Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Entity Registrant Name | LENNAR CORP /NEW/ | ||
Entity Central Index Key | 920760 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | 31-Aug-13 | ||
Document Fiscal Year Focus | 2013 | ||
Document Fiscal Period Focus | Q3 | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 163,111,599 | 31,303,195 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $571,770 | $1,310,743 | ||
Inventories: | ||||
Total assets | 11,015,593 | [1] | 10,362,206 | [1] |
LIABILITIES AND EQUITY | ||||
Senior notes and other debts payable | 4,624,614 | 4,005,051 | ||
Total liabilities | 6,844,907 | [2] | 6,360,998 | [2] |
Stockholders' equity: | ||||
Preferred stock | 0 | [2] | 0 | [2] |
Additional paid-in capital | 2,411,675 | [2] | 2,421,941 | [2] |
Retained earnings | 1,897,579 | [2] | 1,605,131 | [2] |
Treasury stock, at cost; August 31, 2013 - 11,708,564 Class A common stock and 1,679,620 Class B common stock; November 30, 2012 - 12,152,816 Class A common stock and 1,679,620 Class B common stock | -615,889 | [2] | -632,846 | [2] |
Total stockholders' equity | 3,714,146 | [2] | 3,414,764 | [2] |
Noncontrolling interests | 456,540 | [2] | 586,444 | [2] |
Total equity | 4,170,686 | [2] | 4,001,208 | [2] |
Total liabilities and equity | 11,015,593 | [2] | 10,362,206 | [2] |
Lennar Homebuilding [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 433,943 | [1] | 1,146,867 | [1] |
Restricted cash | 17,845 | [1] | 8,096 | [1] |
Receivables, net | 58,609 | [1] | 53,745 | [1] |
Inventories: | ||||
Finished homes and construction in progress | 2,321,797 | [1] | 1,625,048 | [1] |
Land and land under development | 3,734,380 | [1] | 3,119,804 | [1] |
Consolidated inventory not owned | 472,754 | [1] | 326,861 | [1] |
Total inventories | 6,528,931 | [1] | 5,071,713 | [1] |
Investments in unconsolidated entities | 755,253 | [1] | 565,360 | [1] |
Other assets | 957,848 | [1] | 956,070 | [1] |
Total assets | 8,752,429 | [1] | 7,801,851 | [1] |
LIABILITIES AND EQUITY | ||||
Accounts payable | 270,401 | [2] | 220,690 | [2] |
Liabilities related to consolidated inventory not owned | 398,077 | [2] | 268,159 | [2] |
Senior notes and other debts payable | 4,624,614 | [2] | 4,005,051 | [2] |
Other liabilities | 707,633 | [2] | 635,524 | [2] |
Total liabilities | 6,000,725 | [2] | 5,129,424 | [2] |
Rialto Investments [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 72,024 | [1] | 105,310 | [1] |
Inventories: | ||||
Investments in unconsolidated entities | 125,263 | [1] | 108,140 | [1] |
Other assets | 66,223 | [1] | 38,379 | [1] |
Defeasance cash to retire notes payable | 78,032 | [1] | 223,813 | [1] |
Loans receivable, net | 328,667 | [1] | 436,535 | [1] |
Loans held-for-sale | 244,666 | [1],[3] | 0 | [1],[3] |
Real estate owned, held-for-sale | 198,609 | [1] | 134,161 | [1] |
Real estate owned, held-and-used, net | 440,656 | [1] | 601,022 | [1] |
Total assets | 1,554,140 | [1],[4] | 1,647,360 | [1],[4] |
LIABILITIES AND EQUITY | ||||
Senior notes and other debts payable | 346,627 | [2],[5] | 574,480 | [2],[5] |
Other liabilities | 44,444 | [2],[6] | 26,122 | [2],[6] |
Total liabilities | 391,071 | [2] | 600,602 | [2] |
Lennar Financial Services [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 65,803 | 58,566 | ||
Restricted cash | 10,699 | 12,972 | ||
Receivables, net | 123,699 | [7] | 172,230 | [7] |
Inventories: | ||||
Other assets | 50,887 | [8] | 44,957 | [8] |
Loans held-for-sale | 344,607 | [3] | 502,318 | [3] |
Total assets | 709,024 | 912,995 | [1] | |
LIABILITIES AND EQUITY | ||||
Other liabilities | 162,828 | [9] | 172,978 | [9] |
Total liabilities | 453,111 | [2] | 630,972 | [2] |
Class A Common Stock [Member] | ||||
Stockholders' equity: | ||||
Common stock | 17,483 | [2] | 17,240 | [2] |
Total equity | 17,483 | 17,240 | ||
Class B Common Stock [Member] | ||||
Stockholders' equity: | ||||
Common stock | 3,298 | [2] | 3,298 | [2] |
Total equity | $3,298 | $3,298 | ||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. | |||
[2] | As of AugustB 31, 2013, total liabilities include $499.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.2 million is included in Lennar Homebuilding accounts payable, $193.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $164.7 million in Lennar Homebuilding senior notes and other debts payable, $5.4 million in Lennar Homebuilding other liabilities and $133.2 million in Rialto Investments notes payable and other liabilities.As of NovemberB 30, 2012, total liabilities include $737.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $10.6 million is included in Lennar Homebuilding accounts payable, $35.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $181.6 million in Lennar Homebuilding senior notes and other debts payable, $15.7 million in Lennar Homebuilding other liabilities and $493.4 million in Rialto Investments notes payable and other liabilities. | |||
[3] | Loans held-for-sale relate to unsold loans carried at fair value. | |||
[4] | Consists primarily of assets of consolidated VIEs (see Note 8). | |||
[5] | As of August 31, 2013 notes and other debts payable includes $110.0 million of notes payable related to the FDIC portfolios and $133.1 million related to the RMF warehouse repurchase financing agreement. As of November 30, 2012, notes and other debts payable includes $470.0 million of notes payable related to the FDIC portfolios. | |||
[6] | Other liabilities include interest rate swap futures carried at fair value of $0.7 million as of AugustB 31, 2013. | |||
[7] | Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of AugustB 31, 2013 and NovemberB 30, 2012, respectively. | |||
[8] | Other assets include mortgage loan commitments carried at fair value of $10.8 million and $12.7 million as of AugustB 31, 2013 and NovemberB 30, 2012, respectively. In addition, other assets also includes forward contracts carried at fair value of $1.8 million as of AugustB 31, 2013 | |||
[9] | Other liabilities include $73.9 million and $76.1 million as of AugustB 31, 2013 and NovemberB 30, 2012, respectively, of certain of the Companybs self-insurance reserves related to general liability and workersb compensation. Other liabilities also include forward contracts carried at fair value of $2.6 million as of NovemberB 30, 2012 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Stockholders' Equity: | ||
Total consolidated VIEs assets | $1,466,500 | $2,128,600 |
Total consolidated VIEs liabilities | 499,600 | 737,200 |
Class A Common Stock [Member] | ||
Stockholders' Equity: | ||
Common Stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 174,827,991 | 172,397,149 |
Treasury stock, shares | 11,708,564 | 12,152,816 |
Class B Common Stock [Member] | ||
Stockholders' Equity: | ||
Common Stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 32,982,815 | 32,982,815 |
Treasury stock, shares | 1,679,620 | 1,679,620 |
Lennar Homebuilding Consolidated VIEs [Member] | ||
Stockholders' Equity: | ||
Cash and cash equivalents | 12,700 | 13,200 |
Receivables, net | 2,300 | 6,000 |
Finished homes and construction in progress | 1,800 | 57,400 |
Land and land under development | 95,000 | 482,600 |
Consolidated inventory not owned | 244,000 | 65,200 |
Investments in unconsolidated entities | 15,800 | 43,700 |
Other assets | 214,900 | 224,100 |
Accounts payable | 3,200 | 10,600 |
Liabilities related to consolidated inventory not owned | 193,100 | 35,900 |
Senior notes and other debts payable | 164,700 | 181,600 |
Other liabilities | 5,400 | 15,700 |
Rialto Investments Consolidated VIEs [Member] | ||
Stockholders' Equity: | ||
Cash and cash equivalents | 46,900 | 104,800 |
Investments in unconsolidated entities | 700 | 700 |
Other assets | 4,300 | 7,800 |
Defeasance cash to retire notes payable | 78,000 | 223,800 |
Loans receivable | 268,400 | 350,200 |
Real estate owned, held for sale | 122,700 | 94,200 |
Real estate owned held-and-used, net | 359,000 | 454,900 |
Consolidated VIEs Notes Payable And Other Liabilities | $133,200 | $493,400 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | ||||
Revenues: | ||||||||
Total revenues | $1,602,072 | [1] | $1,099,758 | [1] | $4,018,142 | [1] | $2,754,769 | [1] |
Cost and expenses: | ||||||||
Corporate general and administrative | 37,619 | 32,286 | 102,742 | 88,296 | ||||
Total costs and expenses | 1,406,570 | 1,010,555 | 3,588,715 | 2,577,300 | ||||
Other interest expense | -22,230 | -22,659 | -73,370 | -71,311 | ||||
Earnings before income taxes | 189,359 | 58,635 | 404,969 | 117,191 | ||||
Provision (Benefit) for income taxes | 67,205 | -12,776 | 83,059 | -416,621 | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 122,154 | 71,411 | 321,910 | 533,812 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | 1,492 | [2] | -15,698 | [2] | 6,320 | [2] | -20,968 | [2] |
Net earnings attributable to Lennar | 120,662 | 87,109 | 315,590 | 554,780 | ||||
Basic earnings per share | $0.62 | $0.46 | $1.64 | $2.93 | ||||
Diluted earnings per share | $0.54 | $0.40 | $1.42 | $2.56 | ||||
Cash dividends per each Class A and Class B common share | $0.04 | $0.04 | $0.12 | $0.12 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Lennar | 120,662 | 87,109 | 315,590 | 554,780 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interests | 1,492 | -15,698 | 6,320 | -20,968 | ||||
Lennar Homebuilding [Member] | ||||||||
Revenues: | ||||||||
Lennar Homebuilding | 1,461,626 | 955,800 | 3,611,414 | 2,388,321 | ||||
Cost and expenses: | ||||||||
Lennar Homebuilding | 1,245,638 | 850,432 | 3,132,882 | 2,167,019 | ||||
Equity in earnings (loss) from unconsolidated entities | 10,345 | [3] | -5,991 | [3] | 22,939 | [3] | -14,289 | [3] |
Other income (expense), net | -1,294 | -5,406 | 286 | 11,419 | ||||
Lennar Financial Services [Member] | ||||||||
Revenues: | ||||||||
Lennar Financial Services | 112,638 | 106,764 | 327,614 | 263,574 | ||||
Cost and expenses: | ||||||||
Lennar Financial Services | 89,146 | 81,441 | 258,848 | 212,021 | ||||
Rialto Investments [Member] | ||||||||
Revenues: | ||||||||
Rialto Investments, Revenues | 27,808 | 37,194 | 79,114 | 102,874 | ||||
Cost and expenses: | ||||||||
Rialto Investments, Cost and expenses | 34,167 | 46,396 | 94,243 | 109,964 | ||||
Equity in earnings (loss) from unconsolidated entities | 5,199 | 13,551 | 15,877 | 37,578 | ||||
Other income (expense), net | 1,837 | -10,063 | 9,810 | -23,675 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | ($790) | ($13,400) | $4,571 | ($14,600) | ||||
[1] | Total revenues are net of sales incentives of $92.8 million ($18,700 per home delivered) and $256.7 million ($20,400 per home delivered) for the three and nine months ended August 31, 2013, respectively, compared to $94.3 million ($26,100 per home delivered) and $274.0 million ($29,500 per home delivered) for the three and nine months ended August 31, 2012, respectively. | |||||||
[2] | Net earnings (loss) attributable to noncontrolling interests for the three and nine months ended August 31, 2013 includes ($0.8) million and $4.6 million, respectively, of net earnings (loss) attributable to noncontrolling interests related to the FDICbs interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC. Net earnings (loss) attributable to noncontrolling interests for the three and nine months ended August 31, 2012 includes ($13.4) million and ($14.6) million, respectively, of net earnings (loss) attributable to noncontrolling interests related to the FDICbs interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC. | |||||||
[3] | For the three and nine months ended August 31, 2013, Lennar Homebuilding equity in earnings (loss) from unconsolidated entities includes $8.6 million and $21.6 million, respectively, of equity in earnings primarily as a result of sales of homesites to third parties by one unconsolidated entity and previously deferred profit related to those homesites that was earned during the three months ended August 31, 2013. For the nine months ended August 31, 2012, Lennar Homebuilding equity in earnings (loss) includes $5.5 million of valuation adjustments related to strategic asset sales at Lennar Homebuilding's unconsolidated entities. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | ||
Cash flows from operating activities: | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | $321,910 | $533,812 | ||
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 21,683 | 20,368 | ||
Amortization of discount/premium on debt, net | 17,641 | 16,107 | ||
Share based compensation expense | 23,527 | 24,181 | ||
Tax benefit from share-based awards | 11,053 | 2,479 | ||
Excess tax benefits from share-based awards | -10,148 | -1,572 | ||
Deferred income tax (benefit) expense | 67,938 | -422,418 | ||
Changes in assets and liabilities: | ||||
(Increase) Decrease in restricted cash | -7,476 | 5,626 | ||
Decrease in receivables | 31,815 | 48,949 | ||
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | -1,469,381 | -554,873 | ||
Increase in other assets | -17,616 | -25,422 | ||
Decrease in accounts payable and other liabilities | 125,103 | -37,685 | ||
Net cash provided by (used in) operating activities | -1,017,739 | -490,507 | ||
Cash flows from investing activities: | ||||
Net disposals (additions) of operating properties and equipment | -4,931 | -3,201 | ||
Net cash provided by (used in) investing activities | 434,044 | 240,950 | ||
Cash flows from financing activities: | ||||
Net repayments under Lennar Financial Services debt | 100,000 | 0 | ||
Proceeds from Issuance of Senior Long-term Debt | 500,000 | 400,000 | ||
Proceeds from convertible senior notes | 0 | 50,000 | ||
Redemption of Senior Debt | -63,001 | -210,862 | ||
Debt issuance costs | -5,189 | -4,814 | ||
Principal repayments on Rialto Investments notes payable | -360,956 | -170,889 | ||
Proceeds from other borrowings | 76,966 | 31,561 | ||
Principal payments on other borrowings | -187,648 | -58,929 | ||
Exercise of land option contracts from an unconsolidated land investment venture | -27,329 | -48,242 | ||
Receipts related to noncontrolling interests | 579 | 1,046 | ||
Payments related to noncontrolling interests | -174,853 | -480 | ||
Excess tax benefits from share-based awards | 10,148 | 1,572 | ||
Common stock: | ||||
Issuances | 33,945 | 16,323 | ||
Repurchases | -191 | 0 | ||
Payments of Ordinary Dividends, Common Stock | -23,142 | -22,755 | ||
Net cash used in financing activities | -155,278 | -68,889 | ||
Net decrease in cash and cash equivalents | -738,973 | -318,446 | ||
Cash and cash equivalents at beginning of period | 1,310,743 | 1,163,604 | ||
Cash and cash equivalents at end of period | 571,770 | 845,158 | ||
Supplemental disclosures of non-cash investing and financing activities: | ||||
Adjustments to Additional Paid in Capital, Other | -39,605 | |||
Non-cash purchase of noncontrolling interests | 63,500 | 0 | ||
Lennar Homebuilding [Member] | ||||
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities: | ||||
Equity in earnings from unconsolidated entities | -22,939 | [1] | 14,289 | [1] |
Distributions of earnings from unconsolidated entities | 718 | 1,005 | ||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | 6,086 | 12,671 | ||
Cash flows from investing activities: | ||||
Investments in and contributions to unconsolidated entities | -60,353 | -55,687 | ||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 155,011 | 26,538 | ||
Purchases of Lennar Homebuilding investments available-for-sale | -28,708 | -7,224 | ||
Proceeds from sales of Lennar Homebuilding investments available-for-sale | 2,486 | 10,853 | ||
Common stock: | ||||
Cash and cash equivalents at beginning of period | 1,146,867 | [2] | ||
Cash and cash equivalents at end of period | 433,943 | [2] | 692,004 | |
Supplemental disclosures of non-cash investing and financing activities: | ||||
Non-cash contributions to unconsolidated entities | 254,317 | 7,612 | ||
Inventory acquired in satisfaction of other assets including investments available-for-sale | 0 | 91,554 | ||
Non-cash purchases of investments available-for-sale | 0 | 12,520 | ||
Purchases of inventories financed by sellers | 126,148 | 53,159 | ||
Adjustments to Additional Paid in Capital, Other | 103,391 | 0 | ||
Rialto Investments [Member] | ||||
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities: | ||||
Equity in earnings from unconsolidated entities | -15,877 | -37,578 | ||
Distributions of earnings from unconsolidated entities | 648 | 6,324 | ||
Unrealized and realized gains on Rialto Investments real estate owned | -38,056 | -12,519 | ||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | 23,970 | 30,156 | ||
Changes in assets and liabilities: | ||||
Decrease in Lennar Financial Services loans-held-for-sale | 244,137 | 0 | ||
Cash flows from investing activities: | ||||
Investments in and contributions to unconsolidated entities | -41,483 | -28,722 | ||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 39,837 | 83,368 | ||
Decrease (increase) in Rialto Investments defeasance cash to retire notes payable | 145,781 | 33,411 | ||
Receipts Of Principal Payments On Loans Receivable | 49,560 | 52,913 | ||
Proceeds from sales of Rialto Investments real estate owned | 182,220 | 121,848 | ||
Improvements in Rialto Investments real estate owned | -7,862 | -10,288 | ||
Payments to Acquire Notes Receivable | -5,450 | 0 | ||
Cash flows from financing activities: | ||||
Net repayments under Lennar Financial Services debt | 133,103 | 0 | ||
Principal repayments on Rialto Investments notes payable | -360,956 | -170,889 | ||
Common stock: | ||||
Cash and cash equivalents at beginning of period | 105,310 | [2] | ||
Cash and cash equivalents at end of period | 72,024 | [2] | 72,679 | |
Supplemental disclosures of non-cash investing and financing activities: | ||||
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable | 53,849 | 160,754 | ||
Lennar Financial Services [Member] | ||||
Changes in assets and liabilities: | ||||
Decrease in Lennar Financial Services loans-held-for-sale | 156,799 | -119,929 | ||
Cash flows from investing activities: | ||||
(Increase) Decrease in Lennar Financial Services loans held-for-investment, net | -706 | 3,114 | ||
Purchases of Lennar Financial Services investment securities | -21,504 | -5,205 | ||
Proceeds from maturities of Lennar Financial Services investment securities | 30,146 | 19,232 | ||
Cash flows from financing activities: | ||||
Net repayments under Lennar Financial Services debt | -167,710 | -52,420 | ||
Common stock: | ||||
Cash and cash equivalents at beginning of period | 58,566 | |||
Cash and cash equivalents at end of period | 65,803 | 80,475 | ||
Debt [Member] | Lennar Homebuilding [Member] | ||||
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities: | ||||
Gains (Losses) on Lennar Homebuilding senior notes | -1,000 | -988 | ||
Senior Notes [Member] | Lennar Homebuilding [Member] | ||||
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities: | ||||
Gains (Losses) on Lennar Homebuilding senior notes | 0 | -6,510 | ||
Noncontrolling Interests [Member] | ||||
Cash flows from operating activities: | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 6,320 | -20,968 | ||
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities: | ||||
Tax benefit from share-based awards | ||||
Cash flows from financing activities: | ||||
Receipts related to noncontrolling interests | 579 | 1,046 | ||
Payments related to noncontrolling interests | -174,853 | -480 | ||
Supplemental disclosures of non-cash investing and financing activities: | ||||
Adjustments to Additional Paid in Capital, Other | -101,550 | |||
Non-cash purchase of noncontrolling interests | $63,500 | |||
[1] | For the three and nine months ended August 31, 2013, Lennar Homebuilding equity in earnings (loss) from unconsolidated entities includes $8.6 million and $21.6 million, respectively, of equity in earnings primarily as a result of sales of homesites to third parties by one unconsolidated entity and previously deferred profit related to those homesites that was earned during the three months ended August 31, 2013. For the nine months ended August 31, 2012, Lennar Homebuilding equity in earnings (loss) includes $5.5 million of valuation adjustments related to strategic asset sales at Lennar Homebuilding's unconsolidated entities. | |||
[2] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Aug. 31, 2013 | |
Basis Of Presentation [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, as amended, for the year ended November 30, 2012. 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 and nine months ended August 31, 2013 are not necessarily indicative of the results to be expected for the full year. | |
Rialto Management Fees Revenue | |
The Rialto Investments segment provides services to a variety of legal entities and investment vehicles such as funds, joint ventures, co-invests, and other private equity structures to manage their respective investments. As a result, Rialto earns and receives management fees, underwriting fees and due diligence fees. These fees related to the Rialto Investments segment are included in Rialto Investments revenue and are recorded over the period in which the services are performed, fees are determinable and collectability is reasonably assured. Rialto receives investment management fees from investment vehicles based on 1) a percentage of committed capital during the commitment period and after the commitment period ends and 2) a percentage of drawn commitments less the portion of such drawn commitments utilized to acquire investments that have been sold (in whole or in part) or liquidated (except to the extent such drawn commitments are subsequently reinvested in other investments) or completely written off. Fees earned for underwriting and due diligence services are based on actual costs incurred. In certain situations, Rialto may earn additional fees when the return on assets managed exceeds contractually established thresholds. Such revenue is only booked when the contract terms are met, the contract is at, or near, completion and the amounts are known and collectability is reasonably assured. Since such revenue is recognized at the end of the life of the investment vehicle, after substantially all of the assets have been sold and investment gains and losses realized, the possibility of claw backs is limited. The Company believes the way it records Rialto Investments' management fees revenue is a significant accounting policy because it represents a significant portion of the Rialto Investments segment's revenues and is expected to continue to grow in the future as the segment manages more assets. | |
Rialto Mortgage Finance | |
Loans held-for-sale and Derivative Instruments – The originated mortgage loans are classified as Loans held-for-sale on the condensed consolidated balance sheet and are recorded at fair value. The Company elected the fair value option for its loans held-for-sale in accordance with ASC Topic 825, Financial Instruments, which permits entities to measure various financial instruments and certain other items at fair value on a contract-by-contract basis. Management believes that 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. Changes in fair values of the loans and the derivative instruments are reflected in Rialto Investments' revenues in the accompanying condensed consolidated statements of operations. Interest income on these loans is calculated based on the interest rate of the loan and is recorded within Rialto Investments' revenues in the accompanying condensed consolidated statements of operations. Substantially all of the mortgage loans originated are sold within a short period of time in a securitization on a servicing released, non-recourse basis; although, the Company remains liable for certain limited industry-standard representations and warranties related to loan sales. | |
In the normal course of business, the Company uses derivative financial instruments as a hedge to these loans during the period from when the Company has originated the loan until the time in which the loan is sold. These derivatives are used for risk management purposes to reduce its exposure to fluctuations in mortgage-related interest rates as well as lessen its credit risk. The Company hedges its interest rate exposure by entering into interest rate swap futures which had a notional outstanding balance of $195.7 million as of August 31, 2013. Credit exposure is managed at a portfolio level by entering into credit default swaps. As of August 31, 2013, Rialto had a notional outstanding balance of $170.0 million, consisting of both single “A”, “AAA” and “BBB” rated CMBX swaps. The Company does not enter into or hold derivatives for trading or speculative purposes. The Company believes the way it records Rialto Investments' revenues related to its loans held-for-sale is a significant accounting policy because while it currently represents a small portion of the Rialto Investments' revenues, it is expected to continue to grow in the future as the segment grows its mortgage finance business. | |
Reclassifications/Revisions | |
Subsequent to the issuance of the November 30, 2012 consolidated financial statements, the Company determined it needed to revise its disclosures and presentations with respect to the supplemental financial information included in Note 17 and filed an amended Form 10-K for the year ended November 30, 2012 and Form 10-Q for the three months ended February 28, 2013. These revisions did not affect the Company's consolidated financial statements and relate solely to transactions between Lennar Corporation and its subsidiaries and only impact the Supplemental Consolidating Financial Statements that are presented as supplemental information. As such, the supplemental financial information included in Note 17 has been revised for the three and nine months ended August 31, 2012. | |
Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2013 presentation. These reclassifications had no impact on the Company's results of operations. | |
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. |
Operating_And_Reporting_Segmen
Operating And Reporting Segments | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
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 Southeast Florida | |||||||||||||
(5) Homebuilding Houston | |||||||||||||
(6) Lennar Financial Services | |||||||||||||
(7) Rialto Investments | |||||||||||||
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 operations located in: | |||||||||||||
East: Florida(1), Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia | |||||||||||||
Central: Arizona, Colorado and Texas(2) | |||||||||||||
West: California and Nevada | |||||||||||||
Southeast Florida: Southeast Florida | |||||||||||||
Houston: Houston, Texas | |||||||||||||
Other: Illinois, Minnesota, Oregon, Tennessee and Washington | |||||||||||||
(1)Florida in the East reportable segment excludes Southeast Florida, which is its own reportable segment. | |||||||||||||
(2)Texas in the Central reportable segment excludes Houston, Texas, which is its own reportable segment. | |||||||||||||
Operations of the Lennar Financial Services segment include 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 Investments (“Rialto”) segment include sourcing, underwriting, pricing, managing and ultimately monetizing real estate and real estate related assets, as well as providing similar services to others in markets across the country. Rialto’s operating earnings consists of revenues generated primarily from accretable interest income associated with portfolios of real estate loans acquired in partnership with the FDIC and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the segment's Real Estate Funds, fees for sub-advisory services, revenues generated by the new Rialto Mortgage Finance ("RMF") business, which was formed to originate and securitize five, seven and ten year commercial first mortgage loans, other income (expense), net, consisting primarily of net gains upon foreclosure of real estate owned (“REO”) and net gains on sale of REO, and equity in earnings from unconsolidated entities, less the costs incurred by the segment for managing portfolios, REO expenses and other general 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, as amended, for the year ended November 30, 2012, as well as the Rialto management fees revenue and Rialto Mortgage Finance ("RMF") loans held-for sale significant accounting policies described in Note 1 of this Form 10-Q. 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: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
Homebuilding East | $ | 1,826,636 | 1,565,439 | ||||||||||
Homebuilding Central | 940,764 | 729,300 | |||||||||||
Homebuilding West | 3,151,425 | 2,396,515 | |||||||||||
Homebuilding Southeast Florida | 739,809 | 603,360 | |||||||||||
Homebuilding Houston | 328,000 | 273,605 | |||||||||||
Homebuilding Other (1) | 943,672 | 724,461 | |||||||||||
Rialto Investments (2) | 1,554,140 | 1,647,360 | |||||||||||
Lennar Financial Services | 709,024 | 912,995 | |||||||||||
Corporate and unallocated | 822,123 | 1,509,171 | |||||||||||
Total assets | $ | 11,015,593 | 10,362,206 | ||||||||||
-1 | Includes assets related to the Company's Multifamily business of $155.5 million and $29.1 million as of August 31, 2013 and November 30, 2012, respectively. The Company's net investment in the multifamily business as of August 31, 2013 was $120.1 million. | ||||||||||||
-2 | Consists primarily of assets of consolidated VIEs (see Note 8). | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues: | |||||||||||||
Homebuilding East | $ | 510,787 | 328,983 | 1,233,008 | 883,965 | ||||||||
Homebuilding Central | 205,523 | 138,728 | 536,329 | 339,005 | |||||||||
Homebuilding West | 303,952 | 179,114 | 747,592 | 459,909 | |||||||||
Homebuilding Southeast Florida | 119,849 | 106,876 | 315,583 | 227,543 | |||||||||
Homebuilding Houston | 192,962 | 136,075 | 446,874 | 323,364 | |||||||||
Homebuilding Other | 128,553 | 66,024 | 332,028 | 154,535 | |||||||||
Lennar Financial Services | 112,638 | 106,764 | 327,614 | 263,574 | |||||||||
Rialto Investments | 27,808 | 37,194 | 79,114 | 102,874 | |||||||||
Total revenues (1) | $ | 1,602,072 | 1,099,758 | 4,018,142 | 2,754,769 | ||||||||
Operating earnings (loss): | |||||||||||||
Homebuilding East | $ | 78,523 | 26,230 | 154,208 | 66,468 | ||||||||
Homebuilding Central | 11,102 | 10,012 | 37,895 | 15,394 | |||||||||
Homebuilding West | 58,253 | (266 | ) | 116,554 | (17,244 | ) | |||||||
Homebuilding Southeast Florida (2) | 25,367 | 14,882 | 63,539 | 45,692 | |||||||||
Homebuilding Houston | 27,893 | 15,746 | 52,425 | 30,524 | |||||||||
Homebuilding Other | 1,671 | 4,708 | 3,766 | 6,287 | |||||||||
Lennar Financial Services | 23,492 | 25,323 | 68,766 | 51,553 | |||||||||
Rialto Investments | 677 | (5,714 | ) | 10,558 | 6,813 | ||||||||
Total operating earnings | 226,978 | 90,921 | 507,711 | 205,487 | |||||||||
Corporate general and administrative expenses | 37,619 | 32,286 | 102,742 | 88,296 | |||||||||
Earnings before income taxes | $ | 189,359 | 58,635 | 404,969 | 117,191 | ||||||||
-1 | Total revenues are net of sales incentives of $92.8 million ($18,700 per home delivered) and $256.7 million ($20,400 per home delivered) for the three and nine months ended August 31, 2013, respectively, compared to $94.3 million ($26,100 per home delivered) and $274.0 million ($29,500 per home delivered) for the three and nine months ended August 31, 2012, respectively. | ||||||||||||
-2 | For the nine months ended August 31, 2012, operating earnings include a $15.0 million gain on the sale of an operating property. | ||||||||||||
Valuation adjustments and write-offs relating to the Company’s homebuilding operations were as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Valuation adjustments to finished homes, CIP and land on which the Company intends to build homes: | |||||||||||||
East | $ | 14 | 79 | 93 | 864 | ||||||||
Central | 2 | 6 | 44 | 214 | |||||||||
West | — | 2,346 | 254 | 4,317 | |||||||||
Southeast Florida | 2 | 2,139 | 3,790 | 2,775 | |||||||||
Houston | — | 41 | — | 130 | |||||||||
Other | — | 40 | 26 | 780 | |||||||||
Total | 18 | 4,651 | 4,207 | 9,080 | |||||||||
Valuation adjustments to land the Company intends to sell or has sold to third parties: | |||||||||||||
East | 27 | 107 | 270 | 122 | |||||||||
Central | — | 15 | 2 | 15 | |||||||||
West | — | — | 158 | 1 | |||||||||
Southeast Florida | — | 22 | — | 354 | |||||||||
Total | 27 | 144 | 430 | 492 | |||||||||
Write-offs of option deposits and pre-acquisition costs: | |||||||||||||
East | 46 | 1,303 | 459 | 1,632 | |||||||||
Central | — | 7 | 27 | 61 | |||||||||
West | 16 | — | 66 | 232 | |||||||||
Other | — | — | — | 156 | |||||||||
Total | 62 | 1,310 | 552 | 2,081 | |||||||||
Company’s share of valuation adjustments related to assets of unconsolidated entities: | |||||||||||||
East | — | 61 | — | 61 | |||||||||
West | — | 27 | — | 5,464 | |||||||||
Total | — | 88 | — | 5,525 | |||||||||
Valuation adjustments to investments of unconsolidated entities: | |||||||||||||
East | — | — | 36 | 18 | |||||||||
Central | 861 | — | 861 | — | |||||||||
Total | 861 | — | 897 | 18 | |||||||||
Write-offs of other receivables and other assets: | |||||||||||||
East | — | — | — | 1,000 | |||||||||
Total | — | — | — | 1,000 | |||||||||
Total valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | $ | 968 | 6,193 | 6,086 | 18,196 | ||||||||
Changes in market conditions and other specific developments may cause the Company to re-evaluate its strategy regarding certain 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. |
Lennar_Homebuilding_Investment
Lennar Homebuilding Investments In Unconsolidated Entities | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
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 | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues | $ | 240,642 | 110,823 | 501,656 | 264,336 | ||||||||
Costs and expenses | 163,237 | 126,007 | 372,859 | 303,717 | |||||||||
Other income | 1,241 | 10,515 | 14,602 | 10,515 | |||||||||
Net earnings (loss) of unconsolidated entities | $ | 78,646 | (4,669 | ) | 143,399 | (28,866 | ) | ||||||
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities (1) | $ | 10,345 | (5,991 | ) | 22,939 | (14,289 | ) | ||||||
-1 | For the three and nine months ended August 31, 2013, Lennar Homebuilding equity in earnings (loss) from unconsolidated entities includes $8.6 million and $21.6 million, respectively, of equity in earnings primarily as a result of sales of homesites to third parties by one unconsolidated entity and previously deferred profit related to those homesites that was earned during the three months ended August 31, 2013. For the nine months ended August 31, 2012, Lennar Homebuilding equity in earnings (loss) includes $5.5 million of valuation adjustments related to strategic asset sales at Lennar Homebuilding's unconsolidated entities. | ||||||||||||
Balance Sheets | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 183,877 | 157,340 | ||||||||||
Inventories | 3,039,135 | 2,792,064 | |||||||||||
Other assets | 310,459 | 250,940 | |||||||||||
$ | 3,533,471 | 3,200,344 | |||||||||||
Liabilities and equity: | |||||||||||||
Accounts payable and other liabilities | $ | 274,131 | 310,496 | ||||||||||
Debt | 454,456 | 759,803 | |||||||||||
Equity | 2,804,884 | 2,130,045 | |||||||||||
$ | 3,533,471 | 3,200,344 | |||||||||||
As of August 31, 2013 and November 30, 2012, the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $755.3 million and $565.4 million, respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of August 31, 2013 and November 30, 2012 was $1.0 billion and $681.6 million, respectively, primarily as a result of the Company buying the interest in a partner's equity in a Lennar Homebuilding unconsolidated entity at a discount to book value and contributing non-monetary assets to an unconsolidated entity with a higher fair value than book value. | |||||||||||||
In fiscal 2007, the Company sold a portfolio of land to a strategic land investment venture with Morgan Stanley Real Estate Fund II, L.P., an affiliate of Morgan Stanley & Co., Inc., in which the Company has approximately a 20% ownership interest and 50% voting rights. Due to the nature of the Company’s continuing involvement, the transaction did not qualify as a sale by the Company under GAAP; thus, the inventory has remained on the Company’s condensed consolidated balance sheet in consolidated inventory not owned. As of both August 31, 2013 and November 30, 2012, the portfolio of land (including land development costs) of $238.3 million and $264.9 million, respectively, is also reflected as inventory in the summarized condensed financial information related to Lennar Homebuilding’s unconsolidated entities. | |||||||||||||
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 summary of the Company’s net recourse exposure related to Lennar Homebuilding unconsolidated entities in which the Company has investments was as follows: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Several recourse debt - repayment | $ | 26,126 | 48,020 | ||||||||||
Joint and several recourse debt - repayment | 15,000 | 18,695 | |||||||||||
The Company’s maximum recourse exposure | 41,126 | 66,715 | |||||||||||
Less: joint and several reimbursement agreements with the Company’s partners | (13,500 | ) | (16,826 | ) | |||||||||
The Company’s net recourse exposure | $ | 27,626 | 49,889 | ||||||||||
During the nine months ended August 31, 2013, the Company’s maximum recourse exposure related to indebtedness of Lennar Homebuilding unconsolidated entities decreased by $25.6 million, as a result of $5.9 million paid by the Company primarily through capital contributions to unconsolidated entities and $19.7 million primarily related to the joint ventures selling assets and other transactions. | |||||||||||||
The recourse debt exposure in the previous table represents the Company’s maximum recourse exposure to loss from guarantees and does not take into account the underlying value of the collateral or the other assets of the borrowers that are available to repay the debt or to reimburse the Company for any payments on its guarantees. The Lennar Homebuilding unconsolidated entities that have recourse debt have a significant amount of assets and equity. The summarized balance sheets of Lennar Homebuilding’s unconsolidated entities with recourse debt were as follows: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Assets | $ | 1,639,382 | 1,843,163 | ||||||||||
Liabilities | $ | 449,454 | 765,295 | ||||||||||
Equity | $ | 1,189,928 | 1,077,868 | ||||||||||
In addition, 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. If the Company is required to make a payment under a maintenance guarantee to bring the value of the collateral above the specified percentage of the loan balance, 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 August 31, 2013 and November 30, 2012, the Company does not have any maintenance 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. | |||||||||||||
During the three months ended August 31, 2013 and 2012, there were $5.1 million and $1.3 million, respectively, of loan paydowns by Lennar relating to recourse debt. During both the three months ended August 31, 2013 and 2012, there were no payments under completion guarantees. | |||||||||||||
During the nine months ended August 31, 2013 and 2012, there were $6.0 million and $5.2 million, respectively, of loan paydowns by Lennar relating to recourse debt. During both the nine months ended August 31, 2013 and 2012, there were no payments under completion guarantees. | |||||||||||||
As of August 31, 2013, the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of August 31, 2013, 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). | |||||||||||||
The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments was as follows: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
The Company’s net recourse exposure | $ | 27,626 | 49,889 | ||||||||||
Reimbursement agreements from partners | 13,500 | 16,826 | |||||||||||
The Company’s maximum recourse exposure | $ | 41,126 | 66,715 | ||||||||||
Non-recourse bank debt and other debt (partner’s share of several recourse) | $ | 61,258 | 114,900 | ||||||||||
Non-recourse land seller debt or other debt | 20,454 | 26,340 | |||||||||||
Non-recourse debt with completion guarantees | 250,934 | 458,418 | |||||||||||
Non-recourse debt without completion guarantees | 80,684 | 93,430 | |||||||||||
Non-recourse debt to the Company | 413,330 | 693,088 | |||||||||||
Total debt | $ | 454,456 | 759,803 | ||||||||||
The Company’s maximum recourse exposure as a % of total JV debt | 9 | % | 9 | % | |||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||
Stockholders' Equity | 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 nine months ended August 31, 2013 and 2012: | ||||||||||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||||
(In thousands) | Total | Class A | Class B | Additional Paid- | Treasury | Retained | Noncontrolling | |||||||||||||||
Equity | Common Stock | Common Stock | in Capital | Stock | Earnings | Interests | ||||||||||||||||
Balance at November 30, 2012 | $ | 4,001,208 | 17,240 | 3,298 | 2,421,941 | (632,846 | ) | 1,605,131 | 586,444 | |||||||||||||
Net earnings (including net loss | 321,910 | — | — | — | — | 315,590 | 6,320 | |||||||||||||||
attributable to noncontrolling | ||||||||||||||||||||||
interests) | ||||||||||||||||||||||
Employee stock and directors | 34,396 | 243 | — | 17,196 | 16,957 | — | — | |||||||||||||||
plans | ||||||||||||||||||||||
Tax benefit from employee stock | 11,053 | — | — | 11,053 | — | — | — | |||||||||||||||
plans and vesting of restricted | ||||||||||||||||||||||
stock | ||||||||||||||||||||||
Amortization of restricted stock | 23,430 | — | — | 23,430 | — | — | — | |||||||||||||||
Cash dividends | (23,142 | ) | — | — | — | — | (23,142 | ) | — | |||||||||||||
Equity adjustment related to purchase of noncontrolling interests | 39,605 | — | — | (61,945 | ) | — | — | 101,550 | ||||||||||||||
Receipts related to | 579 | — | — | — | — | — | 579 | |||||||||||||||
noncontrolling interests | ||||||||||||||||||||||
Payments related to | (174,853 | ) | — | — | — | — | — | (174,853 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||||
Non-cash purchase of noncontrolling interests | (63,500 | ) | — | — | — | — | — | (63,500 | ) | |||||||||||||
Balance at August 31, 2013 | $ | 4,170,686 | 17,483 | 3,298 | 2,411,675 | (615,889 | ) | 1,897,579 | 456,540 | |||||||||||||
Stockholders’ Equity | ||||||||||||||||||||||
(In thousands) | Total | Class A | Class B | Additional Paid- | Treasury | Retained | Noncontrolling | |||||||||||||||
Equity | Common Stock | Common Stock | in Capital | Stock | Earnings | Interests | ||||||||||||||||
Balance at November 30, 2011 | $ | 3,303,525 | 16,910 | 3,298 | 2,341,079 | (621,220 | ) | 956,401 | 607,057 | |||||||||||||
Net earnings (including net | 533,812 | — | — | — | — | 554,780 | (20,968 | ) | ||||||||||||||
loss attributable to | ||||||||||||||||||||||
noncontrolling interests) | ||||||||||||||||||||||
Employee stock and directors | 18,949 | 212 | — | 13,215 | 5,522 | — | — | |||||||||||||||
plans | ||||||||||||||||||||||
Tax benefit from employee stock | 2,479 | — | — | 2,479 | — | — | — | |||||||||||||||
plans and vesting of restricted | ||||||||||||||||||||||
stock | ||||||||||||||||||||||
Amortization of restricted stock | 21,801 | — | — | 21,801 | — | — | — | |||||||||||||||
Cash dividends | (22,755 | ) | — | — | — | — | (22,755 | ) | — | |||||||||||||
Receipts related to | 1,046 | — | — | — | — | — | 1,046 | |||||||||||||||
noncontrolling interests | ||||||||||||||||||||||
Payments related to noncontrolling interests | (480 | ) | — | — | — | — | — | (480 | ) | |||||||||||||
Balance at August 31, 2012 | $ | 3,858,377 | 17,122 | 3,298 | 2,378,574 | (615,698 | ) | 1,488,426 | 586,655 | |||||||||||||
The Company has a stock repurchase program which permits the purchase of up to 20 million shares of its outstanding common stock. During both the three and nine months ended August 31, 2013 and August 31, 2012, there were no repurchases of common stock under the stock repurchase program. As of August 31, 2013, 6.2 million shares of common stock could be repurchased in the future under the program. | ||||||||||||||||||||||
During the three months ended August 31, 2013, treasury stock increased by an immaterial amount of shares of Class A common stock. During the three months ended August 31, 2012, treasury stock had no changes in the amount of shares of Class A Common stock. During the nine months ended August 31, 2013 and 2012, treasury stock decreased by approximately 0.4 million and 0.3 million, respectively, of shares of Class A common stock due to activity related to the Company's equity compensation plan. |
Income_Taxes
Income Taxes | 9 Months Ended |
Aug. 31, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the more-likely-than-not realization threshold criterion. In the assessment of the need for a valuation allowance, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, actual earnings, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives. | |
During the year ended November 30, 2012, the Company concluded that it was more likely than not that the majority of its deferred tax assets would be utilized. This conclusion was based on a detailed evaluation of all relevant evidence, both positive and negative as detailed in the Company's Form 10-K, as amended, for the year ended November 30, 2012. Accordingly, the Company reversed a majority of its valuation allowance against its deferred tax assets. As of November 30, 2012, the Company had a valuation allowance of $88.8 million, primarily related to state net operating loss ("NOL") carryforwards. | |
During the nine months ended August 31, 2013, the Company concluded that it was more likely than not that a portion of its deferred tax assets would be utilized. This conclusion was based on additional positive evidence including actual and forecasted profitability, as well as the Company generating cumulative pre-tax earnings over a rolling four year period including the pre-tax earnings achieved during the second quarter of 2013. Accordingly, during the three and nine months ended August 31, 2013, the Company reversed $0.7 million and $67.1 million, respectively, of its valuation allowance primarily against its state deferred tax assets. This reversal was partially offset by a tax provision of $67.9 million and $150.2 million, respectively, primarily related to pre-tax earnings during the three and nine months ended August 31, 2013, resulting in a $67.2 million and $83.1 million provision for income taxes for the three and nine months ended August 31, 2013, respectively. As of August 31, 2013, the Company's remaining valuation allowance against its deferred tax assets was $20.4 million, which is primarily related to state net operating loss carryforwards that may expire due to short carryforward periods. During the three and nine months ended August 31, 2012, the Company reversed $44.0 million and $447.0 million, respectively, of its valuation allowance against its deferred tax assets. During the three and nine months ended August 31, 2012, the Company recorded a tax benefit of $12.8 million and $416.6 million, respectively, primarily related to the reversal of the Company's valuation allowance. As a result of the partial reversal of the valuation allowance against the Company's deferred tax assets in 2012 and 2013, the Company's effective tax rate is not reflective of its historical tax rate. | |
As of August 31, 2013, the Company's deferred tax assets, net, were $439.2 million, of which $458.3 million were deferred tax assets included in Lennar Homebuilding's other assets on the Company's condensed consolidated balance sheets, $4.7 million were deferred tax liabilities included in Lennar Financial Services segment's liabilities on the Company's condensed consolidated balance sheets and $14.4 million were deferred tax liabilities included in Rialto Investments segment's notes payable and other liabilities on the Company's condensed consolidated balance sheets. | |
At August 31, 2013 and November 30, 2012, the Company had federal tax effected NOL carryforwards totaling $182.6 million and $278.8 million, respectively, that may be carried forward up to 20 years to offset future taxable income and begin to expire in 2025. As of August 31, 2013, the Company needs to generate $809.7 million of pre-tax earnings in future periods to realize all of its federal NOL carryforwards and federal deductible temporary tax differences. At August 31, 2013 and November 30, 2012, the Company had state tax effected NOL carryforwards totaling $162.6 million and $173.6 million, respectively, that may be carried forward from 5 to 20 years, depending on the tax jurisdiction, with losses expiring between 2013 and 2032. As of August 31, 2013, state tax effected NOL carryforwards totaling $7.9 million may expire over the next twelve months, if sufficient taxable income is not generated to utilize the net operating losses. At August 31, 2013 and November 30, 2012, the Company had a valuation allowance of $18.3 million and $84.6 million, respectively, against its state NOL carryforwards because the Company believes it is more likely than not that a portion of its state NOL carryforwards will not be realized due to the limited carryforward periods in certain states. | |
At August 31, 2013 and November 30, 2012, the Company had $10.5 million and $12.3 million, respectively, of gross unrecognized tax benefits. If the Company were to recognize its gross unrecognized tax benefits as of August 31, 2013, $6.8 million would affect the Company’s effective tax rate. The Company expects the total amount of unrecognized tax benefits to decrease by $1.6 million within twelve months as a result of anticipated settlements with various taxing authorities. | |
