Supplemental Financial Information |
Supplemental Financial Information The indentures governing the Company’s senior notes 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 August 31, 2020 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 7 of the Notes to the Condensed Consolidated Financial Statements. 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 of Lennar senior notes 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. Supplemental information for the subsidiaries that were guarantor subsidiaries at August 31, 2020 was as follows: Condensed Consolidating Balance Sheet August 31, 2020 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total | ASSETS | | | | | | | | | | Homebuilding: | | | | | | | | | | Cash and cash equivalents, restricted cash and receivables, net | $ | 1,645,161 |
| | 602,845 |
| | 26,707 |
| | — |
| | 2,274,713 |
| Inventories | — |
| | 17,174,841 |
| | 496,421 |
| | — |
| | 17,671,262 |
| Investments in unconsolidated entities | — |
| | 938,584 |
| | 2,111 |
| | — |
| | 940,695 |
| Goodwill | — |
| | 3,442,359 |
| | — |
| | — |
| | 3,442,359 |
| Other assets | 397,033 |
| | 413,928 |
| | 362,541 |
| | (36,365 | ) | | 1,137,137 |
| Investments in subsidiaries | 10,166,689 |
| | 43,534 |
| | — |
| | (10,210,223 | ) | | — |
| Intercompany | 12,272,981 |
| | — |
| | — |
| | (12,272,981 | ) | | — |
| | 24,481,864 |
| | 22,616,091 |
| | 887,780 |
| | (22,519,569 | ) | | 25,466,166 |
| Financial Services | — |
| | 287,907 |
| | 1,923,928 |
| | (2,286 | ) | | 2,209,549 |
| Multifamily | — |
| | — |
| | 1,184,086 |
| | — |
| | 1,184,086 |
| Lennar Other | — |
| | 193,874 |
| | 282,728 |
| | (21,118 | ) | | 455,484 |
| Total assets | $ | 24,481,864 |
| | 23,097,872 |
| | 4,278,522 |
| | (22,542,973 | ) | | 29,315,285 |
| LIABILITIES AND EQUITY | | | | | | | | | | Homebuilding: | | | | | | | | | | Accounts payable and other liabilities | $ | 773,363 |
| | 2,033,906 |
| | 337,088 |
| | (59,769 | ) | | 3,084,588 |
| Liabilities related to consolidated inventory not owned | — |
| | 324,544 |
| | — |
| |
|
| | 324,544 |
| Senior notes and other debts payable | 6,536,398 |
| | 525,482 |
| | 118,394 |
| |
|
| | 7,180,274 |
| Intercompany | — |
| | 9,924,870 |
| | 2,348,111 |
| | (12,272,981 | ) | | — |
| | 7,309,761 |
| | 12,808,802 |
| | 2,803,593 |
| | (12,332,750 | ) | | 10,589,406 |
| Financial Services | — |
| | 30,921 |
| | 1,166,926 |
| | — |
| | 1,197,847 |
| Multifamily | — |
| | — |
| | 236,059 |
| | — |
| | 236,059 |
| Lennar Other | — |
| | — |
| | 11,628 |
| | — |
| | 11,628 |
| Total liabilities | 7,309,761 |
| | 12,839,723 |
| | 4,218,206 |
| | (12,332,750 | ) | | 12,034,940 |
| Total stockholders’ equity | 17,172,103 |
| | 10,258,149 |
| | (47,926 | ) | | (10,210,223 | ) | | 17,172,103 |
| Noncontrolling interests | — |
| | — |
| | 108,242 |
| | — |
| | 108,242 |
| Total equity | 17,172,103 |
| | 10,258,149 |
| | 60,316 |
| | (10,210,223 | ) | | 17,280,345 |
| Total liabilities and equity | $ | 24,481,864 |
| | 23,097,872 |
| | 4,278,522 |
| | (22,542,973 | ) | | 29,315,285 |
|
Condensed Consolidating Balance Sheet November 30, 2019 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total | ASSETS | | | | | | | | | | Homebuilding: | | | | | | | | | | Cash and cash equivalents, restricted cash and receivables, net | $ | 722,172 |
