Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Aug. 31, 2014 | |
Entity Registrant Name | 'LENNAR CORP /NEW/ |
Entity Central Index Key | '0000920760 |
Current Fiscal Year End Date | '--11-30 |
Entity Filer Category | 'Large Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 31-Aug-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Amendment Flag | 'false |
Class A Common Stock [Member] | ' |
Entity Common Stock, Shares Outstanding | 173,941,743 |
Class B Common Stock [Member] | ' |
Entity Common Stock, Shares Outstanding | 31,303,195 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Cash and cash equivalents | $833,513 | $970,505 | ||
Inventories: | ' | ' | ||
Total assets | 12,290,077 | [1] | 11,273,247 | [1] |
LIABILITIES AND EQUITY | ' | ' | ||
Senior notes and other debts payable | 4,692,880 | 4,194,432 | ||
Total liabilities | 7,251,936 | [2] | 6,645,777 | [2] |
Stockholders' equity: | ' | ' | ||
Preferred stock | 0 | [2] | 0 | [2] |
Additional paid-in capital | 2,223,001 | [2] | 2,721,246 | [2] |
Retained earnings | 2,422,921 | [2] | 2,053,893 | [2] |
Treasury stock, at cost; August 31, 2014 - 296,589 Class A common stock and 1,679,620 Class B common stock; November 30, 2013 - 12,063,466 Class A common stock and 1,679,620 Class B common stock | -85,165 | [2] | -628,019 | [2] |
Total stockholders' equity | 4,581,479 | [2] | 4,168,901 | [2] |
Noncontrolling interests | 456,662 | [2] | 458,569 | [2] |
Total equity | 5,038,141 | [2] | 4,627,470 | [2] |
Total liabilities and equity | 12,290,077 | [2] | 11,273,247 | [2] |
Lennar Homebuilding [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Cash and cash equivalents | 542,241 | [1] | 695,424 | [1] |
Restricted cash | 11,769 | [1] | 36,150 | [1] |
Receivables, net | 83,420 | [1] | 51,935 | [1] |
Inventories: | ' | ' | ||
Finished homes and construction in progress | 3,159,148 | [1] | 2,269,116 | [1] |
Land and land under development | 4,509,515 | [1] | 3,871,773 | [1] |
Land under purchase options, recorded | 55,771 | [1] | 460,159 | [1] |
Total inventories | 7,724,434 | [1] | 6,601,048 | [1] |
Investments in unconsolidated entities | 697,623 | [1] | 716,949 | [1] |
Other assets | 695,325 | [1] | 748,629 | [1] |
Total assets | 9,754,812 | [1] | 8,850,135 | [1] |
LIABILITIES AND EQUITY | ' | ' | ||
Accounts payable | 349,382 | [2] | 271,365 | [2] |
Liabilities related to consolidated inventory not owned | 47,507 | [2] | 384,876 | [2] |
Senior notes and other debts payable | 4,692,880 | [2] | 4,194,432 | [2] |
Other liabilities | 770,499 | [2] | 712,931 | [2] |
Total liabilities | 5,860,268 | [2] | 5,563,604 | [2] |
Rialto Investments [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Cash and cash equivalents | 211,030 | [1] | 201,496 | [1] |
Restricted cash | 31,636 | [3] | 2,593 | [3] |
Receivables, net | 0 | [4] | 111,833 | |
Inventories: | ' | ' | ||
Investments in unconsolidated entities | 176,132 | [1] | 154,573 | [1] |
Other assets | 95,925 | [1] | 59,358 | [1] |
Loans receivable, net | 174,286 | [1] | 278,392 | [1] |
Loans held-for-sale | 164,923 | [1],[5] | 44,228 | [1],[5] |
Real estate owned, held-for-sale | 194,339 | [1] | 197,851 | [1] |
Real estate owned, held-and-used, net | 335,472 | [1] | 428,989 | [1] |
Total assets | 1,383,743 | [1] | 1,479,313 | [1] |
LIABILITIES AND EQUITY | ' | ' | ||
Senior notes and other debts payable | 582,659 | [2],[6] | 441,883 | [2],[6] |
Other liabilities | 76,989 | [2],[7] | 55,125 | [2],[7] |
Total liabilities | 659,648 | [2] | 497,008 | [2] |
Lennar Financial Services [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Cash and cash equivalents | 78,361 | 73,066 | ||
Restricted cash | 8,661 | 10,283 | ||
Receivables, net | 121,185 | [8] | 127,223 | [8] |
Inventories: | ' | ' | ||
Other assets | 75,644 | [9] | 49,161 | [9] |
Loans held-for-sale | 539,988 | [5] | 414,231 | [5] |
Total assets | 946,537 | [1] | 796,710 | [1] |
LIABILITIES AND EQUITY | ' | ' | ||
Other liabilities | 175,752 | [10] | 169,473 | [10] |
Total liabilities | 697,799 | [2] | 543,639 | [2] |
Lennar Multifamily [Member] | ' | ' | ||
ASSETS | ' | ' | ||
Cash and cash equivalents | 1,881 | 519 | ||
Inventories: | ' | ' | ||
Land and land under development | 86,364 | 88,260 | ||
Land under purchase options, recorded | 0 | 10,500 | ||
Investments in unconsolidated entities | 92,863 | 46,301 | ||
Other assets | 23,877 | 1,509 | ||
Total assets | 204,985 | [1] | 147,089 | [1] |
LIABILITIES AND EQUITY | ' | ' | ||
Liabilities related to consolidated inventory not owned | 0 | 10,150 | ||
Senior notes and other debts payable | 0 | 13,858 | ||