During the nine months ended August 31, 2013, the Company’s gross unrecognized tax benefits decreased by $1.8 million primarily as a result of state tax payments resulting from a previously settled IRS examination, partially offset by an increase due to a state tax allocation. The increase in gross unrecognized tax benefits related to a state tax allocation increased the Company's effective tax rate from 20.43% to 20.84%. | |
At August 31, 2013, the Company had $16.3 million accrued for interest and penalties, of which $1.0 million was recorded during the nine months ended August 31, 2013. During the three and nine months ended August 31, 2013, the accrual for interest and penalties was reduced by $2.4 million and $5.2 million, respectively, primarily as a result of the payment of interest related to state tax payments resulting from a previously settled IRS examination. At November 30, 2012, the Company had $20.5 million accrued for interest and penalties. | |
The IRS is currently examining the Company’s federal income tax return for fiscal year 2011 and 2012 and certain state taxing authorities are examining various fiscal years. The final outcome of these examinations is not yet determinable. The statute of limitations for the Company’s major tax jurisdictions remains open for examination for fiscal year 2005 and subsequent years. The Company participates in the Compliance Assurance Process, "CAP," an IRS examination program. This program operates as a contemporaneous exam throughout the year in order to keep exam cycles current and achieve a higher level of compliance. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
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: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||||
Net earnings attributable to Lennar | $ | 120,662 | 87,109 | 315,590 | 554,780 | ||||||||
Less: distributed earnings allocated to nonvested shares | 122 | 151 | 326 | 378 | |||||||||
Less: undistributed earnings allocated to nonvested shares | 1,712 | 1,378 | 4,090 | 8,411 | |||||||||
Numerator for basic earnings per share | 118,828 | 85,580 | 311,174 | 545,991 | |||||||||
Plus: interest on 2.00% convertible senior notes due 2020 and | 2,826 | 2,710 | 8,477 | 8,504 | |||||||||
3.25% convertible senior notes due 2021 | |||||||||||||
Plus: undistributed earnings allocated to convertible shares | 1,712 | 1,378 | 4,090 | 8,411 | |||||||||
Less: undistributed earnings reallocated to convertible shares | 1,489 | 1,215 | 3,549 | 7,352 | |||||||||
Numerator for diluted earnings per share | $ | 121,877 | 88,453 | 320,192 | 555,554 | ||||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share - weighted average | 190,799 | 186,761 | 190,119 | 186,397 | |||||||||
common shares outstanding | |||||||||||||
Effect of dilutive securities: | |||||||||||||
Shared based payments | 90 | 1,087 | 334 | 1,015 | |||||||||
Convertible senior notes | 34,446 | 31,732 | 35,549 | 29,723 | |||||||||
Denominator for diluted earnings per share - weighted average | 225,335 | 219,580 | 226,002 | 217,135 | |||||||||
common shares outstanding | |||||||||||||
Basic earnings per share | $ | 0.62 | 0.46 | 1.64 | 2.93 | ||||||||
Diluted earnings per share | $ | 0.54 | 0.4 | 1.42 | 2.56 | ||||||||
For both the three and nine months ended August 31, 2013, there were no options to purchase shares of Class A common stock that were outstanding and anti-dilutive. For the three months ended August 31, 2012, there were no options to purchase shares of Class A common stock that were outstanding and anti-dilutive. For the nine months ended August 31, 2012, there were 0.3 million options to purchase shares of Class A common stock that were outstanding and anti-dilutive. |
Lennar_Financial_Services_Segm
Lennar Financial Services Segment | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
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: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 65,803 | 58,566 | ||||||||||
Restricted cash | 10,699 | 12,972 | |||||||||||
Receivables, net (1) | 123,699 | 172,230 | |||||||||||
Loans held-for-sale (2) | 344,607 | 502,318 | |||||||||||
Loans held-for-investment, net | 25,264 | 23,982 | |||||||||||
Investments held-to-maturity | 54,019 | 63,924 | |||||||||||
Goodwill | 34,046 | 34,046 | |||||||||||
Other (3) | 50,887 | 44,957 | |||||||||||
$ | 709,024 | 912,995 | |||||||||||
Liabilities: | |||||||||||||
Notes and other debts payable | $ | 290,283 | 457,994 | ||||||||||
Other (4) | 162,828 | 172,978 | |||||||||||
$ | 453,111 | 630,972 | |||||||||||
-1 | Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of August 31, 2013 and November 30, 2012, respectively. | ||||||||||||
-2 | Loans held-for-sale relate to unsold loans carried at fair value. | ||||||||||||
-3 | Other assets include mortgage loan commitments carried at fair value of $10.8 million and $12.7 million as of August 31, 2013 and November 30, 2012, respectively. In addition, other assets also includes forward contracts carried at fair value of $1.8 million as of August 31, 2013. | ||||||||||||
-4 | Other liabilities include $73.9 million and $76.1 million as of August 31, 2013 and November 30, 2012, respectively, of certain of the Company’s self-insurance reserves related to general liability and workers’ compensation. Other liabilities also include forward contracts carried at fair value of $2.6 million as of November 30, 2012. | ||||||||||||
At August 31, 2013, the Lennar Financial Services segment had a 364-day warehouse repurchase facility with a maximum aggregate commitment of $100 million and an additional uncommitted amount of $100 million that matures in February 2014, a 364-day warehouse repurchase facility with a maximum aggregate commitment of $250 million that matures in July 2014, a 364-day warehouse repurchase facility with a maximum aggregate commitment of $150 million that matures in May 2014 (plus a $100 million accordion feature that is usable from 10 days prior to quarter-end through 20 days after quarter-end) and a 364-day warehouse facility with a maximum aggregate commitment of $60 million, that matures in November 2013. As of August 31, 2013, the maximum aggregate commitment and uncommitted amount under these facilities totaled $660 million and $100 million, respectively. | |||||||||||||
The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and expects the facilities to be renewed or replaced with other facilities when they mature. Borrowings under the facilities were $290.3 million and $458.0 million at August 31, 2013 and November 30, 2012, respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $395.9 million and $509.1 million at August 31, 2013 and November 30, 2012, respectively. If the facilities are not renewed, 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. | |||||||||||||
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 agreement. Since 2009, there has been an increased industry-wide effort by purchasers to defray their losses during unfavorable economic environments by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. The Company’s mortgage operations have established reserves for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes reserves 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 condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Loan origination liabilities, beginning of period | $ | 8,257 | 6,198 | 7,250 | 6,050 | ||||||||
Provision for losses during the period | 569 | 165 | 1,342 | 380 | |||||||||
Adjustments to pre-existing provisions for losses from changes in estimates | (176 | ) | — | 348 | 253 | ||||||||
Payments/settlements | (16 | ) | (209 | ) | (306 | ) | (529 | ) | |||||
Loan origination liabilities, end of period | $ | 8,634 | 6,154 | 8,634 | 6,154 | ||||||||
For Lennar Financial Services loans held-for-investment, net, a loan is deemed impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Interest income is not accrued or recognized on impaired loans unless payment is received. Impaired loans are written-off if and when the loan is no longer secured by collateral. The total unpaid principal balance of the impaired loans as of August 31, 2013 and November 30, 2012 was $8.2 million and $7.3 million, respectively. At August 31, 2013, the recorded investment in the impaired loans with a valuation allowance was $4.1 million, net of an allowance of $4.1 million. At November 30, 2012, the recorded investment in the impaired loans with a valuation allowance was $2.9 million, net of an allowance of $4.4 million. The average recorded investment in impaired loans totaled $3.9 million and $3.5 million for the three and nine months ended August 31, 2013, respectively. The average recorded investment in impaired loans totaled $3.0 million and $3.2 million for the three and nine months ended August 31, 2012, respectively. |
Rialto_Investments_Segment
Rialto Investments Segment | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Rialto Investments Segment [Abstract] | |||||||||||||
Rialto Investments Segment | Rialto Investments Segment | ||||||||||||
The assets and liabilities related to the Rialto segment were as follows: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 72,024 | 105,310 | ||||||||||
Defeasance cash to retire notes payable | 78,032 | 223,813 | |||||||||||
Loans receivable, net | 328,667 | 436,535 | |||||||||||
Loans held-for-sale (1) | 244,666 | — | |||||||||||
Real estate owned - held-for-sale | 198,609 | 134,161 | |||||||||||
Real estate owned - held-and-used, net | 440,656 | 601,022 | |||||||||||
Investments in unconsolidated entities | 125,263 | 108,140 | |||||||||||
Investments held-to-maturity | 15,791 | 15,012 | |||||||||||
Other (2) | 50,432 | 23,367 | |||||||||||
$ | 1,554,140 | 1,647,360 | |||||||||||
Liabilities: | |||||||||||||
Notes and other debts payable (3) | $ | 346,627 | 574,480 | ||||||||||
Other (4) | 44,444 | 26,122 | |||||||||||
$ | 391,071 | 600,602 | |||||||||||
-1 | Loans held-for-sale relate to unsold loans originated by Rialto Mortgage Finance carried at fair value. | ||||||||||||
-2 | Other assets include interest rate swap futures and credit default swaps carried at fair value of $0.6 million and $9.1 million, respectively, as of August 31, 2013. | ||||||||||||
-3 | As of August 31, 2013 notes and other debts payable includes $110.0 million of notes payable related to the FDIC portfolios and $133.1 million related to the RMF warehouse repurchase financing agreement. As of November 30, 2012, notes and other debts payable includes $470.0 million of notes payable related to the FDIC portfolios. | ||||||||||||
-4 | Other liabilities include interest rate swap futures carried at fair value of $0.7 million as of August 31, 2013. | ||||||||||||
Rialto’s operating earnings were as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues | $ | 27,808 | 37,194 | 79,114 | 102,874 | ||||||||
Costs and expenses | 34,167 | 46,396 | 94,243 | 109,964 | |||||||||
Rialto Investments equity in earnings from unconsolidated entities | 5,199 | 13,551 | 15,877 | 37,578 | |||||||||
Rialto Investments other income (expense), net | 1,837 | (10,063 | ) | 9,810 | (23,675 | ) | |||||||
Operating earnings (loss) (1) | $ | 677 | (5,714 | ) | 10,558 | 6,813 | |||||||
-1 | Operating earnings (loss) for the three and nine months ended August 31, 2013 include net earnings (loss) attributable to noncontrolling interests of ($0.8) million and $4.6 million, respectively. Operating earnings (loss) for the three and nine months ended August 31, 2012 include net earnings (loss) attributable to noncontrolling interests of ($13.4) million and ($14.6) million, respectively. | ||||||||||||
The following is a detail of Rialto Investments other income (expense), net for the periods indicated: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Realized gains on REO sales, net | $ | 9,651 | 2,418 | 36,857 | 10,857 | ||||||||
Unrealized loss on transfer of loans receivable to REO, net | (2,373 | ) | (4,690 | ) | (8,683 | ) | (5,923 | ) | |||||
REO expenses | (10,267 | ) | (12,035 | ) | (33,171 | ) | (40,758 | ) | |||||
Rental income | 4,826 | 4,244 | 14,807 | 12,149 | |||||||||
Rialto Investments other income (expense), net | $ | 1,837 | (10,063 | ) | 9,810 | (23,675 | ) | ||||||
Loans Receivable | |||||||||||||
In February 2010, the Rialto segment acquired indirectly 40% managing member equity interests in two limited liability companies (“LLCs”), in partnership with the FDIC. The LLCs hold performing and non-performing loans formerly owned by 22 failed financial institutions and when the Rialto segment acquired its interests in the LLCs, the two portfolios consisted of approximately 5,500 distressed residential and commercial real estate loans (“FDIC Portfolios”). The FDIC retained 60% equity interests in the LLCs and provided $626.9 million of financing with 0% interest, which is non-recourse to the Company and the LLCs. As of August 31, 2013 and November 30, 2012, the notes payable balance was $110.0 million and $470.0 million, respectively; however, as of August 31, 2013 and November 30, 2012, $78.0 million and $223.8 million, respectively, of cash collections on loans in excess of expenses were deposited in a defeasance account, established for the repayment of the notes payable, under the agreement with the FDIC. The funds in the defeasance account are being and will be used to retire the notes payable upon their maturity. During the nine months ended August 31, 2013, the LLCs retired $360.0 million principal amount of the notes payable under the agreement with the FDIC through the defeasance account. | |||||||||||||
The LLCs met the accounting definition of VIEs and since the Company was determined to be the primary beneficiary, the Company consolidated the LLCs. At August 31, 2013, these consolidated LLCs had total combined assets and liabilities of $880.0 million and $133.2 million, respectively. At November 30, 2012, these consolidated LLCs had total combined assets and liabilities of $1,236.4 million and $493.4 million, respectively. | |||||||||||||
In September 2010, the Rialto segment acquired approximately 400 distressed residential and commercial real estate loans (“Bank Portfolios”) and over 300 REO properties from three financial institutions. The Company paid $310 million for the distressed real estate and real estate related assets of which $124 million was financed through a 5-year senior unsecured note provided by one of the selling institutions of which $33.0 million of principal amount was retired in 2012. As of both August 31, 2013 and November 30, 2012, there was $90.9 million outstanding. | |||||||||||||
The following table displays the loans receivable by aggregate collateral type: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Land | $ | 181,755 | 216,095 | ||||||||||
Single family homes | 65,765 | 93,207 | |||||||||||
Commercial properties | 62,798 | 96,226 | |||||||||||
Multi-family homes | 5,000 | 12,776 | |||||||||||
Other | 13,349 | 18,231 | |||||||||||
Loans receivable, net | $ | 328,667 | 436,535 | ||||||||||
With regard to loans accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, (“ASC 310-30”), the Rialto segment estimated the cash flows, at acquisition, it expected to collect on the FDIC Portfolios and Bank Portfolios. In accordance with ASC 310-30, the difference between the contractually required payments and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. This difference is neither accreted into income nor recorded on the Company’s condensed consolidated balance sheets. The excess of cash flows expected to be collected over the cost of the loans acquired is referred to as the accretable yield and is recognized in interest income over the remaining life of the loans using the effective yield method. | |||||||||||||
The Rialto segment periodically evaluates its estimate of cash flows expected to be collected on its FDIC Portfolios and Bank Portfolios. These evaluations require the continued use of key assumptions and estimates, similar to those used in the initial estimate of fair value of the loans to allocate purchase price. Subsequent changes in the estimated cash flows expected to be collected may result in changes in the accretable yield and nonaccretable difference or reclassifications from nonaccretable yield to accretable yield. Increases in the cash flows expected to be collected will generally result in an increase in interest income over the remaining life of the loan or pool of loans. Decreases in expected cash flows due to further credit deterioration will generally result in an impairment charge recognized as a provision for loan losses, resulting in an increase to the allowance for loan losses. | |||||||||||||
The outstanding balance and carrying value of loans accounted for under ASC 310-30 was as follows: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Outstanding principal balance | $ | 659,638 | 812,187 | ||||||||||
Carrying value | $ | 311,655 | 396,200 | ||||||||||
The activity in the accretable yield for the FDIC Portfolios and Bank Portfolios during the nine months ended August 31, 2013 and 2012 were as follows: | |||||||||||||
(In thousands) | August 31, | August 31, | |||||||||||
2013 | 2012 | ||||||||||||
Accretable yield, beginning of period | $ | 112,899 | 209,480 | ||||||||||
Additions | 53,652 | 43,306 | |||||||||||
Deletions | (38,263 | ) | (71,830 | ) | |||||||||
Accretions | (38,455 | ) | (58,108 | ) | |||||||||
Accretable yield, end of period | $ | 89,833 | 122,848 | ||||||||||
Additions primarily represent reclasses from nonaccretable yield to accretable yield on the portfolios. Deletions represent loan impairments and disposal of loans, which includes foreclosure of underlying collateral and result in the removal of the loans from the accretable yield portfolios. | |||||||||||||
When forecasted principal and interest cannot be reasonably estimated at the loan acquisition date, management classifies the loan as nonaccrual and accounts for these assets in accordance with ASC 310-10, Receivables (“ASC 310-10”). When a loan is classified as nonaccrual, any subsequent cash receipt is accounted for using the cost recovery method. In accordance with ASC 310-10, a loan is considered impaired when based on current information and events it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. Although these loans met the definition of ASC 310-10, these loans were not considered impaired relative to the Company’s recorded investment at the time of acquisition since they were acquired at a substantial discount to their unpaid principal balance. A provision for loan losses is recognized when the recorded investment in the loan is in excess of its fair value. The fair value of the loan is determined by using either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral less estimated costs to sell. | |||||||||||||
The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type: | |||||||||||||
August 31, 2013 | |||||||||||||
Recorded Investment | |||||||||||||
(In thousands) | Unpaid | With | Without | Total Recorded | |||||||||
Principal Balance | Allowance | Allowance | Investment | ||||||||||
Land | $ | 7,486 | 221 | 2,903 | 3,124 | ||||||||
Single family homes | 16,615 | 1,716 | 3,815 | 5,531 | |||||||||
Commercial properties | 14,694 | 554 | 7,803 | 8,357 | |||||||||
Loans receivable | $ | 38,795 | 2,491 | 14,521 | 17,012 | ||||||||
November 30, 2012 | |||||||||||||
Recorded Investment | |||||||||||||
(In thousands) | Unpaid | With | Without | Total Recorded | |||||||||
Principal Balance | Allowance | Allowance | Investment | ||||||||||
Land | $ | 23,163 | 4,983 | 2,844 | 7,827 | ||||||||
Single family homes | 18,966 | 8,311 | 2,244 | 10,555 | |||||||||
Commercial properties | 35,996 | 1,006 | 20,947 | 21,953 | |||||||||
Loans receivable | $ | 78,125 | 14,300 | 26,035 | 40,335 | ||||||||
The average recorded investment in impaired loans totaled approximately $29 million and $62 million for the nine months ended August 31, 2013 and 2012, respectively. | |||||||||||||
The loans receivable portfolios consist of loans acquired at a discount. 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. The following are the risk categories for the loans receivable portfolios: | |||||||||||||
Accrual — Loans in which forecasted cash flows under the loan agreement, as it might be modified from time to time, can be reasonably estimated at the date of acquisition. The risk associated with loans in this category relates to the possible default by the borrower with respect to principal and interest payments and the possible decline in value of the underlying collateral and thus, both could cause a decline in the forecasted cash flows used to determine accretable yield income and the recognition of an impairment through an allowance for loan losses. As of August 31, 2013, the Company had an allowance on these loans of $20.1 million. During the three and nine months ended August 31, 2013, the Company recorded $3.3 million and $12.8 million, respectively, of provision for loan losses offset by charge-offs of $1.9 million and $4.9 million, respectively, upon resolution of the loans. During both the three and nine months ended August 31, 2012, the Company recorded $17.1 million of provision for loan losses offset by charge-offs of $3.0 million upon foreclosure of these loans. As of November 30, 2012, the Company had an allowance on these loans of $12.2 million. | |||||||||||||
Nonaccrual — Loans in which forecasted principal and interest could not be reasonably estimated at the date of acquisition. Although the Company believes the recorded investment balance will ultimately be realized, 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 the fair value of the collateral less estimated cost to sell. As of August 31, 2013 and November 30, 2012, the Company had an allowance on these loans of $0.9 million and $3.7 million, respectively. During the three and nine months ended August 31, 2013, the Company recorded $0.1 million and $1.2 million, respectively, of provision for loan losses offset by charge-offs of $1.0 million and $4.0 million, respectively, upon foreclosure of the loans. During the three and nine months ended August 31, 2012, the Company recorded $3.2 million and $5.5 million, respectively, of provision for loan losses offset by charge-offs of $0.4 million and $3.3 million, respectively, upon foreclosure of the loans. | |||||||||||||
Accrual and nonaccrual loans receivable by risk categories were as follows: | |||||||||||||
August 31, 2013 | |||||||||||||
(In thousands) | Accrual | Nonaccrual | Total | ||||||||||
Land | $ | 178,631 | 3,124 | 181,755 | |||||||||
Single family homes | 60,234 | 5,531 | 65,765 | ||||||||||
Commercial properties | 54,441 | 8,357 | 62,798 | ||||||||||
Multi-family homes | 5,000 | — | 5,000 | ||||||||||
Other | 13,349 | — | 13,349 | ||||||||||
Loans receivable | $ | 311,655 | 17,012 | 328,667 | |||||||||
November 30, 2012 | |||||||||||||
(In thousands) | Accrual | Nonaccrual | Total | ||||||||||
Land | $ | 208,268 | 7,827 | 216,095 | |||||||||
Single family homes | 82,652 | 10,555 | 93,207 | ||||||||||
Commercial properties | 74,273 | 21,953 | 96,226 | ||||||||||
Multi-family homes | 12,776 | — | 12,776 | ||||||||||
Other | 18,231 | — | 18,231 | ||||||||||
Loans receivable | $ | 396,200 | 40,335 | 436,535 | |||||||||
In order to assess the risk associated with each risk category, the Rialto segment 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. | |||||||||||||
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 are 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. | |||||||||||||
Upon the acquisition of REO through loan foreclosure, gains and losses are recorded in Rialto Investments other income (expense), net. The amount by which the recorded investment in the loan is less than the REO’s fair value (net of estimated cost to sell if held-for-sale), is recorded as an unrealized gain upon foreclosure. The amount by which the recorded investment in the loan is greater than the REO’s fair value (net of estimated cost to sell if held-for-sale) is generally recorded as a provision for loan losses. | |||||||||||||
At times, the Company may foreclose on a loan from an accrual loan pool in which the removal of the loan does not cause an overall decrease in the expected cash flows of the loan pool, and as such, no provision for loan losses is required to be recorded. However, the amount by which the recorded investment in the loan is greater than the REO’s fair value (net of estimated cost to sell if held-for-sale) is recorded as an unrealized loss upon foreclosure. | |||||||||||||
The following tables present the activity in REO: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
REO - held-for-sale, beginning of period | $ | 204,385 | 113,115 | 134,161 | 143,677 | ||||||||
Additions | 14,833 | 6,428 | 16,166 | 7,783 | |||||||||
Improvements | 1,949 | 1,439 | 4,466 | 7,438 | |||||||||
Sales | (68,087 | ) | (27,956 | ) | (145,363 | ) | (110,010 | ) | |||||
Impairments | (169 | ) | (810 | ) | (4,353 | ) | (2,432 | ) | |||||
Transfers to Lennar Homebuilding | (430 | ) | (7,431 | ) | (430 | ) | (11,335 | ) | |||||
Transfers from held-and-used, net (1) | 46,128 | 30,933 | 193,962 | 80,597 | |||||||||
REO - held-for-sale, end of period | $ | 198,609 | 115,718 | 198,609 | 115,718 | ||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
REO - held-and-used, net, beginning of period | $ | 478,314 | 634,401 | 601,022 | 582,111 | ||||||||
Additions | 14,154 | 44,958 | 38,882 | 154,633 | |||||||||
Improvements | 517 | 2,070 | 3,396 | 2,850 | |||||||||
Sales | — | — | — | (981 | ) | ||||||||
Impairments | (5,126 | ) | (1,880 | ) | (5,529 | ) | (5,153 | ) | |||||
Depreciation | (1,075 | ) | (1,389 | ) | (3,153 | ) | (5,636 | ) | |||||
Transfers to held-for-sale (1) | (46,128 | ) | (30,933 | ) | (193,962 | ) | (80,597 | ) | |||||
REO - held-and-used, net, end of period | $ | 440,656 | 647,227 | 440,656 | 647,227 | ||||||||
-1 | During the three and nine months ended August 31, 2013 and 2012, 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. | ||||||||||||
For the three and nine months ended August 31, 2013, the Company recorded $9.7 million and $36.9 million, respectively, of net gains from sales of REO. For the three and nine months ended August 31, 2012, the Company recorded $2.4 million and $10.9 million, respectively, of net gains from sales of REO. For the three and nine months ended August 31, 2013, the Company recorded net gains of $2.9 million and $1.2 million, respectively, from acquisitions of REO through foreclosure. For the three and nine months ended August 31, 2012, the Company recorded net gains (losses) of ($2.0) million and $1.7 million, respectively, from acquisitions of REO through foreclosure. These net gains (losses) are recorded in Rialto Investments other income (expense), net. | |||||||||||||
Rialto Mortgage Finance | |||||||||||||
During the third quarter of 2013, Rialto Mortgage Finance (“RMF”) was formed to originate and securitize five, seven and ten year commercial first mortgage loans, generally with principal amounts between $2 million and $75 million, which will be secured by income producing properties. As of August 31, 2013, RMF has originated loans with a total principal balance of $245.2 million. In September 2013, RMF sold $198 million of these loans in a securitization. As of August 31, 2013, RMF had a $250 million warehouse repurchase financing agreement of which $133.1 million was outstanding. | |||||||||||||
Investments | |||||||||||||
In 2010, the Rialto segment invested in approximately $43 million of non-investment grade commercial mortgage-backed securities (“CMBS”) for $19.4 million, representing a 55% discount to par value. The CMBS have a stated and assumed final distribution date of November 2020 and a stated maturity date of October 2057. 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 both the three and nine months ended August 31, 2013 and 2012. The carrying value of the investment securities at August 31, 2013 and November 30, 2012, was $15.8 million and $15.0 million, respectively. The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. | |||||||||||||
In 2010, 2011 and 2012, the Rialto segment obtained investors in Fund I who made equity commitments of $700 million (including $75 million committed by the Company). All capital commitments have been called and funded, and Fund I is closed to additional commitments. Fund I was determined to have the attributes of an investment company in accordance with ASC 946, Financial Services – Investment Companies, 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, Fund I’s assets and liabilities are recorded at fair value with increases/decreases in fair value recorded in the statement of operations of Fund I, the Company’s share of which are recorded in the Rialto Investments equity in earnings from unconsolidated entities financial statement line item. | |||||||||||||
During the three and nine months ended August 31, 2013, the Company received distributions of $2.7 million and $39.8 million, respectively, as a return of capital from Fund I. During the three and nine months ended August 31, 2012, the Company contributed $8.8 million and $26.8 million to Fund I. Of these amounts contributed, $13.9 million was distributed back to the Company during the nine months ended August 31, 2012 as a return of capital contributions due to a securitization within Fund I. As of August 31, 2013 and November 30, 2012, the carrying value of the Company’s investment in Fund I was $73.9 million and $98.9 million, respectively. For the three and nine months ended August 31, 2013, the Company’s share of earnings from Fund I was $3.7 million and $14.8 million, respectively. For the three and nine months ended August 31, 2012, the Company’s share of earnings from Fund I was $6.2 million and $16.8 million, respectively. | |||||||||||||
In December 2012, the Rialto segment completed the first closing of the Real Estate Fund II, LP ("Fund II") with initial equity commitments of approximately $260 million, including $100 million committed by the Company. No cash was funded at the time of the closing. Fund II's objective during its three-year investment period is to invest in distressed real estate assets and other related investments that fit Fund II's investment parameters. As of August 31, 2013, the equity commitments of Fund II were $643 million. During the nine months ended August 31, 2013, $240 million of the $643 million in equity commitments was called, of which, the Company contributed its portion of $37.4 million. As of August 31, 2013, the carrying value of the Company's investment in Fund II was $38.3 million. For the three and nine months ended August 31, 2013, the Company’s share of earnings from Fund II was $1.4 million and 0.9 million, respectively. | |||||||||||||
In the third quarter of 2013, the Rialto segment started raising capital and investing in mezzanine commercial loans creating the Rialto Mezzanine Partners Fund (the “Mezzanine Fund”) with a target of raising $300 million in capital to invest in performing mezzanine commercial loans. These loans have expected durations of one to two years and are secured by equity interests in the borrowing entity owning the real estate. As of August 31, 2013, the Mezzanine Fund had total equity commitments of $82 million, including $25 million committed by the Company. As of August 31, 2013, total invested capital was $13.5 million, including $4.1 million invested by the Company. | |||||||||||||
Additionally, another subsidiary in the Rialto segment has approximately a 5% investment in a service and infrastructure provider to the residential home loan market (the “Servicer Provider”), which provides services to the consolidated LLCs, among others. As of August 31, 2013 and November 30, 2012, the carrying value of the Company’s investment in the Servicer Provider was $8.3 million and $8.4 million, respectively. | |||||||||||||
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 | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 107,918 | 299,172 | ||||||||||
Loans receivable | 406,473 | 361,286 | |||||||||||
Real estate owned | 247,389 | 161,964 | |||||||||||
Investment securities | 352,237 | 182,399 | |||||||||||
Investments in real estate partnerships | 114,258 | 72,903 | |||||||||||
Other assets | 186,760 | 199,839 | |||||||||||
$ | 1,415,035 | 1,277,563 | |||||||||||
Liabilities and equity: | |||||||||||||
Accounts payable and other liabilities | $ | 167,813 | 155,928 | ||||||||||
Notes payable | 231,960 | 120,431 | |||||||||||
Partner loans | 163,940 | 163,516 | |||||||||||
Equity | 851,322 | 837,688 | |||||||||||
$ | 1,415,035 | 1,277,563 | |||||||||||
Statements of Operations | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues | $ | 69,856 | 115,800 | 189,155 | 357,328 | ||||||||
Costs and expenses | 65,357 | 75,233 | 190,066 | 178,414 | |||||||||
Other income, net (1) | 34,186 | 366,696 | 128,973 | 670,471 | |||||||||
Net earnings of unconsolidated entities | $ | 38,685 | 407,263 | 128,062 | 849,385 | ||||||||
Rialto Investments equity in earnings from unconsolidated entities | $ | 5,199 | 13,551 | 15,877 | 37,578 | ||||||||
-1 | Other income, net, for the three and nine months ended August 31, 2012 includes the AB PPIP Fund's mark-to-market unrealized gains and unrealized losses, of which the Company’s portion was a small percentage. |
Lennar_Homebuilding_Cash_And_C
Lennar Homebuilding Cash And Cash Equivalents | 9 Months Ended |
Aug. 31, 2013 | |
Cash and Cash Equivalents [Abstract] | |
Lennar Homebuilding Cash And Cash Equivalents | Lennar Homebuilding Cash and Cash Equivalents |
Cash and cash equivalents as of August 31, 2013 and November 30, 2012 included $163.6 million and $193.0 million, respectively, of cash held in escrow for approximately three days. |
Lennar_Homebuilding_Restricted
Lennar Homebuilding Restricted Cash | 9 Months Ended |
Aug. 31, 2013 | |
Lennar Homebuilding Restricted Cash [Abstract] | |
Lennar Homebuilding Restricted Cash | Lennar Homebuilding Restricted Cash |
Restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on deposit to secure and support performance obligations. |
Lennar_Homebuilding_Senior_Not
Lennar Homebuilding Senior Notes And Other Debts Payable | 9 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Debt Disclosure [Abstract] | |||||||
Lennar Homebuilding Senior Notes And Other Debts Payable | Lennar Homebuilding Senior Notes and Other Debts Payable | ||||||
(Dollars in thousands) | August 31, | November 30, | |||||
2013 | 2012 | ||||||
5.50% senior notes due 2014 | $ | 249,464 | 249,294 | ||||
5.60% senior notes due 2015 | 500,527 | 500,769 | |||||
6.50% senior notes due 2016 | 249,886 | 249,851 | |||||
12.25% senior notes due 2017 | 395,312 | 394,457 | |||||
4.75% senior notes due 2017 | 400,000 | 400,000 | |||||
6.95% senior notes due 2018 | 248,167 | 247,873 | |||||
4.125% senior notes due 2018 | 274,995 | — | |||||
2.00% convertible senior notes due 2020 | 276,500 | 276,500 | |||||
2.75% convertible senior notes due 2020 | 412,419 | 401,787 | |||||
3.25% convertible senior notes due 2021 | 400,000 | 400,000 | |||||
4.750% senior notes due 2022 | 570,790 | 350,000 | |||||
5.95% senior notes due 2013 | — | 62,932 | |||||
Unsecured revolving credit facility that matures 2017 | 100,000 | — | |||||
Mortgages notes on land and other debt | 546,554 | 471,588 | |||||
$ | 4,624,614 | 4,005,051 | |||||
At August 31, 2013, the Company had a $950 million unsecured revolving credit facility (the "Credit Facility") with certain financial institutions that matures in June 2017 and a $200 million Letter of Credit Facility with a financial institution. During the three months ended August 31, 2013, the Company increased the maximum aggregate commitment amount under the Credit Facility from $525 million to $950 million, of which $932 million was committed and $18 million was available through an accordion feature, subject to additional commitments, and the Company extended the Credit Facility's maturity date to June 2017. 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. As of August 31, 2013, the Company had $100 million outstanding borrowings under the Credit Facility. The Company believes it was in compliance with its debt covenants at August 31, 2013. | |||||||
During the three months ended August 31, 2013, the Company terminated its $150 million Letter of Credit and Reimbursement Agreement ("LC Agreement") with certain financial institutions and its $50 million Letter of Credit and Reimbursement Agreement. | |||||||
The Company’s performance letters of credit outstanding were $146.8 million and $107.5 million, respectively, at August 31, 2013 and November 30, 2012. The Company’s financial letters of credit outstanding were $191.9 million and $204.7 million, respectively, at August 31, 2013 and November 30, 2012. Performance letters of credit are generally posted with regulatory bodies to guarantee the Company’s performance of certain development and construction activities, and 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 August 31, 2013, 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 $671.5 million. 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 August 31, 2013, there were approximately $435.7 million, or 65%, 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. | |||||||
In February 2013, the Company issued $275 million aggregate principal amount of 4.125% senior notes due 2018 (the "4.125% Senior Notes") at a price of 99.998% in a private placement and an additional $175 million aggregate principal amount of its 4.750% senior notes due 2022 ("4.750% Senior Notes") at a price of 98.073% in a private placement. Proceeds from the offerings, after payment of expenses, were $271.9 million and $172.2 million, respectively. In April 2013, the Company issued an additional $50 million aggregate principal amount of its 4.750% Senior Notes at a price of 98.250% in a private placement. Proceeds from the offering, after payment of expenses, were $49.4 million. The Company used the net proceeds from the sale of the 4.125% Senior Notes and the 4.750% Senior Notes for working capital and general corporate purposes, which included the repayment or repurchase of its other outstanding senior notes. Interest on the 4.125% Senior Notes is due semi-annually beginning September 15, 2013. The 4.125% Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. Interest on the 4.750% Senior Notes is due semi-annually beginning May 15, 2013. The Company incurred additional interest with respect to the 4.750% Senior Notes and the 4.125% Senior Notes because the registration statements relating to the notes were not filed by and/or did not become effective by, and the exchange offers were not consummated by, the dates specified in the Registration Rights Agreements related to such notes. The 4.750% Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. At August 31, 2013, the carrying amount of the 4.125% Senior Notes was $275.0 million. At August 31, 2013 and November 30, 2012, the carrying amount of the 4.750% Senior Notes was $570.8 million and $350.0 million, respectively. | |||||||
During the nine months ended August 31, 2013, the Company retired $63.0 million of its 5.95% Senior Notes due 2013 for 100% of the outstanding principal amount plus accrued and unpaid interest as of the maturity date. | |||||||
In November 2011, the Company issued $350 million aggregate principal amount of 3.25% convertible senior notes due 2021 (the “3.25% Convertible Senior Notes”). During the three months ended February 29, 2012, the initial purchasers of the 3.25% Convertible Senior Notes purchased an additional $50 million aggregate principal amount to cover over-allotments. At both August 31, 2013 and November 30, 2012, the carrying and principal amount of the 3.25% Convertible Senior Notes was $400.0 million. 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 Class A common shares 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. Holders of the 3.25% Convertible Senior Notes have the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest on November 15, 2016. The Company has the right to redeem the 3.25% Convertible Senior Notes at any time on or after November 20, 2016 for 100% of their principal amount, plus accrued but unpaid interest. 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. Beginning in the second quarter of 2012, shares were 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 August 31, 2013 and 2012 was $35.03 and $28.88, which exceeded the conversion price, thus 7.4 million shares and 4.7 million shares, respectively, were included in the calculation of diluted earnings per share. For the nine months ended August 31, 2013 and 2012, 8.5 million shares and 2.7 million shares, respectively, were included in the calculation of diluted earnings per share. 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 20,150,012 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. Holders of the 2.75% Convertible Senior Notes have 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. 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. The 2.75% Convertible Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. | |||||||
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 both August 31, 2013 and November 30, 2012, the principal amount of the 2.75% Convertible Senior Notes was $446.0 million. At August 31, 2013 and November 30, 2012, the carrying amount of the equity component included in stockholders’ equity was $33.6 million and $44.2 million, respectively, and the net carrying amount of the 2.75% Convertible Senior Notes included in Lennar Homebuilding senior notes and other debts payable was $412.4 million and $401.8 million, respectively. | |||||||
The 2.00% convertible senior notes due 2020 (the “2.00% Convertible Senior Notes”) are convertible into shares of Class A common stock at the initial conversion rate of 36.1827 shares of Class A common stock per $1,000 principal amount of the 2.00% Convertible Senior Notes or 10,004,517 shares of Class A common stock if all the 2.00% Convertible Senior Notes are converted, which is equivalent to an initial conversion price of approximately $27.64 per share of Class A common stock, subject to anti-dilution adjustments. The shares are included in the calculation of diluted earnings per share. At both August 31, 2013 and November 30, 2012, the carrying and principal amount of the 2.00% Convertible Senior Notes was $276.5 million. Holders of the 2.00% Convertible Senior Notes have the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on each of December 1, 2013 and December 1, 2015. The Company has the right to redeem the 2.00% Convertible Senior Notes at any time on or after December 1, 2013 for 100% of their principal amount, plus accrued but unpaid interest. The 2.00% Convertible Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. | |||||||
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
Product Warranty | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||
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 other liabilities in the accompanying condensed consolidated balance sheets. The activity in the Company’s warranty reserve was as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Warranty reserve, beginning of period | $ | 90,242 | 84,488 | 84,188 | 88,120 | ||||||||
Warranties issued during the period | 13,914 | 9,469 | 34,795 | 24,430 | |||||||||
Adjustments to pre-existing warranties from changes in estimates | 7,506 | 766 | 15,415 | 5,813 | |||||||||
Payments | (12,186 | ) | (9,942 | ) | (34,922 | ) | (33,582 | ) | |||||
Warranty reserve, end of period | $ | 99,476 | 84,781 | 99,476 | 84,781 | ||||||||
As of August 31, 2013, the Company has identified approximately 1,010 homes delivered in Florida primarily during its 2006 and 2007 fiscal years that are confirmed to have had defective Chinese drywall and resulting damage. This represents a small percentage of homes the Company delivered nationally (1.2%) during those fiscal years. Defective Chinese drywall is an industry-wide issue as other homebuilders have publicly disclosed that they have experienced similar issues with defective Chinese drywall. Based on its efforts to date, the Company has not identified defective Chinese drywall in homes delivered by the Company outside of Florida. The Company has offered to replace defective Chinese drywall when it has been found in homes the Company has built, and has done so in substantially all affected homes. Drywall claims for approximately 60 of the 1,010 homes will be resolved through settlement of the drywall multi-district class action litigation in the United States District Court for the Eastern District of Louisiana. | |||||||||||||
Through August 31, 2013, the Company has accrued $82.2 million of warranty reserves related to defective Chinese drywall. There were no additional amounts accrued during the nine months ended August 31, 2013. As of August 31, 2013 and November 30, 2012, the warranty reserve related to Chinese drywall, net of payments, was $1.8 million and $2.9 million, respectively. The Company has received, and continues to seek, reimbursement from its subcontractors, insurers and others for costs the Company has incurred or expects to incur to investigate and repair defective Chinese drywall and resulting damage. |
ShareBased_Payment
Share-Based Payment | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Share-Based Payment | Share-Based Payment | ||||||||||||
During the three months ended August 31, 2013, the Company granted an immaterial number of stock options and 1.2 million nonvested shares. During the nine months ended August 31, 2013, the Company granted an immaterial number of stock options and 1.3 million nonvested shares. During the three months ended August 31, 2012, the Company did not grant any stock options and issued 1.2 million nonvested shares. During the nine months ended August 31, 2012, the Company granted an immaterial number of stock options and issued 1.3 million nonvested shares. Compensation expense related to the Company’s share-based payment awards was as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Stock options | $ | 64 | 580 | 97 | 2,380 | ||||||||
Nonvested shares | 10,269 | 7,669 | 23,430 | 21,801 | |||||||||
Total compensation expense for share-based awards | $ | 10,333 | 8,249 | 23,527 | 24,181 | ||||||||
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||
Financial Instruments | Financial Instruments | ||||||||||||||
The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at August 31, 2013 and November 30, 2012, 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, defeasance cash to retire notes payable, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities of these instruments. | |||||||||||||||
August 31, 2013 | November 30, 2012 | ||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||
(In thousands) | Hierarchy | Amount | Value | Amount | Value | ||||||||||
ASSETS | |||||||||||||||
Rialto Investments: | |||||||||||||||
Loans receivable, net | Level 3 | $ | 328,667 | 349,079 | 436,535 | 450,281 | |||||||||
Investments held-to-maturity | Level 3 | $ | 15,791 | 15,673 | 15,012 | 14,904 | |||||||||
Lennar Financial Services: | |||||||||||||||
Loans held-for-investment, net | Level 3 | $ | 25,264 | 25,910 | 23,982 | 24,949 | |||||||||
Investments held-to-maturity | Level 2 | $ | 54,019 | 54,012 | 63,924 | 63,877 | |||||||||
LIABILITIES | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Senior notes and other debts payable | Level 2 | $ | 4,624,614 | 5,306,477 | 4,005,051 | 5,035,670 | |||||||||
Rialto Investments: | |||||||||||||||
Notes and other debts payable | Level 2 | $ | 346,627 | 339,178 | 574,480 | 568,702 | |||||||||
Lennar Financial Services: | |||||||||||||||
Notes and other debts payable | Level 2 | $ | 290,283 | 290,283 | 457,994 | 457,994 | |||||||||
The following methods and assumptions are used by the Company in estimating fair values: | |||||||||||||||
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. | |||||||||||||||
Rialto Investments—The fair values for loans receivable is based on discounted cash flows, or the fair value of the collateral less estimated cost to sell. The fair value for investments held-to-maturity is based on discounted cash flows. For notes payable, the fair value of the zero percent interest notes guaranteed by the FDIC was calculated based on a 6-month treasury yield, and the fair value of other notes payable was calculated based on discounted cash flows using the Company’s weighted average borrowing rate. | |||||||||||||||
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. | |||||||||||||||
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: | |||||||||||||||
Financial Instruments | Fair Value | Fair Value at | Fair Value at | ||||||||||||
Hierarchy | August 31, | November 30, | |||||||||||||
2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||
Lennar Financial Services: | |||||||||||||||
Loans held-for-sale (1) | Level 2 | $ | 344,607 | 502,318 | |||||||||||
Mortgage loan commitments | Level 2 | $ | 10,764 | 12,713 | |||||||||||
Forward contracts | Level 2 | $ | 1,821 | (2,570 | ) | ||||||||||
Lennar Homebuilding: | |||||||||||||||
Investments available-for-sale | Level 3 | $ | 43,371 | 19,591 | |||||||||||
Rialto Investments Financial Assets: | |||||||||||||||
Loans held-for-sale (2) | Level 3 | $ | 244,666 | — | |||||||||||
Interest rate swap futures | Level 1 | $ | 607 | — | |||||||||||