| | 794,588 |
| | 22,894 |
| | — |
| | 1,539,654 |
| Inventories | — |
| | 17,396,139 |
| | 380,368 |
| | — |
| | 17,776,507 |
| Investments in unconsolidated entities | — |
| | 1,006,541 |
| | 2,494 |
| | — |
| | 1,009,035 |
| Goodwill | — |
| | 3,442,359 |
| | — |
| | — |
| | 3,442,359 |
| Other assets | 344,941 |
| | 500,356 |
| | 217,607 |
| | (41,220 | ) | | 1,021,684 |
| Investments in subsidiaries | 10,453,165 |
| | 26,773 |
| | — |
| | (10,479,938 | ) | | — |
| Intercompany | 12,027,996 |
| | — |
| | — |
| | (12,027,996 | ) | | — |
| | 23,548,274 |
| | 23,166,756 |
| | 623,363 |
| | (22,549,154 | ) | | 24,789,239 |
| Financial Services | — |
| | 275,812 |
| | 2,731,285 |
| | (1,073 | ) | | 3,006,024 |
| Multifamily | — |
| | — |
| | 1,068,831 |
| | — |
| | 1,068,831 |
| Lennar Other | — |
| | 158,194 |
| | 339,988 |
| | (2,765 | ) | | 495,417 |
| Total assets | $ | 23,548,274 |
| | 23,600,762 |
| | 4,763,467 |
| | (22,552,992 | ) |
| 29,359,511 |
| LIABILITIES AND EQUITY | | | | | | | | | | Homebuilding: | | | | | | | | | | Accounts payable and other liabilities | $ | 760,981 |
| | 1,935,366 |
| | 318,845 |
| | (45,058 | ) | | 2,970,134 |
| Liabilities related to consolidated inventory not owned | — |
| | 260,266 |
| | — |
| | — |
| | 260,266 |
| Senior notes and other debts payable | 6,837,776 |
| | 885,783 |
| | 53,079 |
| | — |
| | 7,776,638 |
| Intercompany | — |
| | 10,122,374 |
| | 1,905,622 |
| | (12,027,996 | ) | | — |
| | 7,598,757 |
| | 13,203,789 |
| | 2,277,546 |
| | (12,073,054 | ) | | 11,007,038 |
| Financial Services | — |
| | 40,235 |
| | 2,016,215 |
| | — |
| | 2,056,450 |
| Multifamily | — |
| | — |
| | 232,155 |
| | — |
| | 232,155 |
| Lennar Other | — |
| | — |
| | 30,038 |
| | — |
| | 30,038 |
| Total liabilities | 7,598,757 |
| | 13,244,024 |
| | 4,555,954 |
| | (12,073,054 | ) | | 13,325,681 |
| Total stockholders’ equity | 15,949,517 |
| | 10,356,738 |
| | 123,200 |
| | (10,479,938 | ) | | 15,949,517 |
| Noncontrolling interests | — |
| | — |
| | 84,313 |
| | — |
| | 84,313 |
| Total equity | 15,949,517 |
| | 10,356,738 |
| | 207,513 |
| | (10,479,938 | ) | | 16,033,830 |
| Total liabilities and equity | $ | 23,548,274 |
| | 23,600,762 |
| | 4,763,467 |
| | (22,552,992 | ) | | 29,359,511 |
|
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended August 31, 2020 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total | Revenues: | | | | | | | | | | Homebuilding | $ | — |
| | 5,493,155 |
| | 11,965 |
| | — |
| | 5,505,120 |
| Financial Services | — |
| | 40,163 |
| | 202,882 |
| | (5,977 | ) | | 237,068 |
| Multifamily | — |
| | — |
| | 115,170 |
| | — |
| | 115,170 |
| Lennar Other | — |
| | — |
| | 12,896 |
| | — |
| | 12,896 |
| Total revenues | — |
| | 5,533,318 |
| | 342,913 |
| | (5,977 | ) | | 5,870,254 |
| Cost and expenses: | | | | | | | | | | Homebuilding | — |
| | 4,659,970 |
| | 13,424 |
| | (236 | ) | | 4,673,158 |
| Financial Services | — |
| | 19,262 |
| | 89,414 |
| | (6,687 | ) | | 101,989 |
| Multifamily | — |
| | — |
| | 118,786 |
| | — |
| | 118,786 |
| Lennar Other | — |
| | 232 |
| | 1,830 |
| | — |
| | 2,062 |
| Corporate general and administrative | 88,977 |
| | 2,419 |
| | — |
| | 1,265 |
| | 92,661 |
