ) | — | — | (52,383 | ) | ||||||||
Net payments related to noncontrolling interests | — | — | (41,950 | ) | — | (41,950 | ) | ||||||||
Excess tax benefits from share-based awards | 7,029 | — | — | — | 7,029 | ||||||||||
Common stock: | |||||||||||||||
Repurchases | (219 | ) | — | — | — | (219 | ) | ||||||||
Dividends | (8,552 | ) | (185,862 | ) | (36,143 | ) | 222,005 | (8,552 | ) | ||||||
Intercompany | — | 646,727 | 52,824 | (699,551 | ) | — | |||||||||
Net cash provided by (used in) financing activities | 335,406 | 408,482 | (421,855 | ) | (477,546 | ) | (155,513 | ) | |||||||
Net decrease in cash and cash equivalents | (280,497 | ) | (108,151 | ) | (49,338 | ) | — | (437,986 | ) | ||||||
Cash and cash equivalents at beginning of period | 575,821 | 336,048 | 246,576 | — | 1,158,445 | ||||||||||
Cash and cash equivalents at end of period | $ | 295,324 | 227,897 | 197,238 | — | 720,459 |
(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) | $ | 114,963 | 142,223 | 12,204 | (152,473 | ) | 116,917 | ||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | 143,648 | 8,825 | — | (152,473 | ) | — | |||||||||
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (195,594 | ) | (678,406 | ) | (125,654 | ) | 152,473 | (847,181 | ) | ||||||
Net cash provided by (used in) operating activities | 63,017 | (527,358 | ) | (113,450 | ) | (152,473 | ) | (730,264 | ) | ||||||
Cash flows from investing activities: | |||||||||||||||
Investments in and contributions to unconsolidated entities, net of distributions of capital | — | (10,668 | ) | (6,614 | ) | — | (17,282 | ) | |||||||
Proceeds from sales of real estate owned | — | — | 28,055 | — | 28,055 | ||||||||||
Receipts of principal payments on loans receivable | — | — | 3,519 | — | 3,519 | ||||||||||
Other | (114 | ) | (52,518 | ) | (28,854 | ) | — | (81,486 | ) | ||||||
Distribution of capital from guarantor and non-guarantor subsidiaries | 10,000 | 10,000 | — | (20,000 | ) | — | |||||||||
Intercompany | (845,940 | ) | — | — | 845,940 | — | |||||||||
Net cash used in investing activities | (836,054 | ) | (53,186 | ) | (3,894 | ) | 825,940 | (67,194 | ) | ||||||
Cash flows from financing activities: | |||||||||||||||
Net borrowings under unsecured revolving credit facility | 250,000 | — | — | — | 250,000 | ||||||||||
Net repayments under warehouse facilities | — | — | (29,681 | ) | — | (29,681 | ) | ||||||||
Proceeds from senior notes and debt issuance costs | 249,425 | — | (294 | ) | — | 249,131 | |||||||||
Principal repayments on Rialto notes payable including structured notes | — | — | (17,499 | ) | — | (17,499 | ) | ||||||||
Net proceeds (repayments) on other borrowings | — | (61,337 | ) | (81 | ) | — | (61,418 | ) | |||||||
Net payments related to noncontrolling interests | — | — | (56,327 | ) | — | (56,327 | ) | ||||||||
Excess tax benefit from share-based awards | 35 | — | — | — | 35 | ||||||||||
Common stock: | |||||||||||||||
Issuances | 8,227 | — | — | — | 8,227 | ||||||||||
Repurchases | (186 | ) | — | — | — | (186 | ) | ||||||||
Dividends | (8,208 | ) | (152,223 | ) | (20,250 | ) | 172,473 | (8,208 | ) | ||||||
Intercompany | — | 763,183 | 82,757 | (845,940 | ) | — | |||||||||
Net cash provided by (used in) financing activities | 499,293 | 549,623 | (41,375 | ) | (673,467 | ) | 334,074 | ||||||||
Net decrease in cash and cash equivalents | (273,744 | ) | (30,921 | ) | (158,719 | ) | — | (463,384 | ) | ||||||
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 | $ | 359,574 | 221,993 | 236,863 | — | 818,430 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Lennar Homebuilding revenues: | ||||||
Sales of homes | $ | 1,754,691 | 1,403,568 | |||
Sales of land | 31,790 | 38,090 | ||||
Total Lennar Homebuilding revenues | 1,786,481 | 1,441,658 | ||||
Lennar Homebuilding costs and expenses: | ||||||
Costs of homes sold | 1,355,745 | 1,078,796 | ||||
Costs of land sold | 22,612 | 26,025 | ||||
Selling, general and administrative | 189,848 | 160,354 | ||||
Total Lennar Homebuilding costs and expenses | 1,568,205 | 1,265,175 | ||||
Lennar Homebuilding operating margins | 218,276 | 176,483 | ||||
Lennar Homebuilding equity in earnings from unconsolidated entities | 3,000 | 28,899 | ||||
Lennar Homebuilding other income, net | 519 | 6,333 | ||||
Other interest expense | (1,157 | ) | (4,071 | ) | ||
Lennar Homebuilding operating earnings | 220,638 | 207,644 | ||||
Lennar Financial Services revenues | 123,956 | 124,827 | ||||
Lennar Financial Services costs and expenses | 109,025 | 109,300 | ||||
Lennar Financial Services operating earnings | 14,931 | 15,527 | ||||
Rialto revenues | 43,711 | 41,197 | ||||
Rialto costs and expenses | 42,907 | 40,781 | ||||
Rialto equity in earnings from unconsolidated entities | 1,497 | 2,664 | ||||
Rialto other expense, net | (691 | ) | (272 | ) | ||
Rialto operating earnings | 1,610 | 2,808 | ||||
Lennar Multifamily revenues | 39,516 | 36,457 | ||||
Lennar Multifamily costs and expenses | 47,020 | 41,961 | ||||
Lennar Multifamily equity in earnings (loss) from unconsolidated entities | 19,686 | (178 | ) | |||
Lennar Multifamily operating earnings (loss) | 12,182 | (5,682 | ) | |||
Total operating earnings | 249,361 | 220,297 | ||||
Corporate general and administrative expenses | (47,668 | ) | (43,654 | ) | ||
Earnings before income taxes | $ | 201,693 | 176,643 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Homebuilding revenues: | ||||||
East: | ||||||
Sales of homes | $ | 646,787 | 587,048 | |||
Sales of land | 12,267 | 23,635 | ||||
Total East | 659,054 | 610,683 | ||||
Central: | ||||||
Sales of homes | 270,044 | 204,740 | ||||
Sales of land | 5,175 | 5,768 | ||||
Total Central | 275,219 | 210,508 | ||||
West: | ||||||
Sales of homes | 546,429 | 382,660 | ||||
Sales of land | 4,910 | 113 | ||||
Total West | 551,339 | 382,773 | ||||
Houston: | ||||||
Sales of homes | 130,393 | 124,930 | ||||
Sales of land | 8,228 | 6,327 | ||||
Total Houston | 138,621 | 131,257 | ||||
Other: | ||||||
Sales of homes | 161,038 | 104,190 | ||||
Sales of land | 1,210 | 2,247 | ||||
Total Other | 162,248 | 106,437 | ||||
Total homebuilding revenues | $ | 1,786,481 | 1,441,658 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Operating earnings: | ||||||
East: | ||||||
Sales of homes | $ | 78,505 | 82,474 | |||
Sales of land | 6,241 | 7,326 | ||||
Equity in earnings (loss) from unconsolidated entities | 30 | (61 | ) | |||
Other income (expense), net | 681 | (1,125 | ) | |||
Other interest expense | (751 | ) | (2,081 | ) | ||
Total East | 84,706 | 86,533 | ||||
Central: | ||||||
Sales of homes | 21,105 | 15,749 | ||||
Sales of land | (18 | ) | 1,397 | |||
Equity in earnings from unconsolidated entities | 42 | 39 | ||||
Other expense, net | (669 | ) | (1,564 | ) | ||
Other interest expense | (137 | ) | (569 | ) | ||
Total Central | 20,323 | 15,052 | ||||
West: | ||||||
Sales of homes | 84,628 | 47,783 | ||||
Sales of land | 987 | (308 | ) | |||
Equity in earnings from unconsolidated entities (1) | 2,871 | 28,826 | ||||
Other income, net (2) | 617 | 7,206 | ||||
Other interest expense | (269 | ) | (1,014 | ) | ||
Total West | 88,834 | 82,493 | ||||
Houston: | ||||||
Sales of homes | 11,641 | 13,746 | ||||
Sales of land | 1,537 | 1,943 | ||||
Equity in earnings from unconsolidated entities | 1 | 12 | ||||
Other income (expense), net | (307 | ) | 1,449 | |||
Other interest expense | — | (135 | ) | |||
Total Houston | 12,872 | 17,015 | ||||
Other: | ||||||
Sales of homes | 13,219 | 4,666 | ||||
Sales of land | 431 | 1,707 | ||||
Equity in earnings from unconsolidated entities | 56 | 83 | ||||
Other income, net | 197 | 367 | ||||
Other interest expense | — | (272 | ) | |||
Total Other | 13,903 | 6,551 | ||||
Total homebuilding operating earnings | $ | 220,638 | 207,644 |
(1) | Lennar Homebuilding equity in earnings for the three months ended February 29, 2016 and February 28, 2015, included $6.0 million of equity in earnings primarily related to sales of approximately 220 homesites and $31.3 million of equity in earnings primarily related to sales of approximately 600 homesites to third parties by El Toro, respectively. |
(2) | Other income, net for the three months ended February 28, 2015, included a $6.5 million gain on the sale of an operating property. |
Three Months Ended | |||||||||||||||||||
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||
February 29, | February 28, | February 29, | February 28, | February 29, | February 28, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||
East | 2,064 | 1,986 | $ | 647,755 | 587,318 | $ | 314,000 | 296,000 | |||||||||||
Central | 824 | 681 | 270,044 | 204,740 | 328,000 | 301,000 | |||||||||||||
West | 1,168 | 926 | 559,534 | 382,660 | 479,000 | 413,000 | |||||||||||||
Houston | 457 | 461 | 130,393 | 124,930 | 285,000 | 271,000 | |||||||||||||
Other | 319 | 248 | 161,038 | 104,190 | 505,000 | 420,000 | |||||||||||||
Total | 4,832 | 4,302 | $ | 1,768,764 | 1,403,838 | $ | 366,000 | 326,000 |
Three Months Ended | |||||||||||||||||||
Sales Incentives (In thousands) | Average Sales Incentives Per Home Delivered | Sales Incentives as a % of Revenue | |||||||||||||||||
February 29, | February 28, | February 29, | February 28, | February 29, | February 28, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||
East | $ | 44,048 | 47,067 | $ | 21,400 | 23,700 | 6.4 | % | 7.4 | % | |||||||||
Central | 18,583 | 16,301 | 22,600 | 23,900 | 6.4 | % | 7.4 | % | |||||||||||
West | 18,468 | 15,656 | 16,100 | 16,900 | 3.3 | % | 3.9 | % | |||||||||||
Houston | 15,425 | 10,337 | 33,800 | 22,400 | 10.6 | % | 7.6 | % | |||||||||||
Other | 7,166 | 4,279 | 22,500 | 17,300 | 4.3 | % | 3.9 | % | |||||||||||
Total | $ | 103,690 | 93,640 | $ | 21,600 | 21,800 | 5.6 | % | 6.3 | % |
(1) | Sales incentives relate to home deliveries during the period, excluding deliveries by unconsolidated entities. |
Three Months Ended | |||||||||||||||||||
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||
February 29, | February 28, | February 29, | February 28, | February 29, | February 28, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||
East | 2,528 | 2,330 | $ | 798,048 | 726,020 | $ | 316,000 | 312,000 | |||||||||||
Central | 1,128 | 912 | 384,684 | 286,675 | 341,000 | 314,000 | |||||||||||||
West | 1,290 | 1,190 | 623,849 | 527,584 | 484,000 | 443,000 | |||||||||||||
Houston (3) | 502 | 520 | 145,486 | 145,723 | 290,000 | 280,000 | |||||||||||||
Other | 346 | 335 | 155,802 | 142,779 | 450,000 | 426,000 | |||||||||||||
Total | 5,794 | 5,287 | $ | 2,107,869 | 1,828,781 | $ | 364,000 | 346,000 |
(2) | New orders represent the number of new sales contracts executed with homebuyers, net of cancellations, during the three months ended February 29, 2016 and February 28, 2015. |
(3) | The decrease in new orders in Homebuilding Houston was primarily due to less demand driven by volatility in the energy sector during the three months ended February 29, 2016. |
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||
February 29, | February 28, | February 29, | February 28, | February 29, | February 28, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||
East (4) | 3,378 | 3,132 | $ | 1,108,248 | 1,025,127 | $ | 328,000 | 327,000 | |||||||||||
Central | 1,674 | 1,192 | 592,302 | 392,743 | 354,000 | 329,000 | |||||||||||||
West | 1,476 | 1,255 | 736,058 | 582,324 | 499,000 | 464,000 | |||||||||||||
Houston | 743 | 889 | 223,222 | 246,663 | 300,000 | 277,000 | |||||||||||||
Other | 399 | 349 | 187,126 | 152,072 | 469,000 | 436,000 | |||||||||||||
Total | 7,670 | 6,817 | $ | 2,846,956 | 2,398,929 | $ | 371,000 | 352,000 |
(4) | During the three months ended February 29, 2016, we acquired 62 homes in backlog. |
Three Months Ended | |||||
February 29, | February 28, | ||||
2016 | 2015 | ||||
East | 15 | % | 16 | % | |
Central | 17 | % | 16 | % | |
West | 12 | % | 13 | % | |
Houston (1) | 24 | % | 26 | % | |
Other | 11 | % | 11 | % | |
Total | 15 | % | 16 | % |
(1) | The cancellation rate in Homebuilding Houston remained higher than historical cancellation rates during the three months ended February 29, 2016, due to volatility in the energy sector. |
February 29, | February 28, | ||||
2016 | 2015 | ||||
East | 290 | 270 | |||
Central | 135 | 120 | |||
West | 125 | 111 | |||
Houston | 79 | 76 | |||
Other | 55 | 49 | |||
Total | 684 | 626 |
Three Months Ended | ||||||||||
February 29, | February 28, | |||||||||
(In thousands) | 2016 | 2015 | ||||||||
East: | ||||||||||
Sales of homes | $ | 646,787 | 587,048 | |||||||
Costs of homes sold | 493,395 | 437,304 | ||||||||
Gross margins on home sales | 153,392 | 23.7% | 149,744 | 25.5% | ||||||
Central: | ||||||||||
Sales of homes | 270,044 | 204,740 | ||||||||
Costs of homes sold | 218,294 | 164,827 | ||||||||
Gross margins on home sales | 51,750 | 19.2% | 39,913 | 19.5% | ||||||
West: | ||||||||||
Sales of homes | 546,429 | 382,660 | ||||||||
Costs of homes sold | 412,826 | 294,486 | ||||||||
Gross margins on home sales | 133,603 | 24.5% | 88,174 | 23.0% | ||||||
Houston: | ||||||||||
Sales of homes | 130,393 | 124,930 | ||||||||
Costs of homes sold | 103,868 | 96,927 | ||||||||
Gross margins on home sales | 26,525 | 20.3% | 28,003 | 22.4% | ||||||
Other: | ||||||||||
Sales of homes | 161,038 | 104,190 | ||||||||
Costs of homes sold | 127,362 | 85,252 | ||||||||
Gross margins on home sales | 33,676 | 20.9% | 18,938 | 18.2% | ||||||
Total gross margins on home sales | $ | 398,946 | 22.7% | 324,772 | 23.1% |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(Dollars in thousands) | 2016 | 2015 | ||||
Revenues | $ | 123,956 | 124,827 | |||
Costs and expenses | 109,025 | 109,300 | ||||
Operating earnings | $ | 14,931 | 15,527 | |||
Dollar value of mortgages originated | $ | 1,664,000 | 1,628,000 | |||
Number of mortgages originated | 6,100 | 6,200 | ||||
Mortgage capture rate of Lennar homebuyers | 82 | % | 79 | % | ||
Number of title and closing service transactions | 22,400 | 22,700 | ||||
Number of title policies issued | 61,300 | 56,900 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Revenues | $ | 43,711 | 41,197 | |||
Costs and expenses (1) | 42,907 | 40,781 | ||||
Rialto equity in earnings from unconsolidated entities | 1,497 | 2,664 | ||||
Rialto other expense, net | (691 | ) | (272 | ) | ||
Operating earnings (2) | $ | 1,610 | 2,808 |
(1) | Costs and expenses included loan impairments of $2.3 million and $1.2 million for the three months ended February 29, 2016 and February 28, 2015, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). |
(2) | Operating earnings for the three months ended February 29, 2016 and February 28, 2015 included net loss attributable to noncontrolling interests of $0.3 million and $1.8 million, respectively. |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Realized gains on REO sales, net | $ | 3,746 | 3,130 | |||
Unrealized losses on transfer of loans receivable to REO and impairments, net | (153 | ) | (2,556 | ) | ||
REO and other expenses | (14,835 | ) | (13,242 | ) | ||
Rental and other income | 10,551 | 12,396 | ||||
Rialto other expense, net | $ | (691 | ) | (272 | ) |
Private Equity Vehicle | Inception Year | Commitment |
Rialto Real Estate Fund, LP | 2010 | $700 million (including $75 million by us) |
Rialto Real Estate Fund II, LP | 2012 | $1.3 billion (including $100 million by us) |
Rialto Mezzanine Partners Fund, LP | 2013 | $300 million (including $34 million by us) |
Rialto Capital CMBS Funds | 2014 | $103 million (including $45 million by us) |
Rialto Real Estate Fund III | 2015 | $697 million (including $100 million by us) |
(Dollars in thousands) | February 29, 2016 | November 30, 2015 | February 28, 2015 | ||||||
Lennar Homebuilding debt | $ | 5,333,981 | 5,025,130 | 5,104,618 | |||||
Stockholders’ equity | 5,820,114 | 5,648,944 | 4,952,334 | ||||||
Total capital | $ | 11,154,095 | 10,674,074 | 10,056,952 | |||||
Lennar Homebuilding debt to total capital | 47.8 | % | 47.1 | % | 50.8 | % | |||
Lennar Homebuilding debt | $ | 5,333,981 | 5,025,130 | 5,104,618 | |||||
Less: Lennar Homebuilding cash and cash equivalents | 510,878 | 893,408 | 583,754 | ||||||
Net Lennar Homebuilding debt | $ | 4,823,103 | 4,131,722 | 4,520,864 | |||||
Net Lennar Homebuilding debt to total capital (1) | 45.3 | % | 42.2 | % | 47.7 | % |
(1) | Net Lennar Homebuilding debt to total capital is a non-GAAP financial measure defined as net Lennar Homebuilding debt (Lennar Homebuilding debt less Lennar Homebuilding cash and cash equivalents) divided by total capital (net Lennar Homebuilding debt plus stockholders' equity). We believe the ratio of net Lennar Homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in our Lennar Homebuilding operations. However, because net Lennar Homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement our GAAP results. |
(Dollars in thousands) | Covenant Level | Level Achieved as of February 29, 2016 | ||||
Minimum net worth test | $ | 2,673,499 | 4,671,392 | |||
Maximum leverage ratio | 65.0 | % | 49.3 | % | ||
Liquidity test (1) | 1.00 | 1.84 |
(1) | We are only required to maintain either (1) liquidity in an amount equal to or greater than 1.00x consolidated interest incurred for the last twelve months then ended or (2) an interest coverage ratio of equal to or greater than 1.50:1.00 for the last twelve months then ended. Although we are in compliance with our debt covenants for both calculations, we have only disclosed our liquidity test. |
(In thousands) | Maximum Aggregate Commitment | ||
364-day warehouse repurchase facility that matures August 2016 (1) | $ | 400,000 | |
364-day warehouse repurchase facility that matures August 2016 | 300,000 | ||
364-day warehouse repurchase facility that matures October 2016 (2) | 450,000 | ||
Total | $ | 1,150,000 |
(1) | In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment will be increased to $600 million in the second quarter of fiscal 2016. |
(2) | Maximum aggregate commitment includes an uncommitted amount of $250 million. |
(In thousands) | Maximum Aggregate Commitment | ||
364-day warehouse repurchase facility that matures August 2016 (1) | $ | 250,000 | |
364-day warehouse repurchase facility that matures October 2016 (one year extension) (1) | 400,000 | ||
364-day warehouse repurchase facility that matures January 2017 (1) | 250,000 | ||
Warehouse repurchase facility that matures December 2017 (1) | 100,000 | ||
Warehouse repurchase facility that matures August 2018 (two - one year extensions) (2) | 100,000 | ||
Total | $ | 1,100,000 |
(1) | RMF uses these facilities to finance its loan origination and securitization activities. |
(2) | In 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this new facility will be held as accrual loans within loans receivable, net. Borrowings under this facility were $41.6 million and $36.3 million as of February 29, 2016 and November 30, 2015, respectively. |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(Dollars in thousands) | 2016 | 2015 | ||||
Revenues | $ | 99,726 | 442,957 | |||
Costs and expenses | 97,200 | 298,879 | ||||
Other income | — | 2,943 | ||||
Net earnings of unconsolidated entities | $ | 2,526 | 147,021 | |||
Our share of net earnings (loss) | $ | (24 | ) | 39,496 | ||
Lennar Homebuilding equity in earnings from unconsolidated entities | $ | 3,000 | 28,899 | |||
Our cumulative share of net earnings - deferred at February 29, 2016 and February 28, 2015, respectively | $ | 39,525 | 24,600 | |||
Our investments in unconsolidated entities | $ | 771,401 | 684,135 | |||
Equity of the unconsolidated entities | $ | 2,754,084 | 2,339,251 | |||
Our investment % in the unconsolidated entities (1) | 28 | % | 29 | % |
(1) | Our share of profit and cash distributions from the sales of land could be higher compared to our ownership interest in unconsolidated entities if certain specified internal rate of return or cash flow milestones are achieved. |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | 242,573 | 248,980 | |||
Inventories | 3,126,810 | 3,059,054 | ||||
Other assets | 501,077 | 465,404 | ||||
$ | 3,870,460 | 3,773,438 | ||||
Liabilities and equity: | ||||||
Accounts payable and other liabilities | $ | 279,893 | 288,192 | |||
Debt | 836,483 | 792,886 | ||||
Equity | 2,754,084 | 2,692,360 | ||||
$ | 3,870,460 | 3,773,438 |
(Dollars in thousands) | February 29, 2016 | November 30, 2015 | ||||
Debt | $ | 836,483 | 792,886 | |||
Equity | 2,754,084 | 2,692,360 | ||||
Total capital | $ | 3,590,567 | 3,485,246 | |||
Debt to total capital of our unconsolidated entities | 23.3 | % | 22.7 | % |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Land development | $ | 694,395 | 691,850 | |||
Homebuilding | 77,006 | 49,701 | ||||
Total investments | $ | 771,401 | 741,551 |
(Dollars in thousands) | February 29, 2016 | November 30, 2015 | ||||
Non-recourse bank debt and other debt (partner’s share of several recourse) | $ | 50,098 | 50,411 | |||
Non-recourse land seller debt and other debt | 323,995 | 324,000 | ||||
Non-recourse debt with completion guarantees | 148,781 | 146,760 | ||||
Non-recourse debt without completion guarantees | 303,080 | 260,734 | ||||
Non-recourse debt to Lennar | 825,954 | 781,905 | ||||
Lennar's maximum recourse exposure | 10,529 | 10,981 | ||||
Total debt | $ | 836,483 | 792,886 | |||
Lennar’s maximum recourse exposure as a % of total JV debt | 1 | % | 1 | % |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Assets | $ | 134,817 | 139,389 | |||
Liabilities | $ | 42,577 | 45,214 | |||
Equity | $ | 92,240 | 94,175 |
Principal Maturities of Unconsolidated JVs by Period | ||||||||||||||||||
(In thousands) | Total JV Debt | 2016 | 2017 | 2018 | Thereafter | Other Debt (1) | ||||||||||||
Maximum recourse debt exposure to Lennar | $ | 10,529 | 911 | 9,618 | — | — | — | |||||||||||
Debt without recourse to Lennar | 825,954 | 33,296 | 48,389 | 146,635 | 273,639 | 323,995 | ||||||||||||
Total | $ | 836,483 | 34,207 | 58,007 | 146,635 | 273,639 | 323,995 |
(1) | Represents land seller debt and other debt of which $320 million is due in December 2016. |
(Dollars in thousands) | Lennar’s Investment | Total JV Assets | Maximum Recourse Debt Exposure to Lennar | Total Debt Without Recourse to Lennar | Total JV Debt | Total JV Equity | JV Debt to Total Capital Ratio | |||||||||||||||
Top Ten JVs (1): | ||||||||||||||||||||||
Heritage Fields El Toro | $ | 278,896 | 1,466,256 | — | 9,887 | 9,887 | 1,331,169 | 1 | % | |||||||||||||
Newhall Land Development | 60,407 | 437,891 | — | 243 | 243 | 353,296 | — | |||||||||||||||
Heritage Hills Irvine | 54,385 | 479,484 | — | — | — | 154,216 | — | |||||||||||||||
Runkle Canyon | 50,086 | 146,689 | — | 44,375 | 44,375 | 100,172 | 31 | % | ||||||||||||||
The Shipyard Communities (Hunters Point) | 42,868 | 537,086 | — | 365,769 | 365,769 | 141,879 | 72 | % | ||||||||||||||
Treasure Island Community Development | 42,623 | 90,942 | — | — | — | 85,277 | — | |||||||||||||||
Ballpark Village | 41,762 | 125,534 | — | 25,235 | 25,235 | 85,525 | 23 | % | ||||||||||||||
LS Terracina | 22,157 | 44,394 | — | — | — | 44,314 | — | |||||||||||||||
Krome Groves Land Trust | 21,370 | 89,637 | 9,015 | 19,240 | 28,255 | 59,007 | 32 | % | ||||||||||||||
Willow Springs Properties | 18,993 | 34,164 | — | — | — | 32,253 | — | |||||||||||||||
10 largest JV investments | 633,547 | 3,452,077 | 9,015 | 464,749 | 473,764 | 2,387,108 | 17 | % | ||||||||||||||
Other JVs | 137,854 | 418,383 | 1,514 | 37,210 | 38,724 | 366,976 | 10 | % | ||||||||||||||
Total | $ | 771,401 | 3,870,460 | 10,529 | 501,959 | 512,488 | 2,754,084 | 16 | % | |||||||||||||
Land seller debt and other debt (2) | — | 323,995 | 323,995 | |||||||||||||||||||
Total JV debt | $ | 10,529 | 825,954 | 836,483 |
(1) | The 10 largest joint ventures presented above represent approximately 90% of total JVs assets, debt and equity. In addition, all of the joint ventures presented in the table above operate in our Homebuilding West segment except for Krome Groves Land Trust, which operates in our Homebuilding East segment and Willow Springs Properties, which operates in our Homebuilding Central segment. |
(2) | The Heritage Hills Irvine JV has a $320 million non-recourse note, which is included in land seller debt and other debt line item in the table. |
February 29, 2016 | February 29, 2016 | November 30, 2015 | ||||||||||||||||||||||
(In thousands) | Inception Year | Equity Commitments | Equity Commitments Called | Commitment to Fund by the Company | Funds Contributed by the Company | Investment | ||||||||||||||||||
Rialto Real Estate Fund, LP | 2010 | $ | 700,006 | $ | 700,006 | $ | 75,000 | $ | 75,000 | $ | 63,278 | 68,570 | ||||||||||||
Rialto Real Estate Fund II, LP | 2012 | 1,305,000 | 1,305,000 | 100,000 | 100,000 | 97,498 | 99,947 | |||||||||||||||||
Rialto Mezzanine Partners Fund, LP | 2013 | 300,000 | 300,000 | 33,799 | 33,799 | 28,296 | 32,344 | |||||||||||||||||