Credit default swaps | Level 2 | $ | 9,093 | — | |||||||||||
Rialto Investments Financial Liabilities: | |||||||||||||||
Interest rate swap futures | Level 1 | $ | (701 | ) | — | ||||||||||
-1 | The aggregate fair value of Lennar Financial Services loans held-for-sale of $344.6 million at August 31, 2013 exceeds their aggregate principal balance of $334.8 million by $9.8 million. The aggregate fair value of loans held-for-sale of $502.3 million at November 30, 2012 exceeds their aggregate principal balance of $479.1 million by $23.2 million. | ||||||||||||||
-2 | The aggregate fair value of Rialto Investments loans held-for-sale of $244.7 million at August 31, 2013 are below their aggregate principal balance of $245.2 million by $0.6 million. | ||||||||||||||
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: | |||||||||||||||
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 August 31, 2013 and November 30, 2012. Fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics. | |||||||||||||||
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 as of August 31, 2013 and November 30, 2012. | |||||||||||||||
Lennar Financial Services forward contracts— Fair value is based on quoted market prices for similar financial instruments. | |||||||||||||||
Lennar Homebuilding investments available-for-sale— The fair value of these investments are based on third party valuations. | |||||||||||||||
Rialto Investments 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 pricings 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 Investments interest rate swap futures— The fair value of interest rate swap futures (derivatives) is based on quoted market prices for identical investments traded in active markets. | |||||||||||||||
Rialto Investments credit default swaps— The fair value of credit default swaps (derivatives) is based on quoted market prices for similar investments traded in active markets. | |||||||||||||||
Gains and losses of Lennar Financial Services financial instruments measured at fair value from initial measurement and subsequent changes in fair value are recognized in the Lennar Financial Services segment’s operating earnings. Gains and losses related to the Lennar Homebuilding investments available-for-sale during the three and nine months ended August 31, 2013 were deferred as a result of the Company's continuing involvement in the underlying real estate collateral. There were no gains or losses recognized for the Lennar Homebuilding investments available-for-sale during the three and nine months ended August 31, 2012. The changes in fair values that are included in operating earnings are shown, by financial instrument and financial statement line item below: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
August 31, | August 31, | ||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Changes in fair value included in Lennar Financial Services revenues: | |||||||||||||||
Loans held-for-sale | $ | 3,982 | 5,403 | (13,422 | ) | 7,694 | |||||||||
Mortgage loan commitments | $ | 4,944 | 281 | (1,950 | ) | 7,466 | |||||||||
Forward contracts | $ | (13,600 | ) | 1,478 | 4,391 | (2,552 | ) | ||||||||
Changes in fair value included in Rialto Investments revenues: | |||||||||||||||
Financial Assets: | |||||||||||||||
Loans held-for-sale | $ | (1,086 | ) | — | (1,086 | ) | — | ||||||||
Interest rate swap futures | $ | 607 | — | 607 | — | ||||||||||
Credit default swaps | $ | 1,343 | — | 1,343 | — | ||||||||||
Financial Liabilities: | |||||||||||||||
Interest rate swap futures | $ | (701 | ) | — | (701 | ) | — | ||||||||
Interest income on Lennar Financial Services loans held-for-sale and Rialto Investments 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 Investments statement of operations, respectively. | |||||||||||||||
The following table represents a reconciliation of the beginning and ending balance for the Company’s Level 3 recurring fair value measurements (investments available-for-sale) included in the Lennar Homebuilding segment’s other assets: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
(In thousands) | August 31, 2013 | August 31, 2012 | August 31, 2013 | August 31, 2012 | |||||||||||
Investments available-for-sale, beginning of period | $ | 33,338 | 24,306 | 19,591 | 42,892 | ||||||||||
Purchases and other (1) | 13,291 | — | 25,518 | 20,998 | |||||||||||
Sales | (2,486 | ) | (4,092 | ) | (2,486 | ) | (10,528 | ) | |||||||
Changes in fair value (2) | (772 | ) | (1,169 | ) | 748 | — | |||||||||
Settlements (3) | — | — | — | (34,317 | ) | ||||||||||
Investments available-for-sale, end of period | $ | 43,371 | 19,045 | 43,371 | 19,045 | ||||||||||
-1 | Represents investments in community development district bonds that mature at various dates between 2022 and 2042. | ||||||||||||||
-2 | Amount represents changes in fair value during both three and nine months ended August 31, 2013. The changes in fair value were not included in other comprehensive income because the changes in fair value were deferred as a result of the Company's continuing involvement in the underlying real estate collateral. | ||||||||||||||
-3 | The investments available-for-sale that were settled during both the three and nine months ended August 31, 2013 and 2012 related to investments in community development district bonds, which were in default by the borrower and regarding which the Company foreclosed on the underlying real estate collateral. Therefore, these investments were reclassified from other assets to land and land under development. | ||||||||||||||
The following table represents a reconciliation of the beginning and ending balance for Rialto Investments Level 3 recurring fair value measurements (loans held-for-sale): | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
(In thousands) | 31-Aug-13 | 31-Aug-12 | 31-Aug-13 | 31-Aug-12 | |||||||||||
Rialto Investments loans held-for-sale, beginning of period | $ | — | — | — | — | ||||||||||
Loan originations | 245,223 | — | 245,223 | — | |||||||||||
Interest | 529 | — | 529 | — | |||||||||||
Changes in fair value | (1,086 | ) | — | (1,086 | ) | — | |||||||||
Rialto Investments loans held-for-sale, end of period | $ | 244,666 | — | 244,666 | — | ||||||||||
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 and Rialto Investments real estate owned assets. The fair value included in the tables below represent 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: | |||||||||||||||
Non-financial assets | Fair Value | Fair Value | Total Gains (Losses) (1) | ||||||||||||
Hierarchy | Three Months Ended | ||||||||||||||
August 31, | |||||||||||||||
2013 | |||||||||||||||
(In thousands) | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Investments in unconsolidated entities (2) | Level 3 | $ | 20,024 | (861 | ) | ||||||||||
Rialto Investments: | |||||||||||||||
REO - held-for-sale (3) | Level 3 | $ | 14,833 | 2,464 | |||||||||||
REO - held-and-used, net (4) | Level 3 | $ | 16,204 | (4,836 | ) | ||||||||||
-1 | Represents total losses due to valuation adjustments, total gains from acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended August 31, 2013. | ||||||||||||||
-2 | Lennar Homebuilding investments in unconsolidated entities with an aggregate carrying value of $20.9 million were written down to their fair value of $20.0 million, resulting in valuation adjustments of $0.9 million, which were included in other income, net in the Company’s statement of operations for the three months ended August 31, 2013. | ||||||||||||||
-3 | REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $12.2 million and a fair value of $14.8 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management’s best estimate. The gains upon acquisition of REO, held-for-sale, were $2.6 million. As part of management’s periodic valuations of its REO, held-for-sale, during the three months ended August 31, 2013, REO, held-for-sale, with an aggregate value of $0.2 million were written down to their fair value of zero, resulting in impairments of $0.2 million. These gains and impairments are included within Rialto Investments other income (expense), net, in the Company’s statement of operations for the three months ended August 31, 2013. | ||||||||||||||
-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. Upon acquisition, the REO, held-and-used, net, had a carrying value of $13.9 million and a fair value of $14.2 million. 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. The gains upon acquisition of REO, held-and-used, net, were $0.3 million. As part of management’s periodic valuations of its REO, held-and-used, net, during the three months ended August 31, 2013, REO, held-and-used, net, with an aggregate value of $7.2 million were written down to their fair value of $2.1 million, resulting in impairments of $5.1 million. These gains and impairments are included within Rialto Investments other income (expense), net, in the Company’s statement of operations for the three months ended August 31, 2013. | ||||||||||||||
Non-financial assets | Fair Value | Fair Value | Total Gains (Losses) (1) | ||||||||||||
Hierarchy | Three Months Ended | ||||||||||||||
August 31, | |||||||||||||||
2012 | |||||||||||||||
(In thousands) | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Finished homes and construction in progress (2) | Level 3 | $ | 8,049 | (4,651 | ) | ||||||||||
Rialto Investments: | |||||||||||||||
REO - held-for-sale (3) | Level 3 | $ | 10,101 | (2,682 | ) | ||||||||||
REO - held-and-used, net (4) | Level 3 | $ | 53,292 | (2,006 | ) | ||||||||||
-1 | Represents total losses due to valuation adjustments, total gains from acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended August 31, 2012. | ||||||||||||||
-2 | Finished homes and construction in progress with an aggregate carrying value of $12.7 million were written down to their fair value of $8.0 million, resulting in valuation adjustments of $4.7 million, which were included in Lennar Homebuilding costs and expenses in the Company’s statement of operations for the three months ended August 31, 2012. | ||||||||||||||
-3 | REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO held-for-sale had a carrying value of $8.3 million and a fair value of $6.4 million. The fair value of REO held-for-sale is based upon the appraised value at the time of foreclosure or management’s best estimate. The losses upon acquisition of REO held-for-sale were $1.9 million. As part of management's periodic valuations of its REO held-for-sale during the three months ended August 31, 2012, REO held-for-sale with an aggregate value of $4.5 million were written down to their fair value of $3.7 million, resulting in impairments of $0.8 million. These losses and impairments are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended August 31, 2012. | ||||||||||||||
-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. Upon acquisition, the REO held-and-used, net, had a carrying value of $45.1 million and a fair value of $45.0 million. 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. The losses upon acquisition of REO held-and-used, net, were $0.1 million. As part of management's periodic valuations of its REO held-and-used, net, during the three months ended August 31, 2012, REO held-and-used, net, with an aggregate value of $10.2 million were written down to their fair value of $8.3 million, resulting in impairments of $1.9 million. These losses and impairments are included within the Rialto Investments other income (expense), net, in the Company’s statement of operations for the three months ended August 31, 2012. | ||||||||||||||
Non-financial assets | Fair Value | Fair Value | Total Gains (Losses) (1) | ||||||||||||
Hierarchy | Nine Months Ended | ||||||||||||||
August 31, | |||||||||||||||
2013 | |||||||||||||||
(In thousands) | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Finished homes and construction in progress (2) | Level 3 | $ | 12,247 | (4,207 | ) | ||||||||||
Investments in unconsolidated entities (3) | Level 3 | $ | 20,024 | (897 | ) | ||||||||||
Rialto Investments: | |||||||||||||||
REO - held-for-sale (4) | Level 3 | $ | 34,853 | (2,380 | ) | ||||||||||
REO - held-and-used, net (5) | Level 3 | $ | 43,364 | (6,302 | ) | ||||||||||
-1 | Represents total losses due to valuation adjustments, total gains from acquisitions of real estate through foreclosure and REO impairments recorded during the nine months ended August 31, 2013. | ||||||||||||||
-2 | Finished homes and construction in progress with an aggregate carrying value of $16.5 million were written down to their fair value of $12.2 million, resulting in valuation adjustments of $4.2 million, which were included in Lennar Homebuilding costs and expenses in the Company’s statement of operations for the nine months ended August 31, 2013. | ||||||||||||||
-3 | Lennar Homebuilding investments in unconsolidated entities with an aggregate carrying value of $20.9 million were written down to their fair value of $20.0 million, resulting in valuation adjustments of $0.9 million, which were included in other income, net in the Company’s statement of operations for the nine months ended August 31, 2013. | ||||||||||||||
-4 | REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $14.2 million and a fair value of $16.2 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management’s best estimate. The gains upon acquisition of REO, held-for-sale, were $2.0 million. As part of management’s periodic valuations of its REO, held-for-sale, during the nine months ended August 31, 2013, REO, held-for-sale, with an aggregate value of $23.0 million were written down to their fair value of $18.7 million, resulting in impairments of $4.4 million. These gains and impairments are included within Rialto Investments other income (expense), net, in the Company’s statement of operations for the nine months ended August 31, 2013. | ||||||||||||||
-5 | REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $39.7 million and a fair value of $38.9 million. 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. The losses upon acquisition of REO, held-and-used, net, were $0.8 million. As part of management’s periodic valuations of its REO, held-and-used, net, during the nine months ended August 31, 2013, REO, held-and-used, net, with an aggregate value of $10.0 million were written down to their fair value of $4.5 million, resulting in impairments of $5.5 million. These losses and impairments are included within Rialto Investments other income (expense), net, in the Company’s statement of operations for the nine months ended August 31, 2013. | ||||||||||||||
Non-financial assets | Fair Value | Fair Value | Total Gains (Losses) (1) | ||||||||||||
Hierarchy | Nine Months Ended | ||||||||||||||
August 31, | |||||||||||||||
2012 | |||||||||||||||
(In thousands) | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Finished homes and construction in progress (2) | Level 3 | $ | 10,810 | (9,080 | ) | ||||||||||
Land and land under development (3) | Level 3 | $ | 13,318 | (332 | ) | ||||||||||
Rialto Investments: | |||||||||||||||
REO - held-for-sale (4) | Level 3 | $ | 23,967 | (4,870 | ) | ||||||||||
REO - held-and-used, net (5) | Level 3 | $ | 173,665 | (1,051 | ) | ||||||||||
-1 | Represents total losses due to valuation adjustments, total gains from acquisitions of real estate through foreclosure and REO impairments recorded during the nine months ended August 31, 2012. | ||||||||||||||
-2 | Finished homes and construction in progress with an aggregate carrying value of $19.9 million were written down to their fair value of $10.8 million, resulting in valuation adjustments of $9.1 million, which were included in Lennar Homebuilding costs and expenses in the Company’s statement of operations for the nine months ended August 31, 2012. | ||||||||||||||
-3 | Land and land under development with an aggregate carrying value of 13.6 million were written down to their fair value of $13.3 million, resulting in valuation adjustments of $0.3 million, which were included in Lennar Homebuilding costs and expenses in the Company's statements of operations for the nine months ended August 31, 2012. | ||||||||||||||
-4 | REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $10.2 million and a fair value of $7.8 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management’s best estimate. The losses upon acquisition of REO, held-for-sale, were $2.4 million. As part of management's periodic valuations of its REO, held-for-sale, during the nine months ended August 31, 2012, REO, held-for-sale, with an aggregate value of $18.6 million were written down to their fair value of $16.2 million, resulting in impairments of $2.4 million. These losses and impairments are included within Rialto Investments other income (expense), net in the Company's statement of operations for the nine months ended August 31, 2012. | ||||||||||||||
-5 | REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $150.5 million and a fair value of $154.6 million. 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. The gains upon acquisition of REO, held-and-used, net, were $4.1 million. As part of management's periodic valuations of its REO, held-and-used, net, during the nine months ended August 31, 2012, REO, held-and-used, net, with an aggregate value of $24.2 million were written down to their fair value of $19.0 million, resulting in impairments of $5.2 million. These gains and impairments are included within the Rialto Investments other income (expense), net, in the Company’s statement of operations for the nine months ended August 31, 2012. | ||||||||||||||
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. Inventory costs include land, land development and home construction costs, real estate taxes, deposits on land purchase contracts and interest related to development and construction. Construction overhead and selling expenses are expensed as incurred. Homes held-for-sale are classified as inventories until delivered. Land, land development, amenities and other costs are accumulated by specific area and allocated to homes within the respective areas. The Company reviews its inventory for indicators of impairment by evaluating each community during each reporting period. The inventory within each community is categorized as finished homes and construction in progress or land under development based on the development state of the community. There were 512 and 442 active communities, excluding unconsolidated entities, as of August 31, 2013 and 2012, respectively. If the undiscounted cash flows expected to be generated by a community are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such community to its estimated fair value. | |||||||||||||||
In conducting its review for indicators of impairment on a community level, the Company evaluates, among other things, the margins on homes that have been delivered, margins on homes under sales contracts in backlog, projected margins with regard to future home sales over the life of the community, projected margins with regard to future land sales and the estimated fair value of the land itself. The Company pays particular attention to communities in which inventory is moving at a slower than anticipated absorption pace and communities whose average sales price and/or margins are trending downward and are anticipated to continue to trend downward. From this review, the Company identifies communities whose carrying values exceed their undiscounted cash flows. | |||||||||||||||
The Company estimates the fair value of its communities using a discounted cash flow model. The projected cash flows for each community are significantly impacted by estimates related to market supply and demand, product type by community, homesite sizes, sales pace, sales prices, sales incentives, construction costs, sales and marketing expenses, the local economy, competitive conditions, labor costs, costs of materials and other factors for that particular community. Every division evaluates the historical performance of each of its communities as well as current trends in the market and economy impacting the community and its surrounding areas. These trends are analyzed for each of the estimates listed above. For example, any increase and or decrease in construction costs in addition to change in product type in many communities has impacted future estimated cash flows. | |||||||||||||||
Each of the homebuilding markets in which the Company operates is unique, as homebuilding has historically been a local business driven by local market conditions and demographics. Each of the Company’s homebuilding markets has specific supply and demand relationships reflective of local economic conditions. The Company’s projected cash flows are impacted by many assumptions. Some of the most critical assumptions in the Company’s cash flow model are projected absorption pace for home sales, sales prices and costs to build and deliver homes on a community by community basis. | |||||||||||||||
In order to arrive at the assumed absorption pace for home sales included in the Company’s cash flow model, the Company analyzes its historical absorption pace in the community as well as other comparable communities in the geographical area. In addition, the Company considers internal and external market studies and trends, which generally include, but are not limited to, statistics on population demographics, unemployment rates and availability of competing product in the geographic area where the community is located. When analyzing the Company’s historical absorption pace for home sales and corresponding internal and external market studies, the Company places greater emphasis on more current metrics and trends such as the absorption pace realized in its most recent quarters as well as forecasted population demographics, unemployment rates and availability of competing product. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected absorption pace in the cash flow model for a community. | |||||||||||||||
In order to determine the assumed sales prices included in its cash flow models, the Company analyzes the historical sales prices realized on homes it delivered in the community and other comparable communities in the geographical area as well as the sales prices included in its current backlog for such communities. In addition, the Company considers internal and external market studies and trends, which generally include, but are not limited to, statistics on sales prices in neighboring communities and sales prices on similar products in non-neighboring communities in the geographic area where the community is located. When analyzing its historical sales prices and corresponding market studies, the Company also places greater emphasis on more current metrics and trends such as future forecasted sales prices in neighboring communities as well as future forecasted sales prices for similar products in non-neighboring communities. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected sales prices in the cash flow model for a community. | |||||||||||||||
In order to arrive at the Company’s assumed costs to build and deliver homes, the Company generally assumes a cost structure reflecting contracts currently in place with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure. Costs assumed in the cash flow model for the Company’s communities are generally based on the rates the Company is currently obligated to pay under existing contracts with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure. | |||||||||||||||
Since the estimates and assumptions included in the Company’s cash flow models are based upon historical results and projected trends, the Company does not anticipate unexpected changes in market conditions or strategies that may lead the Company to incur additional impairment charges in the future. | |||||||||||||||
Using all available information, the Company calculates its best estimate of projected cash flows for each community. While many of the estimates are calculated based on historical and projected trends, all estimates are subjective and change from market to market and community to community as market and economic conditions change. The determination of fair value also requires discounting the estimated cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. The Company generally uses a discount rate of approximately 20%, subject to the perceived risks associated with the community’s cash flow streams relative to its inventory. | |||||||||||||||
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, further market deterioration or changes in assumptions may lead to the Company incurring additional impairment charges on previously impaired inventory, as well as on inventory not currently impaired but for which indicators of impairment may arise if further market deterioration occurs. | |||||||||||||||
In the nine months ended August 31, 2013, the Company reviewed its communities for potential indicators of impairments and identified 31 communities with 954 homesites and a corresponding carrying value of $69.3 million as having potential indicators of impairment. Of those communities identified, the Company recorded impairments on 99 homesites in 3 communities with a corresponding carrying value of $16.5 million. The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities (primarily one community) for which the Company recorded valuation adjustments during the nine months ended August 31, 2013: | |||||||||||||||
Unobservable inputs | Range | ||||||||||||||
Average selling price | $163,000 | - | $279,000 | ||||||||||||
Absorption rate per quarter (homes) | 2 | - | 34 | ||||||||||||
Discount rate | 20% | ||||||||||||||
The Company evaluates its investments in unconsolidated entities for indicators of impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in value of the Company’s investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying amount over its estimated fair value. | |||||||||||||||
The evaluation of the Company’s investment in unconsolidated entities includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions and (3) various other factors. | |||||||||||||||
The Company’s assumptions on the projected future distributions from the unconsolidated entities are dependent on market conditions. Specifically, distributions are dependent on cash to be generated from the sale of inventory by the unconsolidated entities. Such inventory is also reviewed for potential impairment by the unconsolidated entities. The unconsolidated entities generally use a discount rate of approximately 20% in their reviews for impairment, subject to the perceived risks associated with the community’s cash flow streams relative to its inventory. If a valuation adjustment is recorded by an unconsolidated entity related to its assets, the Company’s proportionate share is reflected in the Company’s homebuilding equity in earnings (loss) from unconsolidated entities with a corresponding decrease to its investment in unconsolidated entities. In certain instances, the Company may be required to record additional losses relating to its investment in unconsolidated entities, if the Company’s investment in the unconsolidated entity, or a portion thereof, is deemed to be other than temporarily impaired. These losses are included in Lennar Homebuilding other income, net. | |||||||||||||||
Additionally, the Company considers various qualitative factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include age of the venture, intent and ability for the Company to recover its investment in the entity, financial condition and long-term prospects of the entity, short-term liquidity needs of the unconsolidated entity, trends in the general economic environment of the land, entitlement status of the land held by the unconsolidated entity, overall projected returns on investment, defaults under contracts with third parties (including bank debt), recoverability of the investment through future cash flows and relationships with the other partners and banks. If the Company believes that the decline in the fair value of the investment is temporary, then no impairment is recorded. | |||||||||||||||
REO represents real estate that the Rialto segment has taken control or has effective control of in partial or full satisfaction of loans receivable. At the time of acquisition of a property through foreclosure of a loan, REO is recorded at fair value less estimated costs to sell if classified as held-for-sale or at fair value if classified as held-and-used, which becomes the property’s new basis. The fair values of these assets are 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 third party appraisals and internally developed analyses are significantly impacted by the local market economy, market supply and demand, competitive conditions and prices on comparable properties, adjusted for date of sale, location, property size, and other factors. Each REO is unique and is analyzed in the context of the particular market where the property is located. In order to establish the significant assumptions for a particular REO, the Company analyzes historical trends, including trends achieved by our local homebuilding operations, if applicable, and current trends in the market and economy impacting the REO. Using available trend information, the Company then calculates its best estimate of fair value, which can include projected cash flows discounted at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams. These methods use unobservable inputs to develop fair value for the Company’s REO. Due to the volume and variance of unobservable inputs, resulting from the uniqueness of each of the Company's REO, the Company does not use a standard range of unobservable inputs with respect to its evaluation of REO. However, for operating properties within REO, the Company may also use estimated cash flows multiplied by a capitalization rate to determine the fair value of the property. For the three and nine months ended August 31, 2013, the capitalization rates used to estimate fair value ranged from 8% to 12% and varied based on the location of the asset, asset type and occupancy rates for the operating properties. | |||||||||||||||
Changes in economic factors, consumer demand and market conditions, among other things, could materially impact estimates used in the third party appraisals and/or internally prepared analyses of recent offers or prices on comparable properties. Thus, estimates can differ significantly from the amounts ultimately realized by the Rialto segment from disposition of these assets. The amount by which the recorded investment in the loan is less than the REO’s fair value (net of estimated cost to sell if held-for-sale), is recorded as an unrealized gain on foreclosure in the Company’s statement of operations. The amount by which the recorded investment in the loan is greater than the REO’s fair value (net of estimated cost to sell if held-for-sale) is initially recorded as an impairment in the Company’s statement of operations. |
Consolidation_Of_Variable_Inte
Consolidation Of Variable Interest Entities | 9 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Consolidation Of Variable Interest Entities [Abstract] | |||||||
Consolidation of Variable Interest Entities | Consolidation of Variable Interest Entities/Consolidated Joint Ventures | ||||||
GAAP requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIEs economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. | |||||||
The Company’s variable interest in VIEs may be in the form of (1) equity ownership, (2) contracts to purchase assets, (3) management and development agreements between the Company and a VIE, (4) loans provided by the Company to a VIE or other partner and/or (5) guarantees provided by members to banks and other third parties. The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality, if any, between the Company and the other partner(s) and contracts to purchase assets from VIEs. | |||||||
Generally, all major decision making in the Company’s joint ventures is shared between all partners. In particular, business plans and budgets are generally required to be unanimously approved by all partners. Usually, management and other fees earned by the Company are nominal and believed to be at market and there is no significant economic disproportionality between the Company and other partners. Generally, the Company purchases less than a majority of the joint venture’s assets and the purchase prices under the Company’s option contracts are believed to be at market. | |||||||
Generally, Lennar Homebuilding unconsolidated entities become VIEs and consolidate when the other partner(s) lack the intent and financial wherewithal to remain in the entity. As a result, the Company continues to fund operations and debt paydowns through partner loans or substituted capital contributions. | |||||||
The Company evaluated the joint venture agreements of its joint ventures that were formed or that had reconsideration events during the nine months ended August 31, 2013. Based on the Company's evaluation, there were no entities that consolidated during the nine months ended August 31, 2013. In addition, during the nine months ended August 31, 2013, there were no VIEs that were deconsolidated. | |||||||
At August 31, 2013 and November 30, 2012, the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $755.3 million and $565.4 million, respectively, and the Rialto segment’s investments in unconsolidated entities as of August 31, 2013 and November 30, 2012 were $125.3 million and $108.1 million, respectively. | |||||||
Consolidated VIEs | |||||||
As of August 31, 2013, the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $1.5 billion and $499.6 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 or 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 or LC agreements with a VIE’s banks. Other than agreements with a VIE’s banks, which may include debt guarantees and LC agreements, 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 except with regard to a $93.5 million remaining commitment to fund a new unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. 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. | |||||||
Consolidated Joint Ventures | |||||||
During the nine months ended August 31, 2013, the Company had transactions involving three of its consolidated joint ventures. In the first joint venture transaction, the Company bought out its 50% partners for $82.3 million, paying $18.8 million in cash and financing the remainder with a short-term note. The Company's consolidated joint venture then contributed certain assets to a new unconsolidated joint venture and brought in a new, long-term partner for $120 million, or a 30% interest. Additionally, if the new unconsolidated entity meets certain cash flow thresholds, the partner's equity interest in the unconsolidated entity could be decreased to 15% or increased to 45% with a corresponding increase or decrease in the Company's equity interest percentage. During the nine months ended August 31, 2013 the new unconsolidated joint venture subsequently distributed $120 million of cash to the Company as a return of capital. | |||||||
In the second joint venture transaction, the Company purchased its partner's interest for $153.2 million and the inventories are now wholly-owned assets, which the Company plans to develop and build homes. During the three months ended August 31, 2013, there was a third joint venture transaction where the Company paid off the bank debt of the consolidated joint venture and assumed the partner's interest, resulting in the entity being wholly-owned. | |||||||
These transactions did not impact the Company's net earnings, but its balance sheet was affected as follows: cash was reduced by approximately $52 million, inventory decreased by approximately $225 million, investments in unconsolidated entities increased by $103 million, deferred tax assets were increased by $40 million, additional paid-in capital (equity) was reduced by $62 million, net of tax, and non-controlling interests were reduced by $134 million. | |||||||
Unconsolidated VIEs | |||||||
The Company’s recorded investment in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: | |||||||
As of August 31, 2013 | |||||||
(In thousands) | Investments in | Lennar’s | |||||
Unconsolidated | Maximum | ||||||
VIEs | Exposure | ||||||
to Loss | |||||||
Lennar Homebuilding (1) | $ | 214,753 | 340,592 | ||||
Rialto Investments (2) | 24,094 | 24,094 | |||||
$ | 238,847 | 364,686 | |||||
As of November 30, 2012 | |||||||
(In thousands) | Investments in | Lennar’s | |||||
Unconsolidated | Maximum | ||||||
VIEs | Exposure | ||||||
to Loss | |||||||
Lennar Homebuilding (1) | $ | 85,500 | 109,278 | ||||
Rialto Investments (2) | 23,587 | 23,587 | |||||
$ | 109,087 | 132,865 | |||||
-1 | At August 31, 2013, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs is limited to its investment in the unconsolidated VIEs, except with regard to a $93.5 million remaining commitment to fund a new unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing, $15.0 million of recourse debt of one of the unconsolidated VIEs, which is included in the Company’s maximum recourse related to Lennar Homebuilding unconsolidated entities, and $16.9 million of letters of credit outstanding for certain of the unconsolidated VIEs that in the event of default under its debt agreement the letter of credit will be drawn upon. At November 30, 2012, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs is limited to its investment in the unconsolidated VIEs, except with regard to $18.7 million of recourse debt of one of the unconsolidated VIEs, which is included in the Company’s maximum recourse related to Lennar Homebuilding unconsolidated entities and $4.8 million of letters of credit outstanding for certain of the unconsolidated VIEs that in the event of default under its debt agreement the letter of credit will be drawn upon. | ||||||
-2 | At both August 31, 2013 and November 30, 2012, the maximum recourse exposure to loss of Rialto’s investment in unconsolidated VIEs was its investments in unconsolidated entities. At August 31, 2013 and November 30, 2012, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss include $15.8 million and $15.0 million, respectively, related to Rialto’s investments held-to-maturity. | ||||||
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. 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. Furthermore, the Company’s economic interest is not significantly disproportionate to the point where it would indicate that the Company has the power to direct these activities. | |||||||
The Company and other partners do not generally have an obligation to make capital contributions to the VIEs, except for $15.0 million of recourse debt of one of the Lennar Homebuilding unconsolidated VIEs and $16.9 million of letters of credit outstanding for certain of Lennar Homebuilding unconsolidated VIEs that in the event of default under its debt agreement the letter of credit will be drawn upon. Except for the Lennar Homebuilding unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs. 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 $93.5 million remaining commitment to fund a new unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. 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. | |||||||
A majority of the Company’s option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land. The Company’s option contracts sometimes include price adjustment provisions, which adjust the purchase price of the land to its approximate fair value at the time of acquisition or are based on the fair value at the time of takedown. | |||||||
The Company’s investments in option contracts are recorded at cost unless those investments are determined to be impaired, in which case the Company’s investments are written down to fair value. The Company reviews option contracts for indicators of impairment during each reporting period. The most significant indicator of impairment is a decline in the fair value of the optioned property such that the purchase and development of the optioned property would no longer meet the Company’s targeted return on investment with appropriate consideration given to the length of time available to exercise the option. Such declines could be caused by a variety of factors including increased competition, decreases in demand or changes in local regulations that adversely impact the cost of development. Changes in any of these factors would cause the Company to re-evaluate the likelihood of exercising its land options. | |||||||
Some option contracts contain a predetermined take-down schedule for the optioned land parcels. However, in almost all instances, the Company is not required to purchase land in accordance with those take-down schedules. In substantially all instances, the Company has the right and ability to not exercise its option and forfeit its deposit without further penalty, other than termination of the option and loss of any unapplied portion of its deposit and pre-acquisition costs. Therefore, in substantially all instances, the Company does not consider the take-down price to be a firm contractual obligation. | |||||||
When the Company does not intend to exercise an option, it writes off any unapplied deposit and pre-acquisition costs associated with the option contract. | |||||||
The Company evaluates all option contracts for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary or makes a significant deposit for optioned land, it may need to consolidate the land under option at the purchase price of the optioned land. During the nine months ended August 31, 2013, the effect of consolidation of option contracts was a net increase of $206.7 million to consolidated inventory not owned with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 31, 2013. The increase was primarily due to a significant nominal dollar deposit placed on the future purchase of homesites. To reflect the purchase price of the inventory consolidated, the Company reclassified the related option deposits from land under development to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 31, 2013. 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 increase to consolidated inventory not owned was partially offset by the Company exercising its options to acquire land under certain contracts previously consolidated resulting in a net increase in consolidated inventory not owned of $145.9 million for the nine months ended August 31, 2013. | |||||||
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 $114.6 million and $176.7 million, respectively, at August 31, 2013 and November 30, 2012. Additionally, the Company had posted $12.0 million and $42.5 million, respectively, of letters of credit in lieu of cash deposits under certain option contracts as of August 31, 2013 and November 30, 2012. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Aug. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements |
In June 2011, the FASB issued ASU 2011-05, Presentation of Comprehensive Income, (“ASU 2011-05”). ASU 2011-05 requires the presentation of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. ASU 2011-05 was effective for the Company’s quarter ended February 28, 2013. The adoption of ASU 2011-05 did not have a material effect on the Company’s condensed consolidated financial statements, but required a change in the presentation of the Company’s comprehensive income from the notes of the consolidated financial statements to the face of the condensed consolidated financial statements. | |
In September 2011, the FASB issued ASU 2011-08, Testing Goodwill for Impairment, (“ASU 2011-08”), which amends the guidance in ASC 350-20, Intangibles – Goodwill and Other – Goodwill. Under ASU 2011-08, entities have the option of performing a qualitative assessment before calculating the fair value of the reporting unit when testing goodwill for impairment. If the fair value of the reporting unit is determined, based on qualitative factors, to be more likely than not less than the carrying amount of the reporting unit, then entities are required to perform the two-step goodwill impairment test. ASU 2011-08 was effective for the Company’s fiscal year beginning December 1, 2012. The adoption of ASU 2011-08 did not have a material effect on the Company’s condensed consolidated financial statements. | |
In April 2013, the FASB issued ASU 2013-04, Liabilities, (“ASU 2013-04”). ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. ASU 2013-04 will be effective for the Company’s fiscal year beginning December 1, 2014 and subsequent interim periods. The adoption of ASU 2013-04 is not expected to have a material effect on the Company’s condensed consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a similar Tax Loss, or a Tax Credit Carryforward Exists, (“ASU 2013-11”). ASU 2013-13 is intended to end inconsistent practices regarding the presentation of a unrecognized tax benefits when a net operating loss ("NOL"), a similar tax loss or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from the dis- allowance of a tax position. ASU 2013-11 will be effective for the Company’s fiscal year beginning December 1, 2014 and subsequent interim periods. The adoption of ASU 2013-11 is not expected to have a material effect on the Company’s condensed consolidated financial statements. |
Supplemental_Financial_Informa
Supplemental Financial Information | 9 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Supplemental Financial Information [Abstract] | ||||||||||||||||
Supplemental Financial Information | Supplemental Financial Information | |||||||||||||||
The indentures governing the Company’s 5.50% senior notes due 2014, 5.60% senior notes due 2015, 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, 2.00% convertible senior notes due 2020, 2.75% convertible senior notes due 2020, 3.25% convertible senior notes due 2021 and 4.750% senior notes due 2022 require that, if any of the Company’s 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 were guaranteeing the senior notes because at August 31, 2013, they were guaranteeing Lennar Corporation's $200 million Letter of Credit Facility and its Credit Facility. 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, and the 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, 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. The cash outflows associated with the return on investment dividends 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. | ||||||||||||||||
Adjustments to Prior Period Supplemental Financial Information | ||||||||||||||||
Subsequent to the issuance of the November 30, 2012 consolidated financial statements, the Company determined it needed to revise its disclosures and presentation with respect to the supplemental financial information included in this footnote and filed an amended Form 10-K for the year ended November 30, 2012 and Form 10-Q for the three months ended February 28, 2013. As such, the supplemental financial information included in this footnote has been revised for the three and nine months ended August 31, 2012. These revisions relate solely to transactions between Lennar Corporation and its subsidiaries and only impact the Supplemental Condensed Consolidating Financial Statements that are presented as supplemental information. They do not affect the Company's consolidated financial statements. | ||||||||||||||||
The Company's Condensed Consolidating Statements of Operations are being revised in order to (A) eliminate the portion of equity in earnings previously recorded at the Guarantor subsidiaries that are earned directly by the Parent. | ||||||||||||||||
The following is a reconciliation of the amounts previously reported to the “as revised” amounts as stated in the following components of the Supplemental Condensed Consolidating Statement of Operations for the three and nine months ended August 31, 2012: | ||||||||||||||||
As | ||||||||||||||||
Guarantor Column for the three months ended | Previously | Adjustment Between Guarantor | As | |||||||||||||
31-Aug-12 | Reported | and Eliminations Column | Revised | |||||||||||||
(In thousands) | ||||||||||||||||
Equity in earnings from subsidiaries | $ | 3,776 | $ | 4,258 | A | $ | 8,034 | |||||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | 127,601 | $ | 4,258 | $ | 131,859 | ||||||||||
Net earnings attributable to Lennar | $ | 127,601 | $ | 4,258 | $ | 131,859 | ||||||||||
Guarantor Column for the nine months ended | ||||||||||||||||
31-Aug-12 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Equity in earnings from subsidiaries | $ | 26,621 | $ | (3,061 | ) | A | $ | 23,560 | ||||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | 641,161 | $ | (3,061 | ) | $ | 638,100 | |||||||||
Net earnings attributable to Lennar | $ | 641,161 | $ | (3,061 | ) | $ | 638,100 | |||||||||
Eliminations Column for the three months ended | ||||||||||||||||
31-Aug-12 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Equity in earnings from subsidiaries | $ | (131,377 | ) | $ | (4,258 | ) | A | $ | (135,635 | ) | ||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | (131,377 | ) | $ | (4,258 | ) | $ | (135,635 | ) | |||||||
Net earnings attributable to Lennar | $ | (131,377 | ) | $ | (4,258 | ) | $ | (135,635 | ) | |||||||
Eliminations Column for the nine months ended | ||||||||||||||||
31-Aug-12 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Equity in earnings from subsidiaries | $ | (667,782 | ) | $ | 3,061 | A | $ | (664,721 | ) | |||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | (667,782 | ) | $ | 3,061 | $ | (664,721 | ) | ||||||||