| Total costs and expenses | 88,977 |
|
| 4,681,883 |
|
| 223,454 |
|
| (5,658 | ) |
| 4,988,656 |
| Homebuilding equity in earnings (loss) from unconsolidated entities | — |
| | (6,557 | ) | | 126 |
| | — |
| | (6,431 | ) | Homebuilding other income (expense), net | (319 | ) | | (12,722 | ) | | 935 |
| | 319 |
| | (11,787 | ) | Multifamily equity in loss from unconsolidated entities and other gain | — |
| | — |
| | (1,532 | ) | | — |
| | (1,532 | ) | Lennar Other equity in earnings (loss) from unconsolidated entities | — |
| | (4,145 | ) | | 1,956 |
| | — |
| | (2,189 | ) | Lennar Other income (expense), net | — |
| | 437 |
| | (1,083 | ) | | — |
| | (646 | ) | Earnings (loss) before income taxes | (89,296 | ) | | 828,448 |
| | 119,861 |
| | — |
| | 859,013 |
| Benefit (provision) for income taxes | 20,823 |
| | (182,045 | ) | | (28,468 | ) | | — |
| | (189,690 | ) | Equity in earnings from subsidiaries | 734,891 |
| | 81,609 |
| | — |
| | (816,500 | ) | | — |
| Net earnings (including net earnings attributable to noncontrolling interests) | 666,418 |
| | 728,012 |
| | 91,393 |
| | (816,500 | ) | | 669,323 |
| Less: Net earnings attributable to noncontrolling interests | — |
| | — |
| | 2,905 |
| | — |
| | 2,905 |
| Net earnings attributable to Lennar | $ | 666,418 |
| | 728,012 |
| | 88,488 |
| | (816,500 | ) | | 666,418 |
| Other comprehensive income, net of tax: | | | | | | | | | | Net unrealized gain on securities available-for-sale | $ | — |
| | — |
| | 175 |
| | — |
| | 175 |
| Total other comprehensive income, net of tax | $ | — |
| | — |
| | 175 |
| | — |
| | 175 |
| Total comprehensive income attributable to Lennar | $ | 666,418 |
| | 728,012 |
| | 88,663 |
| | (816,500 | ) | | 666,593 |
| Total comprehensive income attributable to noncontrolling interests | $ | — |
| | — |
| | 2,905 |
| | — |
| | 2,905 |
|
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Three Months Ended August 31, 2019 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total | Revenues: | | | | | | | | | | Homebuilding | $ | — |
| | 5,413,602 |
| | 25,396 |
| | — |
| | 5,438,998 |
| Financial Services | — |
| | 36,409 |
| | 192,960 |
| | (4,867 | ) | | 224,502 |
| Multifamily | — |
| | — |
| | 183,958 |
| | — |
| | 183,958 |
| Lennar Other | — |
| | — |
| | 9,600 |
| | — |
| | 9,600 |
| Total revenues | — |
| | 5,450,011 |
| | 411,914 |
| | (4,867 | ) | | 5,857,058 |
| Cost and expenses: | | | | | | | | | | Homebuilding | — |
| | 4,758,852 |
| | 24,009 |
| | (929 | ) | | 4,781,932 |
| Financial Services | — |
| | 17,707 |
| | 137,148 |
| | (5,051 | ) | | 149,804 |
| Multifamily | — |
| | — |
| | 181,616 |
| | — |
| | 181,616 |
| Lennar Other | — |
| | — |
| | 2,734 |
| | — |
| | 2,734 |
| Corporate general and administrative | 86,846 |
| | 4,503 |
| | — |
| | 1,266 |
| | 92,615 |
| Total costs and expenses | 86,846 |
| | 4,781,062 |
| | 345,507 |
| | (4,714 | ) | | 5,208,701 |
| Homebuilding equity in loss from unconsolidated entities | — |
| | (10,455 | ) | | (4 | ) | | — |
| | (10,459 | ) | Homebuilding other income (expense), net | (153 | ) | | 7,101 |
| | 5,274 |
| | 153 |
| | 12,375 |
| Multifamily equity in earnings from unconsolidated entities and other gain | — |
| | — |
| | 7,883 |
| | — |
| | 7,883 |
| Lennar Other equity in earnings from unconsolidated entities | — |