Rialto Capital CMBS Funds | 2014 | 102,878 | 102,878 | 44,750 | 44,750 | 44,097 | 23,233 | |||||||||||||||||
Rialto Real Estate Fund III | 2015 | 697,173 | — | 100,000 | — | 72 | — | |||||||||||||||||
Other investments | 798 | 775 | ||||||||||||||||||||||
$ | 234,039 | 224,869 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(In thousands) | 2016 | 2015 | ||||
Rialto Real Estate Fund, LP | $ | 4,553 | 3,444 | |||
Rialto Real Estate Fund II, LP | — | 3,047 | ||||
Rialto Mezzanine Partners Fund, LP | 75 | — | ||||
Rialto Capital CMBS Funds | 317 | — | ||||
$ | 4,945 | 6,491 |
(In thousands) | Hypothetical Carried Interest | Paid as Advanced Tax Distribution | Hypothetical Carried Interest, Net | ||||||
Rialto Real Estate Fund, LP | $ | 161,890 | 48,833 | 113,057 | |||||
Rialto Real Estate Fund II, LP (1) | 32,726 | 9,383 | 23,343 | ||||||
$ | 194,616 | 58,216 | 136,400 |
(1) | Net of incentive participations of some employees (refer to paragraph below). |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | 108,500 | 188,147 | |||
Loans receivable | 450,787 | 473,997 | ||||
Real estate owned | 518,466 | 506,609 | ||||
Investment securities | 1,188,653 | 1,092,476 | ||||
Investments in partnerships | 422,493 | 429,979 | ||||
Other assets | 27,495 | 30,340 | ||||
$ | 2,716,394 | 2,721,548 | ||||
Liabilities and equity: | ||||||
Accounts payable and other liabilities | $ | 35,947 | 29,462 | |||
Notes payable | 450,250 | 374,498 | ||||
Equity | 2,230,197 | 2,317,588 | ||||
$ | 2,716,394 | 2,721,548 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(Dollars in thousands) | 2016 | 2015 | ||||
Revenues | $ | 44,296 | 41,738 | |||
Costs and expenses | 20,899 | 23,005 | ||||
Other income (expense), net (1) | (15,162 | ) | 5,874 | |||
Net earnings of unconsolidated entities | $ | 8,235 | 24,607 | |||
Rialto equity in earnings from unconsolidated entities | $ | 1,497 | 2,664 | |||
Rialto's investments in unconsolidated entities | $ | 234,039 | 182,878 | |||
Equity of the unconsolidated entities | $ | 2,230,197 | 1,847,364 | |||
Rialto's investment % in the unconsolidated entities | 10 | % | 10 | % |
(1) | Other income (expense), net, included realized and unrealized gains (losses) on investments. |
(In thousands) | February 29, 2016 | November 30, 2015 | ||||
Assets: | ||||||
Cash and cash equivalents | $ | 43,252 | 39,579 | |||
Operating properties and equipment | 1,563,679 | 1,398,244 | ||||
Other assets | 31,931 | 25,925 | ||||
$ | 1,638,862 | 1,463,748 | ||||
Liabilities and equity: | ||||||
Accounts payable and other liabilities | $ | 210,231 | 179,551 | |||
Notes payable | 520,177 | 466,724 | ||||
Equity | 908,454 | 817,473 | ||||
$ | 1,638,862 | 1,463,748 |
Three Months Ended | ||||||
February 29, | February 28, | |||||
(Dollars in thousands) | 2016 | 2015 | ||||
Revenues | $ | 8,314 | 2,094 | |||
Costs and expenses | 11,672 | 2,994 | ||||
Other income, net | 40,122 | — | ||||
Net earnings (loss) of unconsolidated entities | $ | 36,764 | (900 | ) | ||
Lennar Multifamily equity in earnings (loss) from unconsolidated entities (1) | $ | 19,686 | (178 | ) | ||
Lennar Multifamily's investments in unconsolidated entities | $ | 257,719 | 123,978 | |||
Equity of the unconsolidated entities | $ | 908,454 | 501,409 | |||
Lennar Multifamily's investment % in the unconsolidated entities (2) | 28 | % | 25 | % |
(1) | For the three months ended February 29, 2016, Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $20.4 million share of a gain as a result of the sale of an operating property by one of its unconsolidated entities. |
(2) | Our share of profit and cash distributions from sales of operating properties could be higher compared to our ownership interest in unconsolidated entities if certain specified internal rate of return milestones are achieved. |
Controlled Homesites | ||||||||||||||
February 29, 2016 | Optioned | JVs | Total | Owned Homesites | Total Homesites | |||||||||
East | 18,288 | 478 | 18,766 | 55,310 | 74,076 | |||||||||
Central | 5,279 | 1,135 | 6,414 | 20,620 | 27,034 | |||||||||
West | 2,633 | 4,829 | 7,462 | 37,502 | 44,964 | |||||||||
Houston | 1,446 | — | 1,446 | 12,026 | 13,472 | |||||||||
Other | 1,473 | — | 1,473 | 6,513 | 7,986 | |||||||||
Total homesites | 29,119 | 6,442 | 35,561 | 131,971 | 167,532 |
Controlled Homesites | ||||||||||||||
February 28, 2015 | Optioned | JVs | Total | Owned Homesites | Total Homesites | |||||||||
East | 11,133 | 524 | 11,657 | 55,172 | 66,829 | |||||||||
Central | 4,871 | 1,135 | 6,006 | 20,320 | 26,326 | |||||||||
West | 3,418 | 4,956 | 8,374 | 38,423 | 46,797 | |||||||||
Houston | 1,819 | — | 1,819 | 12,109 | 13,928 | |||||||||
Other | 2,127 | — | 2,127 | 6,855 | 8,982 | |||||||||
Total homesites | 23,368 | 6,615 | 29,983 | 132,879 | 162,862 |
• | During the three months ended February 29, 2016, we exchanged and converted approximately $163 million in aggregate principal amount of the 2.75% convertible senior notes due 2020 (the "2.75% Convertible Senior Notes"). As of February 29, 2016, the carrying and principal amount of the 2.75% Convertible Senior Notes was $71.0 million, which is included in Lennar Homebuilding senior notes and other debts payable. |
• | As of February 29, 2016, we had $500 million of outstanding borrowings under the Credit Facility. The maturity for $1.3 billion of the Credit Facility is in June 2019, with the remainder maturing in June 2018. |
• | As of February 29, 2016, borrowings under RMF's and Lennar Financial Services' warehouse repurchase facilities were $187.8 million and $625.3 million, respectively. |
Payments Due by Period | ||||||||||||||||||
(In thousands) | Total | Nine Months ending November 30, 2016 | December 1, 2016 through November 30, 2017 | December 1, 2017 through November 30, 2019 | December 1, 2019 through November 30, 2021 | Thereafter | ||||||||||||
Lennar Homebuilding - Senior notes and other debts payable (1) | $ | 5,366,993 | 344,785 | 486,466 | 2,534,884 | 482,455 | 1,518,403 | |||||||||||
Lennar Financial Services - Notes and other debts payable | 625,322 | 625,322 | — | — | — | — | ||||||||||||
Rialto - Notes and other debts payable (2) | 612,405 | 226,008 | 33,824 | 352,573 | — | — | ||||||||||||
Interest commitments under interest bearing debt (3) | 1,124,141 | 206,879 | 248,243 | 337,691 | 173,445 | 157,883 |
(1) | Some of the senior notes and other debts payable are convertible senior notes, which have been included in this table based on maturity dates, but they are putable to, or callable by, us at earlier dates than the maturity dates disclosed in this table. The amounts presented in the table above exclude debt issuance costs. |
(2) | Amount includes notes payable and other debts payable of $351.4 million related to Rialto's 7.00% Senior Notes, $30.3 million related to Rialto's 5-year senior unsecured note, $187.8 million related to the Rialto warehouse repurchase financing agreements and $31.1 million related to Rialto's structured note offerings with an estimated final payment date of August 15, 2017. These amounts exclude debt issuance costs. |
(3) | Interest commitments on variable interest-bearing debt are determined based on the interest rates as of February 29, 2016. |
Nine Months Ending November 30, | Years Ending November 30, | Fair Value at February 29, | |||||||||||||||||||||||||
(Dollars in millions) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | 2016 | ||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||||||
Lennar Homebuilding: | |||||||||||||||||||||||||||
Senior notes and other debts payable: | |||||||||||||||||||||||||||
Fixed rate | $ | 305.3 | 417.6 | 657.0 | 1,377.9 | 2.8 | 479.6 | 1,518.4 | 4,758.6 | 5,231.9 | |||||||||||||||||
Average interest rate | 5.9 | % | 11.8 | % | 5.6 | % | 4.4 | % | 3.7 | % | 3.2 | % | 4.8 | % | 5.3 | % | — | ||||||||||
Variable rate | $ | 39.5 | 68.9 | 55.7 | 444.3 | — | — | — | 608.4 | 639.3 | |||||||||||||||||
Average interest rate | 3.5 | % | 3.1 | % | 2.4 | % | 2.2 | % | — | — | — | 2.4 | % | — | |||||||||||||
Rialto: | |||||||||||||||||||||||||||
Notes and other debts payable: | |||||||||||||||||||||||||||
Fixed rate | $ | 38.2 | 3.5 | 1.2 | 351.4 | — | — | — | 394.3 | 420.0 | |||||||||||||||||
Average interest rate | 4.5 | % | 1.9 | % | 5.9 | % | 7.0 | % | — | — | — | 6.7 | % | — | |||||||||||||
Variable rate | $ | 187.8 | 30.3 | — | — | — | — | — | 218.1 | 218.1 | |||||||||||||||||
Average interest rate | 2.5 | % | 4.5 | % | — | — | — | — | — | 2.8 | % | — | |||||||||||||||
Lennar Financial Services: | |||||||||||||||||||||||||||
Notes and other debts payable: | |||||||||||||||||||||||||||
Variable rate | $ | 625.3 | — | — | — | — | — | — | 625.3 | 625.3 | |||||||||||||||||
Average interest rate | 2.6 | % | — | — | — | — | — | — | 2.6 | % | — |
Period: | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number of Shares that may yet be Purchased under the Plans or Programs (2) | ||||||||
December 1 to December 31, 2015 | — | $ | — | — | 6,218,968 | |||||||
January 1 to January 31, 2016 | 4,766 | $ | 43.88 | — | 6,218,968 | |||||||
February 1 to February 29, 2016 | — | $ | — | — | 6,218,968 |
(1) | Represents shares of Class A common stock withheld by us to cover withholding taxes due, at the election of certain holders of nonvested shares, with market value approximating the amount of withholding taxes due. |
(2) | In June 2001, our Board of Directors authorized a stock repurchase program under which we were authorized to purchase up to 20 million shares of our outstanding Class A common stock or Class B common stock. This repurchase authorization has no expiration date. |
31.1. | Rule 13a-14(a) certification by Stuart A. Miller, Chief Executive Officer. |
31.2. | Rule 13a-14(a) certification by Bruce Gross, Vice President and Chief Financial Officer. |
32. | Section 1350 certifications by Stuart A. Miller, Chief Executive Officer, and Bruce Gross, Vice President and Chief Financial Officer. |
101. | The following financial statements from Lennar Corporation Quarterly Report on Form 10-Q for the quarter ended February 29, 2016, filed on April 5, 2016, were formatted in XBRL (Extensible Business Reporting Language); (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Condensed Consolidated Financial Statements. |
Lennar Corporation | ||
(Registrant) | ||
Date: April 5, 2016 | /s/ Bruce Gross | |
Bruce Gross | ||
Vice President and Chief Financial Officer | ||
Date: April 5, 2016 | /s/ David M. Collins | |
David M. Collins | ||
Controller |
1. | I have reviewed this quarterly report on Form 10-Q of Lennar Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: April 5, 2016 | /s/ Stuart A. Miller | |
Name: | Stuart A. Miller | |
Title: | Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Lennar Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: April 5, 2016 | /s/ Bruce Gross | |
Name: | Bruce Gross | |
Title: | Vice President and Chief Financial Officer |
Date: April 5, 2016 | /s/ Stuart A. Miller | |
Name: | Stuart A. Miller | |
Title: | Chief Executive Officer | |
Date: April 5, 2016 | /s/ Bruce Gross | |
Name: | Bruce Gross | |
Title: | Vice President and Chief Financial Officer |
Document And Entity Information |
3 Months Ended |
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Feb. 29, 2016
shares
| |
Entity Registrant Name | LENNAR CORP /NEW/ |
Entity Central Index Key | 0000920760 |
Current Fiscal Year End Date | --11-30 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Feb. 29, 2016 |
Document Fiscal Year Focus | 2016 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Class A Common Stock [Member] | |
Entity Common Stock, Shares Outstanding | 183,405,590 |
Class B Common Stock [Member] | |
Entity Common Stock, Shares Outstanding | 31,303,195 |
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
||||||
---|---|---|---|---|---|---|---|---|
ASSETS | ||||||||
Cash and cash equivalents | $ 720,459 | $ 1,158,445 | ||||||
Inventories: | ||||||||
Total assets | [1] | 14,195,188 | 14,419,509 | |||||
LIABILITIES AND EQUITY | ||||||||
Senior notes and other debts payable | 5,333,981 | 5,025,130 | ||||||
Total liabilities | [2] | 8,101,739 | 8,469,437 | |||||
Stockholders' equity: | ||||||||
Preferred stock | [2] | 0 | 0 | |||||
Additional paid-in capital | [2] | 2,341,502 | 2,305,560 | |||||
Retained earnings | [2] | 3,565,264 | 3,429,736 | |||||
Treasury stock, at cost; February 29, 2016 - 857,333 shares of Class A common stock and 1,679,620 shares of Class B common stock; November 30, 2015 - 815,959 shares of Class A common stock and 1,679,620 shares of Class B common stock | [2] | (107,978) | (107,755) | |||||
Total stockholders' equity | [2] | 5,820,114 | 5,648,944 | |||||
Noncontrolling interests | [2] | 273,335 | 301,128 | |||||
Total equity | [2] | 6,093,449 | 5,950,072 | |||||
Total liabilities and equity | [2] | 14,195,188 | 14,419,509 | |||||
Lennar Homebuilding [Member] | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | [1] | 510,878 | 893,408 | |||||
Restricted cash | [1] | 3,255 | 13,505 | |||||
Receivables, net | [1] | 61,229 | 74,538 | |||||
Inventories: | ||||||||
Finished homes and construction in progress | [1] | 4,234,536 | 3,957,167 | |||||
Land and land under development | [1] | 5,113,493 | 4,724,578 | |||||
Land under purchase options, recorded | [1] | 20,290 | 58,851 | |||||
Total inventories | [1] | 9,368,319 | 8,740,596 | |||||
Investments in unconsolidated entities | [1] | 771,401 | 741,551 | |||||
Other assets | [1] | 599,915 | 609,222 | |||||
Total assets | [1] | 11,314,997 | 11,072,820 | |||||
LIABILITIES AND EQUITY | ||||||||
Accounts payable | [2] | 442,905 | 475,909 | |||||
Liabilities related to consolidated inventory not owned | [2] | 19,854 | 51,431 | |||||
Senior notes and other debts payable | [2] | 5,333,981 | 5,025,130 | |||||
Other liabilities | [2] | 749,138 | 899,815 | |||||
Total liabilities | [2] | 6,545,878 | 6,452,285 | |||||
Rialto [Member] | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | [1] | 112,305 | 150,219 | |||||
Restricted cash | 10,233 | 15,061 | ||||||
Receivables, net | 0 | 154,948 | ||||||
Inventories: | ||||||||
Investments in unconsolidated entities | [1] | 234,039 | 224,869 | |||||
Total assets | [1] | 1,272,004 | 1,505,500 | |||||
LIABILITIES AND EQUITY | ||||||||
Senior notes and other debts payable | [2] | 609,150 | 771,728 | |||||
Other liabilities | [2] | 47,153 | 94,496 | |||||
Total liabilities | [2] | 656,303 | 866,224 | |||||
Lennar Financial Services [Member] | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | 91,214 | 106,777 | ||||||
Restricted cash | 9,235 | 13,961 | ||||||
Receivables, net | 150,214 | 242,808 | ||||||
Inventories: | ||||||||
Other assets | 66,900 | 66,186 | ||||||
Total assets | 1,157,079 | 1,425,837 | [1] | |||||
LIABILITIES AND EQUITY | ||||||||
Other liabilities | 212,929 | 225,678 | ||||||
Total liabilities | [2] | 838,251 | 1,083,978 | |||||
Stockholders' equity: | ||||||||
Accumulated other comprehensive income (loss) | [2] | (398) | 39 | |||||
Lennar Multifamily [Member] | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | 6,062 | 8,041 | ||||||
Inventories: | ||||||||
Land and land under development | 145,917 | 115,982 | ||||||
Land under purchase options, recorded | 5,508 | 5,508 | ||||||
Investments in unconsolidated entities | 257,719 | 250,876 | ||||||
Other assets | 35,902 | 34,945 | ||||||
Total assets | 451,108 | 415,352 | [1] | |||||
LIABILITIES AND EQUITY | ||||||||
Liabilities related to consolidated inventory not owned | 4,007 | 4,007 | ||||||
Total liabilities | 61,307 | 66,950 | ||||||
Class A Common Stock [Member] | ||||||||
Stockholders' equity: | ||||||||
Common stock | [2] | 18,426 | 18,066 | |||||
Total equity | 18,426 | 18,066 | ||||||
Class B Common Stock [Member] | ||||||||
Stockholders' equity: | ||||||||
Common stock | [2] | 3,298 | 3,298 | |||||
Total equity | $ 3,298 | $ 3,298 | ||||||
|
Basis Of Presentation |
3 Months Ended |
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Feb. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Consolidation The accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 15) in which Lennar Corporation is deemed to be the primary beneficiary (the “Company”). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2015. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 29, 2016 are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Reclassifications/Revisions Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2016 presentation. These reclassifications had no impact on the Company's results of operations. As a result of the Company's change in reportable segments, the Company restated certain prior year amounts in the condensed consolidated financial statements to conform with the 2016 presentation (See Note 2). In addition, certain prior year amounts in the supplemental financial information included in Note 18 were revised to conform with the Company’s current guarantor and non-guarantor structure. These revisions did not affect the Company’s condensed consolidated financial statements as they relate solely to transactions between Lennar Corporation and its subsidiaries and only impact the condensed consolidating financial statements. As such, the supplemental financial information included in Note 18 has been retrospectively adjusted for the three months ended February 28, 2015. |
Operating And Reporting Segments |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating And Reporting Segments | Operating and Reporting Segments The Company’s operating segments are aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. The Company’s reportable segments consist of: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding West (4) Homebuilding Houston (5) Lennar Financial Services (6) Rialto (7) Lennar Multifamily In the first quarter of 2016, the Company made the decision to divide the Southeast Florida operating division into two operating segments to maximize operational efficiencies given the continued growth of the division. As a result of this change in management structure, the Company re-evaluated its reportable segments and determined that neither operating segment met the reportable criteria set forth in Accounting Standards Codification ("ASC") 280, Segment Reporting. The Company aggregated these operating segments into the Homebuilding East reportable segment as these divisions exhibit similar economic characteristics, geography and product type as the other divisions in Homebuilding East. All prior year segment information has been restated to conform with the 2016 presentation. The change in the reportable segments has no effect on the Company's condensed consolidated financial position, results of operations or cash flows for the periods presented. Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under “Homebuilding Other,” which is not considered a reportable segment. Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the homebuilding segments consist of revenues generated from the sales of homes and land, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, selling, general and administrative expenses and other interest expense of the segment. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Florida, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas(1) West: California and Nevada Houston: Houston, Texas Other: Illinois, Minnesota, Oregon, Tennessee and Washington (1)Texas in the Central reportable segment excludes Houston, Texas, which is its own reportable segment. Operations of the Lennar Financial Services segment include primarily mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. The Lennar Financial Services segment sells substantially all of the loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Lennar Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title insurance and closing services, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Lennar Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states. Operations of the Rialto segment include raising, investing and managing third-party capital, originating and securitizing commercial mortgage loans as well as investing its own capital in real estate related mortgage loans, properties and related securities. Rialto utilizes its vertically-integrated investment and operating platform to underwrite, diligence, acquire, manage, workout and add value to diverse portfolios of real estate loans, properties and real estate related securities as well as providing strategic real estate capital. Rialto’s operating earnings consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance (“RMF”) business, interest income associated with portfolios of real estate loans acquired and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses. Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land, expenses related to construction activities and general and administrative expenses. Each reportable segment follows the same accounting policies described in Note 1 – “Summary of Significant Accounting Policies” to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2015. Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented. Financial information relating to the Company’s operations was as follows:
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Lennar Homebuilding Investments In Unconsolidated Entities |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lennar Homebuilding Investments In Unconsolidated Entities | Lennar Homebuilding Investments in Unconsolidated Entities Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows: Statements of Operations
For the three months ended February 29, 2016, net earnings of unconsolidated entities included sales of approximately 220 homesites by El Toro to third parties for $62.1 million that resulted in $20.7 million of gross profit. This transaction resulted primarily in the recognition of $6.0 million of Lennar Homebuilding equity in earnings. For the three months ended February 28, 2015, net earnings of unconsolidated entities included sales of approximately 900 homesites by El Toro for $412.2 million that resulted in $145.5 million of gross profit, of which (1) approximately 300 homesites were sold to Lennar for $126.4 million that resulted in $44.6 million of gross profit of which the Company's portion was deferred, and (2) approximately 600 homesites were sold to third parties. These transactions resulted primarily in the recognition of $31.3 million of Lennar homebuilding equity in earnings for the three months ended February 28, 2015. Balance Sheets
As of February 29, 2016 and November 30, 2015, the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $771.4 million and $741.6 million, respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of February 29, 2016 and November 30, 2015 was $873.3 million and $839.5 million, respectively. The basis difference is primarily as a result of the Company buying an interest in a partner's equity in a Lennar Homebuilding unconsolidated entity at a discount to book value, contributing non-monetary assets to an unconsolidated entity with a higher fair value than book value and deferring equity in earnings on land sales. The Lennar Homebuilding unconsolidated entities in which the Company has investments usually finance their activities with a combination of partner equity and debt financing. In some instances, the Company and its partners have guaranteed debt of certain unconsolidated entities. The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows:
In most instances in which the Company has guaranteed debt of a Lennar Homebuilding unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. Historically, the Company has had repayment guarantees and/or maintenance guarantees. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. In the event of default, if the Company’s venture partner does not have adequate financial resources to meet its obligations under the reimbursement agreement, the Company may be liable for more than its proportionate share, up to its maximum recourse exposure, which is the full amount covered by the joint and several guarantee. The maintenance guarantees only apply if the value of the collateral (generally land and improvements) is less than a specified percentage of the loan balance. As of both February 29, 2016 and November 30, 2015, the Company did not have any maintenance guarantees or joint and several repayment guarantees related to its Lennar Homebuilding unconsolidated entities. In connection with many of the loans to Lennar Homebuilding unconsolidated entities, the Company and its joint venture partners (or entities related to them) have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used. If the Company is required to make a payment under any guarantee, the payment would constitute a capital contribution or loan to the Lennar Homebuilding unconsolidated entity and increase the Company’s investment in the unconsolidated entity and its share of any funds the unconsolidated entity distributes. As of both February 29, 2016 and November 30, 2015, the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of February 29, 2016, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Lennar Homebuilding unconsolidated entity due to a triggering event under a guarantee, most of the time the collateral should be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities for its joint ventures (see Note 11). |
Stockholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity |
The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the three months ended February 29, 2016 and February 28, 2015:
The Company has a stock repurchase program, which originally authorized the purchase of up to 20 million shares of its outstanding common stock. During the three months ended February 29, 2016 and February 28, 2015, there were no share repurchases of common stock under the stock repurchase program. As of February 29, 2016, the remaining authorized shares that could be purchased under the stock repurchase program were 6.2 million shares of common stock. |
Income Taxes |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 29, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The provision for income taxes and effective tax rate were as follows:
As of February 29, 2016 and November 30, 2015, the Company's deferred tax assets, net included in the condensed consolidated balance sheets were $315.7 million and $340.7 million, respectively. At both February 29, 2016 and November 30, 2015, the Company had $12.3 million of gross unrecognized tax benefits. At February 29, 2016, the Company had $43.7 million accrued for interest and penalties, of which $0.7 million was accrued during the three months ended February 29, 2016. In addition, during the three months ended February 29, 2016, the Company's accrual for interest and penalties was reduced by $22.2 million due primarily to a settlement with the IRS. At November 30, 2015, the Company had $65.1 million accrued for interest and penalties. |
Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock (“nonvested shares”) are considered participating securities. Basic and diluted earnings per share were calculated as follows:
For both the three months ended February 29, 2016 and February 28, 2015, there were no options to purchase shares of common stock that were outstanding and anti-dilutive. |
Lennar Financial Services Segment |
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Lennar Financial Services Segment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lennar Financial Services Segment | Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows:
At February 29, 2016, the Lennar Financial Services segment warehouse facilities were as follows:
The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $625.3 million and $858.3 million at February 29, 2016 and November 30, 2015, respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $673.1 million and $916.9 million at February 29, 2016 and November 30, 2015, respectively. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the mortgage loans held-for-sale to investors and by collecting on receivables on loans sold but not yet paid. Without the facilities, the Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially, all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Lennar Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows:
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Rialto Segment |
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Rialto [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Rialto Segment |
The assets and liabilities related to the Rialto segment were as follows:
For the three months ended February 29, 2016 and February 28, 2015, Rialto costs and expenses included loan impairments of $2.3 million and $1.2 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). In addition, for the three months ended February 29, 2016 and February 28, 2015, Rialto operating earnings included a net loss attributable to noncontrolling interests of $0.3 million and $1.8 million, respectively. The following is a detail of Rialto other expense, net:
Loans Receivable The following table represents loans receivable, net by type:
The nonaccrual loan portfolios consist primarily of loans acquired at a discount. In 2010, the Rialto segment acquired indirectly 40% managing member equity interests in two limited liability companies ("LLCs") in partnership with the FDIC (“FDIC Portfolios”). The LLCs met the accounting definition of VIEs and since the Company was determined to be the primary beneficiary, the Company consolidated the LLCs. The Company was determined to be the primary beneficiary because it has the power to direct the activities of the LLCs that most significantly impact the LLCs' performance through Rialto's management and servicer contracts. At February 29, 2016, these consolidated LLCs had total combined assets and liabilities of $307.4 million and $11.7 million, respectively. At November 30, 2015, these consolidated LLCs had total combined assets and liabilities of $355.2 million and $11.3 million, respectively. In addition in 2010, Rialto acquired 400 distressed residential and commercial real estate loans (“Bank Portfolios”) and over 300 REO properties from three financial institutions. Based on the nature of these loans, the portfolios are managed by assessing the risks related to the likelihood of collection of payments from borrowers and guarantors, as well as monitoring the value of the underlying collateral. As of February 29, 2016 and November 30, 2015, management classified all loans receivable within the FDIC Portfolios and Bank Portfolios as nonaccrual loans as forecasted principal and interest cannot be reasonably estimated and accounted for these assets in accordance with ASC 310-10, Receivables. Accrual loans as of February 29, 2016 included loans originated of which $18.1 million relates to a convertible land loan that matures in July 2016 and $70.0 million relates to floating and fixed rate commercial property loans maturing between October 2017 and October 2025. The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type: February 29, 2016
November 30, 2015
The average recorded investment in impaired loans was approximately $84 million and $123 million for the three months ended February 29, 2016 and February 28, 2015, respectively. In order to assess the risk associated with each risk category, management evaluates the forecasted cash flows and the value of the underlying collateral securing loans receivable on a quarterly basis or when an event occurs that suggests a decline in the collateral’s fair value. Allowance for Loan Losses The allowance for loan losses is a valuation reserve established through provisions for loan losses charged against Rialto’s operating earnings. Nonaccrual — Loans in which forecasted principal and interest could not be reasonably estimated. The risk of nonaccrual loans relates to a decline in the value of the collateral securing the outstanding obligation and the recognition of an impairment through an allowance for loan losses if the recorded investment in the loan exceeds its fair value. The activity in the Company's allowance rollforward related to nonaccrual loans was as follows:
Real Estate Owned The acquisition of properties acquired through, or in lieu of, loan foreclosure are reported within the condensed consolidated balance sheets as REO held-and-used, net and REO held-for-sale. When a property is determined to be held-and-used, net, the asset is recorded at fair value and depreciated over its useful life using the straight line method. When certain criteria set forth in ASC 360, Property, Plant and Equipment, are met, the property is classified as held-for-sale. When a real estate asset is classified as held-for-sale, the property is recorded at the lower of its cost basis or fair value less estimated costs to sell. The fair value of REO held-for-sale is determined in part by placing reliance on third-party appraisals of the properties and/or internally prepared analyses of recent offers or prices on comparable properties in the proximate vicinity. The following tables represent the activity in REO:
For the three months ended February 29, 2016, the Company recorded net gains of $2.7 million from acquisitions of REO through foreclosure. These net gains are recorded in Rialto other expense, net. Rialto Mortgage Finance - loans held-for-sale During the three months ended February 29, 2016, RMF originated loans with a total principal balance of $315.3 million of which $305.8 million were recorded as loans held-for-sale and $9.5 million as accrual loans within loans receivable, net, and sold $380.2 million of loans into two separate securitizations. During the three months ended February 28, 2015, RMF originated loans with a total principal balance of $565.5 million and sold $318.1 million of loans into two separate securitizations. As of November 30, 2015, $151.8 million of the originated loans were sold into a securitization trust but not settled and thus were included as receivables, net. Notes and Other Debts Payable In November 2013, the Rialto segment originally issued $250 million aggregate principal amount of the 7.00% senior notes due 2018 ("7.00% Senior Notes"), at a price of 100% in a private placement. In March 2014, the Rialto segment issued an additional $100 million of the 7.00% Senior Notes, at a price of 102.25% of their face value in a private placement. Proceeds from the offerings, after payment of expenses, were approximately $347 million. Rialto used the net proceeds of the 7.00% Senior Notes to provide additional working capital for RMF, and to make investments in the funds that Rialto manages, as well as for general corporate purposes. In addition, Rialto used $100 million of the net proceeds to repay sums that had been advanced to RMF from Lennar to enable it to begin originating and securitizing commercial mortgage loans. Interest on the 7.00% Senior Notes is due semi-annually. At February 29, 2016 and November 30, 2015, the carrying amount, net of debt issuances costs, of the 7.00% Senior Notes was $348.1 million and $347.9 million, respectively. Under the indenture, Rialto is subject to certain covenants limiting, among other things, Rialto’s ability to incur indebtedness, to make investments, to make distributions to or enter into transactions with Lennar or to create liens, subject to certain exceptions and qualifications. Rialto also has quarterly and annual reporting requirements, similar to an SEC registrant, to holders of the 7.00% Senior Notes. The Company believes Rialto was in compliance with its debt covenants at February 29, 2016. At February 29, 2016, Rialto warehouse facilities were as follows:
Borrowings under the facilities that finance RMF's loan originations and securitization activities were $146.3 million and $317.1 million as of February 29, 2016 and November 30, 2015, respectively and were secured by a 75% interest in the originated commercial loans financed. The facilities require immediate repayment of the 75% interest in the secured commercial loans when the loans are sold in a securitization and the proceeds are collected. These warehouse repurchase facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. In 2010, Rialto paid $310 million for the Bank Portfolios and for over 300 REO properties, of which $124 million was financed through a 5-year senior unsecured note provided by one of the selling institutions for which the maturity was subsequently extended. The remaining balance is due in December 2016. As of both February 29, 2016 and November 30, 2015, the outstanding amount related to the 5-year senior unsecured note was $30.3 million. In May 2014, the Rialto segment issued $73.8 million principal amount of notes through a structured note offering (the “Structured Notes”) collateralized by certain assets originally acquired in the Bank Portfolios transaction at a price of 100%, with an annual coupon rate of 2.85%. Proceeds from the offering, after payment of expenses and hold backs for a cash reserve, were $69.1 million. In November 2014, the Rialto segment issued an additional $20.8 million of the Structured Notes at a price of 99.5%, with an annual coupon rate of 5.0%. Proceeds from the offering, after payment of expenses, were $20.7 million. The estimated final payment date of the Structured Notes is August 15, 2017. As of February 29, 2016 and November 30, 2015, the outstanding amount, net of debt issuance costs, related to the Structured Notes was $31.1 million and $31.3 million, respectively. Investments All of Rialto's investments in funds have the attributes of an investment company in accordance with ASC 946, Financial Services – Investment Companies, as amended by ASU 2013-08, Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements, the attributes of which are different from the attributes that would cause a company to be an investment company for purposes of the Investment Company Act of 1940. As a result, the assets and liabilities of the funds in which Rialto has investments in are recorded at fair value with increases/decreases in fair value recorded in their respective statements of operations and the Company’s share is recorded in Rialto equity in earnings from unconsolidated entities in the Company's statement of operations. The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments:
Rialto's share of earnings (loss) from unconsolidated entities was as follows:
During the three months ended February 29, 2016 and February 28, 2015, the Company received $4.9 million and $6.5 million, respectively, of advance distributions with regard to Rialto's carried interests in its real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. These advance distributions are not subject to clawbacks and are included in Rialto's revenues. During 2015, Rialto adopted a Carried Interest Incentive Plan (the "Plan"), under which participating employees in the aggregate may receive up to 40% of the equity units of a limited liability company (a "Carried Interest Entity"). This Carried Interest Entity is entitled to distributions made by a fund or other investment vehicle (a "Fund") managed by a subsidiary of Rialto. As such, those employees receiving equity units in the Carried Interest Entity may participate in distributions made by a Fund to the extent the Carried Interest Entity makes distributions to its equity holders. The units issued to employees are equity awards and are subject to vesting schedules and forfeiture or repurchase provisions in the case of a termination of employment. Summarized condensed financial information on a combined 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets
Statements of Operations
At February 29, 2016 and November 30, 2015, the carrying value of Rialto's non-investment grade commercial mortgage-backed securities (“CMBS”) was $49.3 million and $25.6 million, respectively. These investments securities have discount rates ranging from 39% to 55% with coupon rates ranging from 3.0% to 4.0%, stated and assumed final distribution dates between November 2020 and February 2026, and stated maturity dates between November 2048 and January 2059. The Rialto segment reviews changes in estimated cash flows periodically to determine if other-than-temporary impairment has occurred on its investment securities. Based on the Rialto segment’s assessment, no impairment charges were recorded during the three months ended February 29, 2016 or February 28, 2015. The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. In 2014, the Rialto segment invested $18.0 million in a private commercial real estate services company. The investment was carried at cost at both February 29, 2016 and November 30, 2015 and is included in Rialto's other assets. |
Lennar Multifamily Segment |
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Segment Disclosures Including Unconsolidated Entity Information | Lennar Multifamily Segment The Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Lennar Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Lennar Multifamily segment were as follows:
The unconsolidated entities in which the Lennar Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Lennar Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to our investment in the entities and would increase our share of funds the entities distribute after the achievement of certain thresholds. As of both February 29, 2016 and November 30, 2015, the fair value of the completion guarantees was immaterial. Additionally, as of February 29, 2016 and November 30, 2015, the Lennar Multifamily segment had $36.9 million and $37.9 million, respectively, of letters of credit outstanding primarily for credit enhancements for the bank debt of certain of its unconsolidated entities and deposits on land purchase contracts. These letters of credit outstanding are included in the disclosure in Note 11 related to the Company's performance and financial letters of credit. As of February 29, 2016 and November 30, 2015, Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $520.2 million and $466.7 million, respectively. In many instances, the Lennar Multifamily segment is appointed as the construction, development and property manager of certain of its Lennar Multifamily unconsolidated entities and receives fees for performing this function. During the three months ended February 29, 2016 and February 28, 2015, the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $8.1 million and $4.5 million, respectively. During the three months ended February 29, 2016 and February 28, 2015, the Lennar Multifamily segment provided general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment and received fees totaling $31.4 million and $31.9 million, respectively, which are partially offset by costs related to those services of $30.6 million and $31.3 million, respectively. In 2015, the Lennar Multifamily segment completed the initial closing of the Lennar Multifamily Venture (the "Venture") for the development, construction and property management of class-A multifamily assets. During the three months ended February 29, 2016, the Venture received an additional $300 million of equity commitments, increasing its total equity commitments to $1.4 billion, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. As of February 29, 2016, $372.6 million of the $1.4 billion in equity commitments had been called, of which the Company contributed its portion of $133.7 million representing its pro-rata portion of the called equity. During the three months ended February 29, 2016, $97.2 million in equity commitments was called, none of which was called from the Company due to new investors coming into the Venture. During the three months ended February 29, 2016, the Company received distributions of $43.6 million as a return of capital from the Venture. As of February 29, 2016 and November 30, 2015, the carrying value of the Company's investment in the Venture was $127.0 million and $122.5 million, respectively. Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets
Statements of Operations
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Lennar Homebuilding Cash and Cash Equivalents |
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Cash and Cash Equivalents [Abstract] | |
Lennar Homebuilding Cash and Cash Equivalents | Lennar Homebuilding Cash and Cash Equivalents Cash and cash equivalents as of February 29, 2016 and November 30, 2015 included $300.1 million and $414.9 million, respectively, of cash held in escrow for approximately three days. |
Lennar Homebuilding Senior Notes And Other Debts Payable |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lennar Homebuilding Senior Notes And Other Debts Payable | Lennar Homebuilding Senior Notes and Other Debts Payable
The carrying amounts of the senior notes listed above are net of debt issuance costs of $24.4 million and $26.4 million, as February 29, 2016 and November 30, 2015, respectively. At February 29, 2016, the Company had a $1.6 billion Credit Facility, which includes a $163 million accordion feature, subject to additional commitments, with certain financial institutions. The maturity for $1.3 billion of the Credit Facility is in June 2019, with the remainder maturing in June 2018. The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $500 million in commitments may be used for letters of credit. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. The Company believes it was in compliance with its debt covenants at February 29, 2016. In addition, the Company had $320 million letter of credit facilities with different financial institutions. The Company’s performance letters of credit outstanding were $245.5 million and $236.5 million, respectively, at February 29, 2016 and November 30, 2015. The Company’s financial letters of credit outstanding were $222.0 million and $216.7 million, at February 29, 2016 and November 30, 2015, respectively. Performance letters of credit are generally posted with regulatory bodies to guarantee the Company’s performance of certain development and construction activities. Financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at February 29, 2016, the Company had outstanding performance and surety bonds related to site improvements at various projects (including certain projects in the Company’s joint ventures) of $1.3 billion, which includes $223.4 million related to pending litigation. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. As of February 29, 2016, there were approximately $468.8 million, or 36%, of anticipated future costs to complete related to these site improvements. The Company does not presently anticipate any draws upon these bonds or letters of credit, but if any such draws occur, the Company does not believe they would have a material effect on its financial position, results of operations or cash flows. Subsequent to February 29, 2016, the Company issued $500 million aggregate principal amount of 4.750% senior notes due 2021 (the "4.750% Senior Notes") at a price of 100%. Proceeds from the offering, after payment of expenses, were estimated to be $495.9 million. The Company will use the net proceeds from the sales of the 4.750% Senior Notes for general corporate purposes, including the repayment of the 6.50% senior notes due 2016. Interest on the 4.750% Senior Notes is due semi-annually beginning October 1, 2016. The 4.750% Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. At both February 29, 2016 and November 30, 2015, the principal amount of the 3.25% convertible senior notes due 2021 (the “3.25% Convertible Senior Notes”) was $400.0 million and the carrying amount, net of debt issuance costs, was $398.6 million and $398.2 million, at February 29, 2016 and November 30, 2015, respectively. The 3.25% Convertible Senior Notes are convertible into shares of Class A common stock at any time prior to maturity or redemption at the initial conversion rate of 42.5555 shares of Class A common stock per $1,000 principal amount of the 3.25% Convertible Senior Notes or 17,022,200 shares of Class A common stock if all the 3.25% Convertible Senior Notes are converted, which is equivalent to an initial conversion price of approximately $23.50 per share of Class A common stock, subject to anti-dilution adjustments. The shares are included in the calculation of diluted earnings per share. The 3.25% Convertible Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. The 2.75% convertible senior notes due 2020 (the “2.75% Convertible Senior Notes”) are convertible into cash, shares of Class A common stock or a combination of both, at the Company’s election. However, it is the Company’s intent to settle the face value of the 2.75% Convertible Senior Notes in cash. At February 29, 2016, holders may convert the 2.75% Convertible Senior Notes at the initial conversion rate of 45.1794 shares of Class A common stock per $1,000 principal amount or 3,209,590 shares of Class A common stock if all the 2.75% Convertible Senior Notes are converted, which is equivalent to an initial conversion price of approximately $22.13 per share of Class A common stock. Shares are included in the calculation of diluted earnings per share because even though it is the Company’s intent to settle the face value of the 2.75% Convertible Senior Notes in cash, the Company's volume weighted average stock price exceeded the conversion price. The Company’s volume weighted average stock price for the three months ended February 29, 2016 and February 28, 2015 was $44.07 and $45.52, respectively, which exceeded the conversion price, thus 1.6 million shares and 10.4 million shares, respectively, were included in the calculation of diluted earnings per share. The 2.75% Convertible Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. Holders of the 2.75% Convertible Senior Notes have the right to convert them during any fiscal quarter (and only during such fiscal quarter, except if they are called for redemption or about to mature), if the last reported sale price of the Company’s Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day. Holders of the 2.75% Convertible Senior Notes had the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on December 15, 2015, but none of them elected to do so. The Company has the right to redeem the 2.75% Convertible Senior Notes at any time on or after December 20, 2015 for 100% of their principal amount, plus accrued but unpaid interest. During the three months ended February 29, 2016, the Company exchanged and converted approximately $163 million in aggregate principal amount of the 2.75% Convertible Senior Notes for approximately $163 million in cash and 3.6 million shares of Class A common stock, plus accrued and unpaid interest through the date of completion of the exchanges and conversions. For its 2.75% Convertible Senior Notes, the Company will be required to pay contingent interest with regard to any interest period beginning with the interest period commencing December 20, 2015 and ending June 14, 2016, and for each subsequent six-month period commencing on an interest payment date to, but excluding, the next interest payment date, if the average trading price of the 2.75% Convertible Senior Notes during the five consecutive trading days ending on the second trading day immediately preceding the first day of the applicable interest period exceeds 120% of the principal amount of the 2.75% Convertible Senior Notes. The amount of contingent interest payable per $1,000 principal amount of notes during the applicable interest period will equal 0.75% per year of the average trading price of such $1,000 principal amount of 2.75% Convertible Senior Notes during the five trading day reference period. Certain provisions under ASC 470, Debt, require the issuer of certain convertible debt instruments that may be settled in cash on conversion to separately account for the liability and equity components of the instrument in a manner that reflects the issuer’s non-convertible debt borrowing rate. The Company has applied these provisions to its 2.75% Convertible Senior Notes. At issuance, the Company estimated the fair value of the 2.75% Convertible Senior Notes using similar debt instruments that did not have a conversion feature and allocated the residual value to an equity component that represented the estimated fair value of the conversion feature at issuance. The debt discount of the 2.75% Convertible Senior Notes was amortized over the five years ended November 30, 2015. At February 29, 2016, the carrying and principal amount of the 2.75% Convertible Senior Notes was $71.0 million, which is included in Lennar Homebuilding senior notes and other debts payable. At November 30, 2015, the principal amount of the 2.75% Convertible Senior Notes was $233.9 million, the carrying amount of the equity component included in stockholders’ equity was $0.6 million, and the net carrying amount of the 2.75% Convertible Senior Notes included in Lennar Homebuilding senior notes and other debts payable was $233.2 million. Although the guarantees by substantially all of the Company's 100% owned homebuilding subsidiaries are full, unconditional and joint and several while they are in effect, (i) a subsidiary will cease to be a guarantor at any time when it is not directly or indirectly guaranteeing at least $75 million of debt of Lennar Corporation (the parent company), and (ii) a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of. |
Product Warranty |
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Product Warranty | Product Warranty Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The Company regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties in order to reflect changes in trends and historical data as information becomes available. Warranty reserves are included in Lennar Homebuilding other liabilities in the condensed consolidated balance sheets. The activity in the Company’s warranty reserve was as follows:
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment | Share-Based Payments During the three months ended February 29, 2016, the Company granted an immaterial number of nonvested shares and did not grant any stock options. During the three months ended February 28, 2015, the Company granted an immaterial number of stock options and did not grant any nonvested shares. Compensation expense related to the Company’s share-based payment awards was as follows:
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Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments and Fair Value Disclosures The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at February 29, 2016 and November 30, 2015, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
The following methods and assumptions are used by the Company in estimating fair values: Rialto—The fair values for loans receivable, net are based on the fair value of the collateral less estimated cost to sell or discounted cash flows, if estimable. The fair value for investments held-to-maturity is based on discounted cash flows. For notes and other debts payable, the fair value is calculated based on discounted cash flows using the Company’s weighted average borrowing rate and for the warehouse repurchase financing agreements fair values approximate their carrying value due to their short-term maturities. Lennar Financial Services—The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. For notes and other debts payable, the fair values approximate their carrying value due to variable interest pricing terms and short-term nature of the borrowing. Lennar Homebuilding—For senior notes and other debts payable, the fair value of fixed-rate borrowings is based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates. Fair Value Measurements: GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows: Level 1: Fair value determined based on quoted prices in active markets for identical assets. Level 2: Fair value determined using significant other observable inputs. Level 3: Fair value determined using significant unobservable inputs. The Company’s financial instruments measured at fair value on a recurring basis are summarized below:
The estimated fair values of the Company’s financial instruments have been determined by using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The following methods and assumptions are used by the Company in estimating fair values: Rialto loans held-for-sale- The fair value of loans held-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. The Company estimates CMBS spreads by observing the pricing of recent CMBS offerings, secondary CMBS markets, changes in the CMBX index, and general capital and commercial real estate market conditions. Considerations in estimating CMBS spreads include comparing the Company’s current loan portfolio with comparable CMBS offerings containing loans with similar duration, credit quality and collateral composition. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust. Rialto interest rate swaps and swap futures- The fair value of interest rate swaps (derivatives) is based on observable values for underlying interest rates and market determined risk premiums. The fair value of interest rate swap futures (derivatives) is based on quoted market prices for identical investments traded in active markets. Rialto credit default swaps- The fair value of credit default swaps (derivatives) is based on quoted market prices for similar investments traded in active markets. Lennar Financial Services loans held-for-sale- Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. Management believes carrying loans held-for-sale at fair value improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. In addition, the Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these servicing rights is included in Lennar Financial Services’ loans held-for-sale as of February 29, 2016 and November 30, 2015. Fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics. Lennar Financial Services investments available-for-sale- The fair value of these investments is based on the quoted market prices for similar financial instruments. Lennar Financial Services mortgage loan commitments- Fair value of commitments to originate loans is based upon the difference between the current value of similar loans and the price at which the Lennar Financial Services segment has committed to originate the loans. The fair value of commitments to sell loan contracts is the estimated amount that the Lennar Financial Services segment would receive or pay to terminate the commitments at the reporting date based on market prices for similar financial instruments. In addition, the Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics. The fair value of the mortgage loan commitments and related servicing rights is included in Lennar Financial Services’ other assets. Lennar Financial Services forward contracts- Fair value is based on quoted market prices for similar financial instruments. The fair value of forward contracts is included in the Lennar Financial Services segment's other liabilities as of February 29, 2016. The fair value of forward contracts is included in the Lennar Financial Services segment's other assets as of November 30, 2015. The Lennar Financial Services segment uses mandatory mortgage-backed securities (“MBS”) forward commitments, option contracts and investor commitments to hedge its mortgage-related interest rate exposure. These instruments involve, to varying degrees, elements of credit and interest rate risk. Credit risk associated with MBS forward commitments, option contracts and loan sales transactions is managed by limiting the Company’s counterparties to investment banks, federally regulated bank affiliates and other investors meeting the Company’s credit standards. The segment’s risk, in the event of default by the purchaser, is the difference between the contract price and fair value of the MBS forward commitments and option contracts. At February 29, 2016, the segment had open commitments amounting to $1.2 billion to sell MBS with varying settlement dates through May 2016. Lennar Financial Services mortgage servicing rights - Lennar Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates. As of February 29, 2016, the key assumptions used in determining the fair value include a 14.8% mortgage prepayment rate, a 12.2% discount rate and a 7.9% delinquency rate. The fair value of mortgage servicing rights is included in the Lennar Financial Services segment's other assets. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:
Interest on Lennar Financial Services loans held-for-sale and Rialto loans held-for-sale measured at fair value is calculated based on the interest rate of the loan and recorded as revenues in the Lennar Financial Services’ statement of operations and Rialto's statement of operations, respectively. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements:
The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represents only those assets whose carrying value were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below:
Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. The Company discloses its accounting policy related to inventories and its review for indicators of impairments in the Summary of Significant Accounting Policies in its Form 10-K for the year ended November 30, 2015. The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts. On a quarterly basis, the Company reviews its active communities for indicators of potential impairments. As of February 29, 2016 and February 28, 2015, there were 681 and 625 active communities, excluding unconsolidated entities, respectively. As of February 29, 2016, the Company identified 28 communities with 1,178 homesites and a corresponding carrying value of $169.8 million as having potential indicators of impairment. As of February 28, 2015, the Company identified 19 communities with 600 homesites and a corresponding carrying value of $120.5 million as having potential indicators of impairment. For the three months ended February 29, 2016 and February 28, 2015, the Company recorded no impairments. |
Variable Interest Entities |
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Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities The Company evaluated the agreements of its joint ventures that were formed or that had reconsideration events during the three months ended February 29, 2016. Based on the Company's evaluation during the three months ended February 29, 2016, the Company consolidated an entity that had a total combined assets of $14.9 million. In addition, during the three months ended February 29, 2016, there were no VIEs that were deconsolidated. The Company’s recorded investments in unconsolidated entities were as follows:
Consolidated VIEs As of February 29, 2016, the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $582.1 million and $60.3 million, respectively. As of November 30, 2015, the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $652.3 million and $84.4 million, respectively. Those assets are owned by, and those liabilities are obligations of, the VIEs, not the Company. A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of the Company’s senior notes and other debts payable. In addition, the assets held by a VIE usually are collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with a VIE’s banks. Other than debt guarantee agreements with a VIE’s banks, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Unconsolidated VIEs The Company’s recorded investment in unconsolidated VIEs and its estimated maximum exposure to loss were as follows: As of February 29, 2016
As of November 30, 2015
While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared and the Company and its partners are not de facto agents. While the Company generally manages the day-to-day operations of the VIEs, each of these VIEs has an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent. As of February 29, 2016, the Company and other partners do not generally have an obligation to make capital contributions to the VIEs, except for $370.3 million remaining equity commitment to fund the Venture for further expenditures related to the construction and development of the projects and $30.0 million of letters of credit outstanding for certain Lennar Multifamily unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements. In addition, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs, except with regard to a $15.4 million remaining commitment to fund a Lennar Homebuilding unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Option Contracts The Company has access to land through option contracts, which generally enables it to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company has determined whether to exercise the option. During the three months ended February 29, 2016, consolidated inventory not owned decreased by $38.6 million with a corresponding decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 29, 2016. The decrease was primarily due to a higher amount of homesite takedowns than construction started on homesites not owned. To reflect the purchase price of the inventory consolidated, the Company had a net reclass related to option deposits from consolidated inventory not owned to land under development in the accompanying condensed consolidated balance sheet as of February 29, 2016. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits. The Company’s exposure to loss related to its option contracts with third parties and unconsolidated entities consisted of its non-refundable option deposits and pre-acquisition costs totaling $77.7 million and $89.2 million at February 29, 2016 and November 30, 2015, respectively. Additionally, the Company had posted $72.2 million and $70.4 million of letters of credit in lieu of cash deposits under certain land and option contracts as of February 29, 2016 and November 30, 2015, respectively. |
Commitments and Contingencies Commitments and Contingencies |
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Feb. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingent Liabilities The Company has been engaged in litigation since 2008 in the United States District Court for the District of Maryland regarding whether the Company is required by a contract it entered into in 2005 to purchase a property in Maryland. After entering into the contract, the Company later renegotiated the purchase price, reducing it from $200 million to $134 million, $20 million of which has been paid and subsequently written off, leaving a balance of $114 million. In January 2015, the District Court rendered a decision ordering the Company to purchase the property for the $114 million balance of the contract price, to pay interest at the rate of 12% per annum from May 27, 2008, and to reimburse the seller for real estate taxes and attorneys’ fees. The Company believes the decision is contrary to applicable law and has appealed the decision. The Company does not believe it is probable that a loss has occurred and, therefore, no liability has been recorded with respect to this case. If the District Court decision is affirmed in its entirety, the Company will purchase the property and record it at fair value, which the Company believes will not result in an impairment. The amount of interest the Company will be required to pay has been the subject of further proceedings before the court. On June 29, 2015, the court ruled that interest will be calculated as simple interest at the rate of 12% per annum from May 27, 2008 until the date the Company purchases the property. Simple interest on $114 million at 12% per annum will accrue at the rate of $13.7 million per year, totaling approximately $106 million as of February 29, 2016. In addition, if the Company is required to purchase the property, it will be obligated to reimburse the seller for real estate taxes, which currently total $1.6 million. The Company has not engaged in discovery regarding the amount of the plaintiffs’ attorneys’ fees. If the District Court decision is totally reversed on appeal, the Company will not have to purchase the property or pay interest, real estate taxes or attorneys’ fees. In its June 29, 2015 ruling, the District Court determined that the Company will be permitted to stay the judgment during appeal by posting a bond in the amount of $223.4 million related to pending litigation. The District Court calculated this amount by adding 12% per annum simple interest to the $114 million purchase price for the period beginning May 27, 2008 through May 26, 2016, the date the District Court estimates the appeal of the case will be concluded. |
New Accounting Pronouncements |
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Feb. 29, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers, (“ASU 2014-09”). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. In July 2015, the FASB deferred the effective date by one year and permitted early adoption of the standard, but not before the original effective date; therefore, ASU 2014-09 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The Company has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of applying this ASU recognized at the date of initial application. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company's condensed consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 amends the consolidation requirements and significantly changes the consolidation analysis required. ASU 2015-02 requires management to reevaluate all legal entities under a revised consolidation model specifically (i) modify the evaluation of whether limited partnership and similar legal entities are VIEs, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs particularly those that have fee arrangements and related party relationships, and (iv) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Act of 1940 for registered money market funds. ASU 2015-02 will be effective for the Company’s fiscal year beginning December 1, 2016 and subsequent interim periods. The adoption of ASU 2015-02 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customers' Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05”). ASU 2015-05 provides guidance for a customer to determine whether a cloud computing arrangement contains a software license or should be accounted for as a service contract. ASU 2015-05 will be effective for the Company’s fiscal year beginning December 1, 2016 and subsequent interim periods. As permitted, the Company has elected early adoption. The adoption of ASU 2015-05 did not have a material effect on the Company’s condensed consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 will be effective for the Company’s fiscal year beginning December 1, 2017 and subsequent interim periods. The adoption of ASU 2015-16 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 modifies how entities measure equity investments and present changes in the fair value of financial liabilities. Under the new guidance, entities will have to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value under ASC 820, Fair Value Measurements, and as such these investments may be measured at cost. ASU 2016-01 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The adoption of ASU 2016-01 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU 2016-02 will be effective for the Company’s fiscal year beginning December 1, 2019 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the Company's condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments- Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”). ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. ASU 2016-07 will be effective for the Company’s fiscal year beginning December 1, 2017 and subsequent interim periods. The adoption of ASU 2016-07 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). ASU 2016-08 does not change the core principle of the guidance stated in ASU 2014-09, instead, the amendments in this ASU are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations and whether an entity reports revenue on a gross or net basis. ASU 2016-08 will have the same effective date and transition requirements as the new revenue standard issued in ASU 2014-09. The Company is currently evaluating the method and impact the adoption of this ASU and ASU 2014-09 will have on the Company's condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements and classification on the statement of cash flows. ASU 2016-09 will be effective for the Company’s fiscal year beginning December 1, 2017 and subsequent interim periods. The Company is currently evaluating the impact that the adoption of ASU 2016-09 will have on the Company's condensed consolidated financial statements. |
Supplemental Financial Information |