Net earnings attributable to Lennar | $ | (667,782 | ) | $ | 3,061 | $ | (664,721 | ) | ||||||||
The Company has determined that in its Condensed Consolidating Statements of Cash Flows for the nine months ended August 31, 2012, it needed to adjust for (B) the misclassification of certain non-cash items between the Parent, Guarantor and Non-Guarantor subsidiaries primarily related to the Company's 2012 deferred tax benefit as a result of a partial reversal of the Company's deferred tax asset valuation allowance and the recording of Lennar Homebuilding equity in loss from unconsolidated entities between the Parent and Guarantor subsidiaries. In addition, the Company determined it needed to adjust for (C) the classification of the net intercompany funding activity of the Parent, which was previously included as an element of Cash Flows from Financing Activities, as an element of Cash Flows from Investing Activities. The Company also determined that it needed to adjust for (D) classification of distributions of earnings from the Guarantor and Non-Guarantor subsidiaries that were previously being netted in the Intercompany line item, as Dividends in a separate line item within Cash Flows from Financing Activities, as well as disclosing the distributions of earnings from Guarantor and Non-Guarantor subsidiaries as a separate line item within Cash Flows from Operating Activities. The above corrections did not have any impact on the net cash activity of the Parent, Guarantor or Non-Guarantor subsidiaries within the Company's Supplemental Condensed Consolidating Statement of Cash Flows. | ||||||||||||||||
The following is a reconciliation of the amounts previously reported to the “as revised” amounts as stated in the following components of the Supplemental Condensed Consolidating Statements of Cash Flows for the nine months ended August 31, 2012: | ||||||||||||||||
As | Adjustments for Non-cash | |||||||||||||||
Parent Column for nine months ended | Previously | Activity, Distributions, | As | |||||||||||||
31-Aug-12 | Reported | Dividends & Intercompany | Revised | |||||||||||||
(In thousands) | ||||||||||||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities | $ | (1,996 | ) | $ | (435,642 | ) | B | $ | (437,638 | ) | ||||||
Net cash provided by (used in) operating activities | $ | 552,784 | $ | (435,642 | ) | $ | 117,142 | |||||||||
Cash flows from investing activities: Intercompany | $ | — | $ | (641,365 | ) | C | $ | (641,365 | ) | |||||||
Net cash used in investing activities | $ | (218 | ) | $ | (641,365 | ) | $ | (641,583 | ) | |||||||
Cash flows from financing activities: Intercompany | $ | (1,077,007 | ) | $ | 1,077,007 | B,C | $ | — | ||||||||
Net cash provided by (used in) financing activities | $ | (847,543 | ) | $ | 1,077,007 | $ | 229,464 | |||||||||
As | Adjustments for Non-cash | |||||||||||||||
Guarantor Column for the nine months ended | Previously | Activity, Distributions, | As | |||||||||||||
31-Aug-12 | Reported | Dividends & Intercompany | Revised | |||||||||||||
(In thousands) | ||||||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | 641,161 | $ | (3,061 | ) | A | $ | 638,100 | ||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries (1) | $ | — | $ | 23,560 | B | $ | 23,560 | |||||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (1) | $ | (1,578,847 | ) | $ | 611,681 | B | $ | (967,166 | ) | |||||||
Net cash provided by (used in) operating activities | $ | (937,686 | ) | $ | 632,180 | $ | (305,506 | ) | ||||||||
Cash flows from financing activities: Dividends | $ | — | $ | (215,682 | ) | D | $ | (215,682 | ) | |||||||
Cash flows from financing activities: Intercompany | $ | 981,589 | $ | (416,498 | ) | B,D | $ | 565,091 | ||||||||
Net cash provided by (used in) financing activities | $ | 910,375 | $ | (632,180 | ) | $ | 278,195 | |||||||||
(1) The distributions of earnings from Guarantor and Non-Guarantor subsidiaries was previously included in the line item adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities, which is now titled other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities. The amounts have been broken out to separately disclose to the readers of the Company's supplemental financial information the net earnings of the Non-Guarantor subsidiaries being distributed to the Guarantor subsidiaries and the Parent and the net earnings of the Guarantor subsidiaries being distributed to the Parent. | ||||||||||||||||
As | Adjustments for Non-cash | |||||||||||||||
Non Guarantor Column for the nine months ended | Previously | Activity, Distributions, | As | |||||||||||||
31-Aug-12 | Reported | Dividends & Intercompany | Revised | |||||||||||||
(In thousands) | ||||||||||||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities | $ | (111,258 | ) | $ | 45,765 | B | $ | (65,493 | ) | |||||||
Net cash provided by (used in) operating activities | $ | (105,605 | ) | $ | 45,765 | $ | (59,840 | ) | ||||||||
Cash flows from financing activities: Dividends | $ | — | $ | (26,621 | ) | D | $ | (26,621 | ) | |||||||
Cash flows from financing activities: Intercompany | $ | 95,418 | $ | (19,144 | ) | B,D | $ | 76,274 | ||||||||
Net cash used in financing activities | $ | (131,721 | ) | $ | (45,765 | ) | $ | (177,486 | ) | |||||||
As | Adjustments for Non-cash | |||||||||||||||
Eliminations Column for the nine months ended | Previously | Activity, Distributions, | As | |||||||||||||
31-Aug-12 | Reported | Dividends & Intercompany | Revised | |||||||||||||
(In thousands) | ||||||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | (667,782 | ) | $ | 3,061 | $ | (664,721 | ) | ||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries (1) | $ | — | $ | (242,303 | ) | B | $ | (242,303 | ) | |||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (1) | $ | 667,782 | $ | (3,061 | ) | $ | 664,721 | |||||||||
Net cash used in operating activities | $ | — | $ | (242,303 | ) | $ | (242,303 | ) | ||||||||
Cash flows from investing activities: Intercompany | $ | — | $ | 641,365 | C | $ | 641,365 | |||||||||
Net cash provided by investing activities | $ | — | $ | 641,365 | $ | 641,365 | ||||||||||
Cash flows from financing activities: Dividends | $ | — | $ | 242,303 | D | $ | 242,303 | |||||||||
Cash flows from financing activities: Intercompany | $ | — | $ | (641,365 | ) | C | $ | (641,365 | ) | |||||||
Net cash used in financing activities | $ | — | $ | (399,062 | ) | $ | (399,062 | ) | ||||||||
(1) The distributions of earnings from Guarantor and Non-Guarantor subsidiaries was previously included in the line item adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities, which is now titled other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities. The amounts have been broken out to separately disclose to the readers of the Company's supplemental financial information the net earnings of the Non-Guarantor subsidiaries being distributed to the Guarantor subsidiaries and the Parent and the net earnings of the Guarantor subsidiaries being distributed to the Parent. | ||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
August 31, 2013 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
ASSETS | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Cash and cash equivalents, restricted cash and | $ | 294,524 | 200,647 | 15,226 | — | 510,397 | ||||||||||
receivables, net | ||||||||||||||||
Inventories | — | 6,433,170 | 95,761 | — | 6,528,931 | |||||||||||
Investments in unconsolidated entities | — | 739,453 | 15,800 | — | 755,253 | |||||||||||
Other assets | 53,165 | 683,684 | 214,783 | 6,216 | 957,848 | |||||||||||
Investments in subsidiaries | 3,772,086 | 325,902 | — | (4,097,988 | ) | — | ||||||||||
Intercompany | 3,956,549 | — | — | (3,956,549 | ) | — | ||||||||||
8,076,324 | 8,382,856 | 341,570 | (8,048,321 | ) | 8,752,429 | |||||||||||
Rialto Investments | — | — | 1,554,140 | — | 1,554,140 | |||||||||||
Lennar Financial Services | — | 76,026 | 632,998 | — | 709,024 | |||||||||||
Total assets | $ | 8,076,324 | 8,458,882 | 2,528,708 | (8,048,321 | ) | 11,015,593 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Accounts payable and other liabilities | $ | 284,118 | 685,326 | 8,590 | — | 978,034 | ||||||||||
Liabilities related to consolidated inventory not owned | — | 398,077 | — | — | 398,077 | |||||||||||
Senior notes and other debts payable | 4,078,060 | 366,600 | 179,954 | — | 4,624,614 | |||||||||||
Intercompany | — | 3,153,678 | 802,871 | (3,956,549 | ) | — | ||||||||||
4,362,178 | 4,603,681 | 991,415 | (3,956,549 | ) | 6,000,725 | |||||||||||
Rialto Investments | — | — | 391,071 | — | 391,071 | |||||||||||
Lennar Financial Services | — | 28,238 | 418,657 | 6,216 | 453,111 | |||||||||||
Total liabilities | 4,362,178 | 4,631,919 | 1,801,143 | (3,950,333 | ) | 6,844,907 | ||||||||||
Stockholders’ equity | 3,714,146 | 3,826,963 | 271,025 | (4,097,988 | ) | 3,714,146 | ||||||||||
Noncontrolling interests | — | — | 456,540 | — | 456,540 | |||||||||||
Total equity | 3,714,146 | 3,826,963 | 727,565 | (4,097,988 | ) | 4,170,686 | ||||||||||
Total liabilities and equity | $ | 8,076,324 | 8,458,882 | 2,528,708 | (8,048,321 | ) | 11,015,593 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
November 30, 2012 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
ASSETS | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Cash and cash equivalents, restricted cash and | $ | 962,116 | 226,047 | 20,545 | — | 1,208,708 | ||||||||||
receivables, net | ||||||||||||||||
Inventories | — | 4,532,755 | 538,958 | — | 5,071,713 | |||||||||||
Investments in unconsolidated entities | — | 521,662 | 43,698 | — | 565,360 | |||||||||||
Other assets | 55,625 | 677,692 | 222,753 | — | 956,070 | |||||||||||
Investments in subsidiaries | 3,772,086 | 585,756 | — | (4,357,842 | ) | — | ||||||||||
Intercompany | 2,438,326 | — | — | (2,438,326 | ) | — | ||||||||||
7,228,153 | 6,543,912 | 825,954 | (6,796,168 | ) | 7,801,851 | |||||||||||
Rialto Investments | — | — | 1,647,360 | — | 1,647,360 | |||||||||||
Lennar Financial Services | — | 77,637 | 835,358 | — | 912,995 | |||||||||||
Total assets | $ | 7,228,153 | 6,621,549 | 3,308,672 | (6,796,168 | ) | 10,362,206 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Accounts payable and other liabilities | $ | 279,926 | 533,882 | 42,406 | — | 856,214 | ||||||||||
Liabilities related to consolidated inventory not owned | — | 268,159 | — | — | 268,159 | |||||||||||
Senior notes and other debts payable | 3,533,463 | 245,665 | 225,923 | — | 4,005,051 | |||||||||||
Intercompany | — | 1,715,825 | 722,501 | (2,438,326 | ) | — | ||||||||||
3,813,389 | 2,763,531 | 990,830 | (2,438,326 | ) | 5,129,424 | |||||||||||
Rialto Investments | — | — | 600,602 | — | 600,602 | |||||||||||
Lennar Financial Services | — | 31,056 | 599,916 | — | 630,972 | |||||||||||
Total liabilities | 3,813,389 | 2,794,587 | 2,191,348 | (2,438,326 | ) | 6,360,998 | ||||||||||
Stockholders’ equity | 3,414,764 | 3,826,962 | 530,880 | (4,357,842 | ) | 3,414,764 | ||||||||||
Noncontrolling interests | — | — | 586,444 | — | 586,444 | |||||||||||
Total equity | 3,414,764 | 3,826,962 | 1,117,324 | (4,357,842 | ) | 4,001,208 | ||||||||||
Total liabilities and equity | $ | 7,228,153 | 6,621,549 | 3,308,672 | (6,796,168 | ) | 10,362,206 | |||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||
Three Months Ended August 31, 2013 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 1,447,533 | 14,093 | — | 1,461,626 | ||||||||||
Lennar Financial Services | — | 44,750 | 73,167 | (5,279 | ) | 112,638 | ||||||||||
Rialto Investments | — | — | 27,808 | — | 27,808 | |||||||||||
Total revenues | — | 1,492,283 | 115,068 | (5,279 | ) | 1,602,072 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 1,239,791 | 6,302 | (455 | ) | 1,245,638 | ||||||||||
Lennar Financial Services | — | 40,855 | 53,216 | (4,925 | ) | 89,146 | ||||||||||
Rialto Investments | — | — | 35,211 | (1,044 | ) | 34,167 | ||||||||||
Corporate general and administrative | 35,310 | — | — | 2,309 | 37,619 | |||||||||||
Total costs and expenses | 35,310 | 1,280,646 | 94,729 | (4,115 | ) | 1,406,570 | ||||||||||
Lennar Homebuilding equity in earnings (loss) from | — | 10,054 | 291 | — | 10,345 | |||||||||||
unconsolidated entities | ||||||||||||||||
Lennar Homebuilding other income (expense), net | 297 | (1,303 | ) | — | (288 | ) | (1,294 | ) | ||||||||
Other interest expense | (1,452 | ) | (22,230 | ) | — | 1,452 | (22,230 | ) | ||||||||
Rialto Investments equity in earnings from | — | — | 5,199 | — | 5,199 | |||||||||||
unconsolidated entities | ||||||||||||||||
Rialto Investments other income, net | — | — | 1,837 | — | 1,837 | |||||||||||
Earnings (loss) before income taxes | (36,465 | ) | 198,158 | 27,666 | — | 189,359 | ||||||||||
Benefit (provision) for income taxes | 12,845 | (69,949 | ) | (10,101 | ) | — | (67,205 | ) | ||||||||
Equity in earnings from subsidiaries | 144,282 | 15,640 | — | (159,922 | ) | — | ||||||||||
Net earnings (including net earnings attributable to | 120,662 | 143,849 | 17,565 | (159,922 | ) | 122,154 | ||||||||||
noncontrolling interests) | ||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 1,492 | — | 1,492 | |||||||||||
Net earnings attributable to Lennar | $ | 120,662 | 143,849 | 16,073 | (159,922 | ) | 120,662 | |||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||
Three Months Ended August 31, 2012 - as Revised | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 955,800 | — | — | 955,800 | ||||||||||
Lennar Financial Services | — | 43,163 | 68,091 | (4,490 | ) | 106,764 | ||||||||||
Rialto Investments | — | — | 37,194 | — | 37,194 | |||||||||||
Total revenues | — | 998,963 | 105,285 | (4,490 | ) | 1,099,758 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 845,316 | 4,403 | 713 | 850,432 | |||||||||||
Lennar Financial Services | — | 40,266 | 46,233 | (5,058 | ) | 81,441 | ||||||||||
Rialto Investments | — | — | 46,396 | — | 46,396 | |||||||||||
Corporate general and administrative | 31,021 | — | — | 1,265 | 32,286 | |||||||||||
Total costs and expenses | 31,021 | 885,582 | 97,032 | (3,080 | ) | 1,010,555 | ||||||||||
Lennar Homebuilding equity in loss from | — | (5,835 | ) | (156 | ) | — | (5,991 | ) | ||||||||
unconsolidated entities | ||||||||||||||||
Lennar Homebuilding other income (expense), net | 72 | (5,435 | ) | — | (43 | ) | (5,406 | ) | ||||||||
Other interest expense | (1,453 | ) | (22,659 | ) | — | 1,453 | (22,659 | ) | ||||||||
Rialto Investments equity in earnings from | — | — | 13,551 | — | 13,551 | |||||||||||
unconsolidated entities | ||||||||||||||||
Rialto Investments other expense, net | — | — | (10,063 | ) | — | (10,063 | ) | |||||||||
Earnings (loss) before income taxes | (32,402 | ) | 79,452 | 11,585 | — | 58,635 | ||||||||||
Benefit (provision) for income taxes | (8,090 | ) | 44,373 | (23,507 | ) | — | 12,776 | |||||||||
Equity in earnings from subsidiaries | 127,601 | 8,034 | — | (135,635 | ) | — | ||||||||||
Net earnings (including net earnings attributable to | 87,109 | 131,859 | (11,922 | ) | (135,635 | ) | 71,411 | |||||||||
noncontrolling interests) | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (15,698 | ) | — | (15,698 | ) | |||||||||
Net earnings attributable to Lennar | $ | 87,109 | 131,859 | 3,776 | (135,635 | ) | 87,109 | |||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||
Nine Months Ended August 31, 2013 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 3,576,749 | 34,665 | — | 3,611,414 | ||||||||||
Lennar Financial Services | — | 123,990 | 219,347 | (15,723 | ) | 327,614 | ||||||||||
Rialto Investments | — | — | 79,114 | — | 79,114 | |||||||||||
Total revenues | — | 3,700,739 | 333,126 | (15,723 | ) | 4,018,142 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 3,098,463 | 35,659 | (1,240 | ) | 3,132,882 | ||||||||||
Lennar Financial Services | — | 118,546 | 154,948 | (14,646 | ) | 258,848 | ||||||||||
Rialto Investments | — | — | 95,287 | (1,044 | ) | 94,243 | ||||||||||
Corporate general and administrative | 97,902 | — | — | 4,840 | 102,742 | |||||||||||
Total costs and expenses | 97,902 | 3,217,009 | 285,894 | (12,090 | ) | 3,588,715 | ||||||||||
Lennar Homebuilding equity in earnings from | — | 22,267 | 672 | — | 22,939 | |||||||||||
unconsolidated entities | ||||||||||||||||
Lennar Homebuilding other income, net | 721 | 258 | — | (693 | ) | 286 | ||||||||||
Other interest expense | (4,326 | ) | (73,370 | ) | — | 4,326 | (73,370 | ) | ||||||||
Rialto Investments equity in earnings from | — | — | 15,877 | — | 15,877 | |||||||||||
unconsolidated entities | ||||||||||||||||
Rialto Investments other income, net | — | — | 9,810 | — | 9,810 | |||||||||||
Earnings (loss) before income taxes | (101,507 | ) | 432,885 | 73,591 | — | 404,969 | ||||||||||
Benefit (provision) for income taxes | 38,238 | (95,151 | ) | (26,146 | ) | — | (83,059 | ) | ||||||||
Equity in earnings from subsidiaries | 378,859 | 36,442 | — | (415,301 | ) | — | ||||||||||
Net earnings (including net earnings attributable to | 315,590 | 374,176 | 47,445 | (415,301 | ) | 321,910 | ||||||||||
noncontrolling interests) | ||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 6,320 | — | 6,320 | |||||||||||
Net earnings attributable to Lennar | $ | 315,590 | 374,176 | 41,125 | (415,301 | ) | 315,590 | |||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||
Nine Months Ended August 31, 2012 - as Revised | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 2,387,916 | 405 | — | 2,388,321 | ||||||||||
Lennar Financial Services | — | 113,678 | 163,153 | (13,257 | ) | 263,574 | ||||||||||
Rialto Investments | — | — | 102,874 | — | 102,874 | |||||||||||
Total revenues | — | 2,501,594 | 266,432 | (13,257 | ) | 2,754,769 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 2,151,982 | 12,257 | 2,780 | 2,167,019 | |||||||||||
Lennar Financial Services | — | 110,711 | 116,562 | (15,252 | ) | 212,021 | ||||||||||
Rialto Investments | — | — | 109,964 | — | 109,964 | |||||||||||
Corporate general and administrative | 84,500 | — | — | 3,796 | 88,296 | |||||||||||
Total costs and expenses | 84,500 | 2,262,693 | 238,783 | (8,676 | ) | 2,577,300 | ||||||||||
Lennar Homebuilding equity in loss from | — | (13,880 | ) | (409 | ) | — | (14,289 | ) | ||||||||
unconsolidated entities | ||||||||||||||||
Lennar Homebuilding other income (expense), net | (210 | ) | 11,390 | — | 239 | 11,419 | ||||||||||
Other interest expense | (4,342 | ) | (71,311 | ) | — | 4,342 | (71,311 | ) | ||||||||
Rialto Investments equity in earnings from | — | — | 37,578 | — | 37,578 | |||||||||||
unconsolidated entities | ||||||||||||||||
Rialto Investments other expense, net | — | — | (23,675 | ) | — | (23,675 | ) | |||||||||
Earnings (loss) before income taxes | (89,052 | ) | 165,100 | 41,143 | — | 117,191 | ||||||||||
Benefit (provision) for income taxes | 2,671 | 449,440 | (35,490 | ) | — | 416,621 | ||||||||||
Equity in earnings from subsidiaries | 641,161 | 23,560 | — | (664,721 | ) | — | ||||||||||
Net earnings (including net loss attributable to | 554,780 | 638,100 | 5,653 | (664,721 | ) | 533,812 | ||||||||||
noncontrolling interests) | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (20,968 | ) | — | (20,968 | ) | |||||||||
Net earnings attributable to Lennar | $ | 554,780 | 638,100 | 26,621 | (664,721 | ) | 554,780 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||
Nine Months Ended August 31, 2013 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net earnings (including net earnings attributable to | $ | 315,590 | 374,176 | 47,445 | (415,301 | ) | 321,910 | |||||||||
noncontrolling interests) | ||||||||||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | 378,859 | 36,442 | — | (415,301 | ) | — | ||||||||||
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (383,487 | ) | (1,385,923 | ) | 14,460 | 415,301 | (1,339,649 | ) | ||||||||
Net cash provided by (used in) operating activities | 310,962 | (975,305 | ) | 61,905 | (415,301 | ) | (1,017,739 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Distributions of capital from Lennar Homebuilding unconsolidated entities, net | — | 93,744 | 914 | — | 94,658 | |||||||||||
Investments in and contributions to Rialto Investments | — | — | (1,646 | ) | — | (1,646 | ) | |||||||||
unconsolidated entities, net | ||||||||||||||||
Decrease in Rialto Investments defeasance cash to | — | — | 145,781 | — | 145,781 | |||||||||||
retire notes payable | ||||||||||||||||
Receipts of principal payments on Rialto Investments | — | — | 49,560 | — | 49,560 | |||||||||||
loans receivable | ||||||||||||||||
Proceeds from sales of Rialto Investments real | — | — | 182,220 | — | 182,220 | |||||||||||
estate owned | ||||||||||||||||
Other | — | (27,023 | ) | (9,506 | ) | — | (36,529 | ) | ||||||||
Intercompany | (1,537,867 | ) | — | — | 1,537,867 | — | ||||||||||
Net cash provided by (used in) investing activities | (1,537,867 | ) | 66,721 | 367,323 | 1,537,867 | 434,044 | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Net borrowings under unsecured revolving credit facility | 100,000 | — | — | — | 100,000 | |||||||||||
Net repayments under Lennar Financial Services debt | — | — | (167,710 | ) | — | (167,710 | ) | |||||||||
Borrowings under Rialto investments warehouse repurchase facility | — | — | 133,103 | — | 133,103 | |||||||||||
Net proceeds from senior notes | 494,811 | — | — | — | 494,811 | |||||||||||
Redemption of senior notes | (63,001 | ) | — | — | — | (63,001 | ) | |||||||||
Principal repayments on Rialto Investments | — | — | (360,956 | ) | — | (360,956 | ) | |||||||||
notes payable | ||||||||||||||||
Net repayments on other borrowings | — | (74,472 | ) | (36,210 | ) | — | (110,682 | ) | ||||||||
Exercise of land option contracts from an | — | (27,329 | ) | — | — | (27,329 | ) | |||||||||
unconsolidated land investment venture | ||||||||||||||||
Net payments related to noncontrolling interests | — | — | (174,274 | ) | — | (174,274 | ) | |||||||||
Excess tax benefits from share-based awards | 10,148 | — | — | — | 10,148 | |||||||||||
Common stock: | ||||||||||||||||
Issuances | 33,945 | — | — | — | 33,945 | |||||||||||
Repurchases | (191 | ) | — | — | — | (191 | ) | |||||||||
Dividends | (23,142 | ) | (374,176 | ) | (41,125 | ) | 415,301 | (23,142 | ) | |||||||
Intercompany | — | 1,347,185 | 190,682 | (1,537,867 | ) | — | ||||||||||
Net cash provided by (used in) financing activities | 552,570 | 871,208 | (456,490 | ) | (1,122,566 | ) | (155,278 | ) | ||||||||
Net decrease in cash and cash equivalents | (674,335 | ) | (37,376 | ) | (27,262 | ) | — | (738,973 | ) | |||||||
Cash and cash equivalents at beginning of period | 953,478 | 192,373 | 164,892 | — | 1,310,743 | |||||||||||
Cash and cash equivalents at end of period | $ | 279,143 | 154,997 | 137,630 | — | 571,770 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||
Nine Months Ended August 31, 2012 - as Revised | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net earnings (including net loss attributable to | $ | 554,780 | 638,100 | 5,653 | (664,721 | ) | 533,812 | |||||||||
noncontrolling interests) | ||||||||||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | 218,743 | 23,560 | — | (242,303 | ) | — | ||||||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (656,381 | ) | (967,166 | ) | (65,493 | ) | 664,721 | (1,024,319 | ) | |||||||
Net cash provided by (used in) operating activities | 117,142 | (305,506 | ) | (59,840 | ) | (242,303 | ) | (490,507 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||
Investments in and contributions to Lennar | — | (28,007 | ) | (1,142 | ) | — | (29,149 | ) | ||||||||
Homebuilding unconsolidated entities, net | ||||||||||||||||
Distributions of capital from Rialto Investments | — | — | 54,646 | — | 54,646 | |||||||||||
unconsolidated entities, net | ||||||||||||||||
Decrease in Rialto Investments defeasance cash to | — | — | 33,411 | — | 33,411 | |||||||||||
retire notes payable | ||||||||||||||||
Receipts of principal payments on Rialto Investments | — | — | 52,913 | — | 52,913 | |||||||||||
loans receivable | ||||||||||||||||
Proceeds from sales of Rialto Investments real | — | — | 121,848 | — | 121,848 | |||||||||||
estate owned | ||||||||||||||||
Other | (218 | ) | 3,807 | 3,692 | — | 7,281 | ||||||||||
Intercompany | (641,365 | ) | — | — | 641,365 | — | ||||||||||
Net cash provided by (used in) investing activities | (641,583 | ) | (24,200 | ) | 265,368 | 641,365 | 240,950 | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Net repayments under Lennar Financial Services debt | — | (77 | ) | (52,343 | ) | — | (52,420 | ) | ||||||||
Net proceeds from senior notes | 445,186 | — | — | — | 445,186 | |||||||||||
Partial redemption of senior notes | (210,862 | ) | — | — | — | (210,862 | ) | |||||||||
Principal repayments on Rialto Investments notes payable | — | — | (170,889 | ) | — | (170,889 | ) | |||||||||
Net repayments on other borrowings | — | (22,895 | ) | (4,473 | ) | — | (27,368 | ) | ||||||||
Exercise of land option contracts from an | — | (48,242 | ) | — | — | (48,242 | ) | |||||||||
unconsolidated land investment venture | ||||||||||||||||
Net receipts related to noncontrolling interests | — | — | 566 | — | 566 | |||||||||||
Excess tax benefit from share-based awards | 1,572 | — | — | — | 1,572 | |||||||||||
Common stock: | ||||||||||||||||
Issuances | 16,323 | — | — | — | 16,323 | |||||||||||
Dividends | (22,755 | ) | (215,682 | ) | (26,621 | ) | 242,303 | (22,755 | ) | |||||||
Intercompany | — | 565,091 | 76,274 | (641,365 | ) | — | ||||||||||
Net cash provided by (used in) financing activities | 229,464 | 278,195 | (177,486 | ) | (399,062 | ) | (68,889 | ) | ||||||||
Net (decrease) increase in cash and cash equivalents | (294,977 | ) | (51,511 | ) | 28,042 | — | (318,446 | ) | ||||||||
Cash and cash equivalents at beginning of period | 864,237 | 172,018 | 127,349 | — | 1,163,604 | |||||||||||
Cash and cash equivalents at end of period | $ | 569,260 | 120,507 | 155,391 | — | 845,158 | ||||||||||
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 9 Months Ended |
Aug. 31, 2013 | |
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, as amended, for the year ended November 30, 2012. 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 and nine months ended August 31, 2013 are not necessarily indicative of the results to be expected for the full year. | |
Revenue Recognition, Services, Management Fees | Rialto Management Fees Revenue |
The Rialto Investments segment provides services to a variety of legal entities and investment vehicles such as funds, joint ventures, co-invests, and other private equity structures to manage their respective investments. As a result, Rialto earns and receives management fees, underwriting fees and due diligence fees. These fees related to the Rialto Investments segment are included in Rialto Investments revenue and are recorded over the period in which the services are performed, fees are determinable and collectability is reasonably assured. Rialto receives investment management fees from investment vehicles based on 1) a percentage of committed capital during the commitment period and after the commitment period ends and 2) a percentage of drawn commitments less the portion of such drawn commitments utilized to acquire investments that have been sold (in whole or in part) or liquidated (except to the extent such drawn commitments are subsequently reinvested in other investments) or completely written off. Fees earned for underwriting and due diligence services are based on actual costs incurred. In certain situations, Rialto may earn additional fees when the return on assets managed exceeds contractually established thresholds. Such revenue is only booked when the contract terms are met, the contract is at, or near, completion and the amounts are known and collectability is reasonably assured. Since such revenue is recognized at the end of the life of the investment vehicle, after substantially all of the assets have been sold and investment gains and losses realized, the possibility of claw backs is limited. The Company believes the way it records Rialto Investments' management fees revenue is a significant accounting policy because it represents a significant portion of the Rialto Investments segment's revenues and is expected to continue to grow in the future as the segment manages more assets. | |
Rialto Mortgage Finance | |
Loans held-for-sale and Derivative Instruments – The originated mortgage loans are classified as Loans held-for-sale on the condensed consolidated balance sheet and are recorded at fair value. The Company elected the fair value option for its loans held-for-sale in accordance with ASC Topic 825, Financial Instruments, which permits entities to measure various financial instruments and certain other items at fair value on a contract-by-contract basis. Management believes that 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. Changes in fair values of the loans and the derivative instruments are reflected in Rialto Investments' revenues in the accompanying condensed consolidated statements of operations. Interest income on these loans is calculated based on the interest rate of the loan and is recorded within Rialto Investments' revenues in the accompanying condensed consolidated statements of operations. Substantially all of the mortgage loans originated are sold within a short period of time in a securitization on a servicing released, non-recourse basis; although, the Company remains liable for certain limited industry-standard representations and warranties related to loan sales. | |
In the normal course of business, the Company uses derivative financial instruments as a hedge to these loans during the period from when the Company has originated the loan until the time in which the loan is sold. These derivatives are used for risk management purposes to reduce its exposure to fluctuations in mortgage-related interest rates as well as lessen its credit risk. The Company hedges its interest rate exposure by entering into interest rate swap futures which had a notional outstanding balance of $195.7 million as of August 31, 2013. Credit exposure is managed at a portfolio level by entering into credit default swaps. As of August 31, 2013, Rialto had a notional outstanding balance of $170.0 million, consisting of both single “A”, “AAA” and “BBB” rated CMBX swaps. The Company does not enter into or hold derivatives for trading or speculative purposes. The Company believes the way it records Rialto Investments' revenues related to its loans held-for-sale is a significant accounting policy because while it currently represents a small portion of the Rialto Investments' revenues, it is expected to continue to grow in the future as the segment grows its mortgage finance business. | |
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. |
Operating_And_Reporting_Segmen1
Operating And Reporting Segments (Tables) | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Disclosure Of Financial Information Relating To Company's Operations | Financial information relating to the Company’s operations was as follows: | ||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
Homebuilding East | $ | 1,826,636 | 1,565,439 | ||||||||||
Homebuilding Central | 940,764 | 729,300 | |||||||||||
Homebuilding West | 3,151,425 | 2,396,515 | |||||||||||
Homebuilding Southeast Florida | 739,809 | 603,360 | |||||||||||
Homebuilding Houston | 328,000 | 273,605 | |||||||||||
Homebuilding Other (1) | 943,672 | 724,461 | |||||||||||
Rialto Investments (2) | 1,554,140 | 1,647,360 | |||||||||||
Lennar Financial Services | 709,024 | 912,995 | |||||||||||
Corporate and unallocated | 822,123 | 1,509,171 | |||||||||||
Total assets | $ | 11,015,593 | 10,362,206 | ||||||||||
-1 | Includes assets related to the Company's Multifamily business of $155.5 million and $29.1 million as of August 31, 2013 and November 30, 2012, respectively. The Company's net investment in the multifamily business as of August 31, 2013 was $120.1 million. | ||||||||||||
-2 | Consists primarily of assets of consolidated VIEs (see Note 8). | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues: | |||||||||||||
Homebuilding East | $ | 510,787 | 328,983 | 1,233,008 | 883,965 | ||||||||
Homebuilding Central | 205,523 | 138,728 | 536,329 | 339,005 | |||||||||
Homebuilding West | 303,952 | 179,114 | 747,592 | 459,909 | |||||||||
Homebuilding Southeast Florida | 119,849 | 106,876 | 315,583 | 227,543 | |||||||||
Homebuilding Houston | 192,962 | 136,075 | 446,874 | 323,364 | |||||||||
Homebuilding Other | 128,553 | 66,024 | 332,028 | 154,535 | |||||||||
Lennar Financial Services | 112,638 | 106,764 | 327,614 | 263,574 | |||||||||
Rialto Investments | 27,808 | 37,194 | 79,114 | 102,874 | |||||||||
Total revenues (1) | $ | 1,602,072 | 1,099,758 | 4,018,142 | 2,754,769 | ||||||||
Operating earnings (loss): | |||||||||||||
Homebuilding East | $ | 78,523 | 26,230 | 154,208 | 66,468 | ||||||||
Homebuilding Central | 11,102 | 10,012 | 37,895 | 15,394 | |||||||||
Homebuilding West | 58,253 | (266 | ) | 116,554 | (17,244 | ) | |||||||
Homebuilding Southeast Florida (2) | 25,367 | 14,882 | 63,539 | 45,692 | |||||||||
Homebuilding Houston | 27,893 | 15,746 | 52,425 | 30,524 | |||||||||
Homebuilding Other | 1,671 | 4,708 | 3,766 | 6,287 | |||||||||
Lennar Financial Services | 23,492 | 25,323 | 68,766 | 51,553 | |||||||||
Rialto Investments | 677 | (5,714 | ) | 10,558 | 6,813 | ||||||||
Total operating earnings | 226,978 | 90,921 | 507,711 | 205,487 | |||||||||
Corporate general and administrative expenses | 37,619 | 32,286 | 102,742 | 88,296 | |||||||||
Earnings before income taxes | $ | 189,359 | 58,635 | 404,969 | 117,191 | ||||||||
-1 | Total revenues are net of sales incentives of $92.8 million ($18,700 per home delivered) and $256.7 million ($20,400 per home delivered) for the three and nine months ended August 31, 2013, respectively, compared to $94.3 million ($26,100 per home delivered) and $274.0 million ($29,500 per home delivered) for the three and nine months ended August 31, 2012, respectively. | ||||||||||||
-2 | For the nine months ended August 31, 2012, operating earnings include a $15.0 million gain on the sale of an operating property. | ||||||||||||
Disclosure Of Valuation Adjustments And Write-Offs Relating To Company's Homebuilding Operations | Valuation adjustments and write-offs relating to the Company’s homebuilding operations were as follows: | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Valuation adjustments to finished homes, CIP and land on which the Company intends to build homes: | |||||||||||||
East | $ | 14 | 79 | 93 | 864 | ||||||||
Central | 2 | 6 | 44 | 214 | |||||||||
West | — | 2,346 | 254 | 4,317 | |||||||||
Southeast Florida | 2 | 2,139 | 3,790 | 2,775 | |||||||||
Houston | — | 41 | — | 130 | |||||||||
Other | — | 40 | 26 | 780 | |||||||||
Total | 18 | 4,651 | 4,207 | 9,080 | |||||||||
Valuation adjustments to land the Company intends to sell or has sold to third parties: | |||||||||||||
East | 27 | 107 | 270 | 122 | |||||||||
Central | — | 15 | 2 | 15 | |||||||||
West | — | — | 158 | 1 | |||||||||
Southeast Florida | — | 22 | — | 354 | |||||||||
Total | 27 | 144 | 430 | 492 | |||||||||
Write-offs of option deposits and pre-acquisition costs: | |||||||||||||
East | 46 | 1,303 | 459 | 1,632 | |||||||||
Central | — | 7 | 27 | 61 | |||||||||
West | 16 | — | 66 | 232 | |||||||||
Other | — | — | — | 156 | |||||||||
Total | 62 | 1,310 | 552 | 2,081 | |||||||||
Company’s share of valuation adjustments related to assets of unconsolidated entities: | |||||||||||||
East | — | 61 | — | 61 | |||||||||
West | — | 27 | — | 5,464 | |||||||||
Total | — | 88 | — | 5,525 | |||||||||
Valuation adjustments to investments of unconsolidated entities: | |||||||||||||
East | — | — | 36 | 18 | |||||||||
Central | 861 | — | 861 | — | |||||||||
Total | 861 | — | 897 | 18 | |||||||||
Write-offs of other receivables and other assets: | |||||||||||||
East | — | — | — | 1,000 | |||||||||
Total | — | — | — | 1,000 | |||||||||
Total valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | $ | 968 | 6,193 | 6,086 | 18,196 | ||||||||
Lennar_Homebuilding_Investment1
Lennar Homebuilding Investments In Unconsolidated Entities (Tables) | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Balance Sheets | Balance Sheets | ||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 183,877 | 157,340 | ||||||||||
Inventories | 3,039,135 | 2,792,064 | |||||||||||
Other assets | 310,459 | 250,940 | |||||||||||
$ | 3,533,471 | 3,200,344 | |||||||||||
Liabilities and equity: | |||||||||||||
Accounts payable and other liabilities | $ | 274,131 | 310,496 | ||||||||||
Debt | 454,456 | 759,803 | |||||||||||
Equity | 2,804,884 | 2,130,045 | |||||||||||
$ | 3,533,471 | 3,200,344 | |||||||||||
Summary Of Net Recourse Exposure To Unconsolidated Entities | The summary of the Company’s net recourse exposure related to Lennar Homebuilding unconsolidated entities in which the Company has investments was as follows: | ||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Several recourse debt - repayment | $ | 26,126 | 48,020 | ||||||||||
Joint and several recourse debt - repayment | 15,000 | 18,695 | |||||||||||
The Company’s maximum recourse exposure | 41,126 | 66,715 | |||||||||||
Less: joint and several reimbursement agreements with the Company’s partners | (13,500 | ) | (16,826 | ) | |||||||||
The Company’s net recourse exposure | $ | 27,626 | 49,889 | ||||||||||
Summarized Balance Sheets Of Unconsolidated Entities With Recourse Debt | The summarized balance sheets of Lennar Homebuilding’s unconsolidated entities with recourse debt were as follows: | ||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Assets | $ | 1,639,382 | 1,843,163 | ||||||||||
Liabilities | $ | 449,454 | 765,295 | ||||||||||
Equity | $ | 1,189,928 | 1,077,868 | ||||||||||
Total Debt Of Unconsolidated Entities | The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments was as follows: | ||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
The Company’s net recourse exposure | $ | 27,626 | 49,889 | ||||||||||
Reimbursement agreements from partners | 13,500 | 16,826 | |||||||||||
The Company’s maximum recourse exposure | $ | 41,126 | 66,715 | ||||||||||
Non-recourse bank debt and other debt (partner’s share of several recourse) | $ | 61,258 | 114,900 | ||||||||||
Non-recourse land seller debt or other debt | 20,454 | 26,340 | |||||||||||
Non-recourse debt with completion guarantees | 250,934 | 458,418 | |||||||||||
Non-recourse debt without completion guarantees | 80,684 | 93,430 | |||||||||||
Non-recourse debt to the Company | 413,330 | 693,088 | |||||||||||
Total debt | $ | 454,456 | 759,803 | ||||||||||
The Company’s maximum recourse exposure as a % of total JV debt | 9 | % | 9 | % | |||||||||
Lennar Homebuilding [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
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 | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues | $ | 240,642 | 110,823 | 501,656 | 264,336 | ||||||||
Costs and expenses | 163,237 | 126,007 | 372,859 | 303,717 | |||||||||
Other income | 1,241 | 10,515 | 14,602 | 10,515 | |||||||||
Net earnings (loss) of unconsolidated entities | $ | 78,646 | (4,669 | ) | 143,399 | (28,866 | ) | ||||||
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities (1) | $ | 10,345 | (5,991 | ) | 22,939 | (14,289 | ) | ||||||
-1 | For the three and nine months ended August 31, 2013, Lennar Homebuilding equity in earnings (loss) from unconsolidated entities includes $8.6 million and $21.6 million, respectively, of equity in earnings primarily as a result of sales of homesites to third parties by one unconsolidated entity and previously deferred profit related to those homesites that was earned during the three months ended August 31, 2013. For the nine months ended August 31, 2012, Lennar Homebuilding equity in earnings (loss) includes $5.5 million of valuation adjustments related to strategic asset sales at Lennar Homebuilding's unconsolidated entities. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||
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 nine months ended August 31, 2013 and 2012: | |||||||||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||||
(In thousands) | Total | Class A | Class B | Additional Paid- | Treasury | Retained | Noncontrolling | |||||||||||||||
Equity | Common Stock | Common Stock | in Capital | Stock | Earnings | Interests | ||||||||||||||||
Balance at November 30, 2012 | $ | 4,001,208 | 17,240 | 3,298 | 2,421,941 | (632,846 | ) | 1,605,131 | 586,444 | |||||||||||||
Net earnings (including net loss | 321,910 | — | — | — | — | 315,590 | 6,320 | |||||||||||||||
attributable to noncontrolling | ||||||||||||||||||||||
interests) | ||||||||||||||||||||||
Employee stock and directors | 34,396 | 243 | — | 17,196 | 16,957 | — | — | |||||||||||||||
plans | ||||||||||||||||||||||
Tax benefit from employee stock | 11,053 | — | — | 11,053 | — | — | — | |||||||||||||||
plans and vesting of restricted | ||||||||||||||||||||||
stock | ||||||||||||||||||||||
Amortization of restricted stock | 23,430 | — | — | 23,430 | — | — | — | |||||||||||||||
Cash dividends | (23,142 | ) | — | — | — | — | (23,142 | ) | — | |||||||||||||
Equity adjustment related to purchase of noncontrolling interests | 39,605 | — | — | (61,945 | ) | — | — | 101,550 | ||||||||||||||
Receipts related to | 579 | — | — | — | — | — | 579 | |||||||||||||||
noncontrolling interests | ||||||||||||||||||||||
Payments related to | (174,853 | ) | — | — | — | — | — | (174,853 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||||
Non-cash purchase of noncontrolling interests | (63,500 | ) | — | — | — | — | — | (63,500 | ) | |||||||||||||
Balance at August 31, 2013 | $ | 4,170,686 | 17,483 | 3,298 | 2,411,675 | (615,889 | ) | 1,897,579 | 456,540 | |||||||||||||
Stockholders’ Equity | ||||||||||||||||||||||
(In thousands) | Total | Class A | Class B | Additional Paid- | Treasury | Retained | Noncontrolling | |||||||||||||||
Equity | Common Stock | Common Stock | in Capital | Stock | Earnings | Interests | ||||||||||||||||
Balance at November 30, 2011 | $ | 3,303,525 | 16,910 | 3,298 | 2,341,079 | (621,220 | ) | 956,401 | 607,057 | |||||||||||||
Net earnings (including net | 533,812 | — | — | — | — | 554,780 | (20,968 | ) | ||||||||||||||
loss attributable to | ||||||||||||||||||||||
noncontrolling interests) | ||||||||||||||||||||||
Employee stock and directors | 18,949 | 212 | — | 13,215 | 5,522 | — | — | |||||||||||||||
plans | ||||||||||||||||||||||
Tax benefit from employee stock | 2,479 | — | — | 2,479 | — | — | — | |||||||||||||||
plans and vesting of restricted | ||||||||||||||||||||||
stock | ||||||||||||||||||||||
Amortization of restricted stock | 21,801 | — | — | 21,801 | — | — | — | |||||||||||||||
Cash dividends | (22,755 | ) | — | — | — | — | (22,755 | ) | — | |||||||||||||
Receipts related to | 1,046 | — | — | — | — | — | 1,046 | |||||||||||||||
noncontrolling interests | ||||||||||||||||||||||
Payments related to noncontrolling interests | (480 | ) | — | — | — | — | — | (480 | ) | |||||||||||||
Balance at August 31, 2012 | $ | 3,858,377 | 17,122 | 3,298 | 2,378,574 | (615,698 | ) | 1,488,426 | 586,655 | |||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
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: | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||||
Net earnings attributable to Lennar | $ | 120,662 | 87,109 | 315,590 | 554,780 | ||||||||
Less: distributed earnings allocated to nonvested shares | 122 | 151 | 326 | 378 | |||||||||
Less: undistributed earnings allocated to nonvested shares | 1,712 | 1,378 | 4,090 | 8,411 | |||||||||
Numerator for basic earnings per share | 118,828 | 85,580 | 311,174 | 545,991 | |||||||||
Plus: interest on 2.00% convertible senior notes due 2020 and | 2,826 | 2,710 | 8,477 | 8,504 | |||||||||
3.25% convertible senior notes due 2021 | |||||||||||||
Plus: undistributed earnings allocated to convertible shares | 1,712 | 1,378 | 4,090 | 8,411 | |||||||||
Less: undistributed earnings reallocated to convertible shares | 1,489 | 1,215 | 3,549 | 7,352 | |||||||||
Numerator for diluted earnings per share | $ | 121,877 | 88,453 | 320,192 | 555,554 | ||||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share - weighted average | 190,799 | 186,761 | 190,119 | 186,397 | |||||||||
common shares outstanding | |||||||||||||
Effect of dilutive securities: | |||||||||||||
Shared based payments | 90 | 1,087 | 334 | 1,015 | |||||||||
Convertible senior notes | 34,446 | 31,732 | 35,549 | 29,723 | |||||||||
Denominator for diluted earnings per share - weighted average | 225,335 | 219,580 | 226,002 | 217,135 | |||||||||
common shares outstanding | |||||||||||||
Basic earnings per share | $ | 0.62 | 0.46 | 1.64 | 2.93 | ||||||||
Diluted earnings per share | $ | 0.54 | 0.4 | 1.42 | 2.56 | ||||||||
Lennar_Financial_Services_Segm1
Lennar Financial Services Segment (Tables) | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Lennar Financial Services Segment [Abstract] | |||||||||||||
Schedule Of Assets And Liabilities | The assets and liabilities related to the Lennar Financial Services segment were as follows: | ||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 65,803 | 58,566 | ||||||||||
Restricted cash | 10,699 | 12,972 | |||||||||||
Receivables, net (1) | 123,699 | 172,230 | |||||||||||
Loans held-for-sale (2) | 344,607 | 502,318 | |||||||||||
Loans held-for-investment, net | 25,264 | 23,982 | |||||||||||
Investments held-to-maturity | 54,019 | 63,924 | |||||||||||
Goodwill | 34,046 | 34,046 | |||||||||||
Other (3) | 50,887 | 44,957 | |||||||||||
$ | 709,024 | 912,995 | |||||||||||
Liabilities: | |||||||||||||
Notes and other debts payable | $ | 290,283 | 457,994 | ||||||||||
Other (4) | 162,828 | 172,978 | |||||||||||
$ | 453,111 | 630,972 | |||||||||||
-1 | Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of August 31, 2013 and November 30, 2012, respectively. | ||||||||||||
-2 | Loans held-for-sale relate to unsold loans carried at fair value. | ||||||||||||
-3 | Other assets include mortgage loan commitments carried at fair value of $10.8 million and $12.7 million as of August 31, 2013 and November 30, 2012, respectively. In addition, other assets also includes forward contracts carried at fair value of $1.8 million as of August 31, 2013. | ||||||||||||
-4 | Other liabilities include $73.9 million and $76.1 million as of August 31, 2013 and November 30, 2012, respectively, of certain of the Company’s self-insurance reserves related to general liability and workers’ compensation. Other liabilities also include forward contracts carried at fair value of $2.6 million as of November 30, 2012 | ||||||||||||
Schedule Of Loan Origination Liabilities | The activity in the Company’s loan origination liabilities was as follows: | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Loan origination liabilities, beginning of period | $ | 8,257 | 6,198 | 7,250 | 6,050 | ||||||||
Provision for losses during the period | 569 | 165 | 1,342 | 380 | |||||||||
Adjustments to pre-existing provisions for losses from changes in estimates | (176 | ) | — | 348 | 253 | ||||||||
Payments/settlements | (16 | ) | (209 | ) | (306 | ) | (529 | ) | |||||
Loan origination liabilities, end of period | $ | 8,634 | 6,154 | 8,634 | 6,154 | ||||||||
Rialto_Investments_Segment_Tab
Rialto Investments Segment (Tables) | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Assets And Liabilities Related To Rialto Segment | The assets and liabilities related to the Rialto segment were as follows: | ||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 72,024 | 105,310 | ||||||||||
Defeasance cash to retire notes payable | 78,032 | 223,813 | |||||||||||
Loans receivable, net | 328,667 | 436,535 | |||||||||||
Loans held-for-sale (1) | 244,666 | — | |||||||||||
Real estate owned - held-for-sale | 198,609 | 134,161 | |||||||||||
Real estate owned - held-and-used, net | 440,656 | 601,022 | |||||||||||
Investments in unconsolidated entities | 125,263 | 108,140 | |||||||||||
Investments held-to-maturity | 15,791 | 15,012 | |||||||||||
Other (2) | 50,432 | 23,367 | |||||||||||
$ | 1,554,140 | 1,647,360 | |||||||||||
Liabilities: | |||||||||||||
Notes and other debts payable (3) | $ | 346,627 | 574,480 | ||||||||||
Other (4) | 44,444 | 26,122 | |||||||||||
$ | 391,071 | 600,602 | |||||||||||
-1 | Loans held-for-sale relate to unsold loans originated by Rialto Mortgage Finance carried at fair value. | ||||||||||||
-2 | Other assets include interest rate swap futures and credit default swaps carried at fair value of $0.6 million and $9.1 million, respectively, as of August 31, 2013. | ||||||||||||
-3 | As of August 31, 2013 notes and other debts payable includes $110.0 million of notes payable related to the FDIC portfolios and $133.1 million related to the RMF warehouse repurchase financing agreement. As of November 30, 2012, notes and other debts payable includes $470.0 million of notes payable related to the FDIC portfolios. | ||||||||||||
-4 | Other liabilities include interest rate swap futures carried at fair value of $0.7 million as of August 31, 2013. | ||||||||||||
Operating Earnings Related To Rialto Segment | Rialto’s operating earnings were as follows: | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues | $ | 27,808 | 37,194 | 79,114 | 102,874 | ||||||||
Costs and expenses | 34,167 | 46,396 | 94,243 | 109,964 | |||||||||
Rialto Investments equity in earnings from unconsolidated entities | 5,199 | 13,551 | 15,877 | 37,578 | |||||||||
Rialto Investments other income (expense), net | 1,837 | (10,063 | ) | 9,810 | (23,675 | ) | |||||||
Operating earnings (loss) (1) | $ | 677 | (5,714 | ) | 10,558 | 6,813 | |||||||