Total liabilities | 34,221 | 41,526 | ||
Class A Common Stock [Member] | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Common stock | 17,424 | [2] | 18,483 | [2] |
Total equity | 17,424 | 18,483 | ||
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 (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. | |||
[2] | As of August 31, 2014, total liabilities include $142.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.5 million is included in Lennar Homebuilding accounts payable, $47.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $4.5 million in Lennar Homebuilding other liabilities and $23.6 million in Rialto Investments liabilities.As of November 30, 2013, total liabilities include $294.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $191.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $75.1 million in Lennar Homebuilding senior notes and other debts payable, $4.9 million in Lennar Homebuilding other liabilities and $20.2 million in Rialto Investments liabilities. | |||
[3] | Restricted cash primarily consists of cash held in escrow by the Company's loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. | |||
[4] | Receivables, net primarily relate to loans sold but not settled as of November 30, 2013. | |||
[5] | Loans held-for-sale relate to unsold loans carried at fair value. | |||
[6] | Notes and other debts payable include $352.0 million and $250.0 million related to the 7.00% Senior Notes due 2018 ("7.00% Senior Notes") as of August 31, 2014 and November 30, 2013, respectively, and also include $71.4 million and $76.0 million as of August 31, 2014 and November 30, 2013, respectively, related to the RMF warehouse repurchase financing agreements. As of August 31, 2014, notes and other debts payable also include $55.0 million related to notes issued through a structured note offering. | |||
[7] | Other liabilities include interest rate swaps and swap futures carried at fair value of $1.4 million as of August 31, 2014 and credit default swaps carried at fair value of $1.6 million and $0.3 million as of August 31, 2014 and November 30, 2013, respectively. | |||
[8] | Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of August 31, 2014 and November 30, 2013, respectively. | |||
[9] | Other assets include mortgage loan commitments carried at fair value of $14.3 million and $7.3 million as of August 31, 2014 and November 30, 2013, respectively. Other assets also includes forward contracts carried at fair value of $1.4 million as of November 30, 2013. In addition, other assets include mortgage servicing rights carried at fair value of $19.4 million and $11.5 million as of August 31, 2014 and November 30, 2013, respectively. | |||
[10] | Other liabilities include $72.7 million and $74.5 million as of August 31, 2014 and November 30, 2013, 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 $4.1 million as of August 31, 2014. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Stockholders' Equity: | ' | ' |
Total consolidated VIEs assets | $979,782 | $1,195,347 |
Total consolidated VIEs liabilities | 142,691 | 294,768 |
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 | 174,238,332 | 184,833,120 |
Treasury stock, shares | 296,589 | 12,063,466 |
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 | 13,216 | 8,326 |
Restricted Cash | 285 | 17,703 |
Receivables, net | 186 | 2,401 |
Land and land under development | 224,360 | 94,836 |
Consolidated inventory not owned | 55,771 | 243,585 |
Investments in unconsolidated entities | 13,162 | 14,658 |
Other assets | 103,749 | 86,773 |
Accounts payable | 5,477 | 2,969 |
Liabilities related to consolidated inventory not owned | 47,507 | 191,647 |
Senior notes and other debts payable | 61,630 | 75,090 |
Other liabilities | 4,459 | 4,908 |
Rialto Investments Consolidated VIEs [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Cash and cash equivalents | 37,585 | 44,815 |
Investments in unconsolidated entities | 711 | 693 |
Other assets | 2,512 | 1,828 |
Loans receivable | 154,762 | 243,953 |
Real estate owned, held for sale | 119,295 | 121,977 |
Real estate owned held-and-used, net | 236,343 | 313,799 |
Notes Payable And Other Liabilities | 23,618 | 20,154 |
Lennar Mutlifamily Consolidated VIEs [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Total consolidated VIEs assets | $17,845 | ' |
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, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | ||||
Revenues: | ' | ' | ' | ' | ||||
Total revenues | $2,014,034 | [1] | $1,602,767 | [1] | $5,195,874 | [1] | $4,019,891 | [1] |