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Supplemental Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information | Supplemental Financial Information The indentures governing the Company’s 6.50% senior notes due 2016, 12.25% senior notes due 2017, 4.75% senior notes due 2017, 6.95% senior notes due 2018, 4.125% senior notes due 2018, 4.500% senior notes due 2019, 4.50% senior notes due 2019, 2.75% convertible senior notes due 2020, 3.25% convertible senior notes due 2021, 4.750% senior notes due 2022, 4.875% senior notes due 2023 and 4.750% senior notes due 2025 require that, if any of the Company’s 100% 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 are not finance company subsidiaries or foreign subsidiaries and were guaranteeing the senior notes because at February 29, 2016 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 11. The guarantees are full, unconditional and joint and several and the guarantor subsidiaries are 100% directly or indirectly owned by Lennar Corporation. A subsidiary's guarantee will be suspended at any time when it is not directly or indirectly guaranteeing at least $75 million principal amount of debt of Lennar Corporation, and a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of. For purposes of the condensed consolidating statement of cash flows included in the following supplemental financial information, the Company's accounting policy is to treat cash received by Lennar Corporation (“the Parent”) from its subsidiaries, to the extent of net earnings from such subsidiaries as a dividend and accordingly a return on investment within cash flows from operating activities. Distributions of capital received by the Parent from its subsidiaries are reflected as cash flows from investing activities. The cash outflows associated with the return on investment dividends and distributions of capital received by the Parent are reflected by the Guarantor and Non-Guarantor subsidiaries in the Dividends line item within cash flows from financing activities. All other cash flows between the Parent and its subsidiaries represent the settlement of receivables and payables between such entities in conjunction with the Parent's centralized cash management arrangement with its subsidiaries, which operates with the characteristics of a revolving credit facility, and are accordingly reflected net in the Intercompany line item within cash flows from investing activities for the Parent and net in the Intercompany line item within cash flows from financing activities for the Guarantor and Non-Guarantor subsidiaries. In 2015, certain subsidiaries that were Guarantor subsidiaries became Non-guarantor subsidiaries. For comparative purposes, the condensed consolidating statement of operations and comprehensive income (loss) and cash flows for the three months ended February 28, 2015 have been retrospectively adjusted to reflect the aforementioned activity. This activity did not affect the Company’s condensed consolidated financial statements. Supplemental information for the subsidiaries that were guarantor subsidiaries at February 29, 2016 was as follows: Condensed Consolidating Balance Sheet February 29, 2016
Condensed Consolidating Balance Sheet November 30, 2015
Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended February 29, 2016
Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended February 28, 2015
Condensed Consolidating Statement of Cash Flows Three Months Ended February 29, 2016
Condensed Consolidating Statement of Cash Flows Three Months Ended February 28, 2015
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Basis Of Presentation (Policy) |
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Feb. 29, 2016 | |
Basis Of Presentation [Abstract] | |
Basis Of Consolidation | Basis of Consolidation The accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 15) in which Lennar Corporation is deemed to be the primary beneficiary (the “Company”). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2015. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 29, 2016 are not necessarily indicative of the results to be expected for the full year. |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Reclassification, Policy [Policy Text Block] | Reclassifications/Revisions Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2016 presentation. These reclassifications had no impact on the Company's results of operations. As a result of the Company's change in reportable segments, the Company restated certain prior year amounts in the condensed consolidated financial statements to conform with the 2016 presentation (See Note 2). In addition, certain prior year amounts in the supplemental financial information included in Note 18 were revised to conform with the Company’s current guarantor and non-guarantor structure. These revisions did not affect the Company’s condensed consolidated financial statements as they relate solely to transactions between Lennar Corporation and its subsidiaries and only impact the condensed consolidating financial statements. As such, the supplemental financial information included in Note 18 has been retrospectively adjusted for the three months ended February 28, 2015. |
Operating And Reporting Segments (Tables) |
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Disclosure Of Financial Information Relating To Company's Operations | Financial information relating to the Company’s operations was as follows:
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Lennar Homebuilding Investments In Unconsolidated Entities (Tables) - Lennar Homebuilding [Member] |
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Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information By Equity Method Investment, Statements Of Operations | Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows: Statements of Operations
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Balance Sheets | Balance Sheets
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Total Debt Of Unconsolidated Entities | The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows:
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Stockholders' Equity (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Equity | The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the three months ended February 29, 2016 and February 28, 2015:
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Income Taxes (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 29, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Benefit (Provision) [Table Text Block] | The provision for income taxes and effective tax rate were as follows:
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Earnings Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 29, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share | Basic and diluted earnings per share were calculated as follows:
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Lennar Financial Services Segment (Tables) - Lennar Financial Services [Member] |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 29, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities | The assets and liabilities related to the Lennar Financial Services segment were as follows:
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Schedule of Line of Credit Facilities [Table Text Block] | At February 29, 2016, the Lennar Financial Services segment warehouse facilities were as follows:
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Schedule Of Loan Origination Liabilities | The activity in the Company’s loan origination liabilities was as follows:
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Rialto Segment (Tables) - Rialto [Member] |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 29, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Assets and Liabilities By Segment | The assets and liabilities related to the Rialto segment were as follows:
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Other Income (Expense), Net Related By Segment | The following is a detail of Rialto other expense, net:
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Loans Receivable, Net by Type | The following table represents loans receivable, net by type:
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Nonaccrual Loans | The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type: February 29, 2016
November 30, 2015
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Allowance for Credit Losses on Financing Receivables [Table Text Block] | Nonaccrual — Loans in which forecasted principal and interest could not be reasonably estimated. The risk of nonaccrual loans relates to a decline in the value of the collateral securing the outstanding obligation and the recognition of an impairment through an allowance for loan losses if the recorded investment in the loan exceeds its fair value. The activity in the Company's allowance rollforward related to nonaccrual loans was as follows:
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Changes In Real Estate Owned | The following tables represent the activity in REO:
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Schedule of Line of Credit Facilities [Table Text Block] | At February 29, 2016, Rialto warehouse facilities were as follows:
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Private Equity Funds Related to Rialto Segment | The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments:
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Equity in Earnings (Loss) on Investments Related to Rialto Segment [Table Text Block] | Rialto's share of earnings (loss) from unconsolidated entities was as follows:
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Condensed Financial Information By Equity Method Investment, Balance Sheets | Balance Sheets
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Condensed Financial Information By Equity Method Investment, Statements Of Operations | Statements of Operations
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Lennar Multifamily Segment (Tables) - Lennar Multifamily [Member] |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 29, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Assets and Liabilities By Segment | The assets and liabilities related to the Lennar Multifamily segment were as follows:
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Condensed Financial Information By Equity Method Investment, Balance Sheets | Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets
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Condensed Financial Information By Equity Method Investment, Statements Of Operations | Statements of Operations
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Lennar Homebuilding Senior Notes And Other Debts Payable (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 29, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Senior Notes And Other Debts Payable |
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Product Warranty (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 29, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Product Warranty Reserve | The activity in the Company’s warranty reserve was as follows:
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Share-Based Payment (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 29, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Expense, Share-Based Payment Awards | Compensation expense related to the Company’s share-based payment awards was as follows:
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Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 29, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amounts And Estimated Fair Value Of Financial Instruments |
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Fair Value Measured On Recurring Basis | The Company’s financial instruments measured at fair value on a recurring basis are summarized below:
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Schedule Of Gains And Losses Of Financial Instruments | The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:
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Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements | The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements:
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Fair Value Measurements, Nonrecurring | The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represents only those assets whose carrying value were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below:
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Variable Interest Entities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 29, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Entities | The Company’s recorded investments in unconsolidated entities were as follows:
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Estimated Maximum Exposure To Loss | The Company’s recorded investment in unconsolidated VIEs and its estimated maximum exposure to loss were as follows: As of February 29, 2016
As of November 30, 2015
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Supplemental Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 29, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | Supplemental information for the subsidiaries that were guarantor subsidiaries at February 29, 2016 was as follows: Condensed Consolidating Balance Sheet February 29, 2016
Condensed Consolidating Balance Sheet November 30, 2015
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Consolidating Statement Of Operations | Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended February 29, 2016
Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended February 28, 2015
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Consolidating Statement Of Cash Flows | Condensed Consolidating Statement of Cash Flows Three Months Ended February 29, 2016
Condensed Consolidating Statement of Cash Flows Three Months Ended February 28, 2015
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Operating And Reporting Segments (Disclosure Of Financial Information Relating To Company's Operations) (Details) - USD ($) |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
Nov. 30, 2015 |
|||||
Segment Reporting Information [Line Items] | |||||||
Assets | [1] | $ 14,195,188,000 | $ 14,419,509,000 | ||||
Revenues: | |||||||
Total revenues | 1,993,664,000 | $ 1,644,139,000 | |||||
Operating Income (Loss) [Abstract] | |||||||
Total operating earnings | 249,361,000 | 220,297,000 | |||||
Corporate general and administrative | 47,668,000 | 43,654,000 | |||||
Earnings before income taxes | 201,693,000 | 176,643,000 | |||||
Sales incentives | 103,690,000 | 93,640,000 | |||||
Sales incentives per home delivered | 21,600 | 21,800 | |||||
Equity in earnings (loss) from unconsolidated entities | 24,183,000 | 31,385,000 | |||||
Homebuilding East [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 3,519,242,000 | 3,140,604,000 | |||||
Revenues: | |||||||
Real estate revenues | 659,054,000 | 610,683,000 | |||||
Operating Income (Loss) [Abstract] | |||||||
Total operating earnings | 84,706,000 | 86,533,000 | |||||
Homebuilding Central [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 1,488,437,000 | 1,421,195,000 | |||||
Revenues: | |||||||
Real estate revenues | 275,219,000 | 210,508,000 | |||||
Operating Income (Loss) [Abstract] | |||||||
Total operating earnings | 20,323,000 | 15,052,000 | |||||
Homebuilding West [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 4,248,352,000 | 4,157,616,000 | |||||
Revenues: | |||||||
Real estate revenues | 551,339,000 | 382,773,000 | |||||
Operating Income (Loss) [Abstract] | |||||||
Total operating earnings | 88,834,000 | 82,493,000 | |||||
Homebuilding Houston [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 541,449,000 | 481,386,000 | |||||
Revenues: | |||||||
Real estate revenues | 138,621,000 | 131,257,000 | |||||
Operating Income (Loss) [Abstract] | |||||||
Total operating earnings | 12,872,000 | 17,015,000 | |||||
Homebuilding Other [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 825,145,000 | 858,000,000 | |||||
Revenues: | |||||||
Real estate revenues | 162,248,000 | 106,437,000 | |||||
Operating Income (Loss) [Abstract] | |||||||
Total operating earnings | 13,903,000 | 6,551,000 | |||||
Lennar Financial Services [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 1,157,079,000 | 1,425,837,000 | [1] | ||||
Revenues: | |||||||
Financial Services, Revenues | 123,956,000 | 124,827,000 | |||||
Operating Income (Loss) [Abstract] | |||||||
Total operating earnings | 14,931,000 | 15,527,000 | |||||
Rialto [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | [1] | 1,272,004,000 | 1,505,500,000 | ||||
Revenues: | |||||||
Rialto, Revenues | 43,711,000 | 41,197,000 | |||||
Operating Income (Loss) [Abstract] | |||||||
Total operating earnings | 1,610,000 | 2,808,000 | |||||
Equity in earnings (loss) from unconsolidated entities | 1,497,000 | 2,664,000 | |||||
Lennar Multifamily [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 451,108,000 | 415,352,000 | [1] | ||||
Revenues: | |||||||
Real estate revenues | 39,516,000 | 36,457,000 | |||||
Operating Income (Loss) [Abstract] | |||||||
Total operating earnings | 12,182,000 | (5,682,000) | |||||
Equity in earnings (loss) from unconsolidated entities | 19,686,000 | (178,000) | |||||
Corporate And Unallocated [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 692,372,000 | $ 1,014,019,000 | |||||
Homebuilding West Joint Venture [Member] | Homebuilding West [Member] | |||||||
Operating Income (Loss) [Abstract] | |||||||
Equity in earnings (loss) from unconsolidated entities | $ 6,016,000 | $ 31,319,000 | |||||
|
Lennar Homebuilding Investments In Unconsolidated Entities (Narrative) (Details) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Feb. 29, 2016
USD ($)
homes
|
Feb. 28, 2015
USD ($)
homes
|
Nov. 30, 2015
USD ($)
|
|||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in earnings (loss) from unconsolidated entities | $ 24,183 | $ 31,385 | |||
Lennar Homebuilding [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenues | 99,726 | 442,957 | |||
Gross Profit | 20,669 | 145,501 | |||
Equity in earnings (loss) from unconsolidated entities | 3,000 | $ 28,899 | |||
Investments in unconsolidated entities | [1] | 771,401 | $ 741,551 | ||
Underlying equity in unconsolidated partners' net assets | $ 873,315 | $ 839,469 | |||
Related Party Transaction [Domain] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Homesites sold | homes | 300 | ||||
Revenues | $ 126,418 | ||||
Gross Profit | $ 44,621 | ||||
Homebuilding West [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Homesites sold | homes | 220 | 900 | |||
Homebuilding West Joint Venture [Member] | Homebuilding West [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Homesites sold | homes | 600 | ||||
Equity in earnings (loss) from unconsolidated entities | $ 6,016 | $ 31,319 | |||
Unconsolidated Properties [Member] | Lennar Homebuilding [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenues | $ 62,063 | $ 412,222 | |||
|
Lennar Homebuilding Investments In Unconsolidated Entities (Statements Of Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
|
Schedule of Equity Method Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | $ 24,183 | $ 31,385 |
Lennar Homebuilding [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 99,726 | 442,957 |
Costs and expenses | 97,200 | 298,879 |
Other income, net | 0 | 2,943 |
Net earnings (loss) of unconsolidated entities | 2,526 | 147,021 |
Equity in earnings (loss) from unconsolidated entities | $ 3,000 | $ 28,899 |
Lennar Homebuilding Investments In Unconsolidated Entities (Balance Sheets) (Details) - Lennar Homebuilding [Member] - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
---|---|---|
ASSETS | ||
Cash and cash equivalents | $ 242,573 | $ 248,980 |
Inventories | 3,126,810 | 3,059,054 |
Other assets | 501,077 | 465,404 |
Total assets | 3,870,460 | 3,773,438 |
LIABILITIES AND EQUITY | ||
Accounts payable and other liabilities | 279,893 | 288,192 |
Debt | 836,483 | 792,886 |
Equity | 2,754,084 | 2,692,360 |
Total liabilities and equity | $ 3,870,460 | $ 3,773,438 |
Lennar Homebuilding Investments In Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details) - Lennar Homebuilding [Member] - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Feb. 29, 2016 |
Nov. 30, 2015 |
|
Schedule of Equity Method Investments [Line Items] | ||
Non-recourse bank debt and other debt (partner's share of several recourse) | $ 50,098 | $ 50,411 |
Non-recourse land seller debt or other debt | 323,995 | 324,000 |
Non-recourse debt with completion guarantees | 148,781 | 146,760 |
Non-recourse debt without completion guarantees | 303,080 | 260,734 |
Non-recourse debt to the Company | 825,954 | 781,905 |
The Company's maximum recourse exposure | 10,529 | 10,981 |
Total debt | $ 836,483 | $ 792,886 |
The Company's maximum recourse exposure as a % of total JV debt | 1.00% | 1.00% |
Stockholders' Equity (Narrative) (Details) - shares |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
|
Stockholders' Equity Note [Abstract] | ||
Maximum number of shares to repurchase | 20,000,000 | |
Repurchases of common stock | 0 | 0 |
Common stock that can be repurchased in the future | 6,200,000 |
Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning | $ 5,950,072 | [1] | $ 5,251,302 | ||
Net earnings (including net earnings attributable to noncontrolling interests) | 145,452 | 116,917 | |||
Employee stock and directors plans | (194) | 8,074 | |||
Conversions and exchanges of convertible senior notes to Class A common stock | 0 | ||||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 25,131 | 35 | |||
Amortization of restricted stock | 11,142 | 10,250 | |||
Cash dividends | (8,552) | (8,208) | |||
Receipts related to noncontrolling interests | 65 | 1,302 | |||
Payments related to noncontrolling interests | (42,015) | (57,629) | |||
Noncontrolling Interests Non Cash Consolidations | 12,478 | ||||
Noncontrolling Interests Non Cash Deconsolidations | (13,253) | ||||
Non-cash activity related to noncontrolling interests | 307 | ||||
Other comprehensive income (loss), net of tax | (437) | 200 | |||
Balance, ending | 6,093,449 | [1] | 5,308,990 | ||
Additional Paid-in Capital [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning | 2,305,560 | 2,239,574 | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | |||
Employee stock and directors plans | 29 | 47 | |||
Conversions and exchanges of convertible senior notes to Class A common stock | (360) | ||||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 25,131 | 35 | |||
Amortization of restricted stock | 11,142 | 10,250 | |||
Cash dividends | 0 | 0 | |||
Receipts related to noncontrolling interests | 0 | 0 | |||
Payments related to noncontrolling interests | 0 | 0 | |||
Noncontrolling Interests Non Cash Consolidations | 0 | ||||
Noncontrolling Interests Non Cash Deconsolidations | 0 | ||||
Non-cash activity related to noncontrolling interests | 0 | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | |||
Balance, ending | 2,341,502 | 2,249,906 | |||
Treasury Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning | (107,755) | (93,440) | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | |||
Employee stock and directors plans | (223) | 8,026 | |||
Conversions and exchanges of convertible senior notes to Class A common stock | 0 | ||||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 0 | 0 | |||
Amortization of restricted stock | 0 | 0 | |||
Cash dividends | 0 | 0 | |||
Receipts related to noncontrolling interests | 0 | 0 | |||
Payments related to noncontrolling interests | 0 | 0 | |||
Noncontrolling Interests Non Cash Consolidations | 0 | ||||
Noncontrolling Interests Non Cash Deconsolidations | 0 | ||||
Non-cash activity related to noncontrolling interests | 0 | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | |||
Balance, ending | (107,978) | (85,414) | |||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning | 39 | 130 | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | |||
Employee stock and directors plans | 0 | 0 | |||
Conversions and exchanges of convertible senior notes to Class A common stock | 0 | ||||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 0 | 0 | |||
Amortization of restricted stock | 0 | 0 | |||
Cash dividends | 0 | 0 | |||
Receipts related to noncontrolling interests | 0 | 0 | |||
Payments related to noncontrolling interests | 0 | 0 | |||
Noncontrolling Interests Non Cash Consolidations | 0 | ||||
Noncontrolling Interests Non Cash Deconsolidations | 0 | ||||
Non-cash activity related to noncontrolling interests | 0 | ||||
Other comprehensive income (loss), net of tax | (437) | 200 | |||
Balance, ending | (398) | 330 | |||
Retained Earnings [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning | 3,429,736 | 2,660,034 | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 144,080 | 114,963 | |||
Employee stock and directors plans | 0 | 0 | |||
Conversions and exchanges of convertible senior notes to Class A common stock | 0 | ||||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 0 | 0 | |||
Amortization of restricted stock | 0 | 0 | |||
Cash dividends | (8,552) | (8,208) | |||
Receipts related to noncontrolling interests | 0 | 0 | |||
Payments related to noncontrolling interests | 0 | 0 | |||
Noncontrolling Interests Non Cash Consolidations | 0 | ||||
Noncontrolling Interests Non Cash Deconsolidations | 0 | ||||
Non-cash activity related to noncontrolling interests | 0 | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | |||
Balance, ending | 3,565,264 | 2,766,789 | |||
Noncontrolling Interests [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning | 301,128 | 424,282 | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 1,372 | 1,954 | |||
Employee stock and directors plans | 0 | 0 | |||
Conversions and exchanges of convertible senior notes to Class A common stock | 0 | ||||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 0 | 0 | |||
Amortization of restricted stock | 0 | 0 | |||
Cash dividends | 0 | 0 | |||
Receipts related to noncontrolling interests | 65 | 1,302 | |||
Payments related to noncontrolling interests | (42,015) | (57,629) | |||