-1 | Operating earnings (loss) for the three and nine months ended August 31, 2013 include net earnings (loss) attributable to noncontrolling interests of ($0.8) million and $4.6 million, respectively. Operating earnings (loss) for the three and nine months ended August 31, 2012 include net earnings (loss) attributable to noncontrolling interests of ($13.4) million and ($14.6) million, respectively. | ||||||||||||
Other Income (Expense), Net Related To Rialto Segment [Text Block] | The following is a detail of Rialto Investments other income (expense), net for the periods indicated: | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Realized gains on REO sales, net | $ | 9,651 | 2,418 | 36,857 | 10,857 | ||||||||
Unrealized loss on transfer of loans receivable to REO, net | (2,373 | ) | (4,690 | ) | (8,683 | ) | (5,923 | ) | |||||
REO expenses | (10,267 | ) | (12,035 | ) | (33,171 | ) | (40,758 | ) | |||||
Rental income | 4,826 | 4,244 | 14,807 | 12,149 | |||||||||
Rialto Investments other income (expense), net | $ | 1,837 | (10,063 | ) | 9,810 | (23,675 | ) | ||||||
Loans Receivable By Aggregate Collateral Type | The following table displays the loans receivable by aggregate collateral type: | ||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Land | $ | 181,755 | 216,095 | ||||||||||
Single family homes | 65,765 | 93,207 | |||||||||||
Commercial properties | 62,798 | 96,226 | |||||||||||
Multi-family homes | 5,000 | 12,776 | |||||||||||
Other | 13,349 | 18,231 | |||||||||||
Loans receivable, net | $ | 328,667 | 436,535 | ||||||||||
Outstanding Balance And Carrying Value Of Loans | The outstanding balance and carrying value of loans accounted for under ASC 310-30 was as follows: | ||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Outstanding principal balance | $ | 659,638 | 812,187 | ||||||||||
Carrying value | $ | 311,655 | 396,200 | ||||||||||
Accretable Yield For The FDIC Portfolios And Bank Portfolios | The activity in the accretable yield for the FDIC Portfolios and Bank Portfolios during the nine months ended August 31, 2013 and 2012 were as follows: | ||||||||||||
(In thousands) | August 31, | August 31, | |||||||||||
2013 | 2012 | ||||||||||||
Accretable yield, beginning of period | $ | 112,899 | 209,480 | ||||||||||
Additions | 53,652 | 43,306 | |||||||||||
Deletions | (38,263 | ) | (71,830 | ) | |||||||||
Accretions | (38,455 | ) | (58,108 | ) | |||||||||
Accretable yield, end of period | $ | 89,833 | 122,848 | ||||||||||
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: | ||||||||||||
August 31, 2013 | |||||||||||||
Recorded Investment | |||||||||||||
(In thousands) | Unpaid | With | Without | Total Recorded | |||||||||
Principal Balance | Allowance | Allowance | Investment | ||||||||||
Land | $ | 7,486 | 221 | 2,903 | 3,124 | ||||||||
Single family homes | 16,615 | 1,716 | 3,815 | 5,531 | |||||||||
Commercial properties | 14,694 | 554 | 7,803 | 8,357 | |||||||||
Loans receivable | $ | 38,795 | 2,491 | 14,521 | 17,012 | ||||||||
November 30, 2012 | |||||||||||||
Recorded Investment | |||||||||||||
(In thousands) | Unpaid | With | Without | Total Recorded | |||||||||
Principal Balance | Allowance | Allowance | Investment | ||||||||||
Land | $ | 23,163 | 4,983 | 2,844 | 7,827 | ||||||||
Single family homes | 18,966 | 8,311 | 2,244 | 10,555 | |||||||||
Commercial properties | 35,996 | 1,006 | 20,947 | 21,953 | |||||||||
Loans receivable | $ | 78,125 | 14,300 | 26,035 | 40,335 | ||||||||
Risk Indicators | Accrual and nonaccrual loans receivable by risk categories were as follows: | ||||||||||||
August 31, 2013 | |||||||||||||
(In thousands) | Accrual | Nonaccrual | Total | ||||||||||
Land | $ | 178,631 | 3,124 | 181,755 | |||||||||
Single family homes | 60,234 | 5,531 | 65,765 | ||||||||||
Commercial properties | 54,441 | 8,357 | 62,798 | ||||||||||
Multi-family homes | 5,000 | — | 5,000 | ||||||||||
Other | 13,349 | — | 13,349 | ||||||||||
Loans receivable | $ | 311,655 | 17,012 | 328,667 | |||||||||
November 30, 2012 | |||||||||||||
(In thousands) | Accrual | Nonaccrual | Total | ||||||||||
Land | $ | 208,268 | 7,827 | 216,095 | |||||||||
Single family homes | 82,652 | 10,555 | 93,207 | ||||||||||
Commercial properties | 74,273 | 21,953 | 96,226 | ||||||||||
Multi-family homes | 12,776 | — | 12,776 | ||||||||||
Other | 18,231 | — | 18,231 | ||||||||||
Loans receivable | $ | 396,200 | 40,335 | 436,535 | |||||||||
Changes In Real Estate Owned | The following tables present the activity in REO: | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
REO - held-for-sale, beginning of period | $ | 204,385 | 113,115 | 134,161 | 143,677 | ||||||||
Additions | 14,833 | 6,428 | 16,166 | 7,783 | |||||||||
Improvements | 1,949 | 1,439 | 4,466 | 7,438 | |||||||||
Sales | (68,087 | ) | (27,956 | ) | (145,363 | ) | (110,010 | ) | |||||
Impairments | (169 | ) | (810 | ) | (4,353 | ) | (2,432 | ) | |||||
Transfers to Lennar Homebuilding | (430 | ) | (7,431 | ) | (430 | ) | (11,335 | ) | |||||
Transfers from held-and-used, net (1) | 46,128 | 30,933 | 193,962 | 80,597 | |||||||||
REO - held-for-sale, end of period | $ | 198,609 | 115,718 | 198,609 | 115,718 | ||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
REO - held-and-used, net, beginning of period | $ | 478,314 | 634,401 | 601,022 | 582,111 | ||||||||
Additions | 14,154 | 44,958 | 38,882 | 154,633 | |||||||||
Improvements | 517 | 2,070 | 3,396 | 2,850 | |||||||||
Sales | — | — | — | (981 | ) | ||||||||
Impairments | (5,126 | ) | (1,880 | ) | (5,529 | ) | (5,153 | ) | |||||
Depreciation | (1,075 | ) | (1,389 | ) | (3,153 | ) | (5,636 | ) | |||||
Transfers to held-for-sale (1) | (46,128 | ) | (30,933 | ) | (193,962 | ) | (80,597 | ) | |||||
REO - held-and-used, net, end of period | $ | 440,656 | 647,227 | 440,656 | 647,227 | ||||||||
-1 | During the three and nine months ended August 31, 2013 and 2012, 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. | ||||||||||||
Condensed Financial Information By Equity Method Investment, Balance Sheets | Balance Sheets | ||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 107,918 | 299,172 | ||||||||||
Loans receivable | 406,473 | 361,286 | |||||||||||
Real estate owned | 247,389 | 161,964 | |||||||||||
Investment securities | 352,237 | 182,399 | |||||||||||
Investments in real estate partnerships | 114,258 | 72,903 | |||||||||||
Other assets | 186,760 | 199,839 | |||||||||||
$ | 1,415,035 | 1,277,563 | |||||||||||
Liabilities and equity: | |||||||||||||
Accounts payable and other liabilities | $ | 167,813 | 155,928 | ||||||||||
Notes payable | 231,960 | 120,431 | |||||||||||
Partner loans | 163,940 | 163,516 | |||||||||||
Equity | 851,322 | 837,688 | |||||||||||
$ | 1,415,035 | 1,277,563 | |||||||||||
Rialto Investments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Condensed Financial Information By Equity Method Investment, Statements Of Operations | Statements of Operations | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues | $ | 69,856 | 115,800 | 189,155 | 357,328 | ||||||||
Costs and expenses | 65,357 | 75,233 | 190,066 | 178,414 | |||||||||
Other income, net (1) | 34,186 | 366,696 | 128,973 | 670,471 | |||||||||
Net earnings of unconsolidated entities | $ | 38,685 | 407,263 | 128,062 | 849,385 | ||||||||
Rialto Investments equity in earnings from unconsolidated entities | $ | 5,199 | 13,551 | 15,877 | 37,578 | ||||||||
-1 | Other income, net, for the three and nine months ended August 31, 2012 includes the AB PPIP Fund's mark-to-market unrealized gains and unrealized losses, of which the Company’s portion was a small percentage |
Lennar_Homebuilding_Senior_Not1
Lennar Homebuilding Senior Notes And Other Debts Payable (Tables) | 9 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Debt Disclosure [Abstract] | |||||||
Schedule Of Senior Notes And Other Debts Payable | |||||||
(Dollars in thousands) | August 31, | November 30, | |||||
2013 | 2012 | ||||||
5.50% senior notes due 2014 | $ | 249,464 | 249,294 | ||||
5.60% senior notes due 2015 | 500,527 | 500,769 | |||||
6.50% senior notes due 2016 | 249,886 | 249,851 | |||||
12.25% senior notes due 2017 | 395,312 | 394,457 | |||||
4.75% senior notes due 2017 | 400,000 | 400,000 | |||||
6.95% senior notes due 2018 | 248,167 | 247,873 | |||||
4.125% senior notes due 2018 | 274,995 | — | |||||
2.00% convertible senior notes due 2020 | 276,500 | 276,500 | |||||
2.75% convertible senior notes due 2020 | 412,419 | 401,787 | |||||
3.25% convertible senior notes due 2021 | 400,000 | 400,000 | |||||
4.750% senior notes due 2022 | 570,790 | 350,000 | |||||
5.95% senior notes due 2013 | — | 62,932 | |||||
Unsecured revolving credit facility that matures 2017 | 100,000 | — | |||||
Mortgages notes on land and other debt | 546,554 | 471,588 | |||||
$ | 4,624,614 | 4,005,051 | |||||
Product_Warranty_Tables
Product Warranty (Tables) | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||
Schedule Of Product Warranty Reserve | The activity in the Company’s warranty reserve was as follows: | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Warranty reserve, beginning of period | $ | 90,242 | 84,488 | 84,188 | 88,120 | ||||||||
Warranties issued during the period | 13,914 | 9,469 | 34,795 | 24,430 | |||||||||
Adjustments to pre-existing warranties from changes in estimates | 7,506 | 766 | 15,415 | 5,813 | |||||||||
Payments | (12,186 | ) | (9,942 | ) | (34,922 | ) | (33,582 | ) | |||||
Warranty reserve, end of period | $ | 99,476 | 84,781 | 99,476 | 84,781 | ||||||||
ShareBased_Payment_Tables
Share-Based Payment (Tables) | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
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: | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Stock options | $ | 64 | 580 | 97 | 2,380 | ||||||||
Nonvested shares | 10,269 | 7,669 | 23,430 | 21,801 | |||||||||
Total compensation expense for share-based awards | $ | 10,333 | 8,249 | 23,527 | 24,181 | ||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||
Carrying Amounts And Estimated Fair Value Of Financial Instruments | |||||||||||||||
August 31, 2013 | November 30, 2012 | ||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||
(In thousands) | Hierarchy | Amount | Value | Amount | Value | ||||||||||
ASSETS | |||||||||||||||
Rialto Investments: | |||||||||||||||
Loans receivable, net | Level 3 | $ | 328,667 | 349,079 | 436,535 | 450,281 | |||||||||
Investments held-to-maturity | Level 3 | $ | 15,791 | 15,673 | 15,012 | 14,904 | |||||||||
Lennar Financial Services: | |||||||||||||||
Loans held-for-investment, net | Level 3 | $ | 25,264 | 25,910 | 23,982 | 24,949 | |||||||||
Investments held-to-maturity | Level 2 | $ | 54,019 | 54,012 | 63,924 | 63,877 | |||||||||
LIABILITIES | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Senior notes and other debts payable | Level 2 | $ | 4,624,614 | 5,306,477 | 4,005,051 | 5,035,670 | |||||||||
Rialto Investments: | |||||||||||||||
Notes and other debts payable | Level 2 | $ | 346,627 | 339,178 | 574,480 | 568,702 | |||||||||
Lennar Financial Services: | |||||||||||||||
Notes and other debts payable | Level 2 | $ | 290,283 | 290,283 | 457,994 | 457,994 | |||||||||
Fair Value Measured On Recurring Basis | The Company’s financial instruments measured at fair value on a recurring basis are summarized below: | ||||||||||||||
Financial Instruments | Fair Value | Fair Value at | Fair Value at | ||||||||||||
Hierarchy | August 31, | November 30, | |||||||||||||
2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||
Lennar Financial Services: | |||||||||||||||
Loans held-for-sale (1) | Level 2 | $ | 344,607 | 502,318 | |||||||||||
Mortgage loan commitments | Level 2 | $ | 10,764 | 12,713 | |||||||||||
Forward contracts | Level 2 | $ | 1,821 | (2,570 | ) | ||||||||||
Lennar Homebuilding: | |||||||||||||||
Investments available-for-sale | Level 3 | $ | 43,371 | 19,591 | |||||||||||
Rialto Investments Financial Assets: | |||||||||||||||
Loans held-for-sale (2) | Level 3 | $ | 244,666 | — | |||||||||||
Interest rate swap futures | Level 1 | $ | 607 | — | |||||||||||
Credit default swaps | Level 2 | $ | 9,093 | — | |||||||||||
Rialto Investments Financial Liabilities: | |||||||||||||||
Interest rate swap futures | Level 1 | $ | (701 | ) | — | ||||||||||
-1 | The aggregate fair value of Lennar Financial Services loans held-for-sale of $344.6 million at August 31, 2013 exceeds their aggregate principal balance of $334.8 million by $9.8 million. The aggregate fair value of loans held-for-sale of $502.3 million at November 30, 2012 exceeds their aggregate principal balance of $479.1 million by $23.2 million. | ||||||||||||||
-2 | The aggregate fair value of Rialto Investments loans held-for-sale of $244.7 million at August 31, 2013 are below their aggregate principal balance of $245.2 million by $0.6 million. | ||||||||||||||
Schedule Of Gains And Losses Of Financial Instruments | The changes in fair values that are included in operating earnings are shown, by financial instrument and financial statement line item below: | ||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
August 31, | August 31, | ||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Changes in fair value included in Lennar Financial Services revenues: | |||||||||||||||
Loans held-for-sale | $ | 3,982 | 5,403 | (13,422 | ) | 7,694 | |||||||||
Mortgage loan commitments | $ | 4,944 | 281 | (1,950 | ) | 7,466 | |||||||||
Forward contracts | $ | (13,600 | ) | 1,478 | 4,391 | (2,552 | ) | ||||||||
Changes in fair value included in Rialto Investments revenues: | |||||||||||||||
Financial Assets: | |||||||||||||||
Loans held-for-sale | $ | (1,086 | ) | — | (1,086 | ) | — | ||||||||
Interest rate swap futures | $ | 607 | — | 607 | — | ||||||||||
Credit default swaps | $ | 1,343 | — | 1,343 | — | ||||||||||
Financial Liabilities: | |||||||||||||||
Interest rate swap futures | $ | (701 | ) | — | (701 | ) | — | ||||||||
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements | The following table represents a reconciliation of the beginning and ending balance for the Company’s Level 3 recurring fair value measurements (investments available-for-sale) included in the Lennar Homebuilding segment’s other assets: | ||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
(In thousands) | August 31, 2013 | August 31, 2012 | August 31, 2013 | August 31, 2012 | |||||||||||
Investments available-for-sale, beginning of period | $ | 33,338 | 24,306 | 19,591 | 42,892 | ||||||||||
Purchases and other (1) | 13,291 | — | 25,518 | 20,998 | |||||||||||
Sales | (2,486 | ) | (4,092 | ) | (2,486 | ) | (10,528 | ) | |||||||
Changes in fair value (2) | (772 | ) | (1,169 | ) | 748 | — | |||||||||
Settlements (3) | — | — | — | (34,317 | ) | ||||||||||
Investments available-for-sale, end of period | $ | 43,371 | 19,045 | 43,371 | 19,045 | ||||||||||
-1 | Represents investments in community development district bonds that mature at various dates between 2022 and 2042. | ||||||||||||||
-2 | Amount represents changes in fair value during both three and nine months ended August 31, 2013. The changes in fair value were not included in other comprehensive income because the changes in fair value were deferred as a result of the Company's continuing involvement in the underlying real estate collateral. | ||||||||||||||
-3 | The investments available-for-sale that were settled during both the three and nine months ended August 31, 2013 and 2012 related to investments in community development district bonds, which were in default by the borrower and regarding which the Company foreclosed on the underlying real estate collateral. Therefore, these investments were reclassified from other assets to land and land under development. | ||||||||||||||
The following table represents a reconciliation of the beginning and ending balance for Rialto Investments Level 3 recurring fair value measurements (loans held-for-sale): | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
(In thousands) | 31-Aug-13 | 31-Aug-12 | 31-Aug-13 | 31-Aug-12 | |||||||||||
Rialto Investments loans held-for-sale, beginning of period | $ | — | — | — | — | ||||||||||
Loan originations | 245,223 | — | 245,223 | — | |||||||||||
Interest | 529 | — | 529 | — | |||||||||||
Changes in fair value | (1,086 | ) | — | (1,086 | ) | — | |||||||||
Rialto Investments loans held-for-sale, end of period | $ | 244,666 | — | 244,666 | — | ||||||||||
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 and Rialto Investments real estate owned assets. The fair value included in the tables below represent 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: | ||||||||||||||
Non-financial assets | Fair Value | Fair Value | Total Gains (Losses) (1) | ||||||||||||
Hierarchy | Three Months Ended | ||||||||||||||
August 31, | |||||||||||||||
2013 | |||||||||||||||
(In thousands) | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Investments in unconsolidated entities (2) | Level 3 | $ | 20,024 | (861 | ) | ||||||||||
Rialto Investments: | |||||||||||||||
REO - held-for-sale (3) | Level 3 | $ | 14,833 | 2,464 | |||||||||||
REO - held-and-used, net (4) | Level 3 | $ | 16,204 | (4,836 | ) | ||||||||||
-1 | Represents total losses due to valuation adjustments, total gains from acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended August 31, 2013. | ||||||||||||||
-2 | Lennar Homebuilding investments in unconsolidated entities with an aggregate carrying value of $20.9 million were written down to their fair value of $20.0 million, resulting in valuation adjustments of $0.9 million, which were included in other income, net in the Company’s statement of operations for the three months ended August 31, 2013. | ||||||||||||||
-3 | REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $12.2 million and a fair value of $14.8 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management’s best estimate. The gains upon acquisition of REO, held-for-sale, were $2.6 million. As part of management’s periodic valuations of its REO, held-for-sale, during the three months ended August 31, 2013, REO, held-for-sale, with an aggregate value of $0.2 million were written down to their fair value of zero, resulting in impairments of $0.2 million. These gains and impairments are included within Rialto Investments other income (expense), net, in the Company’s statement of operations for the three months ended August 31, 2013. | ||||||||||||||
-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. Upon acquisition, the REO, held-and-used, net, had a carrying value of $13.9 million and a fair value of $14.2 million. 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. The gains upon acquisition of REO, held-and-used, net, were $0.3 million. As part of management’s periodic valuations of its REO, held-and-used, net, during the three months ended August 31, 2013, REO, held-and-used, net, with an aggregate value of $7.2 million were written down to their fair value of $2.1 million, resulting in impairments of $5.1 million. These gains and impairments are included within Rialto Investments other income (expense), net, in the Company’s statement of operations for the three months ended August 31, 2013. | ||||||||||||||
Non-financial assets | Fair Value | Fair Value | Total Gains (Losses) (1) | ||||||||||||
Hierarchy | Three Months Ended | ||||||||||||||
August 31, | |||||||||||||||
2012 | |||||||||||||||
(In thousands) | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Finished homes and construction in progress (2) | Level 3 | $ | 8,049 | (4,651 | ) | ||||||||||
Rialto Investments: | |||||||||||||||
REO - held-for-sale (3) | Level 3 | $ | 10,101 | (2,682 | ) | ||||||||||
REO - held-and-used, net (4) | Level 3 | $ | 53,292 | (2,006 | ) | ||||||||||
-1 | Represents total losses due to valuation adjustments, total gains from acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended August 31, 2012. | ||||||||||||||
-2 | Finished homes and construction in progress with an aggregate carrying value of $12.7 million were written down to their fair value of $8.0 million, resulting in valuation adjustments of $4.7 million, which were included in Lennar Homebuilding costs and expenses in the Company’s statement of operations for the three months ended August 31, 2012. | ||||||||||||||
-3 | REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO held-for-sale had a carrying value of $8.3 million and a fair value of $6.4 million. The fair value of REO held-for-sale is based upon the appraised value at the time of foreclosure or management’s best estimate. The losses upon acquisition of REO held-for-sale were $1.9 million. As part of management's periodic valuations of its REO held-for-sale during the three months ended August 31, 2012, REO held-for-sale with an aggregate value of $4.5 million were written down to their fair value of $3.7 million, resulting in impairments of $0.8 million. These losses and impairments are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended August 31, 2012. | ||||||||||||||
-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. Upon acquisition, the REO held-and-used, net, had a carrying value of $45.1 million and a fair value of $45.0 million. 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. The losses upon acquisition of REO held-and-used, net, were $0.1 million. As part of management's periodic valuations of its REO held-and-used, net, during the three months ended August 31, 2012, REO held-and-used, net, with an aggregate value of $10.2 million were written down to their fair value of $8.3 million, resulting in impairments of $1.9 million. These losses and impairments are included within the Rialto Investments other income (expense), net, in the Company’s statement of operations for the three months ended August 31, 2012. | ||||||||||||||
Non-financial assets | Fair Value | Fair Value | Total Gains (Losses) (1) | ||||||||||||
Hierarchy | Nine Months Ended | ||||||||||||||
August 31, | |||||||||||||||
2013 | |||||||||||||||
(In thousands) | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Finished homes and construction in progress (2) | Level 3 | $ | 12,247 | (4,207 | ) | ||||||||||
Investments in unconsolidated entities (3) | Level 3 | $ | 20,024 | (897 | ) | ||||||||||
Rialto Investments: | |||||||||||||||
REO - held-for-sale (4) | Level 3 | $ | 34,853 | (2,380 | ) | ||||||||||
REO - held-and-used, net (5) | Level 3 | $ | 43,364 | (6,302 | ) | ||||||||||
-1 | Represents total losses due to valuation adjustments, total gains from acquisitions of real estate through foreclosure and REO impairments recorded during the nine months ended August 31, 2013. | ||||||||||||||
-2 | Finished homes and construction in progress with an aggregate carrying value of $16.5 million were written down to their fair value of $12.2 million, resulting in valuation adjustments of $4.2 million, which were included in Lennar Homebuilding costs and expenses in the Company’s statement of operations for the nine months ended August 31, 2013. | ||||||||||||||
-3 | Lennar Homebuilding investments in unconsolidated entities with an aggregate carrying value of $20.9 million were written down to their fair value of $20.0 million, resulting in valuation adjustments of $0.9 million, which were included in other income, net in the Company’s statement of operations for the nine months ended August 31, 2013. | ||||||||||||||
-4 | REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $14.2 million and a fair value of $16.2 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management’s best estimate. The gains upon acquisition of REO, held-for-sale, were $2.0 million. As part of management’s periodic valuations of its REO, held-for-sale, during the nine months ended August 31, 2013, REO, held-for-sale, with an aggregate value of $23.0 million were written down to their fair value of $18.7 million, resulting in impairments of $4.4 million. These gains and impairments are included within Rialto Investments other income (expense), net, in the Company’s statement of operations for the nine months ended August 31, 2013. | ||||||||||||||
-5 | REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $39.7 million and a fair value of $38.9 million. 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. The losses upon acquisition of REO, held-and-used, net, were $0.8 million. As part of management’s periodic valuations of its REO, held-and-used, net, during the nine months ended August 31, 2013, REO, held-and-used, net, with an aggregate value of $10.0 million were written down to their fair value of $4.5 million, resulting in impairments of $5.5 million. These losses and impairments are included within Rialto Investments other income (expense), net, in the Company’s statement of operations for the nine months ended August 31, 2013. | ||||||||||||||
Non-financial assets | Fair Value | Fair Value | Total Gains (Losses) (1) | ||||||||||||
Hierarchy | Nine Months Ended | ||||||||||||||
August 31, | |||||||||||||||
2012 | |||||||||||||||
(In thousands) | |||||||||||||||
Lennar Homebuilding: | |||||||||||||||
Finished homes and construction in progress (2) | Level 3 | $ | 10,810 | (9,080 | ) | ||||||||||
Land and land under development (3) | Level 3 | $ | 13,318 | (332 | ) | ||||||||||
Rialto Investments: | |||||||||||||||
REO - held-for-sale (4) | Level 3 | $ | 23,967 | (4,870 | ) | ||||||||||
REO - held-and-used, net (5) | Level 3 | $ | 173,665 | (1,051 | ) | ||||||||||
-1 | Represents total losses due to valuation adjustments, total gains from acquisitions of real estate through foreclosure and REO impairments recorded during the nine months ended August 31, 2012. | ||||||||||||||
-2 | Finished homes and construction in progress with an aggregate carrying value of $19.9 million were written down to their fair value of $10.8 million, resulting in valuation adjustments of $9.1 million, which were included in Lennar Homebuilding costs and expenses in the Company’s statement of operations for the nine months ended August 31, 2012. | ||||||||||||||
-3 | Land and land under development with an aggregate carrying value of 13.6 million were written down to their fair value of $13.3 million, resulting in valuation adjustments of $0.3 million, which were included in Lennar Homebuilding costs and expenses in the Company's statements of operations for the nine months ended August 31, 2012. | ||||||||||||||
-4 | REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $10.2 million and a fair value of $7.8 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or management’s best estimate. The losses upon acquisition of REO, held-for-sale, were $2.4 million. As part of management's periodic valuations of its REO, held-for-sale, during the nine months ended August 31, 2012, REO, held-for-sale, with an aggregate value of $18.6 million were written down to their fair value of $16.2 million, resulting in impairments of $2.4 million. These losses and impairments are included within Rialto Investments other income (expense), net in the Company's statement of operations for the nine months ended August 31, 2012. | ||||||||||||||
-5 | REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $150.5 million and a fair value of $154.6 million. 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. The gains upon acquisition of REO, held-and-used, net, were $4.1 million. As part of management's periodic valuations of its REO, held-and-used, net, during the nine months ended August 31, 2012, REO, held-and-used, net, with an aggregate value of $24.2 million were written down to their fair value of $19.0 million, resulting in impairments of $5.2 million. These gains and impairments are included within the Rialto Investments other income (expense), net, in the Company’s statement of operations for the nine months ended August 31, 2012. | ||||||||||||||
Fair Value, Measurement Inputs, Disclosure | The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities (primarily one community) for which the Company recorded valuation adjustments during the nine months ended August 31, 2013: | ||||||||||||||
Unobservable inputs | Range | ||||||||||||||
Average selling price | $163,000 | - | $279,000 | ||||||||||||
Absorption rate per quarter (homes) | 2 | - | 34 | ||||||||||||
Discount rate | 20% |
Consolidation_Of_Variable_Inte1
Consolidation Of Variable Interest Entities (Tables) | 9 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract] | |||||||
Estimated Maximum Exposure To Loss | The Company’s recorded investment in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: | ||||||
As of August 31, 2013 | |||||||
(In thousands) | Investments in | Lennar’s | |||||
Unconsolidated | Maximum | ||||||
VIEs | Exposure | ||||||
to Loss | |||||||
Lennar Homebuilding (1) | $ | 214,753 | 340,592 | ||||
Rialto Investments (2) | 24,094 | 24,094 | |||||
$ | 238,847 | 364,686 | |||||
As of November 30, 2012 | |||||||
(In thousands) | Investments in | Lennar’s | |||||
Unconsolidated | Maximum | ||||||
VIEs | Exposure | ||||||
to Loss | |||||||
Lennar Homebuilding (1) | $ | 85,500 | 109,278 | ||||
Rialto Investments (2) | 23,587 | 23,587 | |||||
$ | 109,087 | 132,865 | |||||
-1 | At August 31, 2013, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs is limited to its investment in the unconsolidated VIEs, except with regard to a $93.5 million remaining commitment to fund a new unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing, $15.0 million of recourse debt of one of the unconsolidated VIEs, which is included in the Company’s maximum recourse related to Lennar Homebuilding unconsolidated entities, and $16.9 million of letters of credit outstanding for certain of the unconsolidated VIEs that in the event of default under its debt agreement the letter of credit will be drawn upon. At November 30, 2012, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs is limited to its investment in the unconsolidated VIEs, except with regard to $18.7 million of recourse debt of one of the unconsolidated VIEs, which is included in the Company’s maximum recourse related to Lennar Homebuilding unconsolidated entities and $4.8 million of letters of credit outstanding for certain of the unconsolidated VIEs that in the event of default under its debt agreement the letter of credit will be drawn upon. | ||||||
-2 | At both August 31, 2013 and November 30, 2012, the maximum recourse exposure to loss of Rialto’s investment in unconsolidated VIEs was its investments in unconsolidated entities. At August 31, 2013 and November 30, 2012, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss include $15.8 million and $15.0 million, respectively, related to Rialto’s investments held-to-maturity. |
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 9 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Supplemental Financial Information [Abstract] | ||||||||||||||||
Reconciliation of Revised Amounts in the Statement of Operations | The following is a reconciliation of the amounts previously reported to the “as revised” amounts as stated in the following components of the Supplemental Condensed Consolidating Statement of Operations for the three and nine months ended August 31, 2012: | |||||||||||||||
As | ||||||||||||||||
Guarantor Column for the three months ended | Previously | Adjustment Between Guarantor | As | |||||||||||||
31-Aug-12 | Reported | and Eliminations Column | Revised | |||||||||||||
(In thousands) | ||||||||||||||||
Equity in earnings from subsidiaries | $ | 3,776 | $ | 4,258 | A | $ | 8,034 | |||||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | 127,601 | $ | 4,258 | $ | 131,859 | ||||||||||
Net earnings attributable to Lennar | $ | 127,601 | $ | 4,258 | $ | 131,859 | ||||||||||
Guarantor Column for the nine months ended | ||||||||||||||||
31-Aug-12 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Equity in earnings from subsidiaries | $ | 26,621 | $ | (3,061 | ) | A | $ | 23,560 | ||||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | 641,161 | $ | (3,061 | ) | $ | 638,100 | |||||||||
Net earnings attributable to Lennar | $ | 641,161 | $ | (3,061 | ) | $ | 638,100 | |||||||||
Eliminations Column for the three months ended | ||||||||||||||||
31-Aug-12 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Equity in earnings from subsidiaries | $ | (131,377 | ) | $ | (4,258 | ) | A | $ | (135,635 | ) | ||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | (131,377 | ) | $ | (4,258 | ) | $ | (135,635 | ) | |||||||
Net earnings attributable to Lennar | $ | (131,377 | ) | $ | (4,258 | ) | $ | (135,635 | ) | |||||||
Eliminations Column for the nine months ended | ||||||||||||||||
31-Aug-12 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Equity in earnings from subsidiaries | $ | (667,782 | ) | $ | 3,061 | A | $ | (664,721 | ) | |||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | (667,782 | ) | $ | 3,061 | $ | (664,721 | ) | ||||||||
Net earnings attributable to Lennar | $ | (667,782 | ) | $ | 3,061 | $ | (664,721 | ) | ||||||||
Reconciliation of Revised Amounts in the Statement of Cash Flows | The following is a reconciliation of the amounts previously reported to the “as revised” amounts as stated in the following components of the Supplemental Condensed Consolidating Statements of Cash Flows for the nine months ended August 31, 2012: | |||||||||||||||
As | Adjustments for Non-cash | |||||||||||||||
Parent Column for nine months ended | Previously | Activity, Distributions, | As | |||||||||||||
31-Aug-12 | Reported | Dividends & Intercompany | Revised | |||||||||||||
(In thousands) | ||||||||||||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities | $ | (1,996 | ) | $ | (435,642 | ) | B | $ | (437,638 | ) | ||||||
Net cash provided by (used in) operating activities | $ | 552,784 | $ | (435,642 | ) | $ | 117,142 | |||||||||
Cash flows from investing activities: Intercompany | $ | — | $ | (641,365 | ) | C | $ | (641,365 | ) | |||||||
Net cash used in investing activities | $ | (218 | ) | $ | (641,365 | ) | $ | (641,583 | ) | |||||||
Cash flows from financing activities: Intercompany | $ | (1,077,007 | ) | $ | 1,077,007 | B,C | $ | — | ||||||||
Net cash provided by (used in) financing activities | $ | (847,543 | ) | $ | 1,077,007 | $ | 229,464 | |||||||||
As | Adjustments for Non-cash | |||||||||||||||
Guarantor Column for the nine months ended | Previously | Activity, Distributions, | As | |||||||||||||
31-Aug-12 | Reported | Dividends & Intercompany | Revised | |||||||||||||
(In thousands) | ||||||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | 641,161 | $ | (3,061 | ) | A | $ | 638,100 | ||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries (1) | $ | — | $ | 23,560 | B | $ | 23,560 | |||||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (1) | $ | (1,578,847 | ) | $ | 611,681 | B | $ | (967,166 | ) | |||||||
Net cash provided by (used in) operating activities | $ | (937,686 | ) | $ | 632,180 | $ | (305,506 | ) | ||||||||
Cash flows from financing activities: Dividends | $ | — | $ | (215,682 | ) | D | $ | (215,682 | ) | |||||||
Cash flows from financing activities: Intercompany | $ | 981,589 | $ | (416,498 | ) | B,D | $ | 565,091 | ||||||||
Net cash provided by (used in) financing activities | $ | 910,375 | $ | (632,180 | ) | $ | 278,195 | |||||||||
(1) The distributions of earnings from Guarantor and Non-Guarantor subsidiaries was previously included in the line item adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities, which is now titled other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities. The amounts have been broken out to separately disclose to the readers of the Company's supplemental financial information the net earnings of the Non-Guarantor subsidiaries being distributed to the Guarantor subsidiaries and the Parent and the net earnings of the Guarantor subsidiaries being distributed to the Parent. | ||||||||||||||||
As | Adjustments for Non-cash | |||||||||||||||
Non Guarantor Column for the nine months ended | Previously | Activity, Distributions, | As | |||||||||||||
31-Aug-12 | Reported | Dividends & Intercompany | Revised | |||||||||||||
(In thousands) | ||||||||||||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities | $ | (111,258 | ) | $ | 45,765 | B | $ | (65,493 | ) | |||||||
Net cash provided by (used in) operating activities | $ | (105,605 | ) | $ | 45,765 | $ | (59,840 | ) | ||||||||
Cash flows from financing activities: Dividends | $ | — | $ | (26,621 | ) | D | $ | (26,621 | ) | |||||||
Cash flows from financing activities: Intercompany | $ | 95,418 | $ | (19,144 | ) | B,D | $ | 76,274 | ||||||||
Net cash used in financing activities | $ | (131,721 | ) | $ | (45,765 | ) | $ | (177,486 | ) | |||||||
As | Adjustments for Non-cash | |||||||||||||||
Eliminations Column for the nine months ended | Previously | Activity, Distributions, | As | |||||||||||||
31-Aug-12 | Reported | Dividends & Intercompany | Revised | |||||||||||||
(In thousands) | ||||||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | (667,782 | ) | $ | 3,061 | $ | (664,721 | ) | ||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries (1) | $ | — | $ | (242,303 | ) | B | $ | (242,303 | ) | |||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (1) | $ | 667,782 | $ | (3,061 | ) | $ | 664,721 | |||||||||
Net cash used in operating activities | $ | — | $ | (242,303 | ) | $ | (242,303 | ) | ||||||||
Cash flows from investing activities: Intercompany | $ | — | $ | 641,365 | C | $ | 641,365 | |||||||||
Net cash provided by investing activities | $ | — | $ | 641,365 | $ | 641,365 | ||||||||||
Cash flows from financing activities: Dividends | $ | — | $ | 242,303 | D | $ | 242,303 | |||||||||
Cash flows from financing activities: Intercompany | $ | — | $ | (641,365 | ) | C | $ | (641,365 | ) | |||||||
Net cash used in financing activities | $ | — | $ | (399,062 | ) | $ | (399,062 | ) | ||||||||
(1) The distributions of earnings from Guarantor and Non-Guarantor subsidiaries was previously included in the line item adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities, which is now titled other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities. The amounts have been broken out to separately disclose to the readers of the Company's supplemental financial information the net earnings of the Non-Guarantor subsidiaries being distributed to the Guarantor subsidiaries and the Parent and the net earnings of the Guarantor subsidiaries being distributed to the Parent. | ||||||||||||||||
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||
August 31, 2013 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
ASSETS | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Cash and cash equivalents, restricted cash and | $ | 294,524 | 200,647 | 15,226 | — | 510,397 | ||||||||||
receivables, net | ||||||||||||||||
Inventories | — | 6,433,170 | 95,761 | — | 6,528,931 | |||||||||||
Investments in unconsolidated entities | — | 739,453 | 15,800 | — | 755,253 | |||||||||||
Other assets | 53,165 | 683,684 | 214,783 | 6,216 | 957,848 | |||||||||||
Investments in subsidiaries | 3,772,086 | 325,902 | — | (4,097,988 | ) | — | ||||||||||
Intercompany | 3,956,549 | — | — | (3,956,549 | ) | — | ||||||||||
8,076,324 | 8,382,856 | 341,570 | (8,048,321 | ) | 8,752,429 | |||||||||||
Rialto Investments | — | — | 1,554,140 | — | 1,554,140 | |||||||||||
Lennar Financial Services | — | 76,026 | 632,998 | — | 709,024 | |||||||||||
Total assets | $ | 8,076,324 | 8,458,882 | 2,528,708 | (8,048,321 | ) | 11,015,593 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Accounts payable and other liabilities | $ | 284,118 | 685,326 | 8,590 | — | 978,034 | ||||||||||
Liabilities related to consolidated inventory not owned | — | 398,077 | — | — | 398,077 | |||||||||||
Senior notes and other debts payable | 4,078,060 | 366,600 | 179,954 | — | 4,624,614 | |||||||||||
Intercompany | — | 3,153,678 | 802,871 | (3,956,549 | ) | — | ||||||||||
4,362,178 | 4,603,681 | 991,415 | (3,956,549 | ) | 6,000,725 | |||||||||||
Rialto Investments | — | — | 391,071 | — | 391,071 | |||||||||||
Lennar Financial Services | — | 28,238 | 418,657 | 6,216 | 453,111 | |||||||||||
Total liabilities | 4,362,178 | 4,631,919 | 1,801,143 | (3,950,333 | ) | 6,844,907 | ||||||||||
Stockholders’ equity | 3,714,146 | 3,826,963 | 271,025 | (4,097,988 | ) | 3,714,146 | ||||||||||
Noncontrolling interests | — | — | 456,540 | — | 456,540 | |||||||||||
Total equity | 3,714,146 | 3,826,963 | 727,565 | (4,097,988 | ) | 4,170,686 | ||||||||||
Total liabilities and equity | $ | 8,076,324 | 8,458,882 | 2,528,708 | (8,048,321 | ) | 11,015,593 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
November 30, 2012 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
ASSETS | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Cash and cash equivalents, restricted cash and | $ | 962,116 | 226,047 | 20,545 | — | 1,208,708 | ||||||||||
receivables, net | ||||||||||||||||
Inventories | — | 4,532,755 | 538,958 | — | 5,071,713 | |||||||||||
Investments in unconsolidated entities | — | 521,662 | 43,698 | — | 565,360 | |||||||||||
Other assets | 55,625 | 677,692 | 222,753 | — | 956,070 | |||||||||||
Investments in subsidiaries | 3,772,086 | 585,756 | — | (4,357,842 | ) | — | ||||||||||
Intercompany | 2,438,326 | — | — | (2,438,326 | ) | — | ||||||||||
7,228,153 | 6,543,912 | 825,954 | (6,796,168 | ) | 7,801,851 | |||||||||||
Rialto Investments | — | — | 1,647,360 | — | 1,647,360 | |||||||||||
Lennar Financial Services | — | 77,637 | 835,358 | — | 912,995 | |||||||||||
Total assets | $ | 7,228,153 | 6,621,549 | 3,308,672 | (6,796,168 | ) | 10,362,206 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Accounts payable and other liabilities | $ | 279,926 | 533,882 | 42,406 | — | 856,214 | ||||||||||
Liabilities related to consolidated inventory not owned | — | 268,159 | — | — | 268,159 | |||||||||||
Senior notes and other debts payable | 3,533,463 | 245,665 | 225,923 | — | 4,005,051 | |||||||||||
Intercompany | — | 1,715,825 | 722,501 | (2,438,326 | ) | — | ||||||||||
3,813,389 | 2,763,531 | 990,830 | (2,438,326 | ) | 5,129,424 | |||||||||||
Rialto Investments | — | — | 600,602 | — | 600,602 | |||||||||||
Lennar Financial Services | — | 31,056 | 599,916 | — | 630,972 | |||||||||||
Total liabilities | 3,813,389 | 2,794,587 | 2,191,348 | (2,438,326 | ) | 6,360,998 | ||||||||||
Stockholders’ equity | 3,414,764 | 3,826,962 | 530,880 | (4,357,842 | ) | 3,414,764 | ||||||||||
Noncontrolling interests | — | — | 586,444 | — | 586,444 | |||||||||||
Total equity | 3,414,764 | 3,826,962 | 1,117,324 | (4,357,842 | ) | 4,001,208 | ||||||||||
Total liabilities and equity | $ | 7,228,153 | 6,621,549 | 3,308,672 | (6,796,168 | ) | 10,362,206 | |||||||||
Consolidating Statement Of Operations | Condensed Consolidating Statement of Operations | |||||||||||||||
Three Months Ended August 31, 2013 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 1,447,533 | 14,093 | — | 1,461,626 | ||||||||||
Lennar Financial Services | — | 44,750 | 73,167 | (5,279 | ) | 112,638 | ||||||||||
Rialto Investments | — | — | 27,808 | — | 27,808 | |||||||||||
Total revenues | — | 1,492,283 | 115,068 | (5,279 | ) | 1,602,072 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 1,239,791 | 6,302 | (455 | ) | 1,245,638 | ||||||||||
Lennar Financial Services | — | 40,855 | 53,216 | (4,925 | ) | 89,146 | ||||||||||
Rialto Investments | — | — | 35,211 | (1,044 | ) | 34,167 | ||||||||||
Corporate general and administrative | 35,310 | — | — | 2,309 | 37,619 | |||||||||||
Total costs and expenses | 35,310 | 1,280,646 | 94,729 | (4,115 | ) | 1,406,570 | ||||||||||
Lennar Homebuilding equity in earnings (loss) from | — | 10,054 | 291 | — | 10,345 | |||||||||||
unconsolidated entities | ||||||||||||||||
Lennar Homebuilding other income (expense), net | 297 | (1,303 | ) | — | (288 | ) | (1,294 | ) | ||||||||
Other interest expense | (1,452 | ) | (22,230 | ) | — | 1,452 | (22,230 | ) | ||||||||
Rialto Investments equity in earnings from | — | — | 5,199 | — | 5,199 | |||||||||||
unconsolidated entities | ||||||||||||||||
Rialto Investments other income, net | — | — | 1,837 | — | 1,837 | |||||||||||
Earnings (loss) before income taxes | (36,465 | ) | 198,158 | 27,666 | — | 189,359 | ||||||||||
Benefit (provision) for income taxes | 12,845 | (69,949 | ) | (10,101 | ) | — | (67,205 | ) | ||||||||
Equity in earnings from subsidiaries | 144,282 | 15,640 | — | (159,922 | ) | — | ||||||||||
Net earnings (including net earnings attributable to | 120,662 | 143,849 | 17,565 | (159,922 | ) | 122,154 | ||||||||||
noncontrolling interests) | ||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 1,492 | — | 1,492 | |||||||||||
Net earnings attributable to Lennar | $ | 120,662 | 143,849 | 16,073 | (159,922 | ) | 120,662 | |||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||
Three Months Ended August 31, 2012 - as Revised | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 955,800 | — | — | 955,800 | ||||||||||
Lennar Financial Services | — | 43,163 | 68,091 | (4,490 | ) | 106,764 | ||||||||||
Rialto Investments | — | — | 37,194 | — | 37,194 | |||||||||||
Total revenues | — | 998,963 | 105,285 | (4,490 | ) | 1,099,758 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 845,316 | 4,403 | 713 | 850,432 | |||||||||||
Lennar Financial Services | — | 40,266 | 46,233 | (5,058 | ) | 81,441 | ||||||||||
Rialto Investments | — | — | 46,396 | — | 46,396 | |||||||||||
Corporate general and administrative | 31,021 | — | — | 1,265 | 32,286 | |||||||||||
Total costs and expenses | 31,021 | 885,582 | 97,032 | (3,080 | ) | 1,010,555 | ||||||||||
Lennar Homebuilding equity in loss from | — | (5,835 | ) | (156 | ) | — | (5,991 | ) | ||||||||
unconsolidated entities | ||||||||||||||||
Lennar Homebuilding other income (expense), net | 72 | (5,435 | ) | — | (43 | ) | (5,406 | ) | ||||||||
Other interest expense | (1,453 | ) | (22,659 | ) | — | 1,453 | (22,659 | ) | ||||||||
Rialto Investments equity in earnings from | — | — | 13,551 | — | 13,551 | |||||||||||
unconsolidated entities | ||||||||||||||||
Rialto Investments other expense, net | — | — | (10,063 | ) | — | (10,063 | ) | |||||||||
Earnings (loss) before income taxes | (32,402 | ) | 79,452 | 11,585 | — | 58,635 | ||||||||||
Benefit (provision) for income taxes | (8,090 | ) | 44,373 | (23,507 | ) | — | 12,776 | |||||||||
Equity in earnings from subsidiaries | 127,601 | 8,034 | — | (135,635 | ) | — | ||||||||||
Net earnings (including net earnings attributable to | 87,109 | 131,859 | (11,922 | ) | (135,635 | ) | 71,411 | |||||||||
noncontrolling interests) | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (15,698 | ) | — | (15,698 | ) | |||||||||
Net earnings attributable to Lennar | $ | 87,109 | 131,859 | 3,776 | (135,635 | ) | 87,109 | |||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||
Nine Months Ended August 31, 2013 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 3,576,749 | 34,665 | — | 3,611,414 | ||||||||||
Lennar Financial Services | — | 123,990 | 219,347 | (15,723 | ) | 327,614 | ||||||||||
Rialto Investments | — | — | 79,114 | — | 79,114 | |||||||||||
Total revenues | — | 3,700,739 | 333,126 | (15,723 | ) | 4,018,142 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 3,098,463 | 35,659 | (1,240 | ) | 3,132,882 | ||||||||||
Lennar Financial Services | — | 118,546 | 154,948 | (14,646 | ) | 258,848 | ||||||||||
Rialto Investments | — | — | 95,287 | (1,044 | ) | 94,243 | ||||||||||
Corporate general and administrative | 97,902 | — | — | 4,840 | 102,742 | |||||||||||
Total costs and expenses | 97,902 | 3,217,009 | 285,894 | (12,090 | ) | 3,588,715 | ||||||||||
Lennar Homebuilding equity in earnings from | — | 22,267 | 672 | — | 22,939 | |||||||||||
unconsolidated entities | ||||||||||||||||
Lennar Homebuilding other income, net | 721 | 258 | — | (693 | ) | 286 | ||||||||||
Other interest expense | (4,326 | ) | (73,370 | ) | — | 4,326 | (73,370 | ) | ||||||||
Rialto Investments equity in earnings from | — | — | 15,877 | — | 15,877 | |||||||||||
unconsolidated entities | ||||||||||||||||
Rialto Investments other income, net | — | — | 9,810 | — | 9,810 | |||||||||||
Earnings (loss) before income taxes | (101,507 | ) | 432,885 | 73,591 | — | 404,969 | ||||||||||
Benefit (provision) for income taxes | 38,238 | (95,151 | ) | (26,146 | ) | — | (83,059 | ) | ||||||||
Equity in earnings from subsidiaries | 378,859 | 36,442 | — | (415,301 | ) | — | ||||||||||
Net earnings (including net earnings attributable to | 315,590 | 374,176 | 47,445 | (415,301 | ) | 321,910 | ||||||||||
noncontrolling interests) | ||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 6,320 | — | 6,320 | |||||||||||
Net earnings attributable to Lennar | $ | 315,590 | 374,176 | 41,125 | (415,301 | ) | 315,590 | |||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||
Nine Months Ended August 31, 2012 - as Revised | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 2,387,916 | 405 | — | 2,388,321 | ||||||||||
Lennar Financial Services | — | 113,678 | 163,153 | (13,257 | ) | 263,574 | ||||||||||
Rialto Investments | — | — | 102,874 | — | 102,874 | |||||||||||
Total revenues | — | 2,501,594 | 266,432 | (13,257 | ) | 2,754,769 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 2,151,982 | 12,257 | 2,780 | 2,167,019 | |||||||||||
Lennar Financial Services | — | 110,711 | 116,562 | (15,252 | ) | 212,021 | ||||||||||
Rialto Investments | — | — | 109,964 | — | 109,964 | |||||||||||
Corporate general and administrative | 84,500 | — | — | 3,796 | 88,296 | |||||||||||
Total costs and expenses | 84,500 | 2,262,693 | 238,783 | (8,676 | ) | 2,577,300 | ||||||||||
Lennar Homebuilding equity in loss from | — | (13,880 | ) | (409 | ) | — | (14,289 | ) | ||||||||
unconsolidated entities | ||||||||||||||||
Lennar Homebuilding other income (expense), net | (210 | ) | 11,390 | — | 239 | 11,419 | ||||||||||
Other interest expense | (4,342 | ) | (71,311 | ) | — | 4,342 | (71,311 | ) | ||||||||
Rialto Investments equity in earnings from | — | — | 37,578 | — | 37,578 | |||||||||||
unconsolidated entities | ||||||||||||||||
Rialto Investments other expense, net | — | — | (23,675 | ) | — | (23,675 | ) | |||||||||