| | 561 |
| | 8,342 |
| | — |
| | 8,903 |
| Lennar Other income, net | — |
| | — |
| | 24 |
| | — |
| | 24 |
| Earnings (loss) before income taxes | (86,999 | ) | | 666,156 |
| | 87,926 |
| | — |
| | 667,083 |
| Benefit (provision) for income taxes | 19,816 |
| | (151,808 | ) | | (22,448 | ) | | — |
| | (154,440 | ) | Equity in earnings from subsidiaries | 580,549 |
| | 42,876 |
| | — |
| | (623,425 | ) | | — |
| Net earnings (including net loss attributable to noncontrolling interests) | 513,366 |
| | 557,224 |
| | 65,478 |
| | (623,425 | ) | | 512,643 |
| Less: Net loss attributable to noncontrolling interests | — |
| | — |
| | (723 | ) | | — |
| | (723 | ) | Net earnings attributable to Lennar | $ | 513,366 |
| | 557,224 |
| | 66,201 |
| | (623,425 | ) | | 513,366 |
| Other comprehensive income, net of tax: | | | | | | | | | | Net unrealized gain on securities available-for-sale | $ | — |
| | — |
| | 180 |
| | — |
| | 180 |
| Total other comprehensive income, net of tax | $ | — |
| | — |
| | 180 |
| | — |
| | 180 |
| Total comprehensive income attributable to Lennar | $ | 513,366 |
| | 557,224 |
| | 66,381 |
| | (623,425 | ) | | 513,546 |
| Total comprehensive loss attributable to noncontrolling interests | $ | — |
| | — |
| | (723 | ) | | — |
| | (723 | ) |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended August 31, 2020 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total | Revenues: | | | | | | | | | | Homebuilding | $ | — |
| | 14,589,155 |
| | 37,565 |
| | — |
| | 14,626,720 |
| Financial Services | — |
| | 104,691 |
| | 545,247 |
| | (17,946 | ) | | 631,992 |
| Multifamily | — |
| | — |
| | 370,904 |
| | — |
| | 370,904 |
| Lennar Other | — |
| | — |
| | 33,348 |
| | — |
| | 33,348 |
| Total revenues | — |
| | 14,693,846 |
| | 987,064 |
| | (17,946 | ) | | 15,662,964 |
| Cost and expenses: | | | | | | | | | | Homebuilding | — |
| | 12,647,627 |
| | 44,071 |
| | (7,403 | ) | | 12,684,295 |
| Financial Services | — |
| | 56,861 |
| | 320,141 |
| | (13,314 | ) | | 363,688 |
| Multifamily | — |
| | — |
| | 379,607 |
| | — |
| | 379,607 |
| Lennar Other | — |
| | 232 |
| | 3,332 |
| | — |
| | 3,564 |
| Corporate general and administrative | 253,531 |
| | 5,632 |
| | — |
| | 3,796 |
| | 262,959 |
| Total costs and expenses | 253,531 |
| | 12,710,352 |
| | 747,151 |
| | (16,921 | ) | | 13,694,113 |
| Homebuilding equity in earnings (loss) from unconsolidated entities | — |
| | (20,513 | ) | | 436 |
| | — |
| | (20,077 | ) | Homebuilding other income (expense), net | (1,025 | ) | | (20,961 | ) | | 4,116 |
| | 1,025 |
| | (16,845 | ) | Financial Services gain on deconsolidation | — |
| | 61,418 |
| | — |
| | — |
| | 61,418 |
| Multifamily equity in earnings from unconsolidated entities and other gain | — |
| | — |
| | 4,702 |
| | — |
| | 4,702 |
| Lennar Other equity in loss from unconsolidated entities | — |
| | (12,997 | ) | | (15,715 | ) | | — |
| | (28,712 | ) | Lennar Other income (expense), net | — |
| | 443 |
| | (10,638 | ) | | — |
| | (10,195 | ) | Earnings (loss) before income taxes | (254,556 | ) | | 1,990,884 |
| | 222,814 |
| | — |
| | 1,959,142 |
| Benefit (provision) for income taxes | 49,562 |
| | (373,756 | ) | | (58,304 | ) | | — |