Noncontrolling Interests Non Cash Consolidations | 12,478 | ||||
Noncontrolling Interests Non Cash Deconsolidations | (13,253) | ||||
Non-cash activity related to noncontrolling interests | 307 | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | |||
Balance, ending | 273,335 | 356,656 | |||
Class A Common Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning | 18,066 | 17,424 | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | |||
Employee stock and directors plans | 0 | 1 | |||
Conversions and exchanges of convertible senior notes to Class A common stock | 360 | ||||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 0 | 0 | |||
Amortization of restricted stock | 0 | 0 | |||
Cash dividends | 0 | 0 | |||
Receipts related to noncontrolling interests | 0 | 0 | |||
Payments related to noncontrolling interests | 0 | 0 | |||
Noncontrolling Interests Non Cash Consolidations | 0 | ||||
Noncontrolling Interests Non Cash Deconsolidations | 0 | ||||
Non-cash activity related to noncontrolling interests | 0 | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | |||
Balance, ending | 18,426 | 17,425 | |||
Class B Common Stock [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning | 3,298 | 3,298 | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | |||
Employee stock and directors plans | 0 | 0 | |||
Conversions and exchanges of convertible senior notes to Class A common stock | 0 | ||||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 0 | 0 | |||
Amortization of restricted stock | 0 | 0 | |||
Cash dividends | 0 | 0 | |||
Receipts related to noncontrolling interests | 0 | 0 | |||
Payments related to noncontrolling interests | 0 | 0 | |||
Noncontrolling Interests Non Cash Consolidations | 0 | ||||
Noncontrolling Interests Non Cash Deconsolidations | 0 | ||||
Non-cash activity related to noncontrolling interests | 0 | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | |||
Balance, ending | $ 3,298 | $ 3,298 | |||
|
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Nov. 30, 2015 |
|
Valuation Allowance [Line Items] | ||
Deferred tax assets, net of valuation allowance | $ 315,704 | $ 340,725 |
Unrecognized tax benefits | 12,285 | 12,285 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 43,668 | $ 65,145 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 724 | |
Settlement Of Certain State Tax Nexus [Member] | ||
Valuation Allowance [Line Items] | ||
Decreases In Accrued Interest And Penalties | $ (22,201) |
Income Taxes (Income Tax Benefit (Provision)) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
|
Income Tax Benefit (Provision) [Abstract] | ||
Provision (benefit) for income taxes | $ 56,241 | $ 59,726 |
Effective Income Tax Rate, Continuing Operations | 28.08% | 34.19% |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
Nov. 30, 2011 |
|
Earnings Per Share [Line Items] | |||
Net earnings attributable to Lennar | $ 144,080 | $ 114,963 | |
Less: distributed earnings allocated to nonvested shares | 89 | 91 | |
Less: undistributed earnings allocated to nonvested shares | 1,420 | 1,184 | |
Numerator for basic earnings per share | 142,571 | 113,688 | |
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan | 202 | 0 | |
Plus: interest on 3.25% convertible senior notes due 2021 | 1,982 | 1,982 | |
Plus: undistributed earnings allocated to convertible shares | 1,420 | 1,184 | |
Less: undistributed earnings reallocated to convertible shares | 1,325 | 1,064 | |
Numerator for diluted earnings per share | $ 144,446 | $ 115,790 | |
Denominator for basic earnings per share-weighted average common shares outstanding (shares) | 210,292 | 202,930 | |
Shared based payments (shares) | 4 | 11 | |
Convertible senior notes (shares) | 18,620 | 27,375 | |
Denominator for diluted earnings per share-weighted average common shares outstanding (shares) | 228,916 | 230,316 | |
Basic earnings per share (in dollars per share) | $ 0.68 | $ 0.56 | |
Diluted earnings per share (in dollars per share) | $ 0.63 | $ 0.50 | |
Options to purchase outstanding and anti-dilutive shares | 0 | 0 | |
3.25% Convertible Senior Notes Due 2021 [Member] | |||
Earnings Per Share [Line Items] | |||
Interest rate | 3.25% | 3.25% |
Lennar Financial Services Segment (Narrative) (Details) - Lennar Financial Services [Member] - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Borrowings under the facilities | $ 625,323 | $ 858,301 |
Collateralized mortgage loans and receivable loans sold to investors but not yet paid, principal balances | $ 673,053 | $ 916,938 |
Lennar Financial Services Segment (Schedule Of Assets And Liabilities) (Details) - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
Feb. 28, 2015 |
Nov. 30, 2014 |
||||||
---|---|---|---|---|---|---|---|---|---|---|
Segment Reporting Information [Line Items] | ||||||||||
Cash and cash equivalents | $ 720,459 | $ 1,158,445 | $ 818,430 | $ 1,281,814 | ||||||
Total assets | [1] | 14,195,188 | 14,419,509 | |||||||
Total liabilities | [2] | 8,101,739 | 8,469,437 | |||||||
Lennar Financial Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Cash and cash equivalents | 91,214 | 106,777 | $ 84,201 | |||||||
Restricted cash | 9,235 | 13,961 | ||||||||
Receivables, net | 150,214 | 242,808 | ||||||||
Loans held-for-sale | 684,406 | 843,252 | ||||||||
Loans held-for-investment, net | 31,223 | 30,998 | ||||||||
Investments held-to-maturity | 39,268 | 40,174 | ||||||||
Available-for-sale Securities | 45,180 | 42,827 | ||||||||
Goodwill | 39,439 | 38,854 | ||||||||
Other assets | 66,900 | 66,186 | ||||||||
Total assets | 1,157,079 | 1,425,837 | [1] | |||||||
Notes and loans payable | 625,322 | 858,300 | ||||||||
Other liabilities | 212,929 | 225,678 | ||||||||
Total liabilities | [2] | 838,251 | 1,083,978 | |||||||
Self-insurance reserves | 62,740 | 65,022 | ||||||||
Servicing Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Lennar Financial Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Mortgage servicing rights | 15,810 | 16,770 | ||||||||
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Other assets (mortgage loan commitments/forward contracts) | 19,113 | 13,060 | ||||||||
Forward Contracts [Member] | Lennar Financial Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Other assets (mortgage loan commitments/forward contracts) | $ 531 | |||||||||
Other Liabilities, Fair Value Disclosure | $ (9,637) | |||||||||
|
Lennar Financial Services Segment (Schedule of Credit Facilities) (Details) - Lennar Financial Services [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Mar. 01, 2016 |
|
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,150,000 | |
Warehouse Repurchase Facility One [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 400,000 | |
Line of credit facility, term | 364 days | |
Warehouse Repurchase Facility Two [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 300,000 | |
Line of credit facility, term | 364 days | |
Warehouse Repurchase Facility Three [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 450,000 | |
Line of credit facility, term | 364 days | |
Additional Uncommitted Borrowing Capacity Under The Credit Facility | $ 250,000 | |
Subsequent Event [Member] | Warehouse Repurchase Facility One [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 600,000 |
Lennar Financial Services Segment (Schedule Of Loan Origination Liabilities) (Details) - Lennar Financial Services [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
|
Segment Reporting Information [Line Items] | ||
Loan origination liabilities, beginning of period | $ 19,492 | $ 11,818 |
Provision for losses | 788 | 802 |
Payments/settlements | (172) | (144) |
Loan origination liabilities, end of period | $ 20,108 | $ 12,476 |
Rialto Segment (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2014
USD ($)
|
Mar. 31, 2014
USD ($)
|
Sep. 30, 2010
USD ($)
|
Feb. 29, 2016
USD ($)
|
Feb. 28, 2015
USD ($)
|
May. 31, 2014
USD ($)
|
Nov. 30, 2015
USD ($)
|
Nov. 30, 2013
USD ($)
|
Dec. 31, 2014
USD ($)
|
Sep. 30, 2010
USD ($)
|
Sep. 30, 2010
loans
|
Sep. 30, 2010
properties
|
Feb. 28, 2010 |
||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 1,372,000 | $ 1,954,000 | ||||||||||||||||
Total consolidated VIEs assets | 582,074,000 | $ 652,253,000 | ||||||||||||||||
Total consolidated VIEs liabilities | 60,276,000 | 84,354,000 | ||||||||||||||||
Accrual loans | 88,089,000 | 76,132,000 | ||||||||||||||||
Originations of loans receivable | 10,046,000 | 0 | ||||||||||||||||
Proceeds from issuance of senior long-term debt | 0 | 250,625,000 | ||||||||||||||||
Notes payable | 5,333,981,000 | $ 5,025,130,000 | ||||||||||||||||
Stock Award Incentive Plan, Employee Distribution Percentage | 40.00% | |||||||||||||||||
FDIC [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Managing member equity interests acquired | 40.00% | |||||||||||||||||
Bank Portfolios [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Number of distressed residential and commercial real estate loans | loans | 400 | |||||||||||||||||
Number of real estate owned properties | 300 | 300 | ||||||||||||||||
Payments For Purchase Of Real Estate Assets | $ 310,000,000 | |||||||||||||||||
Notes payable | 30,311,000 | $ 30,311,000 | $ 124,000,000 | |||||||||||||||
Debt instrument, maturity period | 5 years | |||||||||||||||||
Commercial Mortgage Backed Securities [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Other than temporary impairment on investment securities | 0 | 0 | ||||||||||||||||
Real Estate Funds [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenue From Accretable Interest Income And Other Services | 4,900,000 | 6,500,000 | ||||||||||||||||
Rialto [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Provision for Loan, Lease, and Other Losses | 2,339,000 | 1,224,000 | ||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (339,000) | (1,814,000) | ||||||||||||||||
Average recorded investment in loans | 84,000,000 | 123,000,000 | ||||||||||||||||
Gains (losses) upon acquisition of REO | 2,717,000 | |||||||||||||||||
Originations of loans receivable | 315,285,000 | |||||||||||||||||
Accounts Receivable from Securitization | 151,753,000 | |||||||||||||||||
Line of credit facility, amount outstanding | 146,276,000 | 317,104,000 | ||||||||||||||||
Notes payable | [1] | 609,150,000 | 771,728,000 | |||||||||||||||
Revenue From Accretable Interest Income And Other Services | 43,711,000 | 41,197,000 | ||||||||||||||||
Investments held-to-maturity | [2] | 49,309,000 | 25,625,000 | |||||||||||||||
Other Investments and Securities, at Cost | $ 18,000,000 | |||||||||||||||||
7% Senior Notes due 2018 [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Debt instrument, face amount | $ 100,000,000 | $ 250,000,000 | ||||||||||||||||
Rate Premium Discount Senior Debt | 102.25% | 100.00% | ||||||||||||||||
Interest rate | 7.00% | |||||||||||||||||
Proceeds from issuance of senior long-term debt | $ 346,700,000 | |||||||||||||||||
7% Senior Notes due 2018 [Member] | Rialto [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Proceeds from (repayments of) related party debt | $ (100,000,000) | |||||||||||||||||
Senior notes | 348,130,000 | 347,944,000 | ||||||||||||||||
2.85% Notes [Member] | Rialto [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Debt instrument, face amount | $ 73,830,000 | |||||||||||||||||
Rate Premium Discount Senior Debt | 100.00% | |||||||||||||||||
Interest rate | 2.85% | |||||||||||||||||
Proceeds from issuance of senior long-term debt | $ 69,050,000 | |||||||||||||||||
Notes payable | 31,119,000 | 31,317,000 | ||||||||||||||||
5.0% Notes Payable [Member] | Rialto [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Debt instrument, face amount | $ 20,824,000 | |||||||||||||||||
Rate Premium Discount Senior Debt | 99.50% | |||||||||||||||||
Interest rate | 5.00% | |||||||||||||||||
Proceeds from issuance of senior long-term debt | $ 20,749,000 | |||||||||||||||||
Loans Held-For-Sale [Member] | Rialto [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Originations of loans receivable | 305,785,000 | 565,515,000 | ||||||||||||||||
Proceeds from sale of loans held-for-sale | 380,166,000 | $ 318,104,000 | ||||||||||||||||
Rialto Consolidated VIEs [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total consolidated VIEs assets | 307,446,000 | 355,204,000 | ||||||||||||||||
Total consolidated VIEs liabilities | 11,678,000 | $ 11,257,000 | ||||||||||||||||
Convertible Land Loan [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Accrual loans | 18,109,000 | |||||||||||||||||
Commercial Property Loan [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Accrual loans | $ 69,980,000 | |||||||||||||||||
Minimum [Member] | Commercial Mortgage Backed Securities [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Discount on investment percentage | 39.00% | |||||||||||||||||
Investments interest rate | 3.00% | |||||||||||||||||
Maximum [Member] | Commercial Mortgage Backed Securities [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Discount on investment percentage | 55.00% | |||||||||||||||||
Investments interest rate | 4.00% | |||||||||||||||||
Performing Financing Receivable [Member] | Rialto [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Originations of loans receivable | $ 9,500,000 | |||||||||||||||||
|
Rialto Segment (Assets And Liabilities By Segment) (Details) - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
Feb. 28, 2015 |
Nov. 30, 2014 |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Segment Reporting Information [Line Items] | |||||||||||
Cash and cash equivalents | $ 720,459 | $ 1,158,445 | $ 818,430 | $ 1,281,814 | |||||||
Loans receivable, net | 166,536 | 164,826 | |||||||||
Total assets | [1] | 14,195,188 | 14,419,509 | ||||||||
Notes payable | 5,333,981 | 5,025,130 | |||||||||
Total liabilities | [2] | 8,101,739 | 8,469,437 | ||||||||
Rialto [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cash and cash equivalents | 112,305 | [1] | 150,219 | [1] | $ 147,219 | ||||||
Restricted cash | 10,233 | 15,061 | |||||||||
Receivables, net | 0 | 154,948 | |||||||||
Loans held-for-sale | [1] | 243,230 | 316,275 | ||||||||
Loans receivable, net | [1] | 166,536 | 164,826 | ||||||||
Real estate owned - held-for-sale | [1] | 177,221 | 183,052 | ||||||||
Real estate owned - held-and-used, net | [1] | 148,900 | 153,717 | ||||||||
Investments in unconsolidated entities | [1] | 234,039 | 224,869 | ||||||||
Investments held-to-maturity | [1] | 49,309 | 25,625 | ||||||||
Other Assets | [1] | 130,231 | 116,908 | ||||||||
Total assets | [1] | 1,272,004 | 1,505,500 | ||||||||
Notes payable | [2] | 609,150 | 771,728 | ||||||||
Other liabilities | [2] | 47,153 | 94,496 | ||||||||
Total liabilities | [2] | 656,303 | 866,224 | ||||||||
Fair Value, Inputs, Level 2 [Member] | Rialto [Member] | Credit Default Swap [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Forward contracts/Credit default swaps, derivative asset | 9,770 | 6,153 | |||||||||
Credit default swaps, derivative liability | 720 | ||||||||||
Fair Value, Inputs, Level 1 [Member] | Rialto [Member] | Interest Rate Swaps and Swap Futures [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest rate swaps and swap futures, derivative asset | 280 | ||||||||||
Interest rate swaps and swap futures, derivative liability | $ 5,983 | $ 978 | |||||||||
|
Rialto Segment (Other Income Expense) (Details) - Rialto [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
|
Component of Operating Other Cost and Expense [Line Items] | ||
Gains (losses) on sales of investment real estate | $ 3,746 | $ 3,130 |
Unrealized losses on transfer of loans receivable to REO and impairments, net | (153) | (2,556) |
REO and other expenses | (14,835) | (13,242) |
Rental and other income | 10,551 | 12,396 |
Rialto other expense, net | $ (691) | $ (272) |
Rialto Segment (Loans, Net) (Details) - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
---|---|---|
Rialto Investments Segment [Abstract] | ||
Impaired Financing Receivable, Recorded Investment | $ 78,447 | $ 88,694 |
Accrual loans | 88,089 | 76,132 |
Loans receivable, net | $ 166,536 | $ 164,826 |
Rialto Segment (Nonaccrual Loans) (Details) - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investment in impaired loans | $ 78,447 | $ 88,694 |
Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 114,480 | 145,417 |
Recorded investment, with allowance | 51,691 | 59,740 |
Recorded investment, without allowance | 1,153 | 1,165 |
Investment in impaired loans | 52,844 | 60,905 |
Single Family Homes [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 35,413 | 39,659 |
Recorded investment, with allowance | 8,306 | 8,344 |
Recorded investment, without allowance | 1,974 | 3,459 |
Investment in impaired loans | 10,280 | 11,803 |
Commercial Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 12,154 | 13,458 |
Recorded investment, with allowance | 1,379 | 1,368 |
Recorded investment, without allowance | 1,072 | 1,085 |
Investment in impaired loans | 2,451 | 2,453 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 66,667 | 78,279 |
Recorded investment, with allowance | 0 | 0 |
Recorded investment, without allowance | 12,872 | 13,533 |
Investment in impaired loans | 12,872 | 13,533 |
Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 228,714 | 276,813 |
Recorded investment, with allowance | 61,376 | 69,452 |
Recorded investment, without allowance | 17,071 | 19,242 |
Investment in impaired loans | $ 78,447 | $ 88,694 |
Rialto Segment (Allowance on Loans Receivable) (Details) - Rialto [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
|
Nonaccrual [Roll Forward] | ||
Impaired Financing Receivable, Related Allowance, beginning period | $ 35,625 | $ 58,236 |
Provision for Loan and Lease Losses | 2,339 | 1,224 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (7,571) | (8,441) |
Impaired Financing Receivable, Related Allowance, end of period | $ 30,393 | $ 51,019 |
Rialto Segment (Changes In Real Estate Owned) (Details) - Rialto [Member] - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
||||
REO Property [Roll Forward] | |||||
REO - held-for-sale, beginning of period | [1] | $ 183,052 | |||
REO - held-for-sale, net, end of period | [1] | 177,221 | |||
REO Held And Used [Roll Forward] | |||||
REO - held-and-used, net, beginning of period | [1] | 153,717 | |||
REO - held-and-used, net, end of period | [1] | 148,900 | |||
Real Estate Owned [Member] | |||||
REO Property [Roll Forward] | |||||
REO - held-for-sale, beginning of period | 183,052 | $ 190,535 | |||
REO - held-for-sale, improvements | 887 | 1,704 | |||
REO - held-for-sale, sales | (16,510) | (24,925) | |||
REO - held-for-sale, impairments | (3,548) | (1,418) | |||
REO - held-for-sale, transfers to from held-and-used, net | 13,340 | 19,615 | |||
REO - held-for-sale, net, end of period | 177,221 | 185,511 | |||
REO Held And Used [Roll Forward] | |||||
REO - held-and-used, net, beginning of period | 153,717 | 255,795 | |||
REO - held-and-used, additions | 8,667 | 8,912 | |||
REO - held-and-used, improvements | 307 | 643 | |||
REO - held-and-used, impairments | (89) | (1,413) | |||
REO - held-and-used, depreciation | (362) | (789) | |||
REO - held-and-used, transfers to from held-for-sale | (13,340) | (19,615) | |||
REO - held-and-use, net, other | 0 | (964) | |||
REO - held-and-used, net, end of period | $ 148,900 | $ 242,569 | |||
|
Rialto Segment (Schedule of Credit Facilities) (Details) - Rialto [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Nov. 30, 2015 |
|
Line of Credit Facility [Line Items] | ||
Borrowings under the facilities | $ 146,276 | $ 317,104 |
Line of credit facility, maximum borrowing capacity | 1,100,000 | |
Warehouse Repurchase Facility One [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 400,000 | |
Line of credit facility, term | 364 days | |
Warehouse Repurchase Facility Five [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 100,000 | |
Warehouse Repurchase Facility Two [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 250,000 | |
Line of credit facility, term | 364 days | |
Warehouse Repurchase Facility Three [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 250,000 | |
Line of credit facility, term | 364 days | |
Warehouse Repurchase Facility Four [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowings under the facilities | $ 41,550 | $ 36,300 |
Line of credit facility, maximum borrowing capacity | $ 100,000 |
Rialto Segment (Equity Funds Related to Rialto Segment) (Details) - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
||
---|---|---|---|---|
Rialto [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | [1] | $ 234,039 | $ 224,869 | |
Real Estate Investment Fund [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Commitment | 700,006 | |||
Total equity commitment called | 700,006 | |||
Investment Commitment | 75,000 | |||
Total amount invested | 75,000 | |||
Equity method investments | 63,278 | 68,570 | ||
Real Estate Investment Fund II [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Commitment | 1,305,000 | |||
Total equity commitment called | 1,305,000 | |||
Investment Commitment | 100,000 | |||
Total amount invested | 100,000 | |||
Equity method investments | 97,498 | 99,947 | ||
Real Estate Mezanine Fund [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Commitment | 300,000 | |||
Total equity commitment called | 300,000 | |||
Investment Commitment | 33,799 | |||
Total amount invested | 33,799 | |||
Equity method investments | 28,296 | 32,344 | ||
Commercial Mortgage Backed Securities [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Commitment | 102,878 | |||
Total equity commitment called | 102,878 | |||
Investment Commitment | 44,750 | |||
Total amount invested | 44,750 | |||
Equity method investments | 44,097 | 23,233 | ||
Real Estate Investment Fund III [Member] [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Commitment | 697,173 | |||
Total equity commitment called | 0 | |||
Investment Commitment | 100,000 | |||
Total amount invested | 0 | |||
Equity method investments | 72 | 0 | ||
Other equity method investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 798 | $ 775 | ||
|
Rialto Segment Rialto Segment (Equity in Earnings (Loss) on Investments) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
|
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | $ 24,183 | $ 31,385 |
Real Estate Investment Fund [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | 1,339 | 746 |
Real Estate Investment Fund II [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | (722) | 893 |
Real Estate Mezanine Fund [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | 724 | 475 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | 372 | 544 |
Real Estate Investment Fund III [Member] [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | (239) | 0 |
Other equity method investments [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | 23 | 6 |
Rialto [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | $ 1,497 | $ 2,664 |
Rialto Segment (Condensed Financial Information By Equity Method Investment) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
Nov. 30, 2015 |
|
Segment Reporting Information [Line Items] | |||
Equity in earnings (loss) from unconsolidated entities | $ 24,183 | $ 31,385 | |
Rialto [Member] | |||
Segment Reporting Information [Line Items] | |||
Cash and cash equivalents | 108,500 | $ 188,147 | |
Loans receivable | 450,787 | 473,997 | |
Real estate owned | 518,466 | 506,609 | |
Investment securities | 1,188,653 | 1,092,476 | |
Investments in partnerships | 422,493 | 429,979 | |
Other assets | 27,495 | 30,340 | |
Total assets | 2,716,394 | 2,721,548 | |
Accounts payable and other liabilities | 35,947 | 29,462 | |
Notes payable | 450,250 | 374,498 | |
Equity | 2,230,197 | 2,317,588 | |
Total liabilities and equity | 2,716,394 | $ 2,721,548 | |
Revenues | 44,296 | 41,738 | |
Costs and expenses | 20,899 | 23,005 | |
Other income, net | (15,162) | 5,874 | |
Net earnings (loss) of unconsolidated entities | 8,235 | 24,607 | |
Equity in earnings (loss) from unconsolidated entities | $ 1,497 | $ 2,664 |
Lennar Multifamily (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
Nov. 30, 2015 |
Jul. 31, 2015 |
|
Segment Reporting Information [Line Items] | ||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | $ 69,356 | $ 18,174 | ||
Lennar Multifamily [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-recourse debt with completion guarantees | 520,177 | $ 466,724 | ||
Management Fees And Reimbursement Of Expenses From Unconsolidated Entities | 8,111 | 4,522 | ||
General contractor revenue | 31,405 | 31,935 | ||
General Contractor Costs | 30,637 | $ 31,329 | ||
Investments in unconsolidated entities | 257,719 | 250,876 | ||
Lennar Multifamily Venture [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Equity Commitment | 300,000 | $ 1,400,000 | ||