Earnings (loss) before income taxes | (89,052 | ) | 165,100 | 41,143 | — | 117,191 | ||||||||||
Benefit (provision) for income taxes | 2,671 | 449,440 | (35,490 | ) | — | 416,621 | ||||||||||
Equity in earnings from subsidiaries | 641,161 | 23,560 | — | (664,721 | ) | — | ||||||||||
Net earnings (including net loss attributable to | 554,780 | 638,100 | 5,653 | (664,721 | ) | 533,812 | ||||||||||
noncontrolling interests) | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (20,968 | ) | — | (20,968 | ) | |||||||||
Net earnings attributable to Lennar | $ | 554,780 | 638,100 | 26,621 | (664,721 | ) | 554,780 | |||||||||
Consolidating Statement Of Cash Flows | Condensed Consolidating Statement of Cash Flows | |||||||||||||||
Nine Months Ended August 31, 2013 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net earnings (including net earnings attributable to | $ | 315,590 | 374,176 | 47,445 | (415,301 | ) | 321,910 | |||||||||
noncontrolling interests) | ||||||||||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | 378,859 | 36,442 | — | (415,301 | ) | — | ||||||||||
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (383,487 | ) | (1,385,923 | ) | 14,460 | 415,301 | (1,339,649 | ) | ||||||||
Net cash provided by (used in) operating activities | 310,962 | (975,305 | ) | 61,905 | (415,301 | ) | (1,017,739 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Distributions of capital from Lennar Homebuilding unconsolidated entities, net | — | 93,744 | 914 | — | 94,658 | |||||||||||
Investments in and contributions to Rialto Investments | — | — | (1,646 | ) | — | (1,646 | ) | |||||||||
unconsolidated entities, net | ||||||||||||||||
Decrease in Rialto Investments defeasance cash to | — | — | 145,781 | — | 145,781 | |||||||||||
retire notes payable | ||||||||||||||||
Receipts of principal payments on Rialto Investments | — | — | 49,560 | — | 49,560 | |||||||||||
loans receivable | ||||||||||||||||
Proceeds from sales of Rialto Investments real | — | — | 182,220 | — | 182,220 | |||||||||||
estate owned | ||||||||||||||||
Other | — | (27,023 | ) | (9,506 | ) | — | (36,529 | ) | ||||||||
Intercompany | (1,537,867 | ) | — | — | 1,537,867 | — | ||||||||||
Net cash provided by (used in) investing activities | (1,537,867 | ) | 66,721 | 367,323 | 1,537,867 | 434,044 | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Net borrowings under unsecured revolving credit facility | 100,000 | — | — | — | 100,000 | |||||||||||
Net repayments under Lennar Financial Services debt | — | — | (167,710 | ) | — | (167,710 | ) | |||||||||
Borrowings under Rialto investments warehouse repurchase facility | — | — | 133,103 | — | 133,103 | |||||||||||
Net proceeds from senior notes | 494,811 | — | — | — | 494,811 | |||||||||||
Redemption of senior notes | (63,001 | ) | — | — | — | (63,001 | ) | |||||||||
Principal repayments on Rialto Investments | — | — | (360,956 | ) | — | (360,956 | ) | |||||||||
notes payable | ||||||||||||||||
Net repayments on other borrowings | — | (74,472 | ) | (36,210 | ) | — | (110,682 | ) | ||||||||
Exercise of land option contracts from an | — | (27,329 | ) | — | — | (27,329 | ) | |||||||||
unconsolidated land investment venture | ||||||||||||||||
Net payments related to noncontrolling interests | — | — | (174,274 | ) | — | (174,274 | ) | |||||||||
Excess tax benefits from share-based awards | 10,148 | — | — | — | 10,148 | |||||||||||
Common stock: | ||||||||||||||||
Issuances | 33,945 | — | — | — | 33,945 | |||||||||||
Repurchases | (191 | ) | — | — | — | (191 | ) | |||||||||
Dividends | (23,142 | ) | (374,176 | ) | (41,125 | ) | 415,301 | (23,142 | ) | |||||||
Intercompany | — | 1,347,185 | 190,682 | (1,537,867 | ) | — | ||||||||||
Net cash provided by (used in) financing activities | 552,570 | 871,208 | (456,490 | ) | (1,122,566 | ) | (155,278 | ) | ||||||||
Net decrease in cash and cash equivalents | (674,335 | ) | (37,376 | ) | (27,262 | ) | — | (738,973 | ) | |||||||
Cash and cash equivalents at beginning of period | 953,478 | 192,373 | 164,892 | — | 1,310,743 | |||||||||||
Cash and cash equivalents at end of period | $ | 279,143 | 154,997 | 137,630 | — | 571,770 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||
Nine Months Ended August 31, 2012 - as Revised | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net earnings (including net loss attributable to | $ | 554,780 | 638,100 | 5,653 | (664,721 | ) | 533,812 | |||||||||
noncontrolling interests) | ||||||||||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | 218,743 | 23,560 | — | (242,303 | ) | — | ||||||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (656,381 | ) | (967,166 | ) | (65,493 | ) | 664,721 | (1,024,319 | ) | |||||||
Net cash provided by (used in) operating activities | 117,142 | (305,506 | ) | (59,840 | ) | (242,303 | ) | (490,507 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||
Investments in and contributions to Lennar | — | (28,007 | ) | (1,142 | ) | — | (29,149 | ) | ||||||||
Homebuilding unconsolidated entities, net | ||||||||||||||||
Distributions of capital from Rialto Investments | — | — | 54,646 | — | 54,646 | |||||||||||
unconsolidated entities, net | ||||||||||||||||
Decrease in Rialto Investments defeasance cash to | — | — | 33,411 | — | 33,411 | |||||||||||
retire notes payable | ||||||||||||||||
Receipts of principal payments on Rialto Investments | — | — | 52,913 | — | 52,913 | |||||||||||
loans receivable | ||||||||||||||||
Proceeds from sales of Rialto Investments real | — | — | 121,848 | — | 121,848 | |||||||||||
estate owned | ||||||||||||||||
Other | (218 | ) | 3,807 | 3,692 | — | 7,281 | ||||||||||
Intercompany | (641,365 | ) | — | — | 641,365 | — | ||||||||||
Net cash provided by (used in) investing activities | (641,583 | ) | (24,200 | ) | 265,368 | 641,365 | 240,950 | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Net repayments under Lennar Financial Services debt | — | (77 | ) | (52,343 | ) | — | (52,420 | ) | ||||||||
Net proceeds from senior notes | 445,186 | — | — | — | 445,186 | |||||||||||
Partial redemption of senior notes | (210,862 | ) | — | — | — | (210,862 | ) | |||||||||
Principal repayments on Rialto Investments notes payable | — | — | (170,889 | ) | — | (170,889 | ) | |||||||||
Net repayments on other borrowings | — | (22,895 | ) | (4,473 | ) | — | (27,368 | ) | ||||||||
Exercise of land option contracts from an | — | (48,242 | ) | — | — | (48,242 | ) | |||||||||
unconsolidated land investment venture | ||||||||||||||||
Net receipts related to noncontrolling interests | — | — | 566 | — | 566 | |||||||||||
Excess tax benefit from share-based awards | 1,572 | — | — | — | 1,572 | |||||||||||
Common stock: | ||||||||||||||||
Issuances | 16,323 | — | — | — | 16,323 | |||||||||||
Dividends | (22,755 | ) | (215,682 | ) | (26,621 | ) | 242,303 | (22,755 | ) | |||||||
Intercompany | — | 565,091 | 76,274 | (641,365 | ) | — | ||||||||||
Net cash provided by (used in) financing activities | 229,464 | 278,195 | (177,486 | ) | (399,062 | ) | (68,889 | ) | ||||||||
Net (decrease) increase in cash and cash equivalents | (294,977 | ) | (51,511 | ) | 28,042 | — | (318,446 | ) | ||||||||
Cash and cash equivalents at beginning of period | 864,237 | 172,018 | 127,349 | — | 1,163,604 | |||||||||||
Cash and cash equivalents at end of period | $ | 569,260 | 120,507 | 155,391 | — | 845,158 | ||||||||||
Basis_Of_Presentation_Basis_of
Basis Of Presentation Basis of Presentation (Details) (USD $) | Aug. 31, 2013 |
In Millions, unless otherwise specified | |
Basis Of Presentation [Abstract] | |
Notional Amount of Interest Rate Fair Value Hedge Derivatives | $195.70 |
Derivative, Notional Amount | $170 |
Operating_And_Reporting_Segmen2
Operating And Reporting Segments Operating And Reporting Segments (Disclosure Of Financial Information Relating To Company's Operations, Assets) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $11,015,593 | [1] | $10,362,206 | [1] |
Homebuilding East [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 1,826,636 | 1,565,439 | ||
Homebuilding Central [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 940,764 | 729,300 | ||
Homebuilding West [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 3,151,425 | 2,396,515 | ||
Homebuilding Southeast Florida [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 739,809 | 603,360 | ||
Homebuilding Houston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 328,000 | 273,605 | ||
Homebuilding Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 943,672 | [2] | 724,461 | [2] |
Lennar Financial Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 709,024 | 912,995 | [1] | |
Unallocated Amount to Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 822,123 | 1,509,171 | ||
Multifamily Business [Member] | Homebuilding Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 155,467 | [2] | 29,122 | [2] |
Business Reporting Information, Net Assets | $120,101 | |||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. | |||
[2] | Includes assets related to the Company's Multifamily business of $155.5 million and $29.1 million as of AugustB 31, 2013 and NovemberB 30, 2012, respectively. |
Operating_And_Reporting_Segmen3
Operating And Reporting Segments (Disclosure Of Financial Information Relating To Company's Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | ||||
Revenues: | ||||||||
Total revenues | $1,602,072 | [1] | $1,099,758 | [1] | $4,018,142 | [1] | $2,754,769 | [1] |
Operating Income (Loss) [Abstract] | ||||||||
Total operating earnings | 226,978 | 90,921 | 507,711 | 205,487 | ||||
General and Administrative Expense | 37,619 | 32,286 | 102,742 | 88,296 | ||||
Earnings before income taxes | 189,359 | 58,635 | 404,969 | 117,191 | ||||
Sales incentives | 92,812 | 94,304 | 256,726 | 274,022 | ||||
Sales incentives per home delivered | 19 | 26 | 20 | 30 | ||||
Profit (Loss) from Real Estate Operations | 15,000 | |||||||
Homebuilding East [Member] | ||||||||
Revenues: | ||||||||
Real estate revenues | 510,787 | 328,983 | 1,233,008 | 883,965 | ||||
Operating Income (Loss) [Abstract] | ||||||||
Total operating earnings | 78,523 | 26,230 | 154,208 | 66,468 | ||||
Homebuilding Central [Member] | ||||||||
Revenues: | ||||||||
Real estate revenues | 205,523 | 138,728 | 536,329 | 339,005 | ||||
Operating Income (Loss) [Abstract] | ||||||||
Total operating earnings | 11,102 | 10,012 | 37,895 | 15,394 | ||||
Homebuilding West [Member] | ||||||||
Revenues: | ||||||||
Real estate revenues | 303,952 | 179,114 | 747,592 | 459,909 | ||||
Operating Income (Loss) [Abstract] | ||||||||
Total operating earnings | 58,253 | -266 | 116,554 | -17,244 | ||||
Homebuilding Southeast Florida [Member] | ||||||||
Revenues: | ||||||||
Real estate revenues | 119,849 | 106,876 | 315,583 | 227,543 | ||||
Operating Income (Loss) [Abstract] | ||||||||
Total operating earnings | 25,367 | [2] | 14,882 | [2] | 63,539 | [2] | 45,692 | [2] |
Homebuilding Houston [Member] | ||||||||
Revenues: | ||||||||
Real estate revenues | 192,962 | 136,075 | 446,874 | 323,364 | ||||
Operating Income (Loss) [Abstract] | ||||||||
Total operating earnings | 27,893 | 15,746 | 52,425 | 30,524 | ||||
Homebuilding Other [Member] | ||||||||
Revenues: | ||||||||
Real estate revenues | 128,553 | 66,024 | 332,028 | 154,535 | ||||
Operating Income (Loss) [Abstract] | ||||||||
Total operating earnings | 1,671 | 4,708 | 3,766 | 6,287 | ||||
Rialto Investments [Member] | ||||||||
Revenues: | ||||||||
Rialto Investments, Revenues | 27,808 | 37,194 | 79,114 | 102,874 | ||||
Operating Income (Loss) [Abstract] | ||||||||
Total operating earnings | 677 | [3] | -5,714 | [3] | 10,558 | [3] | 6,813 | [3] |
Lennar Financial Services [Member] | ||||||||
Revenues: | ||||||||
Financial Services, Revenues | 112,638 | 106,764 | 327,614 | 263,574 | ||||
Operating Income (Loss) [Abstract] | ||||||||
Total operating earnings | $23,492 | $25,323 | $68,766 | $51,553 | ||||
[1] | Total revenues are net of sales incentives of $92.8 million ($18,700 per home delivered) and $256.7 million ($20,400 per home delivered) for the three and nine months ended August 31, 2013, respectively, compared to $94.3 million ($26,100 per home delivered) and $274.0 million ($29,500 per home delivered) for the three and nine months ended August 31, 2012, respectively. | |||||||
[2] | For the nine months ended August 31, 2012, operating earnings include a $15.0 million gain on the sale of an operating property. | |||||||
[3] | (1)Operating earnings (loss) for the three and nine months ended August 31, 2013 include net earnings (loss) attributable to noncontrolling interests of ($0.8) million and $4.6 million, respectively. Operating earnings (loss) for the three and nine months ended August 31, 2012 include net earnings (loss) attributable to noncontrolling interests of ($13.4) million and ($14.6) million, respectively. |
Operating_And_Reporting_Segmen4
Operating And Reporting Segments (Disclosure Of Valuation Adjustments And Write-Offs Relating To Company's Homebuilding Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Segment Reporting Information [Line Items] | ||||
Valuation adjustments related to finished homes | $18 | $4,651 | $4,207 | $9,080 |
Valuation adjustments to land | 27 | 144 | 430 | 492 |
Write-offs of option deposits | 62 | 1,310 | 552 | 2,081 |
Companys Share Of Valuation Adjustments Related To Assets Included In Equity Loss | 0 | 88 | 0 | 5,525 |
Valuation adjustments to investments of unconsolidated entities | 861 | 0 | 897 | 18 |
Write-Offs Of Other Receivables And Other Assets | 0 | 0 | 0 | 1,000 |
Total valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | 968 | 6,193 | 6,086 | 18,196 |
Homebuilding East [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Valuation adjustments related to finished homes | 14 | 79 | 93 | 864 |
Valuation adjustments to land | 27 | 107 | 270 | 122 |
Write-offs of option deposits | 46 | 1,303 | 459 | 1,632 |
Companys Share Of Valuation Adjustments Related To Assets Included In Equity Loss | 0 | 61 | 0 | 61 |
Valuation adjustments to investments of unconsolidated entities | 0 | 0 | 36 | 18 |
Write-Offs Of Other Receivables And Other Assets | 0 | 0 | 0 | 1,000 |
Homebuilding Central [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Valuation adjustments related to finished homes | 2 | 6 | 44 | 214 |
Valuation adjustments to land | 0 | 15 | 2 | 15 |
Write-offs of option deposits | 0 | 7 | 27 | 61 |
Valuation adjustments to investments of unconsolidated entities | 861 | 0 | 861 | 0 |
Homebuilding West [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Valuation adjustments related to finished homes | 0 | 2,346 | 254 | 4,317 |
Valuation adjustments to land | 0 | 0 | 158 | 1 |
Write-offs of option deposits | 16 | 0 | 66 | 232 |
Companys Share Of Valuation Adjustments Related To Assets Included In Equity Loss | 0 | 27 | 0 | 5,464 |
Homebuilding Southeast Florida [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Valuation adjustments related to finished homes | 2 | 2,139 | 3,790 | 2,775 |
Valuation adjustments to land | 0 | 22 | 0 | 354 |
Homebuilding Houston [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Valuation adjustments related to finished homes | 0 | 41 | 0 | 130 |
Homebuilding Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Valuation adjustments related to finished homes | 0 | 40 | 26 | 780 |
Write-offs of option deposits | $0 | $0 | $0 | $156 |
Lennar_Homebuilding_Investment2
Lennar Homebuilding Investments In Unconsolidated Entities (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | ||
Morgan Stanley & Co., Inc. [Member] | Morgan Stanley & Co., Inc. [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding Investments [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investments in unconsolidated entities | $755,253 | [1] | $565,360 | [1] | |||||||
Underlying equity in unconsolidated partners' net assets | 1,040,183 | 681,600 | |||||||||
Ownership interest | 20.00% | ||||||||||
Voting rights percentage | 50.00% | ||||||||||
Inventories | 238,295 | 264,900 | 3,039,135 | 2,792,064 | |||||||
Reduction of maximum recourse exposure related to indebtedness of unconsolidated entities | 25,588 | ||||||||||
Other loan paydowns | 5,091 | 1,300 | 5,969 | 5,200 | |||||||
Payments under completion guarantees | 0 | 0 | 0 | 0 | |||||||
Cash Payments To Decreased In Maximum Recourse Exposure | 5,896 | ||||||||||
Non Cash Reduction To Maximum Recourse Exposure | $19,692 | ||||||||||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. |
Lennar_Homebuilding_Investment3
Lennar Homebuilding Investments In Unconsolidated Entities (Statements Of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | ||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Gain (Loss) on Sale of Properties | $8,594 | $21,603 | ||||||
Companys Share Of Valuation Adjustments Related To Assets Included In Equity Loss | 0 | 88 | 0 | 5,525 | ||||
Homebuilding West [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Companys Share Of Valuation Adjustments Related To Assets Included In Equity Loss | 0 | 27 | 0 | 5,464 | ||||
Lennar Homebuilding [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Total revenues | 240,642 | 110,823 | 501,656 | 264,336 | ||||
Costs and expenses | 163,237 | 126,007 | 372,859 | 303,717 | ||||
Equity Method Investment Summarized Financial Information Other Income | 1,241 | 10,515 | 14,602 | 10,515 | ||||
Net earnings (loss) of unconsolidated entities | 78,646 | -4,669 | 143,399 | -28,866 | ||||
Equity in earnings (loss) from unconsolidated entities | $10,345 | [1] | ($5,991) | [1] | $22,939 | [1] | ($14,289) | [1] |
[1] | For the three and nine months ended August 31, 2013, Lennar Homebuilding equity in earnings (loss) from unconsolidated entities includes $8.6 million and $21.6 million, respectively, of equity in earnings primarily as a result of sales of homesites to third parties by one unconsolidated entity and previously deferred profit related to those homesites that was earned during the three months ended August 31, 2013. For the nine months ended August 31, 2012, Lennar Homebuilding equity in earnings (loss) includes $5.5 million of valuation adjustments related to strategic asset sales at Lennar Homebuilding's unconsolidated entities. |
Lennar_Homebuilding_Investment4
Lennar Homebuilding Investments In Unconsolidated Entities (Balance Sheets) (Details) (Lennar Homebuilding [Member], USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Lennar Homebuilding [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash and cash equivalents | $183,877 | $157,340 |
Inventories | 3,039,135 | 2,792,064 |
Other assets | 310,459 | 250,940 |
Total Assets | 3,533,471 | 3,200,344 |
Accounts payable and other liabilities | 274,131 | 310,496 |
Debt | 454,456 | 759,803 |
Equity | 2,804,884 | 2,130,045 |
Total liabilities and equity | $3,533,471 | $3,200,344 |
Lennar_Homebuilding_Investment5
Lennar Homebuilding Investments In Unconsolidated Entities (Summary Of Net Recourse Exposure To Unconsolidated Entities) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Equity Method Investments and Joint Ventures [Abstract] | ||
Several recourse debt - repayment | $26,126 | $48,020 |
Joint and several recourse debt - repayment | 15,000 | 18,695 |
The Company's maximum recourse exposure | 41,126 | 66,715 |
Less: joint and several reimbursement agreements with the Company's partners | -13,500 | -16,826 |
The Company's net recourse exposure | $27,626 | $49,889 |
Lennar_Homebuilding_Investment6
Lennar Homebuilding Investments In Unconsolidated Entities (Summarized Balance Sheets Of Unconsolidated Entities With Recourse Debt) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Equity Method Investments and Joint Ventures [Abstract] | ||
Assets | $1,639,382 | $1,843,163 |
Liabilities | 449,454 | 765,295 |
Equity | $1,189,928 | $1,077,868 |
Lennar_Homebuilding_Investment7
Lennar Homebuilding Investments In Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Nov. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ||
Net Recourse Exposure | $27,626 | $49,889 |
Joint And Several Reimbursement Agreements With Companys Partners | -13,500 | -16,826 |
The Company's maximum recourse exposure | 41,126 | 66,715 |
Lennar Homebuilding [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Net Recourse Exposure | 27,626 | 49,889 |
Joint And Several Reimbursement Agreements With Companys Partners | 13,500 | 16,826 |
The Company's maximum recourse exposure | 41,126 | 66,715 |
Non-recourse bank debt and other debt (partner's share of several recourse) | 61,258 | 114,900 |
Non-recourse land seller debt or other debt | 20,454 | 26,340 |
Non-recourse debt with completion guarantees | 250,934 | 458,418 |
Non-recourse debt without completion guarantees | 80,684 | 93,430 |
Non-recourse debt to the Company | 413,330 | 693,088 |
Total debt | $454,456 | $759,803 |
The Company's maximum recourse exposure as a % of total JV debt | 9.00% | 9.00% |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Stockholders' Equity Note [Abstract] | ||||
Maximum noncontrolling interest percentage in subsidiaries | 100.00% | 100.00% | 100.00% | 100.00% |
Maximum number of shares to repurchase | 20 | 20 | ||
Repurchases of common stock | 0 | 0 | 0 | 0 |
Common stock that can be repurchased in the future | 6.2 | 6.2 | ||
Shares Paid for Tax Withholding for Share Based Compensation | 0 | 0.4 | 0.3 |
Stockholders_Equity_Schedule_O
Stockholders' Equity (Schedule Of Changes In Equity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning | $4,001,208 | [1] | $3,303,525 | |||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 122,154 | 71,411 | 321,910 | 533,812 | ||
Employee stock and directors plans | 34,396 | 18,949 | ||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 11,053 | 2,479 | ||||
Restricted Stock or Unit Expense | 10,269 | 7,669 | 23,430 | 21,801 | ||
Dividends | -23,142 | -22,755 | ||||
Equity adjustment related to purchase of noncontrolling interests | 39,605 | |||||
Receipts related to noncontrolling interests | 579 | 1,046 | ||||
Payments related to noncontrolling interests | -174,853 | -480 | ||||
Balance, ending | 4,170,686 | [1] | 3,858,377 | 4,170,686 | [1] | 3,858,377 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -63,500 | 0 | ||||
Additional Paid-in Capital [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning | 2,421,941 | 2,341,079 | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | ||||||
Employee stock and directors plans | 17,196 | 13,215 | ||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 11,053 | 2,479 | ||||
Restricted Stock or Unit Expense | 23,430 | 21,801 | ||||
Dividends | ||||||
Equity adjustment related to purchase of noncontrolling interests | -61,945 | |||||
Receipts related to noncontrolling interests | ||||||
Payments related to noncontrolling interests | ||||||
Balance, ending | 2,411,675 | 2,378,574 | 2,411,675 | 2,378,574 | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | |||||
Treasury Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning | -632,846 | -621,220 | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | ||||||
Employee stock and directors plans | 16,957 | 5,522 | ||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | ||||||
Restricted Stock or Unit Expense | ||||||
Dividends | ||||||
Equity adjustment related to purchase of noncontrolling interests | ||||||
Receipts related to noncontrolling interests | ||||||
Payments related to noncontrolling interests | ||||||
Balance, ending | -615,889 | -615,698 | -615,889 | -615,698 | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | |||||
Retained Earnings [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning | 1,605,131 | 956,401 | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 315,590 | 554,780 | ||||
Employee stock and directors plans | ||||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | ||||||
Restricted Stock or Unit Expense | ||||||
Dividends | -23,142 | -22,755 | ||||
Equity adjustment related to purchase of noncontrolling interests | ||||||
Receipts related to noncontrolling interests | ||||||
Payments related to noncontrolling interests | ||||||
Balance, ending | 1,897,579 | 1,488,426 | 1,897,579 | 1,488,426 | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | |||||
Noncontrolling Interests [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning | 586,444 | 607,057 | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 6,320 | -20,968 | ||||
Employee stock and directors plans | ||||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | ||||||
Restricted Stock or Unit Expense | ||||||
Dividends | ||||||
Equity adjustment related to purchase of noncontrolling interests | 101,550 | |||||
Receipts related to noncontrolling interests | 579 | 1,046 | ||||
Payments related to noncontrolling interests | -174,853 | -480 | ||||
Balance, ending | 456,540 | 586,655 | 456,540 | 586,655 | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -63,500 | |||||
Class A Common Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning | 17,240 | 16,910 | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | ||||||
Employee stock and directors plans | 243 | 212 | ||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | ||||||
Restricted Stock or Unit Expense | ||||||
Dividends | ||||||
Equity adjustment related to purchase of noncontrolling interests | ||||||
Receipts related to noncontrolling interests | ||||||
Payments related to noncontrolling interests | ||||||
Balance, ending | 17,483 | 17,122 | 17,483 | 17,122 | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | |||||
Class B Common Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning | 3,298 | 3,298 | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | ||||||
Employee stock and directors plans | ||||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | ||||||
Restricted Stock or Unit Expense | ||||||
Dividends | ||||||
Equity adjustment related to purchase of noncontrolling interests | ||||||
Receipts related to noncontrolling interests | ||||||
Payments related to noncontrolling interests | ||||||
Balance, ending | 3,298 | 3,298 | 3,298 | 3,298 | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $0 | |||||
[1] | As of AugustB 31, 2013, total liabilities include $499.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.2 million is included in Lennar Homebuilding accounts payable, $193.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $164.7 million in Lennar Homebuilding senior notes and other debts payable, $5.4 million in Lennar Homebuilding other liabilities and $133.2 million in Rialto Investments notes payable and other liabilities.As of NovemberB 30, 2012, total liabilities include $737.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $10.6 million is included in Lennar Homebuilding accounts payable, $35.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $181.6 million in Lennar Homebuilding senior notes and other debts payable, $15.7 million in Lennar Homebuilding other liabilities and $493.4 million in Rialto Investments notes payable and other liabilities. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2012 |
Valuation Allowance [Line Items] | |||||
Income Tax Provision | $67,869 | $150,161 | |||
Deferred tax assets, valuation allowance | 20,402 | 20,402 | 88,800 | ||
Deferred Tax Assets, Net | 439,200 | 439,200 | |||
Deferred Tax Assets, Operating Loss Carryforwards | 182,644 | 182,644 | 278,800 | ||
Deferred Tax Assets, Operating Loss Carryforwards, state expire in one year | 7,873 | 7,873 | |||
Operating Loss Carryforwards, Valuation Allowance | 18,329 | 18,329 | 84,600 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 162,558 | 162,558 | 173,600 | ||
Federal taxable income necessary to recognize deferred tax asset | 809,700 | 809,700 | |||
Provision (Benefit) for income taxes | 67,205 | -12,776 | 83,059 | -416,621 | |
Unrecognized tax benefits | 10,459 | 10,459 | 12,300 | ||
Unrecognized tax benefits that would impact effective tax rate if recognized | 6,798 | 6,798 | |||
Unrecognized tax benefits reductions from various taxing authorities | 1,574 | 1,574 | |||
Decreases due to settlements with taxing authorities | 1,838 | ||||
Effective Income Tax Rate Continuing Operations Before Net Increases Decreases Of Gross Unrecognized Tax Benefits | 20.43% | ||||
Effective Income Tax Rate, Continuing Operations | 20.84% | ||||
Income tax penalties and interest accrued | 16,347 | 16,347 | 20,500 | ||
Income tax penalties and interest accrued recorded during the period | 996 | ||||
Decrease in accrued interest and penalties | 2,395 | 5,168 | |||
State Deferred Tax Asset [Member] | |||||
Valuation Allowance [Line Items] | |||||
Reversal of deferred tax asset, valuation allowance | 664 | 44,000 | 67,102 | 447,000 | |
Lennar Homebuilding [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Net | 458,300 | 458,300 | |||
Lennar Financial Services [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Net | -4,700 | -4,700 | |||
Rialto Investments [Member] | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Net | ($14,400) | ($14,400) | |||
Federal Net Operating Loss Carryforwards [Member] | |||||
Valuation Allowance [Line Items] | |||||
Operating Loss Carryforwards, Expiration Dates | 20 | ||||
State Net Operating Loss Carryforwards Years [Member] | |||||
Valuation Allowance [Line Items] | |||||
Operating Loss Carryforwards, Expiration Dates | 2013 and 2032 | ||||
State Net Operating Loss Carryforwards High End Range [Member] | |||||
Valuation Allowance [Line Items] | |||||
Operating Loss Carryforwards, Expiration Dates | 20 | ||||
State Net Operating Loss Carryforwards [Member] | |||||
Valuation Allowance [Line Items] | |||||
Operating Loss Carryforwards, Expiration Dates | 5 | ||||
Federal Net Operating Loss Carryforwards Year [Member] | |||||
Valuation Allowance [Line Items] | |||||
Operating Loss Carryforwards, Expiration Dates | 2025 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | 31-May-10 | Aug. 31, 2013 | Nov. 30, 2011 | Aug. 31, 2013 |
2.00% Convertible Senior Notes Due 2020 [Member] | 2.00% Convertible Senior Notes Due 2020 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | |||||
Earnings Per Share [Line Items] | ||||||||
Net earnings attributable to Lennar | $120,662 | $87,109 | $315,590 | $554,780 | ||||
Less: distributed earnings allocated to nonvested shares | 122 | 151 | 326 | 378 | ||||
Less: undistributed earnings allocated to nonvested shares | 1,712 | 1,378 | 4,090 | 8,411 | ||||
Numerator for basic earnings per share | 118,828 | 85,580 | 311,174 | 545,991 | ||||
Plus: interest on 2.00% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021 | 2,826 | 2,710 | 8,477 | 8,504 | ||||
Plus: undistributed earnings allocated to convertible shares | 1,712 | 1,378 | 4,090 | 8,411 | ||||
Less: undistributed earnings reallocated to convertible shares | 1,489 | 1,215 | 3,549 | 7,352 | ||||
Numerator for diluted earnings per share | $121,877 | $88,453 | $320,192 | $555,554 | ||||
Denominator for basic earnings per share-weighted average common shares outstanding | 190,799 | 186,761 | 190,119 | 186,397 | ||||
Shared based payments | 90 | 1,087 | 334 | 1,015 | ||||
2.00% convertible senior notes due 2020 and 3.25% convertible senior notes due 2021 | 34,446 | 31,732 | 35,549 | 29,723 | ||||
Denominator for diluted earnings per share-weighted average common shares outstanding | 225,335 | 219,580 | 226,002 | 217,135 | ||||
Basic earnings per share | $0.62 | $0.46 | $1.64 | $2.93 | ||||
Diluted earnings per share | $0.54 | $0.40 | $1.42 | $2.56 | ||||
Interest rate | 2.00% | 2.00% | 3.25% | 3.25% | ||||
Senior notes maturity year | 2020 | 2021 | ||||||
Options to purchase outstanding and anti-dilutive shares | 0 | 0 | 0 | 300 |
Lennar_Financial_Services_Segm2
Lennar Financial Services Segment (Narrative) (Details) (Lennar Financial Services [Member], USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2012 |
Segment Reporting Information [Line Items] | |||||
Maximum aggregate commitment | $660,000 | $660,000 | |||
Additional uncommitted amount | 100,000 | 100,000 | |||
Borrowings under the facilities | 290,284 | 290,284 | 458,000 | ||
Collateralized mortgage loans and receivable loans sold to investors but not yet paid, principal balances | 395,893 | 395,893 | 509,100 | ||
Impaired financing receivable, unpaid principal balance | 8,167 | 8,167 | 7,300 | ||
Impaired financing receivable, recorded investment | 4,050 | 4,050 | 2,900 | ||
Impaired financing receivable, related allowance | 4,117 | 4,117 | 4,400 | ||
Impaired financing receivable, average recorded investment | 3,890 | 3,000 | 3,478 | 3,200 | |
Warehouse Repurchase Facility 1 [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Maximum aggregate commitment | 100,000 | 100,000 | |||
Additional uncommitted amount | 100,000 | 100,000 | |||
Maturity date | Feb-14 | ||||
Warehouse Repurchase Facility 2 [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Maximum aggregate commitment | 150,000 | 150,000 | |||
Additional Committed Borrowing Capacity under the Credit Facility | 100,000 | 100,000 | |||
Maturity date | May-14 | ||||
Warehouse Agreement Borrowings [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Maximum aggregate commitment | 250,000 | 250,000 | |||
Maturity date | Jul-14 | ||||
Warehouse Repurchase Facility 3 [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Maximum aggregate commitment | $60,000 | $60,000 | |||
Maturity date | Nov-13 |
Lennar_Financial_Services_Segm3
Lennar Financial Services Segment (Schedule Of Assets And Liabilities) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | Nov. 30, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | $571,770 | $1,310,743 | $845,158 | $1,163,604 | ||
Total assets | 11,015,593 | [1] | 10,362,206 | [1] | ||
Total liabilities | 6,844,907 | [2] | 6,360,998 | [2] | ||
Lennar Financial Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | 65,803 | 58,566 | 80,475 | |||
Restricted cash | 10,699 | 12,972 | ||||
Receivables, net | 123,699 | [3] | 172,230 | [3] | ||
Loans held-for-sale | 344,607 | [4] | 502,318 | [4] | ||
Loans held-for-investment, net | 25,264 | 23,982 | ||||
Investments held-to-maturity | 54,019 | 63,924 | ||||
Goodwill | 34,046 | 34,046 | ||||
Other assets | 50,887 | [5] | 44,957 | [5] | ||
Total assets | 709,024 | 912,995 | [1] | |||
Notes and Loans Payable | 290,283 | 457,994 | ||||
Other liabilities | 162,828 | [6] | 172,978 | [6] | ||
Total liabilities | 453,111 | [2] | 630,972 | [2] | ||
Self-insurance reserves | 73,901 | 76,100 | ||||
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Other assets | -10,764 | -12,700 | ||||
Forward Contracts [Member] | Lennar Financial Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Other assets | 1,821 | |||||
Other liabilities | $2,600 | |||||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. | |||||
[2] | As of AugustB 31, 2013, total liabilities include $499.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.2 million is included in Lennar Homebuilding accounts payable, $193.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $164.7 million in Lennar Homebuilding senior notes and other debts payable, $5.4 million in Lennar Homebuilding other liabilities and $133.2 million in Rialto Investments notes payable and other liabilities.As of NovemberB 30, 2012, total liabilities include $737.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $10.6 million is included in Lennar Homebuilding accounts payable, $35.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $181.6 million in Lennar Homebuilding senior notes and other debts payable, $15.7 million in Lennar Homebuilding other liabilities and $493.4 million in Rialto Investments notes payable and other liabilities. | |||||
[3] | Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of AugustB 31, 2013 and NovemberB 30, 2012, respectively. | |||||
[4] | Loans held-for-sale relate to unsold loans carried at fair value. | |||||
[5] | Other assets include mortgage loan commitments carried at fair value of $10.8 million and $12.7 million as of AugustB 31, 2013 and NovemberB 30, 2012, respectively. In addition, other assets also includes forward contracts carried at fair value of $1.8 million as of AugustB 31, 2013 | |||||
[6] | Other liabilities include $73.9 million and $76.1 million as of AugustB 31, 2013 and NovemberB 30, 2012, respectively, of certain of the Companybs self-insurance reserves related to general liability and workersb compensation. Other liabilities also include forward contracts carried at fair value of $2.6 million as of NovemberB 30, 2012 |
Lennar_Financial_Services_Segm4
Lennar Financial Services Segment (Schedule Of Loan Origination Liabilities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Lennar Financial Services Segment [Abstract] | ||||
Loan origination liabilities, beginning of period | $8,257 | $6,198 | $7,250 | $6,050 |
Provision for losses during the period | 569 | 165 | 1,342 | 380 |
Adjustments to pre-existing provisions for losses from changes in estimates | -176 | 0 | 348 | 253 |
Payments/settlements | -16 | -209 | -306 | -529 |
Loan origination liabilities, end of period | $8,634 | $6,154 | $8,634 | $6,154 |
Rialto_Investments_Segment_Nar
Rialto Investments Segment (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||
Aug. 31, 2013 | Aug. 31, 2012 | Sep. 29, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2012 | Sep. 30, 2010 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2010 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Feb. 28, 2010 | Aug. 31, 2013 | Aug. 31, 2013 | Feb. 28, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | ||||
Real Estate Investment Fund [Member] | Real Estate Investment Fund [Member] | Real Estate Investment Fund [Member] | Real Estate Investment Fund [Member] | Real Estate Investment Fund [Member] | Bank Portfolios [Member] | Bank Portfolios [Member] | Bank Portfolios [Member] | Commercial Mortgage-Backed Securities [Member] | Servicer Provider [Member] | Servicer Provider [Member] | FDIC [Member] | FDIC [Member] | FDIC [Member] | Real Estate Investment Fund II [Member] | Real Estate Investment Fund II [Member] | Real Estate Investment Fund II [Member] | Real Estate Mezanine Fund [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||||
Real Estate Mezanine Fund [Member] | |||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||
Gains from sales of REO | $9,651,000 | $2,418,000 | $36,857,000 | $10,857,000 | |||||||||||||||||||||||||||||
Gains (losses) upon acquisition of REO | 2,900,000 | -2,000,000 | 1,200,000 | 1,700,000 | |||||||||||||||||||||||||||||
Aggregate Principal Balance Of Loans Held For Sale | 334,842,000 | 479,130,000 | 245,222,000 | 245,222,000 | 2,000,000 | 75,000,000 | |||||||||||||||||||||||||||
Principal Amount Outstanding on Loans Held-for-sale or Securitization or Asset-backed Financing Arrangement | 198,000,000 | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 | 250,000,000 | |||||||||||||||||||||||||||||||
Managing member equity interests in two limited liability companies | 40.00% | ||||||||||||||||||||||||||||||||
Number of failed financial institutions | 22 | ||||||||||||||||||||||||||||||||
Number of distressed residential and commercial real estate loans | 400 | 5,500 | |||||||||||||||||||||||||||||||
Managing member equity interests percentage | 60.00% | ||||||||||||||||||||||||||||||||
Notes payable | 4,624,614,000 | 4,005,051,000 | 124,000,000 | 90,933,000 | 90,933,000 | 110,000,000 | 470,000,000 | 626,900,000 | 346,627,000 | [1],[2] | 346,627,000 | [1],[2] | 574,480,000 | [1],[2] | |||||||||||||||||||
Line of Credit Facility, Amount Outstanding | 133,100,000 | 133,100,000 | |||||||||||||||||||||||||||||||
Financing interest rate | 0.00% | ||||||||||||||||||||||||||||||||
Defeasance cash to retire notes payable | 78,032,000 | [3] | 78,032,000 | [3] | 223,813,000 | [3] | |||||||||||||||||||||||||||
Principal amount of notes payable retired | -360,956,000 | -170,889,000 | 33,000,000 | 360,000,000 | -360,956,000 | -170,889,000 | |||||||||||||||||||||||||||
Total consolidated VIEs assets | 1,466,500,000 | 2,128,600,000 | 880,005,000 | 880,005,000 | 1,236,400,000 | ||||||||||||||||||||||||||||
Total consolidated VIEs liabilities | 499,600,000 | 737,200,000 | 133,161,000 | 133,161,000 | 493,400,000 | ||||||||||||||||||||||||||||
Number of real estate owned properties | 300 | ||||||||||||||||||||||||||||||||
Payments for distressed real estate and real estate related assets | 310,000,000 | ||||||||||||||||||||||||||||||||
Average recorded investment in loans | 29,000,000 | 62,000,000 | |||||||||||||||||||||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 20,100,000 | 20,100,000 | 12,200,000 | ||||||||||||||||||||||||||||||
Impaired financing receivable, related allowance | 900,000 | 900,000 | 3,700,000 | ||||||||||||||||||||||||||||||
Provision for loan losses | 100,000 | 3,200,000 | 1,200,000 | 5,500,000 | |||||||||||||||||||||||||||||
Charge-offs upon foreclosure of loans | 1,000,000 | 400,000 | 4,000,000 | 3,300,000 | |||||||||||||||||||||||||||||
Value of investment prior to discount | 43,000,000 | ||||||||||||||||||||||||||||||||
Actual investment made | 19,400,000 | ||||||||||||||||||||||||||||||||
Discount on investment percentage | 55.00% | ||||||||||||||||||||||||||||||||
Final distribution date | Nov-20 | ||||||||||||||||||||||||||||||||
Stated maturity date | Oct-57 | ||||||||||||||||||||||||||||||||
Investments held-to-maturity | 15,791,000 | [3] | 15,791,000 | [3] | 15,012,000 | [3] | |||||||||||||||||||||||||||
Investment commitment | 75,000,000 | 100,000,000 | 100,000,000 | 25,000,000 | |||||||||||||||||||||||||||||
Equity Commitment Called | 240,000,000 | 13,500,000 | |||||||||||||||||||||||||||||||
Equity commitments | 700,000,000 | 643,000,000 | 643,000,000 | 260,000,000 | 82,000,000 | 300,000,000 | |||||||||||||||||||||||||||
Total contributions and investments to unconsolidated entities by company | 8,800,000 | 26,800,000 | 37,400,000 | 4,100,000 | 41,483,000 | 28,722,000 | |||||||||||||||||||||||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 2,731,000 | 13,900,000 | 39,836,000 | 39,837,000 | 83,368,000 | ||||||||||||||||||||||||||||
Equity Method Investments | 73,883,000 | 73,883,000 | 98,900,000 | 8,303,000 | 8,400,000 | 38,263,000 | 38,263,000 | 125,263,000 | [3] | 125,263,000 | [3] | 108,140,000 | [3] | ||||||||||||||||||||
Rialto Investments equity in earnings (loss) from unconsolidated entities | 3,685,000 | 6,200,000 | 14,827,000 | 16,800,000 | 1,366,000 | 912,000 | 5,199,000 | 13,551,000 | 15,877,000 | 37,578,000 | |||||||||||||||||||||||
Retained equity interests | 5.00% | ||||||||||||||||||||||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 3,300,000 | 17,100,000 | 12,800,000 | 17,100,000 | |||||||||||||||||||||||||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities, Write-Downs | $1,900,000 | $3,000,000 | $4,900,000 | $3,000,000 | |||||||||||||||||||||||||||||
[1] | As of August 31, 2013 notes and other debts payable includes $110.0 million of notes payable related to the FDIC portfolios and $133.1 million related to the RMF warehouse repurchase financing agreement. As of November 30, 2012, notes and other debts payable includes $470.0 million of notes payable related to the FDIC portfolios. | ||||||||||||||||||||||||||||||||
[2] | As of AugustB 31, 2013, total liabilities include $499.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.2 million is included in Lennar Homebuilding accounts payable, $193.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $164.7 million in Lennar Homebuilding senior notes and other debts payable, $5.4 million in Lennar Homebuilding other liabilities and $133.2 million in Rialto Investments notes payable and other liabilities.As of NovemberB 30, 2012, total liabilities include $737.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $10.6 million is included in Lennar Homebuilding accounts payable, $35.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $181.6 million in Lennar Homebuilding senior notes and other debts payable, $15.7 million in Lennar Homebuilding other liabilities and $493.4 million in Rialto Investments notes payable and other liabilities. | ||||||||||||||||||||||||||||||||
[3] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. |
Rialto_Investments_Segment_Ass
Rialto Investments Segment (Assets And Liabilities Related To Rialto Segment) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Feb. 28, 2010 | ||||
In Thousands, unless otherwise specified | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Interest Rate Contract [Member] | Credit Risk Contract [Member] | FDIC [Member] | FDIC [Member] | FDIC [Member] | ||||||||
Rialto Investments [Member] | Rialto Investments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Other Assets, Fair Value Disclosure | $607 | $9,093 | ||||||||||||||
Cash and cash equivalents | 571,770 | 1,310,743 | 845,158 | 1,163,604 | 72,024 | [1] | 105,310 | [1] | 72,679 | |||||||
Defeasance cash to retire notes payable | 78,032 | [1] | 223,813 | [1] | ||||||||||||
Loans receivable, net | 328,667 | [1] | 436,535 | [1] | ||||||||||||
Loans held-for-sale | 244,666 | [1],[2] | 0 | [1],[2] | ||||||||||||
Real estate owned - held-for-sale | 198,609 | [1] | 134,161 | [1] | ||||||||||||
Real estate owned - held-and-used, net | 440,656 | [1] | 601,022 | [1] | ||||||||||||
Investments in unconsolidated entities | 125,263 | [1] | 108,140 | [1] | ||||||||||||
Investments held-to-maturity | 15,791 | [1] | 15,012 | [1] | ||||||||||||
Other assets | 50,432 | [1],[3] | 23,367 | [1],[3] | ||||||||||||
Total assets | 11,015,593 | [1] | 10,362,206 | [1] | 1,554,140 | [1],[4] | 1,647,360 | [1],[4] | ||||||||
Notes payable | 4,624,614 | 4,005,051 | 346,627 | [5],[6] | 574,480 | [5],[6] | 110,000 | 470,000 | 626,900 | |||||||
Line of Credit Facility, Amount Outstanding | 133,100 | |||||||||||||||
Other liabilities | 44,444 | [6],[7] | 26,122 | [6],[7] | ||||||||||||
Total liabilities | 6,844,907 | [6] | 6,360,998 | [6] | 391,071 | [6] | 600,602 | [6] | ||||||||
Interest Rate Derivative Liabilities, at Fair Value | $701 | |||||||||||||||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. | |||||||||||||||
[2] | Loans held-for-sale relate to unsold loans carried at fair value. | |||||||||||||||
[3] | Other assets include interest rate swap futures and credit default swaps carried at fair value of $0.6 million and $9.1 million, respectively, as of AugustB 31, 2013. | |||||||||||||||
[4] | Consists primarily of assets of consolidated VIEs (see Note 8). | |||||||||||||||
[5] | As of August 31, 2013 notes and other debts payable includes $110.0 million of notes payable related to the FDIC portfolios and $133.1 million related to the RMF warehouse repurchase financing agreement. As of November 30, 2012, notes and other debts payable includes $470.0 million of notes payable related to the FDIC portfolios. | |||||||||||||||
[6] | As of AugustB 31, 2013, total liabilities include $499.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.2 million is included in Lennar Homebuilding accounts payable, $193.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $164.7 million in Lennar Homebuilding senior notes and other debts payable, $5.4 million in Lennar Homebuilding other liabilities and $133.2 million in Rialto Investments notes payable and other liabilities.As of NovemberB 30, 2012, total liabilities include $737.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $10.6 million is included in Lennar Homebuilding accounts payable, $35.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $181.6 million in Lennar Homebuilding senior notes and other debts payable, $15.7 million in Lennar Homebuilding other liabilities and $493.4 million in Rialto Investments notes payable and other liabilities. | |||||||||||||||
[7] | Other liabilities include interest rate swap futures carried at fair value of $0.7 million as of AugustB 31, 2013. |
Rialto_Investments_Segment_Ope
Rialto Investments Segment (Operating Earnings Related To Rialto Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | ||||
Segment Reporting Information [Line Items] | ||||||||
Operating earnings (loss) | $226,978 | $90,921 | $507,711 | $205,487 | ||||
Noncontrolling interest income (loss) | 1,492 | [1] | -15,698 | [1] | 6,320 | [1] | -20,968 | [1] |
Rialto Investments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Rialto Investments, Revenues | 27,808 | 37,194 | 79,114 | 102,874 | ||||
Rialto Investments, Cost and expenses | 34,167 | 46,396 | 94,243 | 109,964 | ||||
Rialto Investments equity in earnings (loss) from unconsolidated entities | 5,199 | 13,551 | 15,877 | 37,578 | ||||
Rialto Investments other income (expense), net | 1,837 | -10,063 | 9,810 | -23,675 | ||||
Operating earnings (loss) | 677 | [2] | -5,714 | [2] | 10,558 | [2] | 6,813 | [2] |
Noncontrolling interest income (loss) | ($790) | ($13,400) | $4,571 | ($14,600) | ||||
[1] | Net earnings (loss) attributable to noncontrolling interests for the three and nine months ended August 31, 2013 includes ($0.8) million and $4.6 million, respectively, of net earnings (loss) attributable to noncontrolling interests related to the FDICbs interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC. Net earnings (loss) attributable to noncontrolling interests for the three and nine months ended August 31, 2012 includes ($13.4) million and ($14.6) million, respectively, of net earnings (loss) attributable to noncontrolling interests related to the FDICbs interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC. | |||||||
[2] | (1)Operating earnings (loss) for the three and nine months ended August 31, 2013 include net earnings (loss) attributable to noncontrolling interests of ($0.8) million and $4.6 million, respectively. Operating earnings (loss) for the three and nine months ended August 31, 2012 include net earnings (loss) attributable to noncontrolling interests of ($13.4) million and ($14.6) million, respectively. |