| | (382,498 | ) | Equity in earnings from subsidiaries | 1,787,270 |
| | 162,444 |
| | — |
| | (1,949,714 | ) | | — |
| Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 1,582,276 |
| | 1,779,572 |
| | 164,510 |
| | (1,949,714 | ) | | 1,576,644 |
| Less: Net earnings (loss) attributable to noncontrolling interests | — |
| | — |
| | (5,632 | ) | | — |
| | (5,632 | ) | Net earnings attributable to Lennar | $ | 1,582,276 |
| | 1,779,572 |
| | 170,142 |
| | (1,949,714 | ) | | 1,582,276 |
| Other comprehensive loss, net of tax: | | | | | | | | | | Net unrealized loss on securities available-for-sale | $ | — |
| | — |
|
| (209 | ) |
| — |
| | (209 | ) | Reclassification adjustments for gain included in earnings, net of tax | — |
| | — |
|
| (452 | ) |
| — |
| | (452 | ) | Total other comprehensive loss, net of tax | $ | — |
| | — |
| | (661 | ) | | — |
| | (661 | ) | Total comprehensive income attributable to Lennar | $ | 1,582,276 |
| | 1,779,572 |
| | 169,481 |
| | (1,949,714 | ) | | 1,581,615 |
| Total comprehensive loss attributable to noncontrolling interests | $ | — |
| | — |
| | (5,632 | ) | | — |
| | (5,632 | ) |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Nine Months Ended August 31, 2019 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total | Revenues: | | | | | | | | | | Homebuilding | $ | — |
| | 14,202,932 |
| | 55,386 |
| | — |
| | 14,258,318 |
| Financial Services | — |
| | 121,679 |
| | 464,938 |
| | (14,588 | ) | | 572,029 |
| Multifamily | — |
| | — |
| | 428,764 |
| | — |
| | 428,764 |
| Lennar Other | — |
| | — |
| | 28,919 |
| | — |
| | 28,919 |
| Total revenues | — |
| | 14,324,611 |
| | 978,007 |
| | (14,588 | ) | | 15,288,030 |
| Cost and expenses: | | | | | | | | | | Homebuilding | — |
| | 12,546,016 |
| | 55,910 |
| | 6,100 |
| | 12,608,026 |
| Financial Services | — |
| | 76,914 |
| | 368,926 |
| | (23,698 | ) | | 422,142 |
| Multifamily | — |
| | — |
| | 431,510 |
| | — |
| | 431,510 |
| Lennar Other | — |
| | — |
| | 7,550 |
| | — |
| | 7,550 |
| Corporate general and administrative | 238,696 |
| | 5,579 |
| | — |
| | 3,796 |
| | 248,071 |
| Total costs and expenses | 238,696 |
| | 12,628,509 |
| | 863,896 |
| | (13,802 | ) | | 13,717,299 |
| Homebuilding equity in earnings (loss) from unconsolidated entities | — |
| | (4,869 | ) | | 268 |
| | — |
| | (4,601 | ) | Homebuilding other income (expense), net | (783 | ) | | (43,845 | ) | | 8,517 |
| | 786 |
| | (35,325 | ) | Multifamily equity in earnings from unconsolidated entities and other gain | — |
| | — |
| | 15,446 |
| | — |
| | 15,446 |
| Lennar Other equity in earnings (loss) from unconsolidated entities | — |
| | (7,024 | ) | | 19,279 |
| | — |
| | 12,255 |
| Lennar Other expense, net | — |
| | — |
| | (12,900 | ) | | — |
| | (12,900 | ) | Earnings (loss) before income taxes | (239,479 | ) | | 1,640,364 |
| | 144,721 |
| | — |
| | 1,545,606 |
| Benefit (provision) for income taxes | 57,906 |
| | (394,383 | ) | | (38,193 | ) | | — |
| | (374,670 | ) | Equity in earnings from subsidiaries | 1,356,321 |
| | 76,352 |
| | — |
| | (1,432,673 | ) | | — |
| Net earnings (including net loss attributable to noncontrolling interests) | 1,174,748 |
| | 1,322,333 |
| | 106,528 |
| | (1,432,673 | ) | | 1,170,936 |
| Less: Net loss attributable to noncontrolling interests | — |