Investment Commitment | $ 504,000 | |||
Total equity commitment called | 372,615 | |||
Total amount invested | 133,746 | |||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 43,611 | |||
Investments in unconsolidated entities | 127,040 | 122,522 | ||
Financial Letters Of Credit [Member] | Lennar Multifamily [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Letters of credit outstanding, amount | $ 36,930 | $ 37,920 |
Lennar Multifamily Segment (Assets and Liabilities related to Multifamily Segment) (Details) - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
Feb. 28, 2015 |
Nov. 30, 2014 |
||||||
---|---|---|---|---|---|---|---|---|---|---|
Segment Reporting Information [Line Items] | ||||||||||
Cash and cash equivalents | $ 720,459 | $ 1,158,445 | $ 818,430 | $ 1,281,814 | ||||||
Total assets | [1] | 14,195,188 | 14,419,509 | |||||||
Total liabilities | [2] | 8,101,739 | 8,469,437 | |||||||
Lennar Multifamily [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Cash and cash equivalents | 6,062 | 8,041 | $ 3,256 | |||||||
Land and land under development | 145,917 | 115,982 | ||||||||
Land under purchase options, recorded | 5,508 | 5,508 | ||||||||
Investments in unconsolidated entities | 257,719 | 250,876 | ||||||||
Other assets | 35,902 | 34,945 | ||||||||
Total assets | 451,108 | 415,352 | [1] | |||||||
Accounts payable | 57,300 | 62,943 | ||||||||
Liabilities related to consolidated inventory not owned | 4,007 | 4,007 | ||||||||
Total liabilities | $ 61,307 | $ 66,950 | ||||||||
|
Lennar Multifamily Segment (Condensed Financial Information by Equity Method Investments) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
Nov. 30, 2015 |
|
Segment Reporting Information [Line Items] | |||
Equity in earnings (loss) from unconsolidated entities | $ 24,183 | $ 31,385 | |
Lennar Multifamily [Member] | |||
Segment Reporting Information [Line Items] | |||
Cash and cash equivalents | 43,252 | $ 39,579 | |
Operating properties and equipment | 1,563,679 | 1,398,244 | |
Other assets | 31,931 | 25,925 | |
Total assets | 1,638,862 | 1,463,748 | |
Accounts payable and other liabilities | 210,231 | 179,551 | |
Debt | 520,177 | 466,724 | |
Equity | 908,454 | 817,473 | |
Total liabilities and equity | 1,638,862 | $ 1,463,748 | |
Revenues | 8,314 | 2,094 | |
Costs and expenses | 11,672 | 2,994 | |
Other income, net | 40,122 | 0 | |
Net earnings (loss) of unconsolidated entities | 36,764 | (900) | |
Equity in earnings (loss) from unconsolidated entities | 19,686 | $ (178) | |
Lennar Multifamily unconsolidated entity [Member] | |||
Segment Reporting Information [Line Items] | |||
Equity in earnings (loss) from unconsolidated entities | $ 20,391 |
Lennar Homebuilding Cash and Cash Equivalents (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Nov. 30, 2015 |
|
Cash and Cash Equivalents [Abstract] | ||
Cash held in escrow | $ 300.1 | $ 414.9 |
Escrow Deposit Period | 3 days |
Lennar Homebuilding Senior Notes And Other Debts Payable (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2016
USD ($)
|
Nov. 30, 2011
USD ($)
$ / shares
shares
|
Nov. 30, 2010
USD ($)
$ / shares
|
Feb. 29, 2016
USD ($)
$ / shares
shares
|
Feb. 28, 2015
USD ($)
$ / shares
shares
|
Nov. 30, 2015
USD ($)
|
Jun. 29, 2015
USD ($)
|
Apr. 30, 2015
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||
Net proceeds from senior notes | $ (684,000) | $ 249,131,000 | ||||||
Shares included in the calculation of diluted earnings per share | shares | 18,620,000 | 27,375,000 | ||||||
Guarantee by subsidiaries | $ 75,000,000 | |||||||
4.750% Senior Notes Due 2021 [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, principal amount | $ 500,000,000 | |||||||
Interest rate | 4.75% | |||||||
Rate Premium Discount Senior Debt | 100.00% | |||||||
Net proceeds from senior notes | $ 495,850,000 | |||||||
6.50% Senior Notes Due 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.50% | |||||||
Senior notes | $ 249,960,000 | $ 249,905,000 | ||||||
3.25% Convertible Senior Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, principal amount | $ 400,000,000 | 400,000,000 | ||||||
Interest rate | 3.25% | 3.25% | ||||||
Senior notes | $ 398,644,000 | 398,194,000 | ||||||
Debt instrument, convertible, conversion ratio | 42.5555 | |||||||
Debt conversion, converted instrument, per principal amount | $ 1,000 | |||||||
Debt conversion, converted instrument, shares issued | shares | 17,022,200 | |||||||
Debt instrument, convertible, conversion price | $ / shares | $ 23.50 | |||||||
2.75% Convertible Senior Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, principal amount | $ 71,041,000.000 | 233,893,000.000 | ||||||
Interest rate | 2.75% | 2.75% | ||||||
Senior notes | $ 71,041,000 | 233,225,000 | ||||||
Debt instrument, convertible, conversion ratio | 45.1794 | |||||||
Debt conversion, converted instrument, per principal amount | $ 1,000 | |||||||
Debt conversion, converted instrument, shares issued | shares | 3,600,000 | |||||||
Debt Conversion, convertible, shares required for conversion at period end | shares | 3,209,589.7554 | |||||||
Debt instrument, convertible, conversion price | $ / shares | $ 22.13 | |||||||
Volume weighted average stock price | $ / shares | $ 44.07 | $ 45.52 | ||||||
Shares included in the calculation of diluted earnings per share | shares | 1,597,000 | 10,353,000 | ||||||
Minimum Number of Trading Days Out of 30 Over Stock Conversion Price Percentage, Threshold for Conversion | 20 days | |||||||
Minimum Number of Consecutive Trading Days Over Stock Conversion Price Percentage, Threshold for Conversion | 30 days | |||||||
Debt Conversion, Original Debt, Amount | $ 162,852,000 | |||||||
Debt Conversion, Converted Instrument, Amount | 163,068,000 | |||||||
Interest period requirement to pay contingent interest | 6 days | |||||||
Consecutive trading days period for contingent interest | 5 days | |||||||
Contingent Interest Amount | 0.75% | |||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 586,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 1,600,000,000 | $ 1,300,000,000 | ||||||
Additional committed borrowing capacity under the credit facility | 163,000,000 | |||||||
Line of credit facility, capacity available for specific purpose other than for trade purchases | 500,000,000 | |||||||
Letter of Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility current borrowing capacity | 320,000,000 | |||||||
Lennar Homebuilding [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Issuance Cost | 24,382,000 | $ 26,417,000 | ||||||
Outstanding performance and surety bonds | 1,313,112,000 | |||||||
Uncompleted site improvements amount | $ 468,809,000 | |||||||
Uncompleted site improvements percent | 35.70213% | |||||||
Lennar Homebuilding [Member] | 6.50% Senior Notes Due 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.50% | 6.50% | ||||||
Lennar Homebuilding [Member] | 6.50% Senior Notes Due 2016 [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.50% | |||||||
Lennar Homebuilding [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.25% | 3.25% | ||||||
Lennar Homebuilding [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.75% | 2.75% | ||||||
Lennar Homebuilding [Member] | Performance Letters of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding, amount | $ 245,519,000 | $ 236,513,000 | ||||||
Lennar Homebuilding [Member] | Financial Letters Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding, amount | $ 221,997,000 | $ 216,653,000 | ||||||
Lennar Homebuilding [Member] | Bonds [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Legal Claims, Letters of Credit and Surety Bonds | $ 223,440,000 | |||||||
Holders Of Debt Instrument [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | Holders of the 2.75% Convertible Senior Notes had the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on December 15, 2015, but none of them elected to do so. | |||||||
Stock Conversion Price, Minimum Threshold for Conversion | 130.00% | |||||||
Company Conversion Right To Debt Instrument [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | The Company has the right to redeem the 2.75% Convertible Senior Notes at any time on or after December 20, 2015 for 100% of their principal amount, plus accrued but unpaid interest. | |||||||
Stock Conversion Price, Minimum Threshold for Conversion | 120.00% |
Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule Of Senior Notes And Other Debts Payable) (Details) - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
Nov. 30, 2011 |
Nov. 30, 2010 |
||
---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||
Mortgage notes on land and other debt | $ 246,712 | $ 278,381 | ||||
Notes payable | 5,333,981 | 5,025,130 | ||||
6.50% Senior Notes Due 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 249,960 | 249,905 | ||||
Interest rate | 6.50% | |||||
12.25% Senior Notes Due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 397,037 | 396,252 | ||||
Interest rate | 12.25% | |||||
4.75% Senior Notes Due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 397,922 | 397,736 | ||||
Interest rate | 4.75% | |||||
6.95% Senior Notes Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 247,931 | 247,632 | ||||
Interest rate | 6.95% | |||||
4.125% Senior Notes Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 273,460 | 273,319 | ||||
Interest rate | 4.125% | |||||
4.500% Senior Notes Due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 497,384 | 497,210 | ||||
Interest rate | 4.50% | |||||
4.50% Senior Notes Due 2019 Issued in 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 596,868 | 596,622 | ||||
Interest rate | 4.50% | |||||
2.75% Convertible Senior Notes Due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 71,041 | 233,225 | ||||
Interest rate | 2.75% | 2.75% | ||||
3.25% Convertible Senior Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 398,644 | 398,194 | ||||
Interest rate | 3.25% | 3.25% | ||||
4.750% Senior Notes Due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 567,486 | 567,325 | ||||
Interest rate | 4.75% | |||||
4.875% Senior Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 393,642 | 393,545 | ||||
Interest rate | 4.875% | |||||
4.750% Senior Notes Due 2025 [Member] [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 495,894 | 495,784 | ||||
Interest rate | 4.75% | |||||
Lennar Homebuilding [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | [1] | $ 5,333,981 | $ 5,025,130 | |||
Lennar Homebuilding [Member] | 6.50% Senior Notes Due 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.50% | 6.50% | ||||
Lennar Homebuilding [Member] | 12.25% Senior Notes Due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 12.25% | 12.25% | ||||
Lennar Homebuilding [Member] | 4.75% Senior Notes Due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.75% | 4.75% | ||||
Lennar Homebuilding [Member] | 6.95% Senior Notes Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.95% | 6.95% | ||||
Lennar Homebuilding [Member] | 4.125% Senior Notes Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.125% | 4.125% | ||||
Lennar Homebuilding [Member] | 4.500% Senior Notes Due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.50% | 4.50% | ||||
Lennar Homebuilding [Member] | 4.50% Senior Notes Due 2019 Issued in 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.50% | 4.50% | ||||
Lennar Homebuilding [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 2.75% | 2.75% | ||||
Lennar Homebuilding [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.25% | 3.25% | ||||
Lennar Homebuilding [Member] | 4.750% Senior Notes Due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.75% | 4.75% | ||||
Lennar Homebuilding [Member] | 4.875% Senior Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.875% | 4.875% | ||||
Lennar Homebuilding [Member] | 4.750% Senior Notes Due 2025 [Member] [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.75% | 4.75% | ||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured revolving credit facility | $ 500,000 | $ 0 | ||||
|
Product Warranty (Schedule Of Product Warranty Reserve) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
|
Product Warranties Disclosures [Abstract] | ||
Warranty reserve, beginning of period | $ 130,853 | $ 115,927 |
Warranties issued during the period | 17,573 | 13,323 |
Adjustments to pre-existing warranties from changes in estimates | (620) | 3,661 |
Payments | (23,073) | (16,640) |
Warranty reserve, end of period | $ 124,733 | $ 116,271 |
Share-Based Payment (Compensation Expense, Share-Based Payment Awards) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Nonvested shares | $ 11,142 | $ 10,250 |
Stock options | 0 | 1 |
Total compensation expense for share-based awards | $ 11,142 | $ 10,251 |
Financial Instruments (Narrative) (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016
USD ($)
homes
communities
|
Feb. 28, 2015
USD ($)
homes
communities
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Open Commitments To Sell MBS | $ | $ 1,156,000 | |
Active communities | communities | 681 | 625 |
Number of communities assessed for impairment | communities | 28 | 19 |
Number of homesites assessed for impairment | homes | 1,178 | 600 |
Lennar Homebuilding [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Finished homes and construction in progress carrying value before impairments | $ | $ 169,802 | $ 120,505 |
Fair Value, Inputs, Level 3 [Member] | Servicing Contracts [Member] | Lennar Financial Services [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Prepayment Rate | 14.80% | |
Fair Value Inputs, Discount Rate | 12.20% | |
Fair Value Input, Delinquency Rate | 7.90% |
Financial Instruments (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net, carrying amount | $ 166,536 | $ 164,826 |
Notes payable, Carrying Amount | 5,333,981 | 5,025,130 |
Rialto [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net, carrying amount | 166,536 | 164,826 |
Loans receivable, Fair Value | 170,485 | 169,302 |
Investments held-to-maturity, Carrying Amount | 49,309 | 25,625 |
Investments held-to-maturity, Fair Value | 48,800 | 25,227 |
Notes payable, Carrying Amount | 609,150 | 771,728 |
Notes payable, Fair Value | 631,629 | 803,013 |
Lennar Financial Services [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments held-to-maturity, Carrying Amount | 39,268 | 40,174 |
Investments held-to-maturity, Fair Value | 39,127 | 40,098 |
Loans held-for-investment, net, Carrying Amount | 31,223 | 30,998 |
Loans held-for-investment, net, Fair Value | 30,333 | 29,931 |
Notes and other debts payable, Carrying Amount | 625,322 | 858,300 |
Notes and other debts payable, Fair Value | 625,322 | 858,300 |
Lennar Homebuilding [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable, Carrying Amount | 5,333,981 | 5,025,130 |
Notes payable, Fair Value | $ 5,846,813 | $ 5,936,327 |
Financial Instruments (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Rialto [Member] | ||||||||||
Financial Instruments [Line Items] | ||||||||||
Loans held-for-sale | [1] | $ 243,230 | $ 316,275 | |||||||
Aggregate Principal Balance Of Loans Held For Sale | 238,085 | 314,315 | ||||||||
Fair Value, Option, Aggregate Differences, Loans held-for-sale | 5,145 | 1,960 | ||||||||
Lennar Financial Services [Member] | ||||||||||
Financial Instruments [Line Items] | ||||||||||
Loans held-for-sale | 684,406 | 843,252 | ||||||||
Aggregate Principal Balance Of Loans Held For Sale | 655,645 | 815,004 | ||||||||
Fair Value, Option, Aggregate Differences, Loans held-for-sale | 28,761 | 28,248 | ||||||||
Lennar Financial Services [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||
Financial Instruments [Line Items] | ||||||||||
Investments available-for-sale | 45,180 | 42,827 | ||||||||
Loans Held-For-Sale [Member] | Rialto [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||
Financial Instruments [Line Items] | ||||||||||
Loans held-for-sale | [2] | 243,230 | 316,275 | |||||||
Loans Held-For-Sale [Member] | Lennar Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Financial Instruments [Line Items] | ||||||||||
Loans held-for-sale | 684,406 | [3] | 843,252 | |||||||
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | ||||||||||
Financial Instruments [Line Items] | ||||||||||
Mortgage loan commitments | 19,113 | 13,060 | ||||||||
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Financial Instruments [Line Items] | ||||||||||
Mortgage loan commitments | 19,113 | 13,060 | ||||||||
Forward Contracts [Member] | Lennar Financial Services [Member] | ||||||||||
Financial Instruments [Line Items] | ||||||||||
Mortgage loan commitments | 531 | |||||||||
Forward Contracts [Member] | Lennar Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Financial Instruments [Line Items] | ||||||||||
Forward contracts/Credit default swaps, derivative asset | 531 | |||||||||
Credit default swaps, derivative liability | (9,637) | |||||||||
Servicing Contracts [Member] | Lennar Financial Services [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||
Financial Instruments [Line Items] | ||||||||||
Mortgage servicing rights | 15,810 | 16,770 | ||||||||
Credit Default Swap [Member] | Rialto [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Financial Instruments [Line Items] | ||||||||||
Forward contracts/Credit default swaps, derivative asset | 9,770 | 6,153 | ||||||||
Credit default swaps, derivative liability | (720) | |||||||||
Interest Rate Swaps and Swap Futures [Member] | Rialto [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||
Financial Instruments [Line Items] | ||||||||||
Interest rate swaps and swap futures, derivative liability | $ 5,983 | $ 978 | ||||||||
|
Financial Instruments (Schedule Of Gains And Losses Of Financial Instruments) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
|
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Net unrealized gain (loss) on securities available-for-sale | $ (437) | $ 200 |
Loans Held-For-Sale [Member] | Lennar Financial Services [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Loans held-for-sale | 513 | (7,300) |
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Mortgage loan commitments | 6,053 | 6,279 |
Forward Contracts [Member] | Lennar Financial Services [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Derivative instruments | (10,168) | 7,521 |
Interest Rate Swaps and Swap Futures [Member] | Liability [Member] | Rialto [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Derivative instruments | (5,006) | (33) |
Credit Default Swap [Member] | Assets [Member] | Rialto [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Derivative instruments | $ 3,431 | $ (492) |
Financial Instruments (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
|
Servicing Contracts [Member] | Lennar Financial Services [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning of period | $ 16,770 | $ 17,353 |
Purchases and other | 1,619 | 344 |
Sales | 0 | 0 |
Settlements | (627) | (779) |
Changes in fair value included in earnings | (1,952) | (132) |
Interest accrued | 0 | 0 |
End of period | 15,810 | 16,786 |
Loans Held-For-Sale [Member] | Rialto [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning of period | 316,275 | 113,596 |
Purchases and other | 305,785 | 565,515 |
Sales | (381,666) | (318,104) |
Settlements | 0 | 0 |
Changes in fair value included in earnings | 4,084 | (754) |
Interest accrued | (1,248) | (208) |
End of period | $ 243,230 | $ 360,045 |
Financial Instruments (Fair Value Assets Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
|
Lennar Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Land and land under development carrying value before impairments | $ 3,827 | $ 0 |
Land and land under development fair value | 3,425 | 0 |
Valuation adjustments to land and land under development | 402 | 0 |
Rialto [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loan impairments | (2,339) | (1,224) |
Rialto [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable Value Before Impairments | 60,666 | 117,949 |
Loans Receivable Fair Value | 58,327 | 116,725 |
Loan impairments | (2,339) | (1,224) |
REO held-for-sale carrying value before gains (losses) | 12,783 | 4,883 |
REO held-for-sale fair value after gains (losses) | 12,016 | 4,590 |
Gains (Losses) on REO held-for-sale | (767) | (293) |
REO held-for-sale carrying value before impairments | 16,430 | 5,604 |
REO held-for-sale fair value after impairments | 13,649 | 4,479 |
REO - held-for-sale, impairments | (2,781) | (1,125) |
REO held-and-used carrying value before gains (losses) | 5,183 | 8,637 |
REO held-and-used fair value after gains (losses) | 8,667 | 8,912 |
Gains (losses) On REO held-and-used | 3,484 | 275 |
REO held-and-used carrying value before impairments | 3,089 | 2,689 |
REO held-and-used fair value after impairments | 3,000 | 1,276 |
REO - held-and-used, impairments | $ (89) | $ (1,413) |
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Nov. 30, 2015 |
|
Variable Interest Entity [Line Items] | ||
Consolidated VIEs assets | $ 582,074 | $ 652,253 |
Total consolidated VIEs liabilities | 60,276 | 84,354 |
Decrease in consolidated inventory and related liabilities | 38,561 | |
Non-refundable option deposits and pre-acquisition costs | 77,745 | 89,204 |
Lennar Homebuilding [Member] | ||
Variable Interest Entity [Line Items] | ||
Consolidated VIEs assets | 14,923 | |
Commitments [Member] | Lennar Homebuilding [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 15,439 | 8,278 |
Commitments [Member] | Lennar Multifamily [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 370,254 | 378,260 |
Lennar Multifamily Unconsolidated VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Letters of credit outstanding, amount | 30,030 | 30,020 |
Variable interest entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Letters of credit outstanding, amount | $ 72,154 | $ 70,425 |
Variable Interest Entities (Investments in Unconsolidated Entities) (Details) - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
|||
---|---|---|---|---|---|
Lennar Homebuilding [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated entities | [1] | $ 771,401 | $ 741,551 | ||
Rialto [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated entities | [1] | 234,039 | 224,869 | ||
Lennar Multifamily [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated entities | $ 257,719 | $ 250,876 | |||
|
Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
|||
---|---|---|---|---|---|
Lennar Homebuilding [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Equity method investments | [1] | $ 771,401 | $ 741,551 | ||
Rialto [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Equity method investments | [1] | 234,039 | 224,869 | ||
Investments held-to-maturity | [1] | 49,309 | 25,625 | ||
Lennar Multifamily [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Equity method investments | 257,719 | 250,876 | |||
Commitments [Member] | Lennar Homebuilding [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Exposure to Loss | 15,439 | 8,278 | |||
Commitments [Member] | Lennar Multifamily [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Maximum Exposure to Loss | 370,254 | 378,260 | |||
Lennar Multifamily Unconsolidated VIE [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Letters of credit outstanding, amount | 30,030 | 30,020 | |||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Equity method investments | 361,800 | 305,690 | |||
Maximum Exposure to Loss | 778,993 | 723,682 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Lennar Homebuilding [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Equity method investments | 130,249 | 102,706 | |||
Maximum Exposure to Loss | 145,882 | 111,215 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Rialto [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Equity method investments | 49,309 | 25,625 | |||
Maximum Exposure to Loss | 49,309 | 25,625 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Lennar Multifamily [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Equity method investments | 182,242 | 177,359 | |||
Maximum Exposure to Loss | $ 583,802 | $ 586,842 | |||
|
Commitments and Contingencies Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 93 Months Ended | ||||
---|---|---|---|---|---|---|
Feb. 29, 2016 |
Feb. 29, 2016 |
Jun. 29, 2015 |
Jan. 22, 2015 |
Nov. 30, 2008 |
Nov. 30, 2005 |
|
District of Maryland [Member] | Land [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Land purchase commitment | $ 114,000 | $ 114,000 | $ 134,000 | $ 200,000 | ||
Land purchase commitment, deposit | $ 20,000 | |||||
Loss contingency, damages sought, interest rate (percent) | 12.00% | |||||
Interest Expense [Domain] | District of Maryland [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, annual interest amount | $ 13,680 | |||||