Rialto_Investments_Segment_Ria
Rialto Investments Segment Rialto Investments Segment (Other Income Expense) (Details) (Rialto Investments [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Rialto Investments [Member] | ||||
Component of Operating Other Cost and Expense [Line Items] | ||||
Gains from sales of REO | $9,651 | $2,418 | $36,857 | $10,857 |
Net Gains (Losses) Impairments on REO | -2,373 | -4,690 | -8,683 | -5,923 |
Real Estate owned, expenses | -10,267 | -12,035 | -33,171 | -40,758 |
Rental Income, Nonoperating | 4,826 | 4,244 | 14,807 | 12,149 |
Other Nonoperating Income (Expense) | $1,837 | ($10,063) | $9,810 | ($23,675) |
Rialto_Investments_Segment_Loa
Rialto Investments Segment (Loans Receivable By Aggregate Collateral Type) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
Rialto Investments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans receivable, net | $328,667 | [1] | $436,535 | [1] |
Land [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans receivable, net | 181,755 | 216,095 | ||
Single Family Homes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans receivable, net | 65,765 | 93,207 | ||
Commercial Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans receivable, net | 62,798 | 96,226 | ||
Multi Family Homes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans receivable, net | 5,000 | 12,776 | ||
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans receivable, net | $13,349 | $18,231 | ||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. |
Rialto_Investments_Segment_Out
Rialto Investments Segment (Outstanding Balance And Carrying Value Of Loans) (Details) (Rialto Investments [Member], USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Rialto Investments [Member] | ||
Segment Reporting Information [Line Items] | ||
Outstanding principal balance | $659,638 | $812,187 |
Carrying value | $311,655 | $396,200 |
Rialto_Investments_Segment_Acc
Rialto Investments Segment (Accretable Yield For The FDIC Portfolios And Bank Portfolios) (Details) (Rialto Investments [Member], FDIC Portfolios And Bank Portfolios [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Rialto Investments [Member] | FDIC Portfolios And Bank Portfolios [Member] | ||
Segment Reporting Information [Line Items] | ||
Accretable yield, beginning of period | $112,899 | $209,480 |
Additions | 53,652 | 43,306 |
Deletions | -38,263 | -71,830 |
Accretions | -38,455 | -58,108 |
Accretable yield, end of period | $89,833 | $122,848 |
Rialto_Investments_Segment_Non
Rialto Investments Segment (Nonaccrual Loans) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Rialto Investments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Recorded Investment | $17,012 | $40,335 |
Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 7,486 | 23,163 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 221 | 4,983 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,903 | 2,844 |
Total Recorded Investment | 3,124 | 7,827 |
Single Family Homes [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 16,615 | 18,966 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,716 | 8,311 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,815 | 2,244 |
Total Recorded Investment | 5,531 | 10,555 |
Commercial Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 14,694 | 35,996 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 554 | 1,006 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,803 | 20,947 |
Total Recorded Investment | 8,357 | 21,953 |
Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 38,795 | 78,125 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,491 | 14,300 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 14,521 | 26,035 |
Total Recorded Investment | $17,012 | $40,335 |
Rialto_Investments_Segment_Ris
Rialto Investments Segment (Risk Indicators) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
Rialto Investments [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Carrying value | $311,655 | $396,200 | ||
Nonaccrual | 17,012 | 40,335 | ||
Notes Loans And Financing Receivable Net | 328,667 | [1] | 436,535 | [1] |
Land [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Carrying value | 178,631 | 208,268 | ||
Nonaccrual | 3,124 | 7,827 | ||
Notes Loans And Financing Receivable Net | 181,755 | 216,095 | ||
Single Family Homes [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Carrying value | 60,234 | 82,652 | ||
Nonaccrual | 5,531 | 10,555 | ||
Notes Loans And Financing Receivable Net | 65,765 | 93,207 | ||
Commercial Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Carrying value | 54,441 | 74,273 | ||
Nonaccrual | 8,357 | 21,953 | ||
Notes Loans And Financing Receivable Net | 62,798 | 96,226 | ||
Multi Family Homes [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Carrying value | 5,000 | 12,776 | ||
Nonaccrual | 0 | 0 | ||
Notes Loans And Financing Receivable Net | 5,000 | 12,776 | ||
Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Carrying value | 13,349 | 18,231 | ||
Nonaccrual | 0 | 0 | ||
Notes Loans And Financing Receivable Net | $13,349 | $18,231 | ||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. |
Rialto_Investments_Segment_Cha
Rialto Investments Segment (Changes In Real Estate Owned) (Details) (Rialto Investments [Member], USD $) | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | ||||||
In Thousands, unless otherwise specified | Real Estate Owned [Member] | Real Estate Owned [Member] | Real Estate Owned [Member] | Real Estate Owned [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||||||
REO - held-for-sale, beginning of period | $198,609 | [1] | $134,161 | [1] | $204,385 | $113,115 | $134,161 | $143,677 | ||||
REO - held-for-sale, additions | 14,833 | 6,428 | 16,166 | 7,783 | ||||||||
REO - held-for-sale, improvements | 1,949 | 1,439 | 4,466 | 7,438 | ||||||||
REO - held-for-sale, sales | -68,087 | -27,956 | -145,363 | -110,010 | ||||||||
REO - held-for-sale, impairments | -169 | -810 | -4,353 | -2,432 | ||||||||
Real Estate Held For Sale Transfers | 430 | 7,431 | 430 | 11,335 | ||||||||
REO - held-for-sale, transfers to from held-and-used, net | 46,128 | [2] | 30,933 | [2] | 193,962 | [2] | 80,597 | [2] | ||||
REO - held-for-sale, net, end of period | 198,609 | [1] | 134,161 | [1] | 198,609 | 115,718 | 198,609 | 115,718 | ||||
REO - held-and-used, net, beginning of period | 440,656 | [1] | 601,022 | [1] | 478,314 | 634,401 | 601,022 | 582,111 | ||||
REO - held-and-used, additions | 14,154 | 44,958 | 38,882 | 154,633 | ||||||||
REO - held-and-used, improvements | 517 | 2,070 | 3,396 | 2,850 | ||||||||
REO - held-and-used, sales | 0 | 0 | 0 | -981 | ||||||||
REO - held-and-used, impairments | -5,126 | -1,880 | -5,529 | -5,153 | ||||||||
REO - held-and-used, depreciation | -1,075 | -1,389 | -3,153 | -5,636 | ||||||||
REO - held-and-used, transfers to from held-for-sale | -46,128 | [2] | -30,933 | [2] | -193,962 | [2] | -80,597 | [2] | ||||
REO - held-and-used, net, end of period | $440,656 | [1] | $601,022 | [1] | $440,656 | $647,227 | $440,656 | $647,227 | ||||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. | |||||||||||
[2] | (1)During the three and nine months ended August 31, 2013 and 2012, 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. |
Rialto_Investments_Segment_Con
Rialto Investments Segment (Condensed Financial Information By Equity Method Investment) (Details) (Rialto Investments [Member], USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2012 | ||||
Rialto Investments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Cash and cash equivalents | $107,918 | $107,918 | $299,172 | ||||||
Loans receivable | 406,473 | 406,473 | 361,286 | ||||||
Real estate owned | 247,389 | 247,389 | 161,964 | ||||||
Investment securities | 352,237 | 352,237 | 182,399 | ||||||
Equity Method Investment Summarized Financial Information Investments In Real Estate Partnerships | 114,258 | 114,258 | 72,903 | ||||||
Other assets | 186,760 | 186,760 | 199,839 | ||||||
Total Assets | 1,415,035 | 1,415,035 | 1,277,563 | ||||||
Accounts payable and other liabilities | 167,813 | 167,813 | 155,928 | ||||||
Notes payable | 231,960 | 231,960 | 120,431 | ||||||
Partner loans | 163,940 | 163,940 | 163,516 | ||||||
Equity | 851,322 | 851,322 | 837,688 | ||||||
Total liabilities and equity | 1,415,035 | 1,415,035 | 1,277,563 | ||||||
Revenues | 69,856 | 115,800 | 189,155 | 357,328 | |||||
Costs and expenses | 65,357 | 75,233 | 190,066 | 178,414 | |||||
Other income, net | 34,186 | [1] | 366,696 | [1] | 128,973 | [1] | 670,471 | [1] | |
Net earnings (loss) of unconsolidated entities | 38,685 | 407,263 | 128,062 | 849,385 | |||||
Rialto Investments' share of net earnings (loss) recognized | $5,199 | $13,551 | $15,877 | $37,578 | |||||
[1] | (1)Other income, net, for the three and nine months ended August 31, 2012 includes the AB PPIP Fund's mark-to-market unrealized gains and unrealized losses, of which the Companybs portion was a small percentage |
Lennar_Homebuilding_Cash_And_C1
Lennar Homebuilding Cash And Cash Equivalents (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Aug. 31, 2013 | Nov. 30, 2012 |
Cash and Cash Equivalents [Abstract] | ||
Cash held in escrow | $163.60 | $193 |
Escrow Deposit Period | 3 days |
Lennar_Homebuilding_Senior_Not2
Lennar Homebuilding Senior Notes And Other Debts Payable (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | 31-May-10 | Aug. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2010 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Feb. 29, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Feb. 28, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | 31-May-13 | Feb. 28, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | 31-May-13 | 31-May-10 | Nov. 30, 2010 | Nov. 30, 2011 | 31-May-10 | Nov. 30, 2010 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 |
2.00% Convertible Senior Notes Due 2020 [Member] | 2.00% Convertible Senior Notes Due 2020 [Member] | 2.00% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 5.95% Senior Notes Due 2013 [Member] | 5.95% Senior Notes Due 2013 [Member] | 5.50% Senior Notes Due 2014 [Member] | 5.50% Senior Notes Due 2014 [Member] | 5.60% Senior Notes Due 2015 [Member] | 5.60% Senior Notes Due 2015 [Member] | 6.50% Senior Notes Due 2016 [Member] | 6.50% Senior Notes Due 2016 [Member] | 6.95% Senior Notes Due 2018 [Member] | 6.95% Senior Notes Due 2018 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 4.75% Senior Notes Due 2017 [Member] | 4.75% Senior Notes Due 2017 [Member] | 4.125% Senior Notes Due 2018 [Member] | 4.125% Senior Notes Due 2018 [Member] | 4.125% Senior Notes Due 2018 [Member] | 4.750% Senior Notes Due 2022 [Member] | 4.750% Senior Notes Due 2022 [Member] | 4.750% Senior Notes Due 2022 [Member] | 4.750% Senior Notes Due 2022 [Member] | Letter of Credit Agreement 1 [Member] | Letter Of Credit Agreement 2 [Member] | Letter Of Credit Agreement 3 [Member] | Letter of Credit Agreement Four [Member] | Letter of Credit Agreement Four [Member] | Holders Of Debt Instrument [Member] | Holders Of Debt Instrument [Member] | Holders Of Debt Instrument [Member] | Company Conversion Right To Debt Instrument [Member] | Company Conversion Right To Debt Instrument [Member] | Company Conversion Right To Debt Instrument [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | |||||
2.00% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 2.00% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 2.00% Convertible Senior Notes Due 2020 [Member] | 2.00% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 5.95% Senior Notes Due 2013 [Member] | 5.95% Senior Notes Due 2013 [Member] | 5.50% Senior Notes Due 2014 [Member] | 5.50% Senior Notes Due 2014 [Member] | 5.60% Senior Notes Due 2015 [Member] | 5.60% Senior Notes Due 2015 [Member] | 6.50% Senior Notes Due 2016 [Member] | 6.50% Senior Notes Due 2016 [Member] | 6.95% Senior Notes Due 2018 [Member] | 6.95% Senior Notes Due 2018 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 4.75% Senior Notes Due 2017 [Member] | 4.75% Senior Notes Due 2017 [Member] | 4.125% Senior Notes Due 2018 [Member] | 4.750% Senior Notes Due 2022 [Member] | 4.750% Senior Notes Due 2022 [Member] | Performance Letters Of Credit [Member] | Performance Letters Of Credit [Member] | Financial Letters Of Credit [Member] | Financial Letters Of Credit [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Amount Outstanding | $100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility current borrowing capacity | 150,000 | 50,000 | 200,000 | 932,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 950,000 | 525,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letter of credit facility additional capacity | 18,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letters of credit outstanding, amount | 146,751 | 107,500 | 191,898 | 204,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding performance and surety bonds | 671,514 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uncompleted site improvements amount | 435,701 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uncompleted site improvements percent | 65.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, principal amount | 276,500 | 276,500 | 446,000 | 446,000 | 446,000 | 350,000 | 400,000 | 400,000 | 275,000 | 50,000 | 175,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 2.00% | 2.00% | 2.75% | 2.75% | 2.75% | 5.50% | 5.60% | 6.50% | 6.95% | 3.25% | 3.25% | 4.75% | 4.13% | 4.13% | 4.75% | 4.75% | 2.00% | 2.00% | 2.75% | 2.75% | 5.95% | 5.95% | 5.50% | 5.50% | 5.60% | 5.60% | 6.50% | 6.50% | 6.95% | 6.95% | 3.25% | 3.25% | 4.75% | 4.75% | 4.13% | 4.75% | 4.75% | ||||||||||||||||||||||||||||||||||||
Private Placement Price, Percent of Face Value | 100.00% | 98.25% | 98.07% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Proceeds From Senior Notes | 494,811 | 271,860 | 49,428 | 172,178 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, additional principal amount | 50,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 276,500 | 276,500 | 412,419 | 412,419 | 401,787 | 0 | 62,932 | 249,464 | 249,294 | 500,527 | 500,769 | 249,886 | 249,851 | 248,167 | 247,873 | 400,000 | 400,000 | 400,000 | 400,000 | 274,995 | 0 | 570,790 | 350,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Senior Debt | 63,001 | 210,862 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, convertible, conversion ratio | 36.1827 | 45.1794 | 42.5555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion, converted instrument, per principal amount | 1 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion, converted instrument, shares issued | 10,004,517 | 20,150,012 | 17,022,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, convertible, conversion price | $27.64 | $22.13 | $23.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, unamortized discount | 33,581 | 33,581 | 44,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument convertible terms of conversion feature | Holders of the 2.00% Convertible Senior Notes have the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on each of December 1, 2013 and December 1, 2015. | Holders of the 2.75% Convertible Senior Notes have 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. | Holders of the 3.25% Convertible Senior Notes have the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest on November 15, 2016. | The Company has the right to redeem the 2.00% Convertible Senior Notes at any time on or after December 1, 2013 for 100% of their principal amount, plus accrued but unpaid interest. | 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. | The Company has the right to redeem the 3.25% Convertible Senior Notes at any time on or after November 20, 2016 for 100% of their principal amount, plus accrued but unpaid interest. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume weighted average stock price | $35.03 | $28.88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares included in the calculation of diluted earnings per share | 34,446,000 | 31,732,000 | 35,549,000 | 29,723,000 | 7,419,000 | 4,700,000 | 8,523,000 | 2,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantee By Subsidiaries | $75,000 |
Lennar_Homebuilding_Senior_Not3
Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule Of Senior Notes And Other Debts Payable) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | 31-May-10 | Aug. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2010 | Aug. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | ||
In Thousands, unless otherwise specified | 5.50% Senior Notes Due 2014 [Member] | 5.50% Senior Notes Due 2014 [Member] | 5.60% Senior Notes Due 2015 [Member] | 5.60% Senior Notes Due 2015 [Member] | 6.50% Senior Notes Due 2016 [Member] | 6.50% Senior Notes Due 2016 [Member] | 12.25% Senior Notes Due 2017 [Member] | 12.25% Senior Notes Due 2017 [Member] | 4.75% Senior Notes Due 2017 [Member] | 4.75% Senior Notes Due 2017 [Member] | 6.95% Senior Notes Due 2018 [Member] | 6.95% Senior Notes Due 2018 [Member] | 4.125% Senior Notes Due 2018 [Member] | 4.125% Senior Notes Due 2018 [Member] | 4.125% Senior Notes Due 2018 [Member] | 2.00% Convertible Senior Notes Due 2020 [Member] | 2.00% Convertible Senior Notes Due 2020 [Member] | 2.00% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 4.750% Senior Notes Due 2022 [Member] | 4.750% Senior Notes Due 2022 [Member] | 5.95% Senior Notes Due 2013 [Member] | 5.95% Senior Notes Due 2013 [Member] | Letter of Credit Agreement Four [Member] | Letter of Credit Agreement Four [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | ||||
5.50% Senior Notes Due 2014 [Member] | 5.50% Senior Notes Due 2014 [Member] | 5.60% Senior Notes Due 2015 [Member] | 5.60% Senior Notes Due 2015 [Member] | 6.50% Senior Notes Due 2016 [Member] | 6.50% Senior Notes Due 2016 [Member] | 12.25% Senior Notes Due 2017 [Member] | 12.25% Senior Notes Due 2017 [Member] | 4.75% Senior Notes Due 2017 [Member] | 4.75% Senior Notes Due 2017 [Member] | 6.95% Senior Notes Due 2018 [Member] | 6.95% Senior Notes Due 2018 [Member] | 4.125% Senior Notes Due 2018 [Member] | 2.00% Convertible Senior Notes Due 2020 [Member] | 2.00% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 4.750% Senior Notes Due 2022 [Member] | 4.750% Senior Notes Due 2022 [Member] | 5.95% Senior Notes Due 2013 [Member] | 5.95% Senior Notes Due 2013 [Member] | Letter of Credit Agreement Four [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage notes on land and other debt | $546,554 | $471,588 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | 4,624,614 | 4,005,051 | 4,624,614 | [1] | 4,005,051 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 5.50% | 5.60% | 6.50% | 12.25% | 4.75% | 6.95% | 4.13% | 4.13% | 2.00% | 2.00% | 2.75% | 2.75% | 3.25% | 3.25% | 4.75% | 4.75% | 5.50% | 5.50% | 5.60% | 5.60% | 6.50% | 6.50% | 12.25% | 12.25% | 4.75% | 4.75% | 6.95% | 6.95% | 4.13% | 2.00% | 2.00% | 2.75% | 2.75% | 3.25% | 3.25% | 4.75% | 4.75% | 5.95% | 5.95% | |||||||||||||||||||||
Senior Notes | 249,464 | 249,294 | 500,527 | 500,769 | 249,886 | 249,851 | 395,312 | 394,457 | 400,000 | 400,000 | 248,167 | 247,873 | 274,995 | 0 | 276,500 | 276,500 | 412,419 | 401,787 | 400,000 | 400,000 | 570,790 | 350,000 | 0 | 62,932 | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Amount Outstanding | $100,000 | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument maturity year | 2014 | 2015 | 2016 | 2017 | 2017 | 2018 | 2018 | 2020 | 2020 | 2021 | 2022 | 2013 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
[1] | As of AugustB 31, 2013, total liabilities include $499.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.2 million is included in Lennar Homebuilding accounts payable, $193.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $164.7 million in Lennar Homebuilding senior notes and other debts payable, $5.4 million in Lennar Homebuilding other liabilities and $133.2 million in Rialto Investments notes payable and other liabilities.As of NovemberB 30, 2012, total liabilities include $737.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $10.6 million is included in Lennar Homebuilding accounts payable, $35.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $181.6 million in Lennar Homebuilding senior notes and other debts payable, $15.7 million in Lennar Homebuilding other liabilities and $493.4 million in Rialto Investments notes payable and other liabilities. |
Product_Warranty_Narrative_Det
Product Warranty (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | 31-May-13 | Nov. 30, 2012 | 31-May-12 | Nov. 30, 2011 |
homes | homes | |||||||
Product Warranty [Line Items] | ||||||||
Chinese drywall number of homes | 1,010 | 1,010 | ||||||
Chinese drywall percentage of homes | 1.20% | |||||||
Chinese drywall number of homes resolved through class action | 60 | 60 | ||||||
Chinese drywall accrual | $82,235 | $82,235 | ||||||
Warranties issued during the period | 13,914 | 9,469 | 34,795 | 24,430 | ||||
Warranty reserve, net of payments | 99,476 | 84,781 | 99,476 | 84,781 | 90,242 | 84,188 | 84,488 | 88,120 |
Chinese Drywall [Member] | ||||||||
Product Warranty [Line Items] | ||||||||
Warranties issued during the period | 0 | |||||||
Warranty reserve, net of payments | $1,832 | $1,832 | $2,906 |
Product_Warranty_Schedule_Of_P
Product Warranty (Schedule Of Product Warranty Reserve) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Product Warranties Disclosures [Abstract] | ||||
Warranty reserve, beginning of period | $90,242 | $84,488 | $84,188 | $88,120 |
Warranties issued during the period | 13,914 | 9,469 | 34,795 | 24,430 |
Adjustments to pre-existing warranties from changes in estimates | 7,506 | 766 | 15,415 | 5,813 |
Payments | -12,186 | -9,942 | -34,922 | -33,582 |
Warranty reserve, end of period | $99,476 | $84,781 | $99,476 | $84,781 |
ShareBased_Payment_Compensatio
Share-Based Payment (Compensation Expense, Share-Based Payment Awards) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data in Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock options | $64 | $580 | $97 | $2,380 |
Nonvested shares | 10,269 | 7,669 | 23,430 | 21,801 |
Total compensation expense for share-based awards | $10,333 | $8,249 | $23,527 | $24,181 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1.2 | 1.2 | 1.3 | 1.3 |
Financial_Instruments_Carrying
Financial Instruments (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Nov. 30, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable, Carrying Amount | $4,624,614 | $4,005,051 |
Rialto Investments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net | 328,667 | 436,535 |
Loans receivable, Fair Value | 349,079 | 450,281 |
Investments held-to-maturity, Carrying Amount | 15,791 | 15,012 |
Investments held-to-maturity, Fair Value | 15,673 | 14,904 |
Notes payable, Carrying Amount | 346,627 | 574,480 |
Notes payable, Fair Value | 339,178 | 568,702 |
Interest rate | 0.00% | |
Treasury yield calculated term (in years) | 6 months | |
Lennar Financial Services [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments held-to-maturity, Carrying Amount | 54,019 | 63,924 |
Investments held-to-maturity, Fair Value | 54,012 | 63,877 |
Loans held-for-investment, net, Carrying Amount | 25,264 | 23,982 |
Loans held-for-investment, net, Fair Value | 25,910 | 24,949 |
Notes and other debts payable, Carrying Amount | 290,283 | 457,994 |
Notes and other debts payable, Fair Value | 290,283 | 457,994 |
Lennar Homebuilding [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable, Carrying Amount | 4,624,614 | 4,005,051 |
Notes payable, Fair Value | $5,306,477 | $5,035,670 |
Financial_Instruments_Fair_Val
Financial Instruments (Fair Value Measured On Recurring Basis) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
Financial Instruments [Line Items] | ||||
Aggregate Principal Balance Of Loans Held For Sale | $334,842 | $479,130 | ||
Fair Value, Option, Aggregate Differences, Loans held-for-sale | 9,765 | 23,200 | ||
Rialto Investments [Member] | ||||
Financial Instruments [Line Items] | ||||
Aggregate Principal Balance Of Loans Held For Sale | 245,222 | |||
Fair Value, Option, Aggregate Differences, Loans held-for-sale | 607 | |||
Rialto Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 244,666 | |||
Rialto Investments [Member] | Loans Held-For-Sale [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 244,666 | [1] | 0 | [1] |
Rialto Investments [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Financial Instruments [Line Items] | ||||
Mortgage Loan Commitments | 607 | 0 | ||
Interest Rate Derivative Liabilities, at Fair Value | -701 | 0 | ||
Rialto Investments [Member] | Credit Risk Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial Instruments [Line Items] | ||||
Mortgage Loan Commitments | 9,093 | 0 | ||
Lennar Homebuilding [Member] | Investments Available For Sale [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial Instruments [Line Items] | ||||
Investments available-for-sale | 43,371 | 19,591 | ||
Lennar Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 344,607 | 502,318 | ||
Lennar Financial Services [Member] | Loans Held-For-Sale [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 344,607 | [1] | 502,318 | [1] |
Lennar Financial Services [Member] | Mortgage Loan Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial Instruments [Line Items] | ||||
Mortgage Loan Commitments | 10,764 | 12,713 | ||
Lennar Financial Services [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial Instruments [Line Items] | ||||
Mortgage Loan Commitments | 1,821 | |||
Other Liabilities, Fair Value Disclosure | ($2,570) | |||
[1] | The aggregate fair value of Lennar Financial Services loans held-for-sale of $344.6 million at AugustB 31, 2013 exceeds their aggregate principal balance of $334.8 million by $9.8 million. The aggregate fair value of loans held-for-sale of $502.3 million at NovemberB 30, 2012 exceeds their aggregate principal balance of $479.1 million by $23.2 million.(2)The aggregate fair value of Rialto Investments loans held-for-sale of $244.7 million at AugustB 31, 2013 are below their aggregate principal balance of $245.2 million by $0.6 million. |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of Gains And Losses Of Financial Instruments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Lennar Financial Services [Member] | Loans Held-For-Sale [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gains and losses of financial instruments | $3,982 | $5,403 | ($13,422) | $7,694 |
Lennar Financial Services [Member] | Mortgage Loan Commitments [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gains and losses of financial instruments | 4,944 | 281 | -1,950 | 7,466 |
Lennar Financial Services [Member] | Forward Contracts [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gains and losses of financial instruments | -13,600 | 1,478 | 4,391 | -2,552 |
Rialto Investments [Member] | Loans Held-For-Sale [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gains and losses of financial instruments | -1,086 | 0 | -1,086 | 0 |
Rialto Investments [Member] | Interest Rate Contract [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gains and losses of financial instruments | 607 | 0 | 607 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | -701 | 0 | -701 | 0 |
Rialto Investments [Member] | Credit Risk Contract [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gains and losses of financial instruments | $1,343 | $0 | $1,343 | $0 |
Financial_Instruments_Reconcil
Financial Instruments (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | ||||
Available-for-sale Securities [Member] | Lennar Homebuilding [Member] | ||||||||
Investments available-for-sale, beginning of period | $33,338 | $24,306 | $19,591 | $42,892 | ||||
Purchases and other | 13,291 | [1] | 0 | [1] | 25,518 | [1] | 20,998 | [1] |
Sales | -2,486 | -4,092 | -2,486 | -10,528 | ||||
Available-for-Sale Securities Change in Faiur Value | -772 | [2] | -1,169 | [2] | 748 | [2] | 0 | [2] |
Settlements | 0 | [3] | 0 | [3] | 0 | [3] | -34,317 | [3] |
Investments available-for-sale, end of period | 43,371 | 19,045 | 43,371 | 19,045 | ||||
Loans Held-For-Sale [Member] | Rialto Investments [Member] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | -1,086 | 0 | -1,086 | 0 | ||||
Investments available-for-sale, beginning of period | 0 | 0 | 0 | 0 | ||||
Purchases and other | 245,223 | 0 | 245,223 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Asset Interest Accrued | 529 | 0 | 529 | 0 | ||||
Investments available-for-sale, end of period | $244,666 | $0 | $244,666 | $0 | ||||
[1] | Represents investments in community development district bonds that mature at various dates between 2022 and 2042. | |||||||
[2] | Amount represents changes in fair value during both three and nine months ended August 31, 2013. The changes in fair value were not included in other comprehensive income because the changes in fair value were deferred as a result of the Company's continuing involvement in the underlying real estate collateral. | |||||||
[3] | The investments available-for-sale that were settled during both the three and nine months ended August 31, 2013 and 2012 related to investments in community development district bonds, which were in default by the borrower and regarding which the Company foreclosed on the underlying real estate collateral. Therefore, these investments were reclassified from other assets to land and land under development. |
Financial_Instruments_Fair_Val1
Financial Instruments (Fair Value Assets Measured On Nonrecurring Basis) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Total Gains (Losses) on Investments in unconsolidated entities | ($861) | $0 | ($897) | ($18) | ||||
Fair Value Inputs, Discount Rate | 20.00% | |||||||
Lennar Homebuilding [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Finished homes and construction in progress carrying value before impairments | 69,326 | |||||||
Lennar Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Finished homes and construction in progress, Fair Value | 8,049 | [1] | 12,247 | [2] | 10,810 | [3] | ||
Total Gains (Losses) on Finished homes and construction in process | -4,651 | [1],[4] | -4,207 | [2],[5] | -9,080 | [3],[6] | ||
Equity Method Investments Carrying Value Before Impairment | 20,885 | 20,921 | ||||||
Equity Method Investments, Fair Value Disclosure | 20,024 | [7],[8] | 20,024 | [7],[8] | ||||
Land And Land Under Development Carrying Value Before Impairments | 13,650 | |||||||
Land And Land Under Development Fair Value | 13,318 | [9] | ||||||
Valuation Adjustments To Land And Land Under Development | -332 | |||||||
Total Gains (Losses) on Investments in unconsolidated entities | -861 | [8] | -897 | [7] | ||||
Finished homes and construction in progress carrying value before impairments | 12,700 | 16,454 | 19,900 | |||||
Rialto Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
REO Held For Sale Fair Value | 14,833 | [10] | 10,101 | [11] | 34,853 | [12] | 23,967 | [13] |
REO held-for-sale carrying value before gains | 12,200 | 8,300 | 14,193 | 10,200 | ||||
REO held-for-sale fair value after gains | 14,833 | 6,428 | 16,166 | 7,783 | ||||
Gains (Losses) on REO held-for-sale | 2,633 | -1,872 | 1,973 | -2,438 | ||||
REO held-for-sale carrying value before impairments | 169 | 4,483 | 23,040 | 18,616 | ||||
REO held-for-sale fair value after impairments | 0 | 3,673 | 18,687 | 16,184 | ||||
REO held-for-sale, impairments | -169 | -810 | -4,353 | -2,432 | ||||
REO held-and-used carrying value before gains | 13,864 | 45,085 | 39,655 | 150,531 | ||||
REO held-and-used fair value after gains | 14,154 | 44,958 | 38,882 | 154,633 | ||||
Gains (Losses) on REO held-and-used | 290 | -127 | -773 | 4,102 | ||||
REO held-and-used carrying value before impairments | 7,176 | 10,213 | 10,011 | 24,185 | ||||
REO held-and-used fair value after impairments | 2,050 | 8,333 | 4,482 | 19,032 | ||||
Real Estate Held and Used, Impairments | -5,126 | -1,880 | -5,529 | -5,153 | ||||
Net Gains Losses Impairments On REO Held For Sale | 2,464 | [10],[14] | -2,682 | [11],[4] | -2,380 | [12],[5] | -4,870 | [13],[6] |
REO Held And Used Fair Value | 16,204 | [15] | 53,292 | [16] | 43,364 | [17] | 173,665 | [18] |
Net Gains (Losses) Impairments On REO Held And Used | ($4,836) | [14],[15] | ($2,006) | [16],[4] | ($6,302) | [17],[5] | ($1,051) | [18],[6] |
[1] | Finished homes and construction in progress with an aggregate carrying value of $12.7 million were written down to their fair value of $8.0 million, resulting in valuation adjustments of $4.7 million, which were included in Lennar Homebuilding costs and expenses in the Companybs statement of operations for the three months ended August 31, 2012. | |||||||
[2] | Finished homes and construction in progress with an aggregate carrying value of $16.5 million were written down to their fair value of $12.2 million, resulting in valuation adjustments of $4.2 million, which were included in Lennar Homebuilding costs and expenses in the Companybs statement of operations for the nine months ended August 31, 2013. | |||||||
[3] | Finished homes and construction in progress with an aggregate carrying value of $19.9 million were written down to their fair value of $10.8 million, resulting in valuation adjustments of $9.1 million, which were included in Lennar Homebuilding costs and expenses in the Companybs statement of operations for the | |||||||
[4] | Represents total losses due to valuation adjustments, total gains from acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended August 31, 2012. | |||||||
[5] | Represents total losses due to valuation adjustments, total gains from acquisitions of real estate through foreclosure and REO impairments recorded during the nine months ended August 31, 2013. | |||||||
[6] | Represents total losses due to valuation adjustments, total gains from acquisitions of real estate through foreclosure and REO impairments recorded during the nine months ended August 31, 2012. | |||||||
[7] | Lennar Homebuilding investments in unconsolidated entities with an aggregate carrying value of $20.9 million were written down to their fair value of $20.0 million, resulting in valuation adjustments of $0.9 million, which were included in other income, net in the Companybs statement of operations for the nine months ended August 31, 2013. | |||||||
[8] | Lennar Homebuilding investments in unconsolidated entities with an aggregate carrying value of $20.9 million were written down to their fair value of $20.0 million, resulting in valuation adjustments of $0.9 million, which were included in other income, net in the Companybs statement of operations for the three months ended August 31, 2013. | |||||||
[9] | Land and land under development with an aggregate carrying value of 13.6 million were written down to their fair value of $13.3 million, resulting in valuation adjustments of $0.3 million, which were included in Lennar Homebuilding costs and expenses in the Company's statements of operations for the nine months ended August 31, 2012. | |||||||
[10] | REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $12.2 million and a fair value of $14.8 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or managementbs best estimate. The gains upon acquisition of REO, held-for-sale, were $2.6 million. As part of managementbs periodic valuations of its REO, held-for-sale, during the three months ended August 31, 2013, REO, held-for-sale, with an aggregate value of $0.2 million were written down to their fair value of zero, resulting in impairments of $0.2 million. These gains and impairments are included within Rialto Investments other income (expense), net, in the Companybs statement of operations for the three months ended August 31, 2013. | |||||||
[11] | REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO held-for-sale had a carrying value of $8.3 million and a fair value of $6.4 million. The fair value of REO held-for-sale is based upon the appraised value at the time of foreclosure or managementbs best estimate. The losses upon acquisition of REO held-for-sale were $1.9 million. As part of management's periodic valuations of its REO held-for-sale during the three months ended August 31, 2012, REO held-for-sale with an aggregate value of $4.5 million were written down to their fair value of $3.7 million, resulting in impairments of $0.8 million. These losses and impairments are included within Rialto Investments other income (expense), net in the Company's statement of operations for the three months ended August 31, 2012. | |||||||
[12] | REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $14.2 million and a fair value of $16.2 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or managementbs best estimate. The gains upon acquisition of REO, held-for-sale, were $2.0 million. As part of managementbs periodic valuations of its REO, held-for-sale, during the nine months ended August 31, 2013, REO, held-for-sale, with an aggregate value of $23.0 million were written down to their fair value of $18.7 million, resulting in impairments of $4.4 million. These gains and impairments are included within Rialto Investments other income (expense), net, in the Companybs statement of operations for the nine months ended August 31, 2013. | |||||||
[13] | REO, held-for-sale, assets are initially recorded at fair value less estimated costs to sell at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-for-sale, had a carrying value of $10.2 million and a fair value of $7.8 million. The fair value of REO, held-for-sale, is based upon the appraised value at the time of foreclosure or managementbs best estimate. The losses upon acquisition of REO, held-for-sale, were $2.4 million. As part of management's periodic valuations of its REO, held-for-sale, during the nine months ended August 31, 2012, REO, held-for-sale, with an aggregate value of $18.6 million were written down to their fair value of $16.2 million, resulting in impairments of $2.4 million. These losses and impairments are included within Rialto Investments other income (expense), net in the Company's statement of operations for the nine months ended August 31, 2012. | |||||||
[14] | Represents total losses due to valuation adjustments, total gains from acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended August 31, 2013. | |||||||
[15] | REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $13.9 million and a fair value of $14.2 million. The fair value of REO, held-and-used, net, is based upon the appraised value at the time of foreclosure or managementbs best estimate. The gains upon acquisition of REO, held-and-used, net, were $0.3 million. As part of managementbs periodic valuations of its REO, held-and-used, net, during the three months ended August 31, 2013, REO, held-and-used, net, with an aggregate value of $7.2 million were written down to their fair value of $2.1 million, resulting in impairments of $5.1 million. These gains and impairments are included within Rialto Investments other income (expense), net, in the Companybs statement of operations for the three months ended August 31, 2013. | |||||||
[16] | REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO held-and-used, net, had a carrying value of $45.1 million and a fair value of $45.0 million. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or managementbs best estimate. The losses upon acquisition of REO held-and-used, net, were $0.1 million. As part of management's periodic valuations of its REO held-and-used, net, during the three months ended August 31, 2012, REO held-and-used, net, with an aggregate value of $10.2 million were written down to their fair value of $8.3 million, resulting in impairments of $1.9 million. These losses and impairments are included within the Rialto Investments other income (expense), net, in the Companybs statement of operations for the three months ended August 31, 2012. | |||||||
[17] | REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $39.7 million and a fair value of $38.9 million. The fair value of REO, held-and-used, net, is based upon the appraised value at the time of foreclosure or managementbs best estimate. The losses upon acquisition of REO, held-and-used, net, were $0.8 million. As part of managementbs periodic valuations of its REO, held-and-used, net, during the nine months ended August 31, 2013, REO, held-and-used, net, with an aggregate value of $10.0 million were written down to their fair value of $4.5 million, resulting in impairments of $5.5 million. These losses and impairments are included within Rialto Investments other income (expense), net, in the Companybs statement of operations for the nine months ended August 31, 2013. | |||||||
[18] | REO, held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. Upon acquisition, the REO, held-and-used, net, had a carrying value of $150.5 million and a fair value of $154.6 million. The fair value of REO, held-and-used, net, is based upon the appraised value at the time of foreclosure or managementbs best estimate. The gains upon acquisition of REO, held-and-used, net, were $4.1 million. As part of management's periodic valuations of its REO, held-and-used, net, during the nine months ended August 31, 2012, REO, held-and-used, net, with an aggregate value of $24.2 million were written down to their fair value of $19.0 million, resulting in impairments of $5.2 million. These gains and impairments are included within the Rialto Investments other income (expense), net, in the Companybs statement of operations for the nine months ended August 31, 2012. |
Financial_Instruments_Unobserv
Financial Instruments (Unobservable inputs) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
homes | communities | |
communities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Number of communities assessed for impairment | 31 | |
Active communities | 512 | 442 |
Fair Value Inputs, Discount Rate | 20.00% | |
Number of homesites assessed for impairment | 954 | |
Number of homesites impaired | 99 | |
Number of communities impaired | 3 | |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Average selling price | 279,000 | |
Absorption rate per quarter (homes) | 34 | |
Capitalization rate | 12.00% | |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Average selling price | 163,000 | |
Absorption rate per quarter (homes) | 2 | |
Capitalization rate | 8.00% | |
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 | 69,326 |
Consolidation_Of_Variable_Inte2
Consolidation Of Variable Interest Entities (Narrative) (Details) (USD $) | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2012 | ||
Variable Interest Entity [Line Items] | |||||
Consolidated VIEs assets | $1,466,500 | $2,128,600 | |||
Consolidated VIEs non-recourse liabilities | 499,600 | 737,200 | |||
Increase in consolidated inventory and related liabilities | 206,671 | ||||
Decrease in consolidated inventory and related liabilities | 145,893 | ||||
Non-refundable option deposits and pre-acquisition costs | 114,578 | 176,700 | |||
Letters of credit | 11,960 | 42,500 | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -63,500 | 0 | |||
Payments to Noncontrolling Interests | 174,853 | 480 | |||
Increase (Decrease) in Inventories | -1,469,381 | -554,873 | |||
Increase (Decrease) in Other Operating Assets | 17,616 | 25,422 | |||
Adjustments to Additional Paid in Capital, Other | 39,605 | ||||
Lennar Homebuilding [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investments in unconsolidated entities | 755,253 | [1] | 565,360 | [1] | |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 155,011 | 26,538 | |||
Adjustments to Additional Paid in Capital, Other | -103,391 | 0 | |||
Rialto Investments [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investments in unconsolidated entities | 125,263 | [1] | 108,140 | [1] | |
Consolidated VIEs assets | 880,005 | 1,236,400 | |||
Consolidated VIEs non-recourse liabilities | 133,161 | 493,400 | |||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 39,837 | 83,368 | |||
Commitments [Member] | Lennar Homebuilding [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 93,500 | ||||
Recourse Debt [Member] | Lennar Homebuilding [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 15,000 | 18,700 | |||
Lennar Homebuilding Unconsolidated VIE [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Letters of credit outstanding, amount | 16,900 | 4,800 | |||
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 82,325 | ||||
Payments to Noncontrolling Interests | 18,825 | ||||
Cash, Period Increase (Decrease) | 52,025 | ||||
Increase (Decrease) in Inventories | 225,000 | ||||
Increase (Decrease) in Other Operating Assets | 39,605 | ||||
Adjustments to Additional Paid in Capital, Other | 62,000 | ||||
Lennar Homebuilding Unconsolidated Entity [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Carrying amount by the partner of equity method investment | 120,000 | ||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 120,000 | ||||
Investments in unconsolidated entities | 103,000 | ||||
Consolidated Entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 153,200 | ||||
Lennar Homebuilding Investments [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $134,000 | ||||
Minimum [Member] | Lennar Homebuilding Unconsolidated Entity [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 15.00% | ||||
Maximum [Member] | Lennar Homebuilding Unconsolidated Entity [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 45.00% | ||||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. |
Consolidation_Of_Variable_Inte3
Consolidation Of Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
Lennar Homebuilding [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity Method Investments | $755,253 | [1] | $565,360 | [1] |
Rialto Investments [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity Method Investments | 125,263 | [1] | 108,140 | [1] |
Investments held-to-maturity | 15,791 | [1] | 15,012 | [1] |
Commitments [Member] | Lennar Homebuilding [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Lennar's Maximum Exposure to Loss | 93,500 | |||
Recourse Debt [Member] | Lennar Homebuilding [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Lennar's Maximum Exposure to Loss | 15,000 | 18,700 | ||
Lennar Homebuilding Unconsolidated VIE [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Letters of credit outstanding, amount | 16,900 | 4,800 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity Method Investments | 238,847 | 109,087 | ||
Lennar's Maximum Exposure to Loss | 364,686 | 132,865 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Lennar Homebuilding [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity Method Investments | 214,753 | [2] | 85,500 | [2] |
Lennar's Maximum Exposure to Loss | 340,592 | [2] | 109,278 | [2] |
Variable Interest Entity, Primary Beneficiary [Member] | Rialto Investments [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity Method Investments | 24,094 | [3] | 23,587 | [3] |
Lennar's Maximum Exposure to Loss | $24,094 | [3] | $23,587 | [3] |
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. | |||
[2] | At AugustB 31, 2013, the maximum exposure to loss of Lennar Homebuildingbs investments in unconsolidated VIEs is limited to its investment in the unconsolidated VIEs, except with regard to a $93.5 million remaining commitment to fund a new unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing, $15.0 million of recourse debt of one of the unconsolidated VIEs, which is included in the Companybs maximum recourse related to Lennar Homebuilding unconsolidated entities, and $16.9 million of letters of credit outstanding for certain of the unconsolidated VIEs that in the event of default under its debt agreement the letter of credit will be drawn upon. At NovemberB 30, 2012, the maximum exposure to loss of Lennar Homebuildingbs investments in unconsolidated VIEs is limited to its investment in the unconsolidated VIEs, except with regard to $18.7 million of recourse debt of one of the unconsolidated VIEs, which is included in the Companybs maximum recourse related to Lennar Homebuilding unconsolidated entities and $4.8 million of letters of credit outstanding for certain of the unconsolidated VIEs that in the event of default under its debt agreement the letter of credit will be drawn upon. | |||
[3] | At both AugustB 31, 2013 and NovemberB 30, 2012, the maximum recourse exposure to loss of Rialtobs investment in unconsolidated VIEs was its investments in unconsolidated entities. At AugustB 31, 2013 and NovemberB 30, 2012, investments in unconsolidated VIEs and Lennarbs maximum exposure to loss include $15.8 million and $15.0 million, respectively, related to Rialtobs investments held-to-maturity. |
Supplemental_Financial_Informa2
Supplemental Financial Information (Narrative) (Details) (USD $) | 3 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Feb. 28, 2013 | Aug. 31, 2013 | 31-May-10 | Aug. 31, 2013 | Nov. 30, 2010 | Aug. 31, 2013 | Nov. 30, 2011 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 |
5.50% Senior Notes Due 2014 [Member] | 5.60% Senior Notes Due 2015 [Member] | 6.50% Senior Notes Due 2016 [Member] | 12.25% Senior Notes Due 2017 [Member] | 4.75% Senior Notes Due 2017 [Member] | 6.95% Senior Notes Due 2018 [Member] | 4.125% Senior Notes Due 2018 [Member] | 4.125% Senior Notes Due 2018 [Member] | 2.00% Convertible Senior Notes Due 2020 [Member] | 2.00% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 4.750% Senior Notes Due 2022 [Member] | 4.750% Senior Notes Due 2022 [Member] | Letter Of Credit Agreement 3 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Interest rate | 5.50% | 5.60% | 6.50% | 12.25% | 4.75% | 6.95% | 4.13% | 4.13% | 2.00% | 2.00% | 2.75% | 2.75% | 3.25% | 3.25% | 4.75% | 4.75% | ||