| | — |
| | (3,812 | ) | | — |
| | (3,812 | ) | Net earnings attributable to Lennar | $ | 1,174,748 |
| | 1,322,333 |
| | 110,340 |
| | (1,432,673 | ) | | 1,174,748 |
| Other comprehensive income, net of tax: | | | | | | | | | | Net unrealized gain on securities available-for-sale | $ | — |
| | — |
| | 949 |
| | — |
| | 949 |
| Reclassification adjustments for loss included in earnings, net of tax | — |
| | — |
| | (176 | ) | | — |
| | (176 | ) | Total other comprehensive income, net of tax | $ | — |
| | — |
| | 773 |
| | — |
| | 773 |
| Total comprehensive income attributable to Lennar | $ | 1,174,748 |
| | 1,322,333 |
| | 111,113 |
| | (1,432,673 | ) | | 1,175,521 |
| Total comprehensive loss attributable to noncontrolling interests | $ | — |
| | — |
| | (3,812 | ) | | — |
| | (3,812 | ) |
Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2020 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total | Cash flows from operating activities: | | | | | | | | | | Net earnings (including net loss attributable to noncontrolling interests) | $ | 1,582,276 |
| | 1,779,572 |
| | 164,510 |
| | (1,949,714 | ) | | 1,576,644 |
| Distributions of earnings from guarantor and non-guarantor subsidiaries | 1,787,270 |
| | 162,444 |
| | — |
| | (1,949,714 | ) | | — |
| Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities | (1,757,490 | ) | | 395,502 |
| | 732,474 |
| | 1,949,714 |
| | 1,320,200 |
| Net cash provided by operating activities | 1,612,056 |
| | 2,337,518 |
| | 896,984 |
| | (1,949,714 | ) | | 2,896,844 |
| Cash flows from investing activities: | | | | | | | | | | Investments in and contributions to unconsolidated entities/deconsolidation of a previously consolidated entity, net of distributions of capital | — |
| | (71,695 | ) | | (205,102 | ) | | — |
| | (276,797 | ) | Proceeds from the sales of operating properties and equipment and other assets | — |
| | 33,096 |
| | — |
| | — |
| | 33,096 |
| Other | (3,414 | ) | | 32,229 |
| | (52,581 | ) | | — |
| | (23,766 | ) | Distributions of capital from guarantor and non-guarantor subsidiaries | 100,000 |
| | 50,000 |
| | — |
| | (150,000 | ) | | — |
| Intercompany | (62,896 | ) | | — |
| | — |
| | 62,896 |
| | — |
| Net cash provided by (used in) investing activities | 33,690 |
| | 43,630 |
| | (257,683 | ) | | (87,104 | ) | | (267,467 | ) | Cash flows from financing activities: | | | | | | | | | | Net borrowings (repayments) under unsecured revolving credit facilities | — |
| | 1,476 |
| | (790,815 | ) | | — |
| | (789,339 | ) | Net borrowings (repayments) on senior notes, other borrowings, other liabilities, and other notes payable | (280,630 | ) | | (481,524 | ) | | 121,604 |
| | — |
| | (640,550 | ) | Common stock: | | | | | | | | |
| Repurchases | (318,989 | ) | | — |
| | — |
| | — |
| | (318,989 | ) | Dividends | (117,112 | ) | | (1,879,572 | ) | | (220,142 | ) | | 2,099,714 |
| | (117,112 | ) | Intercompany | — |
| | (185,180 | ) | | 248,076 |
| | (62,896 | ) | | — |
| Net cash used in financing activities | (716,731 | ) | | (2,544,800 | ) | | (641,277 | ) | | 2,036,818 |
| | (1,865,990 | ) | Net increase (decrease) in cash and cash equivalents and restricted cash | 929,015 |
| | (163,652 | ) | | (1,976 | ) | | — |
| | 763,387 |