Litigation Settlement Interest | 106,000 | |||||
Real estate property taxes [Member] | District of Maryland [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, damages sought, value | $ 1,600 | |||||
Bonds [Member] | Lennar Homebuilding [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Legal Claims, Letters of Credit and Surety Bonds | $ 223,440 |
Supplemental Financial Information (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Feb. 29, 2016 |
Nov. 30, 2011 |
Nov. 30, 2010 |
|
Condensed Financial Statements, Captions [Line Items] | |||
Guarantee by subsidiaries | $ 75,000 | ||
6.50% Senior Notes Due 2016 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 6.50% | ||
12.25% Senior Notes Due 2017 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 12.25% | ||
4.75% Senior Notes Due 2017 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 4.75% | ||
6.95% Senior Notes Due 2018 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 6.95% | ||
4.125% Senior Notes Due 2018 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 4.125% | ||
4.500% Senior Notes Due 2019 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 4.50% | ||
4.50% Senior Notes Due 2019 Issued in 2014 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 4.50% | ||
2.75% Convertible Senior Notes Due 2020 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 2.75% | 2.75% | |
3.25% Convertible Senior Notes Due 2021 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 3.25% | 3.25% | |
4.750% Senior Notes Due 2022 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 4.75% | ||
4.875% Senior Notes Due 2023 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 4.875% | ||
4.750% Senior Notes Due 2025 [Member] [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 4.75% |
Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands |
Feb. 29, 2016 |
Nov. 30, 2015 |
Feb. 28, 2015 |
Nov. 30, 2014 |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | [1] | $ 14,195,188 | $ 14,419,509 | ||||||||
Senior notes and other debts payable | 5,333,981 | 5,025,130 | |||||||||
Total liabilities | [2] | 8,101,739 | 8,469,437 | ||||||||
Stockholders' equity | [2] | 5,820,114 | 5,648,944 | ||||||||
Noncontrolling interests | [2] | 273,335 | 301,128 | ||||||||
Total equity | 6,093,449 | [2] | 5,950,072 | [2] | $ 5,308,990 | $ 5,251,302 | |||||
Total liabilities and equity | [2] | 14,195,188 | 14,419,509 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | 11,339,015 | 10,975,161 | |||||||||
Total liabilities | 5,518,901 | 5,326,217 | |||||||||
Stockholders' equity | 5,820,114 | 5,648,944 | |||||||||
Total equity | 5,820,114 | 5,648,944 | |||||||||
Total liabilities and equity | 11,339,015 | 10,975,161 | |||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | 10,746,073 | 10,227,036 | |||||||||
Total liabilities | 7,119,302 | 6,580,261 | |||||||||
Stockholders' equity | 3,626,771 | 3,646,775 | |||||||||
Total equity | 3,626,771 | 3,646,775 | |||||||||
Total liabilities and equity | 10,746,073 | 10,227,036 | |||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | 3,132,094 | 3,579,852 | |||||||||
Total liabilities | 2,390,621 | 2,790,152 | |||||||||
Stockholders' equity | 468,138 | 488,572 | |||||||||
Noncontrolling interests | 273,335 | 301,128 | |||||||||
Total equity | 741,473 | 789,700 | |||||||||
Total liabilities and equity | 3,132,094 | 3,579,852 | |||||||||
Consolidation, Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | (11,021,994) | (10,362,540) | |||||||||
Total liabilities | (6,927,085) | (6,227,193) | |||||||||
Stockholders' equity | (4,094,909) | (4,135,347) | |||||||||
Total equity | (4,094,909) | (4,135,347) | |||||||||
Total liabilities and equity | (11,021,994) | (10,362,540) | |||||||||
Lennar Homebuilding [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Cash and cash equivalents, restricted cash and receivables, net | 575,362 | 981,451 | |||||||||
Inventories | [1] | 9,368,319 | 8,740,596 | ||||||||
Investments in unconsolidated entities | [1] | 771,401 | 741,551 | ||||||||
Other assets | [1] | 599,915 | 609,222 | ||||||||
Total assets | [1] | 11,314,997 | 11,072,820 | ||||||||
Accounts payable and other accrued liabilities | 1,192,043 | 1,375,724 | |||||||||
Liabilities related to consolidated inventory not owned | [2] | 19,854 | 51,431 | ||||||||
Senior notes and other debts payable | [2] | 5,333,981 | 5,025,130 | ||||||||
Total liabilities | [2] | 6,545,878 | 6,452,285 | ||||||||
Lennar Homebuilding [Member] | Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Cash and cash equivalents, restricted cash and receivables, net | 304,277 | 595,921 | |||||||||
Other assets | 168,966 | 193,360 | |||||||||
Investments in subsidiaries | 3,938,687 | 3,958,687 | |||||||||
Advances to Affiliate | 6,927,085 | 6,227,193 | |||||||||
Total assets | 11,339,015 | 10,975,161 | |||||||||
Accounts payable and other accrued liabilities | 431,632 | 579,468 | |||||||||
Senior notes and other debts payable | 5,087,269 | 4,746,749 | |||||||||
Total liabilities | 5,518,901 | 5,326,217 | |||||||||
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Cash and cash equivalents, restricted cash and receivables, net | 251,492 | 372,146 | |||||||||
Inventories | 9,191,051 | 8,571,769 | |||||||||
Investments in unconsolidated entities | 723,644 | 692,879 | |||||||||
Other assets | 340,531 | 324,050 | |||||||||
Investments in subsidiaries | 156,222 | 176,660 | |||||||||
Total assets | 10,662,940 | 10,137,504 | |||||||||
Accounts payable and other accrued liabilities | 675,799 | 710,460 | |||||||||
Liabilities related to consolidated inventory not owned | 19,854 | 51,431 | |||||||||
Senior notes and other debts payable | 235,862 | 267,531 | |||||||||
Intercompany | 6,160,287 | 5,514,610 | |||||||||
Total liabilities | 7,091,802 | 6,544,032 | |||||||||
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Cash and cash equivalents, restricted cash and receivables, net | 19,593 | 13,384 | |||||||||
Inventories | 177,268 | 168,827 | |||||||||
Investments in unconsolidated entities | 47,757 | 48,672 | |||||||||
Other assets | 75,683 | 75,108 | |||||||||
Total assets | 320,301 | 305,991 | |||||||||
Accounts payable and other accrued liabilities | 84,612 | 85,796 | |||||||||
Senior notes and other debts payable | 10,850 | 10,850 | |||||||||
Intercompany | 766,798 | 712,583 | |||||||||
Total liabilities | 862,260 | 809,229 | |||||||||
Lennar Homebuilding [Member] | Consolidation, Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other assets | 14,735 | 16,704 | |||||||||
Investments in subsidiaries | (4,094,909) | (4,135,347) | |||||||||
Advances to Affiliate | (6,927,085) | (6,227,193) | |||||||||
Total assets | (11,007,259) | (10,345,836) | |||||||||
Accounts payable and other accrued liabilities | 0 | ||||||||||
Intercompany | (6,927,085) | (6,227,193) | |||||||||
Total liabilities | (6,927,085) | (6,227,193) | |||||||||
Rialto [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Investments in unconsolidated entities | [1] | 234,039 | 224,869 | ||||||||
Total assets | [1] | 1,272,004 | 1,505,500 | ||||||||
Senior notes and other debts payable | [2] | 609,150 | 771,728 | ||||||||
Total liabilities | [2] | 656,303 | 866,224 | ||||||||
Rialto [Member] | Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | 0 | 0 | |||||||||
Rialto [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | 0 | 0 | |||||||||
Rialto [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | 1,272,004 | 1,505,500 | |||||||||
Total liabilities | 656,303 | 866,224 | |||||||||
Rialto [Member] | Consolidation, Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | 0 | 0 | |||||||||
Lennar Financial Services [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other assets | 66,900 | 66,186 | |||||||||
Total assets | 1,157,079 | 1,425,837 | [1] | ||||||||
Total liabilities | [2] | 838,251 | 1,083,978 | ||||||||
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | 83,133 | 89,532 | |||||||||
Total liabilities | 27,500 | 36,229 | |||||||||
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | 1,079,027 | 1,341,565 | |||||||||
Total liabilities | 810,751 | 1,047,749 | |||||||||
Lennar Financial Services [Member] | Consolidation, Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | (5,081) | (5,260) | |||||||||
Lennar Multifamily [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Investments in unconsolidated entities | 257,719 | 250,876 | |||||||||
Other assets | 35,902 | 34,945 | |||||||||
Total assets | 451,108 | 415,352 | [1] | ||||||||
Liabilities related to consolidated inventory not owned | 4,007 | 4,007 | |||||||||
Total liabilities | 61,307 | 66,950 | |||||||||
Lennar Multifamily [Member] | Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | 0 | 0 | |||||||||
Total liabilities | 0 | 0 | |||||||||
Lennar Multifamily [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | 0 | 0 | |||||||||
Total liabilities | 0 | 0 | |||||||||
Lennar Multifamily [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | 460,762 | 426,796 | |||||||||
Total liabilities | 61,307 | 66,950 | |||||||||
Lennar Multifamily [Member] | Consolidation, Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total assets | (9,654) | (11,444) | |||||||||
Total liabilities | $ 0 | $ 0 | |||||||||
|
Supplemental Financial Information (Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
|
Condensed Financial Statements, Captions [Line Items] | ||
Total revenues | $ 1,993,664 | $ 1,644,139 |
Corporate general and administrative | 47,668 | 43,654 |
Total costs and expenses | 1,814,825 | 1,500,871 |
Equity in earnings (loss) from unconsolidated entities | 24,183 | 31,385 |
Other interest expense | (1,157) | (4,071) |
Earnings (loss) before income taxes | 201,693 | 176,643 |
Provision (benefit) for income taxes | (56,241) | (59,726) |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 145,452 | 116,917 |
Less: Net earnings (loss) attributable to noncontrolling interests | 1,372 | 1,954 |
Net earnings attributable to Lennar | 144,080 | 114,963 |
Net unrealized gain (loss) on securities available-for-sale | (437) | 200 |
Comprehensive income (loss), net of tax, attributable to Lennar | 143,643 | 115,163 |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 1,372 | 1,954 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Corporate general and administrative | 46,148 | 42,389 |
Total costs and expenses | 46,148 | 42,389 |
Other interest expense | (1,444) | (1,429) |
Earnings (loss) before income taxes | (46,422) | (43,587) |
Provision (benefit) for income taxes | 13,035 | 14,902 |
Equity in income (loss) from subsidiaries | 177,467 | 143,648 |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 144,080 | 114,963 |
Net earnings attributable to Lennar | $ 144,080 | 114,963 |
Net unrealized gain (loss) on securities available-for-sale | 0 | |
Comprehensive income (loss), net of tax, attributable to Lennar | $ 144,080 | 114,963 |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 0 | 0 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total revenues | 1,827,091 | 1,479,807 |
Corporate general and administrative | 255 | |
Total costs and expenses | 1,598,233 | 1,303,015 |
Other interest expense | (1,157) | (4,071) |
Earnings (loss) before income taxes | 223,034 | 200,869 |
Provision (benefit) for income taxes | (61,710) | (67,471) |
Equity in income (loss) from subsidiaries | 4,538 | 8,825 |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 165,862 | 142,223 |
Net earnings attributable to Lennar | $ 165,862 | 142,223 |
Net unrealized gain (loss) on securities available-for-sale | 0 | |
Comprehensive income (loss), net of tax, attributable to Lennar | $ 165,862 | 142,223 |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total revenues | 171,582 | 169,313 |
Total costs and expenses | 175,169 | 159,241 |
Earnings (loss) before income taxes | 25,081 | 19,361 |
Provision (benefit) for income taxes | (7,566) | (7,157) |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 17,515 | 12,204 |
Less: Net earnings (loss) attributable to noncontrolling interests | 1,372 | 1,954 |
Net earnings attributable to Lennar | 16,143 | 10,250 |
Net unrealized gain (loss) on securities available-for-sale | (437) | 200 |
Comprehensive income (loss), net of tax, attributable to Lennar | 15,706 | 10,450 |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 1,372 | 1,954 |
Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total revenues | (5,009) | (4,981) |
Corporate general and administrative | 1,265 | 1,265 |
Total costs and expenses | (4,725) | (3,774) |
Other interest expense | 1,444 | 1,429 |
Equity in income (loss) from subsidiaries | (182,005) | (152,473) |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | (182,005) | (152,473) |
Net earnings attributable to Lennar | $ (182,005) | (152,473) |
Net unrealized gain (loss) on securities available-for-sale | 0 | |
Comprehensive income (loss), net of tax, attributable to Lennar | $ (182,005) | (152,473) |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 0 | 0 |
Lennar Homebuilding [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | 1,786,481 | 1,441,658 |
Real estate cost and expenses | 1,568,205 | 1,265,175 |
Equity in earnings (loss) from unconsolidated entities | 3,000 | 28,899 |
Other income (expense), net | 519 | 6,333 |
Lennar Homebuilding [Member] | Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Other income (expense), net | 1,170 | 231 |
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | 1,786,481 | 1,441,658 |
Real estate cost and expenses | 1,556,166 | 1,264,789 |
Equity in earnings (loss) from unconsolidated entities | 3,849 | 22,374 |
Other income (expense), net | (8,516) | 5,774 |
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | 0 | 0 |
Real estate cost and expenses | 14,863 | 5,223 |
Equity in earnings (loss) from unconsolidated entities | (849) | 6,525 |
Other income (expense), net | 9,025 | 550 |
Lennar Homebuilding [Member] | Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate cost and expenses | (2,824) | (4,837) |
Other income (expense), net | (1,160) | (222) |
Lennar Financial Services [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Financial Services, Revenues | 123,956 | 124,827 |
Lennar Financial Services, Cost and expenses | 109,025 | 109,300 |
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Financial Services, Revenues | 40,610 | 38,149 |
Lennar Financial Services, Cost and expenses | 41,812 | 38,226 |
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Financial Services, Revenues | 88,342 | 91,659 |
Lennar Financial Services, Cost and expenses | 70,069 | 71,276 |
Lennar Financial Services [Member] | Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Financial Services, Revenues | (4,996) | (4,981) |
Lennar Financial Services, Cost and expenses | (2,856) | (202) |
Rialto [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Rialto, Revenues | 43,711 | 41,197 |
Rialto, Cost and expenses | 42,907 | 40,781 |
Equity in earnings (loss) from unconsolidated entities | 1,497 | 2,664 |
Other income (expense), net | (691) | (272) |
Less: Net earnings (loss) attributable to noncontrolling interests | (339) | (1,814) |
Rialto [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Rialto, Cost and expenses | 0 | |
Rialto [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Rialto, Revenues | 43,711 | 41,197 |
Rialto, Cost and expenses | 43,217 | 40,781 |
Equity in earnings (loss) from unconsolidated entities | 1,497 | 2,664 |
Other income (expense), net | (691) | $ (272) |
Rialto [Member] | Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Rialto, Cost and expenses | $ (310) | |
Other income (expense), net | ||
Lennar Multifamily [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | $ 39,516 | $ 36,457 |
Real estate cost and expenses | 47,020 | 41,961 |
Equity in earnings (loss) from unconsolidated entities | 19,686 | (178) |
Lennar Multifamily [Member] | Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | 0 | 0 |
Real estate cost and expenses | 0 | 0 |
Equity in earnings (loss) from unconsolidated entities | 0 | 0 |
Lennar Multifamily [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | 0 | 0 |
Real estate cost and expenses | 0 | 0 |
Equity in earnings (loss) from unconsolidated entities | 0 | 0 |
Lennar Multifamily [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | 39,529 | 36,457 |
Real estate cost and expenses | 47,020 | 41,961 |
Equity in earnings (loss) from unconsolidated entities | 19,686 | (178) |
Lennar Multifamily [Member] | Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | (13) | 0 |
Real estate cost and expenses | 0 | 0 |
Equity in earnings (loss) from unconsolidated entities | $ 0 | $ 0 |
Supplemental Financial Information (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Feb. 29, 2016 |
Feb. 28, 2015 |
||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net earnings (including net earnings attributable to noncontrolling interests) | $ 145,452 | $ 116,917 | |||
Distributions of earnings from subsidiaries | 0 | 0 | |||
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (361,339) | (847,181) | |||
Net cash provided by (used in) operating activities | (215,887) | (730,264) | |||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | (34,615) | (17,282) | |||
Proceeds from sales of real estate owned | 20,256 | 28,055 | |||
Receipts of principal payments on loans receivable | 2,725 | 3,519 | |||
Originations of loans receivable | (10,046) | 0 | |||
Purchases of commercial mortgage-backed securities bond | (23,078) | 0 | |||
Other | (19,103) | (81,486) | |||
Distributions of capital from subsidiaries | 0 | 0 | |||
Intercompany investing | 0 | 0 | |||
Net cash provided by (used in) investing activities | (66,586) | (67,194) | |||
Net borrowings under unsecured revolving credit facility | 500,000 | 250,000 | |||
Net repayments under warehouse facilities | (395,233) | (29,681) | |||
Net proceeds from senior notes | (684) | 249,131 | |||
Repayment of convertible senior notes and debt | (162,852) | ||||
Proceeds from (repayments of) other debt | (52,383) | (61,418) | |||
Net borrowings (payments) related to noncontrolling interests | (41,950) | (56,327) | |||
Excess tax benefits from share-based awards | 7,029 | 35 | |||
Issuances | 0 | 8,227 | |||
Repurchases | (219) | (186) | |||
Dividends | (8,552) | (8,208) | |||
Intercompany financing | 0 | 0 | |||
Net cash provided by (used in) financing activities | (155,513) | 334,074 | |||
Net (decrease) increase in cash and cash equivalents | (437,986) | (463,384) | |||
Cash and cash equivalents at beginning of period | 1,158,445 | 1,281,814 | |||
Cash and cash equivalents at end of period | 720,459 | 818,430 | |||
Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net earnings (including net earnings attributable to noncontrolling interests) | 144,080 | 114,963 | |||
Distributions of earnings from subsidiaries | 177,467 | 143,648 | |||
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (254,499) | (195,594) | |||
Net cash provided by (used in) operating activities | 67,048 | 63,017 | |||
Proceeds from sales of real estate owned | 0 | 0 | |||
Originations of loans receivable | 0 | ||||
Purchases of commercial mortgage-backed securities bond | 0 | ||||
Other | (3,400) | (114) | |||
Distributions of capital from subsidiaries | 20,000 | 10,000 | |||
Intercompany investing | (699,551) | (845,940) | |||
Net cash provided by (used in) investing activities | (682,951) | (836,054) | |||
Net borrowings under unsecured revolving credit facility | 500,000 | 250,000 | |||
Net proceeds from senior notes | 249,425 | ||||
Repayment of convertible senior notes and debt | (162,852) | ||||
Excess tax benefits from share-based awards | 7,029 | 35 | |||
Issuances | 8,227 | ||||
Repurchases | (219) | (186) | |||
Dividends | (8,552) | (8,208) | |||
Net cash provided by (used in) financing activities | 335,406 | 499,293 | |||
Net (decrease) increase in cash and cash equivalents | (280,497) | (273,744) | |||
Cash and cash equivalents at beginning of period | 575,821 | 633,318 | |||
Cash and cash equivalents at end of period | 295,324 | 359,574 | |||
Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net earnings (including net earnings attributable to noncontrolling interests) | 165,862 | 142,223 | |||
Distributions of earnings from subsidiaries | 4,538 | 8,825 | |||
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (660,587) | (678,406) | |||
Net cash provided by (used in) operating activities | (490,187) | (527,358) | |||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | (32,149) | (10,668) | |||
Proceeds from sales of real estate owned | 0 | 0 | |||
Originations of loans receivable | 0 | ||||
Purchases of commercial mortgage-backed securities bond | 0 | ||||
Other | (14,297) | (52,518) | |||
Distributions of capital from subsidiaries | 20,000 | 10,000 | |||
Intercompany investing | 0 | 0 | |||
Net cash provided by (used in) investing activities | (26,446) | (53,186) | |||
Net proceeds from senior notes | 0 | ||||
Proceeds from (repayments of) other debt | (52,383) | (61,337) | |||
Excess tax benefits from share-based awards | 0 | 0 | |||
Repurchases | 0 | 0 | |||
Dividends | (185,862) | (152,223) | |||
Intercompany financing | 646,727 | 763,183 | |||
Net cash provided by (used in) financing activities | 408,482 | 549,623 | |||
Net (decrease) increase in cash and cash equivalents | (108,151) | (30,921) | |||
Cash and cash equivalents at beginning of period | 336,048 | 252,914 | |||
Cash and cash equivalents at end of period | 227,897 | 221,993 | |||
Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net earnings (including net earnings attributable to noncontrolling interests) | 17,515 | 12,204 | |||
Distributions of earnings from subsidiaries | 0 | 0 | |||
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | 371,742 | (125,654) | |||
Net cash provided by (used in) operating activities | 389,257 | (113,450) | |||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | (2,466) | (6,614) | |||
Proceeds from sales of real estate owned | 20,256 | 28,055 | |||
Receipts of principal payments on loans receivable | 3,519 | ||||
Originations of loans receivable | (10,046) | ||||
Purchases of commercial mortgage-backed securities bond | 23,078 | ||||
Other | (1,406) | (28,854) | |||
Distributions of capital from subsidiaries | 0 | 0 | |||
Intercompany investing | 0 | 0 | |||
Net cash provided by (used in) investing activities | (16,740) | (3,894) | |||
Net repayments under warehouse facilities | (395,233) | (29,681) | |||
Net proceeds from senior notes | (684) | (294) | |||
Proceeds from (repayments of) other debt | (81) | ||||
Net borrowings (payments) related to noncontrolling interests | (41,950) | (56,327) | |||
Excess tax benefits from share-based awards | 0 | 0 | |||
Repurchases | 0 | 0 | |||
Dividends | (36,143) | (20,250) | |||
Intercompany financing | 52,824 | 82,757 | |||
Net cash provided by (used in) financing activities | (421,855) | (41,375) | |||
Net (decrease) increase in cash and cash equivalents | (49,338) | (158,719) | |||
Cash and cash equivalents at beginning of period | 246,576 | 395,582 | |||
Cash and cash equivalents at end of period | 197,238 | 236,863 | |||
Consolidation, Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net earnings (including net earnings attributable to noncontrolling interests) | (182,005) | (152,473) | |||
Distributions of earnings from subsidiaries | (182,005) | (152,473) | |||
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | 182,005 | 152,473 | |||
Net cash provided by (used in) operating activities | (182,005) | (152,473) | |||
Proceeds from sales of real estate owned | 0 | 0 | |||
Originations of loans receivable | 0 | ||||
Purchases of commercial mortgage-backed securities bond | 0 | ||||
Distributions of capital from subsidiaries | (40,000) | (20,000) | |||
Intercompany investing | 699,551 | 845,940 | |||
Net cash provided by (used in) investing activities | 659,551 | 825,940 | |||
Net proceeds from senior notes | 0 | ||||
Excess tax benefits from share-based awards | 0 | 0 | |||
Repurchases | 0 | 0 | |||
Dividends | 222,005 | 172,473 | |||
Intercompany financing | (699,551) | (845,940) | |||
Net cash provided by (used in) financing activities | (477,546) | (673,467) | |||
Rialto [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Originations of loans receivable | (315,285) | ||||
Principal repayments on Rialto notes payable | (669) | (17,499) | |||
Cash and cash equivalents at beginning of period | [1] | 150,219 | |||
Cash and cash equivalents at end of period | 112,305 | [1] | 147,219 | ||
Rialto [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Principal repayments on Rialto notes payable | $ (669) | $ (17,499) | |||
|
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