Guarantee by subsidiaries | $75,000 | |||||||||||||||||
Line of credit facility current borrowing capacity | $200,000 |
Supplemental_Financial_Informa3
Supplemental Financial Information Supplemental Financial Information (Parent Column Balance Sheet Adjustments) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Assets | $11,015,593 | [1] | $10,362,206 | [1] |
Liabilities | 6,844,907 | [2] | 6,360,998 | [2] |
Liabilities and Equity | 11,015,593 | [2] | 10,362,206 | [2] |
Lennar Homebuilding [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ||||
Intercompany Assets | ||||
Assets | 8,752,429 | [1] | 7,801,851 | [1] |
Intercompany Liabilities | ||||
Liabilities | 6,000,725 | [2] | 5,129,424 | [2] |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Assets | 8,076,324 | 7,228,153 | ||
Liabilities | 4,362,178 | 3,813,389 | ||
Liabilities and Equity | 8,076,324 | 7,228,153 | ||
Parent Company [Member] | Lennar Homebuilding [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 3,772,086 | 3,772,086 | ||
Intercompany Assets | 3,956,549 | 2,438,326 | ||
Assets | 8,076,324 | 7,228,153 | ||
Intercompany Liabilities | ||||
Liabilities | $4,362,178 | $3,813,389 | ||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. | |||
[2] | As of AugustB 31, 2013, total liabilities include $499.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.2 million is included in Lennar Homebuilding accounts payable, $193.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $164.7 million in Lennar Homebuilding senior notes and other debts payable, $5.4 million in Lennar Homebuilding other liabilities and $133.2 million in Rialto Investments notes payable and other liabilities.As of NovemberB 30, 2012, total liabilities include $737.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $10.6 million is included in Lennar Homebuilding accounts payable, $35.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $181.6 million in Lennar Homebuilding senior notes and other debts payable, $15.7 million in Lennar Homebuilding other liabilities and $493.4 million in Rialto Investments notes payable and other liabilities. |
Supplemental_Financial_Informa4
Supplemental Financial Information Supplemental Financial Information (Guarantor Column Balance Sheet Adjustments) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | Nov. 30, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Assets | $11,015,593 | [1] | $10,362,206 | [1] | ||
Liabilities | 6,844,907 | [2] | 6,360,998 | [2] | ||
Stockholders' Equity Attributable to Parent | 3,714,146 | [2] | 3,414,764 | [2] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,170,686 | [2] | 4,001,208 | [2] | 3,858,377 | 3,303,525 |
Liabilities and Equity | 11,015,593 | [2] | 10,362,206 | [2] | ||
Lennar Homebuilding [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ||||||
Assets | 8,752,429 | [1] | 7,801,851 | [1] | ||
Intercompany Liabilities | ||||||
Liabilities | 6,000,725 | [2] | 5,129,424 | [2] | ||
Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Assets | 8,458,882 | 6,621,549 | ||||
Liabilities | 4,631,919 | 2,794,587 | ||||
Stockholders' Equity Attributable to Parent | 3,826,963 | 3,826,962 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,826,963 | 3,826,962 | ||||
Liabilities and Equity | 8,458,882 | 6,621,549 | ||||
Guarantor Subsidiaries [Member] | Lennar Homebuilding [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 325,902 | 585,756 | ||||
Assets | 8,382,856 | 6,543,912 | ||||
Intercompany Liabilities | 3,153,678 | 1,715,825 | ||||
Liabilities | $4,603,681 | $2,763,531 | ||||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. | |||||
[2] | As of AugustB 31, 2013, total liabilities include $499.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.2 million is included in Lennar Homebuilding accounts payable, $193.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $164.7 million in Lennar Homebuilding senior notes and other debts payable, $5.4 million in Lennar Homebuilding other liabilities and $133.2 million in Rialto Investments notes payable and other liabilities.As of NovemberB 30, 2012, total liabilities include $737.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $10.6 million is included in Lennar Homebuilding accounts payable, $35.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $181.6 million in Lennar Homebuilding senior notes and other debts payable, $15.7 million in Lennar Homebuilding other liabilities and $493.4 million in Rialto Investments notes payable and other liabilities. |
Supplemental_Financial_Informa5
Supplemental Financial Information Supplemental Financial Information (Non-Guarantor Column Balance Sheet Adjustments) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | Nov. 30, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Liabilities | $6,844,907 | [1] | $6,360,998 | [1] | ||
Stockholders' Equity Attributable to Parent | 3,714,146 | [1] | 3,414,764 | [1] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,170,686 | [1] | 4,001,208 | [1] | 3,858,377 | 3,303,525 |
Liabilities and Equity | 11,015,593 | [1] | 10,362,206 | [1] | ||
Lennar Homebuilding [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Intercompany Liabilities | ||||||
Liabilities | 6,000,725 | [1] | 5,129,424 | [1] | ||
Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Liabilities | 1,801,143 | 2,191,348 | ||||
Stockholders' Equity Attributable to Parent | 271,025 | 530,880 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 727,565 | 1,117,324 | ||||
Liabilities and Equity | 2,528,708 | 3,308,672 | ||||
Non-Guarantor Subsidiaries [Member] | Lennar Homebuilding [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Intercompany Liabilities | 802,871 | 722,501 | ||||
Liabilities | $991,415 | $990,830 | ||||
[1] | As of AugustB 31, 2013, total liabilities include $499.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.2 million is included in Lennar Homebuilding accounts payable, $193.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $164.7 million in Lennar Homebuilding senior notes and other debts payable, $5.4 million in Lennar Homebuilding other liabilities and $133.2 million in Rialto Investments notes payable and other liabilities.As of NovemberB 30, 2012, total liabilities include $737.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $10.6 million is included in Lennar Homebuilding accounts payable, $35.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $181.6 million in Lennar Homebuilding senior notes and other debts payable, $15.7 million in Lennar Homebuilding other liabilities and $493.4 million in Rialto Investments notes payable and other liabilities. |
Supplemental_Financial_Informa6
Supplemental Financial Information Supplemental Financial Information (Eliminations Column Balance Sheet Adjustments (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | Nov. 30, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Assets | $11,015,593 | [1] | $10,362,206 | [1] | ||
Liabilities | 6,844,907 | [2] | 6,360,998 | [2] | ||
Stockholders' Equity Attributable to Parent | 3,714,146 | [2] | 3,414,764 | [2] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,170,686 | [2] | 4,001,208 | [2] | 3,858,377 | 3,303,525 |
Liabilities and Equity | 11,015,593 | [2] | 10,362,206 | [2] | ||
Lennar Homebuilding [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ||||||
Intercompany Assets | ||||||
Assets | 8,752,429 | [1] | 7,801,851 | [1] | ||
Intercompany Liabilities | ||||||
Liabilities | 6,000,725 | [2] | 5,129,424 | [2] | ||
Consolidation, Eliminations [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Assets | -8,048,321 | -6,796,168 | ||||
Liabilities | -3,950,333 | -2,438,326 | ||||
Stockholders' Equity Attributable to Parent | -4,097,988 | -4,357,842 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -4,097,988 | -4,357,842 | ||||
Liabilities and Equity | -8,048,321 | -6,796,168 | ||||
Consolidation, Eliminations [Member] | Lennar Homebuilding [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | -4,097,988 | -4,357,842 | ||||
Intercompany Assets | -3,956,549 | -2,438,326 | ||||
Assets | -8,048,321 | -6,796,168 | ||||
Intercompany Liabilities | -3,956,549 | -2,438,326 | ||||
Liabilities | ($3,956,549) | ($2,438,326) | ||||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. | |||||
[2] | As of AugustB 31, 2013, total liabilities include $499.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.2 million is included in Lennar Homebuilding accounts payable, $193.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $164.7 million in Lennar Homebuilding senior notes and other debts payable, $5.4 million in Lennar Homebuilding other liabilities and $133.2 million in Rialto Investments notes payable and other liabilities.As of NovemberB 30, 2012, total liabilities include $737.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $10.6 million is included in Lennar Homebuilding accounts payable, $35.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $181.6 million in Lennar Homebuilding senior notes and other debts payable, $15.7 million in Lennar Homebuilding other liabilities and $493.4 million in Rialto Investments notes payable and other liabilities. |
Supplemental_Financial_Informa7
Supplemental Financial Information Supplemental Financial Information (Guarantor Column Income Statement Adjustments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Equity In Income (Loss) From Subsidiaries | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 122,154 | 71,411 | 321,910 | 533,812 |
Net Income (Loss) Attributable to Parent | 120,662 | 87,109 | 315,590 | 554,780 |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity In Income (Loss) From Subsidiaries | 15,640 | 8,034 | 36,442 | 23,560 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 143,849 | 131,859 | 374,176 | 638,100 |
Net Income (Loss) Attributable to Parent | 143,849 | 131,859 | 374,176 | 638,100 |
Guarantor Subsidiaries [Member] | Scenario, Previously Reported [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity In Income (Loss) From Subsidiaries | 3,776 | 26,621 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 127,601 | 641,161 | ||
Net Income (Loss) Attributable to Parent | 127,601 | 641,161 | ||
Guarantor Subsidiaries [Member] | Reclassify Adjustment [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity In Income (Loss) From Subsidiaries | 4,258 | -3,061 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 4,258 | -3,061 | ||
Net Income (Loss) Attributable to Parent | 4,258 | -3,061 | ||
Guarantor Subsidiaries [Member] | As Revised [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity In Income (Loss) From Subsidiaries | 8,034 | 23,560 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 131,859 | 638,100 | ||
Net Income (Loss) Attributable to Parent | $131,859 | $638,100 |
Supplemental_Financial_Informa8
Supplemental Financial Information Supplemental Financial Information (Eliminations Column Income Statement Adjustments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Equity In Income (Loss) From Subsidiaries | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 122,154 | 71,411 | 321,910 | 533,812 |
Net Income (Loss) Attributable to Parent | 120,662 | 87,109 | 315,590 | 554,780 |
Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity In Income (Loss) From Subsidiaries | -159,922 | -135,635 | -415,301 | -664,721 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -159,922 | -135,635 | -415,301 | -664,721 |
Net Income (Loss) Attributable to Parent | -159,922 | -135,635 | -415,301 | -664,721 |
Consolidation, Eliminations [Member] | Scenario, Previously Reported [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity In Income (Loss) From Subsidiaries | -131,377 | -667,782 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -131,377 | -667,782 | ||
Net Income (Loss) Attributable to Parent | -131,377 | -667,782 | ||
Consolidation, Eliminations [Member] | Reclassify Adjustment [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity In Income (Loss) From Subsidiaries | -4,258 | 3,061 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -4,258 | 3,061 | ||
Net Income (Loss) Attributable to Parent | -4,258 | 3,061 | ||
Consolidation, Eliminations [Member] | As Revised [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity In Income (Loss) From Subsidiaries | -135,635 | -664,721 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -135,635 | -664,721 | ||
Net Income (Loss) Attributable to Parent | ($135,635) | ($664,721) |
Supplemental_Financial_Informa9
Supplemental Financial Information Supplemental Financial Information (Parent Column Cash Flow Adjustments) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||
Distributions of earnings from subsidiaries | $0 | $0 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -1,339,649 | -1,024,319 |
Net Cash Provided by (Used in) Operating Activities | -1,017,739 | -490,507 |
Intercompany investing | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | 434,044 | 240,950 |
Intercompany Financing | ||
Net Cash Provided by (Used in) Financing Activities | -155,278 | -68,889 |
Cash and Cash Equivalents, Period Increase (Decrease) | -738,973 | -318,446 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Distributions of earnings from subsidiaries | 378,859 | 218,743 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -383,487 | -656,381 |
Net Cash Provided by (Used in) Operating Activities | 310,962 | 117,142 |
Intercompany investing | -1,537,867 | -641,365 |
Net Cash Provided by (Used in) Investing Activities | -1,537,867 | -641,583 |
Intercompany Financing | ||
Net Cash Provided by (Used in) Financing Activities | 552,570 | 229,464 |
Cash and Cash Equivalents, Period Increase (Decrease) | -674,335 | -294,977 |
Parent Company [Member] | Scenario, Previously Reported [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -1,996 | |
Net Cash Provided by (Used in) Operating Activities | 552,784 | |
Intercompany investing | 0 | |
Net Cash Provided by (Used in) Investing Activities | -218 | |
Intercompany Financing | -1,077,007 | |
Net Cash Provided by (Used in) Financing Activities | -847,543 | |
Parent Company [Member] | Reclassify Adjustment [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -435,642 | |
Net Cash Provided by (Used in) Operating Activities | -435,642 | |
Intercompany investing | -641,365 | |
Net Cash Provided by (Used in) Investing Activities | -641,365 | |
Intercompany Financing | 1,077,007 | |
Net Cash Provided by (Used in) Financing Activities | 1,077,007 | |
Parent Company [Member] | As Revised [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -437,638 | |
Net Cash Provided by (Used in) Operating Activities | 117,142 | |
Intercompany investing | -641,365 | |
Net Cash Provided by (Used in) Investing Activities | -641,583 | |
Intercompany Financing | 0 | |
Net Cash Provided by (Used in) Financing Activities | $229,464 |
Recovered_Sheet1
Supplemental Financial Information Supplemental Financial Information (Guarantor Column Cash Flow Adjustments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $122,154 | $71,411 | $321,910 | $533,812 | |
Distributions of earnings from subsidiaries | 0 | 0 | |||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -1,339,649 | -1,024,319 | |||
Net Cash Provided by (Used in) Operating Activities | -1,017,739 | -490,507 | |||
Net Cash Provided by (Used in) Investing Activities | 434,044 | 240,950 | |||
Payments of Ordinary Dividends, Common Stock | -23,142 | -22,755 | |||
Intercompany Financing | |||||
Net Cash Provided by (Used in) Financing Activities | -155,278 | -68,889 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | -738,973 | -318,446 | |||
Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 143,849 | 131,859 | 374,176 | 638,100 | |
Distributions of earnings from subsidiaries | 36,442 | 23,560 | |||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -1,385,923 | -967,166 | |||
Net Cash Provided by (Used in) Operating Activities | -975,305 | -305,506 | |||
Net Cash Provided by (Used in) Investing Activities | 66,721 | -24,200 | |||
Payments of Ordinary Dividends, Common Stock | -374,176 | -215,682 | |||
Intercompany Financing | 1,347,185 | 565,091 | |||
Net Cash Provided by (Used in) Financing Activities | 871,208 | 278,195 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | -37,376 | -51,511 | |||
Guarantor Subsidiaries [Member] | Scenario, Previously Reported [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 127,601 | 641,161 | |||
Distributions of earnings from subsidiaries | 0 | [1] | |||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -1,578,847 | [1] | |||
Net Cash Provided by (Used in) Operating Activities | -937,686 | ||||
Payments of Ordinary Dividends, Common Stock | 0 | ||||
Intercompany Financing | 981,589 | ||||
Net Cash Provided by (Used in) Financing Activities | 910,375 | ||||
Guarantor Subsidiaries [Member] | Reclassify Adjustment [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 4,258 | -3,061 | |||
Distributions of earnings from subsidiaries | 23,560 | [1] | |||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 611,681 | [1] | |||
Net Cash Provided by (Used in) Operating Activities | 632,180 | ||||
Payments of Ordinary Dividends, Common Stock | -215,682 | ||||
Intercompany Financing | -416,498 | ||||
Net Cash Provided by (Used in) Financing Activities | -632,180 | ||||
Guarantor Subsidiaries [Member] | As Revised [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 131,859 | 638,100 | |||
Distributions of earnings from subsidiaries | 23,560 | [1] | |||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -967,166 | [1] | |||
Net Cash Provided by (Used in) Operating Activities | -305,506 | ||||
Payments of Ordinary Dividends, Common Stock | -215,682 | ||||
Intercompany Financing | 565,091 | ||||
Net Cash Provided by (Used in) Financing Activities | $278,195 | ||||
[1] | The distributions of earnings from Guarantor and Non-Guarantor subsidiaries was previously included in the line item adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities, which is now titled other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities. The amounts have been broken out to separately disclose to the readers of the Company's supplemental financial information the net earnings of the Non-Guarantor subsidiaries being distributed to the Guarantor subsidiaries and the Parent and the net earnings of the Guarantor subsidiaries being distributed to the Parent. |
Recovered_Sheet2
Supplemental Financial Information Supplemental Financial Information (Non-Guarantor Cash Flow Adjustments) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ($1,339,649) | ($1,024,319) |
Net Cash Provided by (Used in) Operating Activities | -1,017,739 | -490,507 |
Net Cash Provided by (Used in) Investing Activities | 434,044 | 240,950 |
Payments of Ordinary Dividends, Common Stock | -23,142 | -22,755 |
Intercompany Financing | ||
Net Cash Provided by (Used in) Financing Activities | -155,278 | -68,889 |
Cash and Cash Equivalents, Period Increase (Decrease) | -738,973 | -318,446 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 14,460 | -65,493 |
Net Cash Provided by (Used in) Operating Activities | 61,905 | -59,840 |
Net Cash Provided by (Used in) Investing Activities | 367,323 | 265,368 |
Payments of Ordinary Dividends, Common Stock | -41,125 | -26,621 |
Intercompany Financing | 190,682 | 76,274 |
Net Cash Provided by (Used in) Financing Activities | -456,490 | -177,486 |
Cash and Cash Equivalents, Period Increase (Decrease) | -27,262 | 28,042 |
Reclassify Adjustment [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 45,765 | |
Net Cash Provided by (Used in) Operating Activities | 45,765 | |
Payments of Ordinary Dividends, Common Stock | -26,621 | |
Intercompany Financing | -19,144 | |
Net Cash Provided by (Used in) Financing Activities | -45,765 | |
As Revised [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -65,493 | |
Net Cash Provided by (Used in) Operating Activities | -59,840 | |
Payments of Ordinary Dividends, Common Stock | -26,621 | |
Intercompany Financing | 76,274 | |
Net Cash Provided by (Used in) Financing Activities | -177,486 | |
Scenario, Previously Reported [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -111,258 | |
Net Cash Provided by (Used in) Operating Activities | -105,605 | |
Payments of Ordinary Dividends, Common Stock | 0 | |
Intercompany Financing | 95,418 | |
Net Cash Provided by (Used in) Financing Activities | ($131,721) |
Recovered_Sheet3
Supplemental Financial Information Supplemental Financial Information (Eliminations Column Cash Flow Adjustment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $122,154 | $71,411 | $321,910 | $533,812 | |
Distributions of earnings from subsidiaries | 0 | 0 | |||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -1,339,649 | -1,024,319 | |||
Net Cash Provided by (Used in) Operating Activities | -1,017,739 | -490,507 | |||
Intercompany investing | 0 | 0 | |||
Net Cash Provided by (Used in) Investing Activities | 434,044 | 240,950 | |||
Payments of Ordinary Dividends, Common Stock | -23,142 | -22,755 | |||
Intercompany Financing | |||||
Net Cash Provided by (Used in) Financing Activities | -155,278 | -68,889 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | -738,973 | -318,446 | |||
Consolidation, Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -159,922 | -135,635 | -415,301 | -664,721 | |
Distributions of earnings from subsidiaries | -415,301 | -242,303 | |||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 415,301 | 664,721 | |||
Net Cash Provided by (Used in) Operating Activities | -415,301 | -242,303 | |||
Intercompany investing | 1,537,867 | 641,365 | |||
Net Cash Provided by (Used in) Investing Activities | 1,537,867 | 641,365 | |||
Payments of Ordinary Dividends, Common Stock | 415,301 | 242,303 | |||
Intercompany Financing | -1,537,867 | -641,365 | |||
Net Cash Provided by (Used in) Financing Activities | -1,122,566 | -399,062 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | |||||
Consolidation, Eliminations [Member] | Scenario, Previously Reported [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -131,377 | -667,782 | |||
Distributions of earnings from subsidiaries | 0 | [1] | |||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 667,782 | [1] | |||
Net Cash Provided by (Used in) Operating Activities | 0 | ||||
Intercompany investing | 0 | ||||
Net Cash Provided by (Used in) Investing Activities | 0 | ||||
Payments of Ordinary Dividends, Common Stock | 0 | ||||
Intercompany Financing | 0 | ||||
Net Cash Provided by (Used in) Financing Activities | 0 | ||||
Consolidation, Eliminations [Member] | Reclassify Adjustment [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -4,258 | 3,061 | |||
Distributions of earnings from subsidiaries | -242,303 | [1] | |||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | -3,061 | [1] | |||
Net Cash Provided by (Used in) Operating Activities | -242,303 | ||||
Intercompany investing | 641,365 | ||||
Net Cash Provided by (Used in) Investing Activities | 641,365 | ||||
Payments of Ordinary Dividends, Common Stock | 242,303 | ||||
Intercompany Financing | -641,365 | ||||
Net Cash Provided by (Used in) Financing Activities | -399,062 | ||||
Consolidation, Eliminations [Member] | As Revised [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -135,635 | -664,721 | |||
Distributions of earnings from subsidiaries | -242,303 | [1] | |||
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 664,721 | [1] | |||
Net Cash Provided by (Used in) Operating Activities | -242,303 | ||||
Intercompany investing | 641,365 | ||||
Net Cash Provided by (Used in) Investing Activities | 641,365 | ||||
Payments of Ordinary Dividends, Common Stock | 242,303 | ||||
Intercompany Financing | -641,365 | ||||
Net Cash Provided by (Used in) Financing Activities | ($399,062) | ||||
[1] | The distributions of earnings from Guarantor and Non-Guarantor subsidiaries was previously included in the line item adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities, which is now titled other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities. The amounts have been broken out to separately disclose to the readers of the Company's supplemental financial information the net earnings of the Non-Guarantor subsidiaries being distributed to the Guarantor subsidiaries and the Parent and the net earnings of the Guarantor subsidiaries being distributed to the Parent. |
Recovered_Sheet4
Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | Nov. 30, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | $11,015,593 | [1] | $10,362,206 | [1] | ||
Senior notes and other debts payable | 4,624,614 | 4,005,051 | ||||
Total liabilities | 6,844,907 | [2] | 6,360,998 | [2] | ||
Stockholders' equity | 3,714,146 | [2] | 3,414,764 | [2] | ||
Noncontrolling interests | 456,540 | [2] | 586,444 | [2] | ||
Total equity | 4,170,686 | [2] | 4,001,208 | [2] | 3,858,377 | 3,303,525 |
Total liabilities and equity | 11,015,593 | [2] | 10,362,206 | [2] | ||
Parent Company [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 8,076,324 | 7,228,153 | ||||
Total liabilities | 4,362,178 | 3,813,389 | ||||
Stockholders' equity | 3,714,146 | 3,414,764 | ||||
Total equity | 3,714,146 | 3,414,764 | ||||
Total liabilities and equity | 8,076,324 | 7,228,153 | ||||
Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 8,458,882 | 6,621,549 | ||||
Total liabilities | 4,631,919 | 2,794,587 | ||||
Stockholders' equity | 3,826,963 | 3,826,962 | ||||
Total equity | 3,826,963 | 3,826,962 | ||||
Total liabilities and equity | 8,458,882 | 6,621,549 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 2,528,708 | 3,308,672 | ||||
Total liabilities | 1,801,143 | 2,191,348 | ||||
Stockholders' equity | 271,025 | 530,880 | ||||
Noncontrolling interests | 456,540 | 586,444 | ||||
Total equity | 727,565 | 1,117,324 | ||||
Total liabilities and equity | 2,528,708 | 3,308,672 | ||||
Consolidation, Eliminations [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | -8,048,321 | -6,796,168 | ||||
Total liabilities | -3,950,333 | -2,438,326 | ||||
Stockholders' equity | -4,097,988 | -4,357,842 | ||||
Total equity | -4,097,988 | -4,357,842 | ||||
Total liabilities and equity | -8,048,321 | -6,796,168 | ||||
Lennar Homebuilding [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 510,397 | 1,208,708 | ||||
Inventories | 6,528,931 | [1] | 5,071,713 | [1] | ||
Investments in unconsolidated entities | 755,253 | [1] | 565,360 | [1] | ||
Other assets | 957,848 | [1] | 956,070 | [1] | ||
Investments in subsidiaries | ||||||
Intercompany Assets | ||||||
Total assets | 8,752,429 | [1] | 7,801,851 | [1] | ||
Accounts payable and other liabilities | 978,034 | 856,214 | ||||
Liabilities related to consolidated inventory not owned | 398,077 | [2] | 268,159 | [2] | ||
Senior notes and other debts payable | 4,624,614 | [2] | 4,005,051 | [2] | ||
Intercompany Liabilities | ||||||
Total liabilities | 6,000,725 | [2] | 5,129,424 | [2] | ||
Lennar Homebuilding [Member] | Parent Company [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 294,524 | 962,116 | ||||
Other assets | 53,165 | 55,625 | ||||
Investments in subsidiaries | 3,772,086 | 3,772,086 | ||||
Intercompany Assets | 3,956,549 | 2,438,326 | ||||
Total assets | 8,076,324 | 7,228,153 | ||||
Accounts payable and other liabilities | 284,118 | 279,926 | ||||
Senior notes and other debts payable | 4,078,060 | 3,533,463 | ||||
Intercompany Liabilities | ||||||
Total liabilities | 4,362,178 | 3,813,389 | ||||
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 200,647 | 226,047 | ||||
Inventories | 6,433,170 | 4,532,755 | ||||
Investments in unconsolidated entities | 739,453 | 521,662 | ||||
Other assets | 683,684 | 677,692 | ||||
Investments in subsidiaries | 325,902 | 585,756 | ||||
Intercompany Assets | ||||||
Total assets | 8,382,856 | 6,543,912 | ||||
Accounts payable and other liabilities | 685,326 | 533,882 | ||||
Liabilities related to consolidated inventory not owned | 398,077 | 268,159 | ||||
Senior notes and other debts payable | 366,600 | 245,665 | ||||
Intercompany Liabilities | 3,153,678 | 1,715,825 | ||||
Total liabilities | 4,603,681 | 2,763,531 | ||||
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 15,226 | 20,545 | ||||
Inventories | 95,761 | 538,958 | ||||
Investments in unconsolidated entities | 15,800 | 43,698 | ||||
Other assets | 214,783 | 222,753 | ||||
Intercompany Assets | ||||||
Total assets | 341,570 | 825,954 | ||||
Accounts payable and other liabilities | 8,590 | 42,406 | ||||
Senior notes and other debts payable | 179,954 | 225,923 | ||||
Intercompany Liabilities | 802,871 | 722,501 | ||||
Total liabilities | 991,415 | 990,830 | ||||
Lennar Homebuilding [Member] | Consolidation, Eliminations [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Other assets | 6,216 | 0 | ||||
Investments in subsidiaries | -4,097,988 | -4,357,842 | ||||
Intercompany Assets | -3,956,549 | -2,438,326 | ||||
Total assets | -8,048,321 | -6,796,168 | ||||
Accounts payable and other liabilities | 0 | |||||
Intercompany Liabilities | -3,956,549 | -2,438,326 | ||||
Total liabilities | -3,956,549 | -2,438,326 | ||||
Rialto Investments [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Investments in unconsolidated entities | 125,263 | [1] | 108,140 | [1] | ||
Other assets | 66,223 | [1] | 38,379 | [1] | ||
Total assets | 1,554,140 | [1],[3] | 1,647,360 | [1],[3] | ||
Senior notes and other debts payable | 346,627 | [2],[4] | 574,480 | [2],[4] | ||
Total liabilities | 391,071 | [2] | 600,602 | [2] | ||
Rialto Investments [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 1,554,140 | 1,647,360 | ||||
Total liabilities | 391,071 | 600,602 | ||||
Lennar Financial Services [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Other assets | 50,887 | [5] | 44,957 | [5] | ||
Total assets | 709,024 | 912,995 | [1] | |||
Total liabilities | 453,111 | [2] | 630,972 | [2] | ||
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 76,026 | 77,637 | ||||
Total liabilities | 28,238 | 31,056 | ||||
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 632,998 | 835,358 | ||||
Total liabilities | 418,657 | 599,916 | ||||
Lennar Financial Services [Member] | Consolidation, Eliminations [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total liabilities | $6,216 | |||||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. | |||||
[2] | As of AugustB 31, 2013, total liabilities include $499.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.2 million is included in Lennar Homebuilding accounts payable, $193.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $164.7 million in Lennar Homebuilding senior notes and other debts payable, $5.4 million in Lennar Homebuilding other liabilities and $133.2 million in Rialto Investments notes payable and other liabilities.As of NovemberB 30, 2012, total liabilities include $737.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $10.6 million is included in Lennar Homebuilding accounts payable, $35.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $181.6 million in Lennar Homebuilding senior notes and other debts payable, $15.7 million in Lennar Homebuilding other liabilities and $493.4 million in Rialto Investments notes payable and other liabilities. | |||||
[3] | Consists primarily of assets of consolidated VIEs (see Note 8). | |||||
[4] | As of August 31, 2013 notes and other debts payable includes $110.0 million of notes payable related to the FDIC portfolios and $133.1 million related to the RMF warehouse repurchase financing agreement. As of November 30, 2012, notes and other debts payable includes $470.0 million of notes payable related to the FDIC portfolios. | |||||
[5] | Other assets include mortgage loan commitments carried at fair value of $10.8 million and $12.7 million as of AugustB 31, 2013 and NovemberB 30, 2012, respectively. In addition, other assets also includes forward contracts carried at fair value of $1.8 million as of AugustB 31, 2013 |
Recovered_Sheet5
Supplemental Financial Information (Condensed Consolidating Statement Of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | ||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Total revenues | $1,602,072 | [1] | $1,099,758 | [1] | $4,018,142 | [1] | $2,754,769 | [1] |
Corporate general and administrative | 37,619 | 32,286 | 102,742 | 88,296 | ||||
Total costs and expenses | 1,406,570 | 1,010,555 | 3,588,715 | 2,577,300 | ||||
Other interest expense | -22,230 | -22,659 | -73,370 | -71,311 | ||||
Earnings (loss) before income taxes | 189,359 | 58,635 | 404,969 | 117,191 | ||||
Provision (Benefit) for income taxes | 67,205 | -12,776 | 83,059 | -416,621 | ||||
Equity In Income (Loss) From Subsidiaries | ||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 122,154 | 71,411 | 321,910 | 533,812 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | 1,492 | [2] | -15,698 | [2] | 6,320 | [2] | -20,968 | [2] |
Net earnings attributable to Lennar | 120,662 | 87,109 | 315,590 | 554,780 | ||||
Parent Company [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Total revenues | ||||||||
Corporate general and administrative | 35,310 | 31,021 | 97,902 | 84,500 | ||||
Total costs and expenses | 35,310 | 31,021 | 97,902 | 84,500 | ||||
Other interest expense | -1,452 | -1,453 | -4,326 | -4,342 | ||||
Earnings (loss) before income taxes | -36,465 | -32,402 | -101,507 | -89,052 | ||||
Provision (Benefit) for income taxes | -12,845 | 8,090 | -38,238 | -2,671 | ||||
Equity In Income (Loss) From Subsidiaries | 144,282 | 127,601 | 378,859 | 641,161 | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 120,662 | 87,109 | 315,590 | 554,780 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | ||||||||
Net earnings attributable to Lennar | 120,662 | 87,109 | 315,590 | 554,780 | ||||
Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Total revenues | 1,492,283 | 998,963 | 3,700,739 | 2,501,594 | ||||
Corporate general and administrative | ||||||||
Total costs and expenses | 1,280,646 | 885,582 | 3,217,009 | 2,262,693 | ||||
Other interest expense | -22,230 | -22,659 | -73,370 | -71,311 | ||||
Earnings (loss) before income taxes | 198,158 | 79,452 | 432,885 | 165,100 | ||||
Provision (Benefit) for income taxes | 69,949 | -44,373 | 95,151 | -449,440 | ||||
Equity In Income (Loss) From Subsidiaries | 15,640 | 8,034 | 36,442 | 23,560 | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 143,849 | 131,859 | 374,176 | 638,100 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | ||||||||
Net earnings attributable to Lennar | 143,849 | 131,859 | 374,176 | 638,100 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Total revenues | 115,068 | 105,285 | 333,126 | 266,432 | ||||
Corporate general and administrative | ||||||||
Total costs and expenses | 94,729 | 97,032 | 285,894 | 238,783 | ||||
Other interest expense | ||||||||
Earnings (loss) before income taxes | 27,666 | 11,585 | 73,591 | 41,143 | ||||
Provision (Benefit) for income taxes | 10,101 | 23,507 | 26,146 | 35,490 | ||||
Equity In Income (Loss) From Subsidiaries | ||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 17,565 | -11,922 | 47,445 | 5,653 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | 1,492 | -15,698 | 6,320 | -20,968 | ||||
Net earnings attributable to Lennar | 16,073 | 3,776 | 41,125 | 26,621 | ||||
Consolidation, Eliminations [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Total revenues | -5,279 | -4,490 | -15,723 | -13,257 | ||||
Corporate general and administrative | 2,309 | 1,265 | 4,840 | 3,796 | ||||
Total costs and expenses | -4,115 | -3,080 | -12,090 | -8,676 | ||||
Other interest expense | 1,452 | 1,453 | 4,326 | 4,342 | ||||
Earnings (loss) before income taxes | ||||||||
Provision (Benefit) for income taxes | ||||||||
Equity In Income (Loss) From Subsidiaries | -159,922 | -135,635 | -415,301 | -664,721 | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | -159,922 | -135,635 | -415,301 | -664,721 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | ||||||||
Net earnings attributable to Lennar | -159,922 | -135,635 | -415,301 | -664,721 | ||||
Lennar Homebuilding [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Real estate revenue | 1,461,626 | 955,800 | 3,611,414 | 2,388,321 | ||||
Lennar Homebuilding, Cost and expenses | 1,245,638 | 850,432 | 3,132,882 | 2,167,019 | ||||
Equity in earnings (loss) from unconsolidated entities | 10,345 | [3] | -5,991 | [3] | 22,939 | [3] | -14,289 | [3] |
Other income (expense), net | -1,294 | -5,406 | 286 | 11,419 | ||||
Lennar Homebuilding [Member] | Parent Company [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Real estate revenue | ||||||||
Lennar Homebuilding, Cost and expenses | ||||||||
Equity in earnings (loss) from unconsolidated entities | ||||||||
Other income (expense), net | 297 | 72 | 721 | -210 | ||||
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Real estate revenue | 1,447,533 | 955,800 | 3,576,749 | 2,387,916 | ||||
Lennar Homebuilding, Cost and expenses | 1,239,791 | 845,316 | 3,098,463 | 2,151,982 | ||||
Equity in earnings (loss) from unconsolidated entities | 10,054 | -5,835 | 22,267 | -13,880 | ||||
Other income (expense), net | -1,303 | -5,435 | 258 | 11,390 | ||||
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Real estate revenue | 14,093 | 0 | 34,665 | 405 | ||||
Lennar Homebuilding, Cost and expenses | 6,302 | 4,403 | 35,659 | 12,257 | ||||
Equity in earnings (loss) from unconsolidated entities | 291 | -156 | 672 | -409 | ||||
Other income (expense), net | ||||||||
Lennar Homebuilding [Member] | Consolidation, Eliminations [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Real estate revenue | ||||||||
Lennar Homebuilding, Cost and expenses | -455 | 713 | -1,240 | 2,780 | ||||
Equity in earnings (loss) from unconsolidated entities | ||||||||
Other income (expense), net | -288 | -43 | -693 | 239 | ||||
Lennar Financial Services [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Financial Services Revenue | 112,638 | 106,764 | 327,614 | 263,574 | ||||
Lennar Financial Services, Cost and expenses | 89,146 | 81,441 | 258,848 | 212,021 | ||||
Lennar Financial Services [Member] | Parent Company [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Financial Services Revenue | ||||||||
Lennar Financial Services, Cost and expenses | ||||||||
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Financial Services Revenue | 44,750 | 43,163 | 123,990 | 113,678 | ||||
Lennar Financial Services, Cost and expenses | 40,855 | 40,266 | 118,546 | 110,711 | ||||
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Financial Services Revenue | 73,167 | 68,091 | 219,347 | 163,153 | ||||
Lennar Financial Services, Cost and expenses | 53,216 | 46,233 | 154,948 | 116,562 | ||||
Lennar Financial Services [Member] | Consolidation, Eliminations [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Financial Services Revenue | -5,279 | -4,490 | -15,723 | -13,257 | ||||
Lennar Financial Services, Cost and expenses | -4,925 | -5,058 | -14,646 | -15,252 | ||||
Rialto Investments [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Rialto Investments, Revenues | 27,808 | 37,194 | 79,114 | 102,874 | ||||
Rialto Investments, Cost and expenses | 34,167 | 46,396 | 94,243 | 109,964 | ||||
Equity in earnings (loss) from unconsolidated entities | 5,199 | 13,551 | 15,877 | 37,578 | ||||
Other income (expense), net | 1,837 | -10,063 | 9,810 | -23,675 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | -790 | -13,400 | 4,571 | -14,600 | ||||
Rialto Investments [Member] | Parent Company [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Rialto Investments, Revenues | ||||||||
Rialto Investments, Cost and expenses | ||||||||
Equity in earnings (loss) from unconsolidated entities | ||||||||
Other income (expense), net | ||||||||
Rialto Investments [Member] | Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Rialto Investments, Revenues | ||||||||
Rialto Investments, Cost and expenses | 0 | 0 | 0 | |||||
Equity in earnings (loss) from unconsolidated entities | ||||||||
Other income (expense), net | ||||||||
Rialto Investments [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Rialto Investments, Revenues | 27,808 | 37,194 | 79,114 | 102,874 | ||||
Rialto Investments, Cost and expenses | 35,211 | 46,396 | 95,287 | 109,964 | ||||
Equity in earnings (loss) from unconsolidated entities | 5,199 | 13,551 | 15,877 | 37,578 | ||||
Other income (expense), net | 1,837 | -10,063 | 9,810 | -23,675 | ||||
Rialto Investments [Member] | Consolidation, Eliminations [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Rialto Investments, Revenues | ||||||||
Rialto Investments, Cost and expenses | -1,044 | -1,044 | ||||||
Equity in earnings (loss) from unconsolidated entities | ||||||||
Other income (expense), net | ||||||||
[1] | Total revenues are net of sales incentives of $92.8 million ($18,700 per home delivered) and $256.7 million ($20,400 per home delivered) for the three and nine months ended August 31, 2013, respectively, compared to $94.3 million ($26,100 per home delivered) and $274.0 million ($29,500 per home delivered) for the three and nine months ended August 31, 2012, respectively. | |||||||
[2] | Net earnings (loss) attributable to noncontrolling interests for the three and nine months ended August 31, 2013 includes ($0.8) million and $4.6 million, respectively, of net earnings (loss) attributable to noncontrolling interests related to the FDICbs interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC. Net earnings (loss) attributable to noncontrolling interests for the three and nine months ended August 31, 2012 includes ($13.4) million and ($14.6) million, respectively, of net earnings (loss) attributable to noncontrolling interests related to the FDICbs interest in the portfolio of real estate loans that the Company acquired in partnership with the FDIC. | |||||||
[3] | For the three and nine months ended August 31, 2013, Lennar Homebuilding equity in earnings (loss) from unconsolidated entities includes $8.6 million and $21.6 million, respectively, of equity in earnings primarily as a result of sales of homesites to third parties by one unconsolidated entity and previously deferred profit related to those homesites that was earned during the three months ended August 31, 2013. For the nine months ended August 31, 2012, Lennar Homebuilding equity in earnings (loss) includes $5.5 million of valuation adjustments related to strategic asset sales at Lennar Homebuilding's unconsolidated entities. |
Recovered_Sheet6
Supplemental Financial Information (Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | ||
Parent Company [Member] | Parent Company [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Lennar Financial Services [Member] | Lennar Financial Services [Member] | Lennar Financial Services [Member] | Lennar Financial Services [Member] | Lennar Financial Services [Member] | Lennar Financial Services [Member] | Lennar Financial Services [Member] | Lennar Financial Services [Member] | Lennar Financial Services [Member] | Lennar Financial Services [Member] | |||||
Parent Company [Member] | Parent Company [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | Parent Company [Member] | Parent Company [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | Parent Company [Member] | Parent Company [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | |||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Intercompany Assets | $3,956,549 | ($3,956,549) | ||||||||||||||||||||||||||||||||||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 321,910 | 533,812 | 315,590 | 554,780 | 374,176 | 638,100 | 47,445 | 5,653 | -415,301 | -664,721 | ||||||||||||||||||||||||||||||||
Distributions of earnings from subsidiaries | 0 | 0 | 378,859 | 218,743 | 36,442 | 23,560 | 0 | 0 | -415,301 | -242,303 | ||||||||||||||||||||||||||||||||
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | -1,339,649 | -1,024,319 | -383,487 | -656,381 | -1,385,923 | -967,166 | 14,460 | -65,493 | 415,301 | 664,721 | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | -1,017,739 | -490,507 | 310,962 | 117,142 | -975,305 | -305,506 | 61,905 | -59,840 | -415,301 | -242,303 | ||||||||||||||||||||||||||||||||
Investments in and contributions to unconsolidated entities, net | 94,658 | -29,149 | 93,744 | -28,007 | 914 | -1,142 | -1,646 | 54,646 | -1,646 | 54,646 | ||||||||||||||||||||||||||||||||
Decrease (increase) in Rialto Investments defeasance cash to retire notes payable | 145,781 | 33,411 | 145,781 | 33,411 | ||||||||||||||||||||||||||||||||||||||
Receipts of principal payments on Rialto Investments loans receivable | 49,560 | 52,913 | 49,560 | 52,913 | ||||||||||||||||||||||||||||||||||||||
Proceeds from sales of Rialto Investments real estate owned | 182,220 | 121,848 | 182,220 | 121,848 | ||||||||||||||||||||||||||||||||||||||
Other | -36,529 | 7,281 | -218 | -27,023 | 3,807 | -9,506 | 3,692 | |||||||||||||||||||||||||||||||||||
Intercompany investing | 0 | 0 | -1,537,867 | -641,365 | 0 | 0 | 0 | 0 | 1,537,867 | 641,365 | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 434,044 | 240,950 | -1,537,867 | -641,583 | 66,721 | -24,200 | 367,323 | 265,368 | 1,537,867 | 641,365 | ||||||||||||||||||||||||||||||||
Net repayments under Lennar Financial Services debt | 100,000 | 0 | 100,000 | 133,103 | 0 | 133,103 | -167,710 | -52,420 | -77 | -167,710 | -52,343 | |||||||||||||||||||||||||||||||
Net Proceeds From Convertible Senior Notes | 445,186 | 445,186 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Net proceeds from senior notes | 494,811 | 494,811 | ||||||||||||||||||||||||||||||||||||||||
Repayments of Senior Debt | -63,001 | -210,862 | -63,001 | -210,862 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Principal repayments on Rialto Investments notes payable | -360,956 | -170,889 | -360,956 | -170,889 | -360,956 | -170,889 | ||||||||||||||||||||||||||||||||||||
Proceeds from (Repayments of) Other Debt | -110,682 | -27,368 | -74,472 | -22,895 | -36,210 | -4,473 | ||||||||||||||||||||||||||||||||||||
Exercise of land option contracts from an unconsolidated land investment venture | -27,329 | -48,242 | -27,329 | -48,242 | ||||||||||||||||||||||||||||||||||||||
Net payments related to noncontrolling interests | -174,274 | 566 | -174,274 | 566 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from share-based awards | 10,148 | 1,572 | 10,148 | 1,572 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Issuances | 33,945 | 16,323 | 33,945 | 16,323 | ||||||||||||||||||||||||||||||||||||||
Repurchases | -191 | 0 | 191 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Dividends | -23,142 | -22,755 | -23,142 | -22,755 | -374,176 | -215,682 | -41,125 | -26,621 | 415,301 | 242,303 | ||||||||||||||||||||||||||||||||
Intercompany Financing | 1,347,185 | 565,091 | 190,682 | 76,274 | -1,537,867 | -641,365 | ||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | -155,278 | -68,889 | 552,570 | 229,464 | 871,208 | 278,195 | -456,490 | -177,486 | -1,122,566 | -399,062 | ||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | -738,973 | -318,446 | -674,335 | -294,977 | -37,376 | -51,511 | -27,262 | 28,042 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 1,310,743 | 1,163,604 | 953,478 | 864,237 | 192,373 | 172,018 | 164,892 | 127,349 | 1,146,867 | [1] | 105,310 | [1] | 58,566 | |||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $571,770 | $845,158 | $279,143 | $569,260 | $154,997 | $120,507 | $137,630 | $155,391 | $433,943 | [1] | $692,004 | $72,024 | [1] | $72,679 | $65,803 | $80,475 | ||||||||||||||||||||||||||
[1] | Under certain provisions of Accounting Standards Codification (bASCb) Topic 810, Consolidations, (bASC 810b) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (bVIEsb) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of AugustB 31, 2013, total assets include $1,466.5 million related to consolidated VIEs of which $12.7 million is included in Lennar Homebuilding cash and cash equivalents, $2.3 million in Lennar Homebuilding receivables, net, $1.8 million in Lennar Homebuilding finished homes and construction in progress, $95.0 million in Lennar Homebuilding land and land under development, $244.0 million in Lennar Homebuilding consolidated inventory not owned, $15.8 million in Lennar Homebuilding investments in unconsolidated entities, $214.9 million in Lennar Homebuilding other assets, $46.9 million in Rialto Investments cash and cash equivalents, $78.0 million in Rialto Investments defeasance cash to retire notes payable, $268.4 million in Rialto Investments loans receivable, net, $122.7 million in Rialto Investments real estate owned, held-for-sale, $359.0 million in Rialto Investments real estate owned, held-and-used, net $0.7 million in Rialto Investments in unconsolidated entities and $4.3 million in Rialto Investments other assets.As of NovemberB 30, 2012, total assets include $2,128.6 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $6.0 million in Lennar Homebuilding receivables, net, $57.4 million in Lennar Homebuilding finished homes and construction in progress, $482.6 million in Lennar Homebuilding land and land under development, $65.2 million in Lennar Homebuilding consolidated inventory not owned, $43.7 million in Lennar Homebuilding investments in unconsolidated entities, $224.1 million in Lennar Homebuilding other assets, $104.8 million in Rialto Investments cash and cash equivalents, $223.8 million in Rialto Investments defeasance cash to retire notes payable, $350.2 million in Rialto Investments loans receivable, net, $94.2 million in Rialto Investments real estate owned, held-for-sale, $454.9 million in Rialto Investments real estate owned, held-and-used, net, $0.7 million in Rialto Investments in unconsolidated entities and $7.8 million in Rialto Investments other assets. |