| Cash and cash equivalents and restricted cash at beginning of period | 713,828 |
| | 532,304 |
| | 222,559 |
| | — |
| | 1,468,691 |
| Cash and cash equivalents and restricted cash at end of period | $ | 1,642,843 |
| | 368,652 |
| | 220,583 |
| | — |
| | 2,232,078 |
|
Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2019 | | | | | | | | | | | | | | | | | (In thousands) | Lennar Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Total | Cash flows from operating activities: | | | | | | | | | | Net earnings (including net loss attributable to noncontrolling interests) | $ | 1,174,748 |
| | 1,322,333 |
| | 106,528 |
| | (1,432,673 | ) | | 1,170,936 |
| Distributions of earnings from guarantor and non-guarantor subsidiaries | 1,356,321 |
| | 76,352 |
| | — |
| | (1,432,673 | ) | | — |
| Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities | (1,261,601 | ) | | (1,342,672 | ) | | 298,957 |
| | 1,432,673 |
| | (872,643 | ) | Net cash provided by operating activities | 1,269,468 |
| | 56,013 |
| | 405,485 |
| | (1,432,673 | ) | | 298,293 |
| Cash flows from investing activities: | | | | | | | | | | Investments in and contributions to unconsolidated entities and consolidated entities, net of distributions of capital | — |
| | (135,395 | ) | | 55,802 |
| | — |
| | (79,593 | ) | Proceeds from sales of real estate owned | — |
| | — |
| | 8,560 |
| | — |
| | 8,560 |
| Proceeds from sale of investment in unconsolidated entities | — |
| | — |
| | 17,790 |
| | — |
| | 17,790 |
| Proceeds from sales of Financial Services' business | — |
| | 21,517 |
| | 2,929 |
| | — |
| | 24,446 |
| Other | (2,164 | ) | | 34,935 |
| | (43,331 | ) | | — |
| | (10,560 | ) | Intercompany | (1,256,112 | ) | | — |
| | — |
| | 1,256,112 |
| | — |
| Net cash provided by (used in) investing activities | (1,258,276 | ) | | (78,943 | ) | | 41,750 |
| | 1,256,112 |
| | (39,357 | ) | Cash flows from financing activities: | | | | | | | | | | Net borrowings under unsecured revolving credit facilities | 700,000 |
| | — |
| | — |
| | — |
| | 700,000 |
| Net repayments under warehouse facilities | — |
| | (9 | ) | | (423,114 | ) | | — |
| | (423,123 | ) | Net borrowings (repayments) on convertible senior notes, other borrowings, other liabilities, and other notes payable | (500,000 | ) | | (117,444 | ) | | 21,521 |
| | — |
| | (595,923 | ) | Net repayments related to noncontrolling interests | — |
| | — |
| | (8,294 | ) | | — |
| | (8,294 | ) | Common stock: | | | | | | | | |
| Issuances | 388 |
| | — |
| | — |
| | — |
| | 388 |
| Repurchases | (419,322 | ) | | — |
| | — |
| | — |
| | (419,322 | ) | Dividends | (38,776 | ) | | (1,322,333 | ) | | (110,340 | ) | | 1,432,673 |
| | (38,776 | ) | Intercompany | — |
| | 1,181,304 |
| | 74,808 |
| | (1,256,112 | ) | | — |
| Net cash used in financing activities | (257,710 | ) | | (258,482 | ) | | (445,419 | ) | | 176,561 |
| | (785,050 | ) | Net increase (decrease) in cash and cash equivalents and restricted cash | (246,518 | ) | | (281,412 | ) | | 1,816 |
| | — |
| | (526,114 | ) | Cash and cash equivalents and restricted cash at beginning of period | 624,694 |
| | 721,603 |
| | 249,681 |
| | — |
| | 1,595,978 |
| Cash and cash equivalents and restricted cash at end of period | $ | 378,176 |
| | 440,191 |
| | 251,497 |
| | — |
| | 1,069,864 |
|
|