Cost and expenses: | ' | ' | ' | ' | ||||
Corporate general and administrative | 43,072 | 37,619 | 119,501 | 102,742 | ||||
Total costs and expenses | 1,770,752 | 1,412,708 | 4,636,045 | 3,604,199 | ||||
Other interest expense | -8,381 | -22,230 | -31,359 | -73,370 | ||||
Earnings before income taxes | 262,335 | 189,359 | 591,841 | 404,969 | ||||
Provision (benefit) for income taxes | 88,895 | 67,205 | 215,819 | 83,059 | ||||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 173,440 | 122,154 | 376,022 | 321,910 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | -4,317 | 1,492 | -17,571 | 6,320 | ||||
Net earnings attributable to Lennar | 177,757 | 120,662 | 393,593 | 315,590 | ||||
Basic earnings per share | $0.87 | $0.62 | $1.92 | $1.64 | ||||
Diluted earnings per share | $0.78 | $0.54 | $1.73 | $1.42 | ||||
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 | 177,757 | 120,662 | 393,593 | 315,590 | ||||
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | -4,317 | 1,492 | -17,571 | 6,320 | ||||
Lennar Homebuilding [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Real estate revenues | 1,830,771 | 1,461,626 | 4,696,941 | 3,599,914 | ||||
Cost and expenses: | ' | ' | ' | ' | ||||
Real estate cost and expenses | 1,558,319 | 1,245,638 | 4,015,317 | 3,124,819 | ||||
Equity in earnings (loss) from unconsolidated entities | -2,080 | [2] | 10,458 | [2] | 3,304 | [2] | 23,085 | [2] |
Other income (expense), net | -63 | 4,149 | 5,088 | 14,021 | ||||
Lennar Financial Services [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Lennar Financial Services | 128,379 | 112,638 | 316,347 | 327,614 | ||||
Cost and expenses: | ' | ' | ' | ' | ||||
Lennar Financial Services, Cost and expenses | 101,235 | 89,146 | 266,445 | 258,848 | ||||
Rialto Investments [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Rialto Investments, Revenues | 40,848 | 27,808 | 142,196 | 79,114 | ||||
Cost and expenses: | ' | ' | ' | ' | ||||
Rialto Investments, Cost and expenses | 47,644 | [3] | 34,167 | 174,824 | [3] | 94,243 | ||
Equity in earnings (loss) from unconsolidated entities | 19,973 | 5,199 | 43,266 | 15,877 | ||||
Other income (expense), net | -5,342 | 1,837 | -2,976 | 9,810 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | -4,549 | -790 | -20,670 | 4,571 | ||||
Lennar Multifamily [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Real estate revenues | 14,036 | 695 | 40,390 | 13,249 | ||||
Cost and expenses: | ' | ' | ' | ' | ||||
Real estate cost and expenses | 20,482 | 6,138 | 59,958 | 23,547 | ||||
Equity in earnings (loss) from unconsolidated entities | $14,946 | [4] | ($113) | [4] | $14,689 | [4] | ($146) | [4] |
[1] | Total revenues were net of sales incentives of $111.0 million ($20,400 per home delivered) and $288.4 million ($20,600 per home delivered) for the three and nine months ended August 31, 2014, respectively, compared to $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. | |||||||
[2] | For the nine months ended August 31, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity. For the three and nine months ended August 31, 2013, Lennar Homebuilding equity in earnings from unconsolidated entities included $8.6 million and $21.6 million, respectively, of equity in earnings primarily as a result of sales of homesites to third parties by another unconsolidated entity and previously deferred profit related to those homesites that was earned during the three months ended August 31, 2013. | |||||||
[3] | Costs and expenses for the three and nine months ended August 31, 2014 included loan impairments of $4.2 million and $44.7 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). For the three and nine months ended August 31, 2013, costs and expenses included loan impairments of $3.5 million and $14.1 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). | |||||||
[4] | For both the three and nine months ended August 31, 2014, Lennar Multifamily equity in earnings from unconsolidated entities included Lennar Multifamily's share of gains totaling $14.7 million related to the sale of two operating properties by unconsolidated entities. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | ||
Cash flows from operating activities: | ' | ' | ||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | $376,022 | $321,910 | ||
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 | 27,161 | 21,683 | ||
Amortization of discount/premium on debt, net | 16,140 | 17,641 | ||
Share based compensation expense | 28,590 | 23,527 | ||
Excess tax benefits from share-based awards | -3,007 | -10,148 | ||
Deferred income tax (benefit) expense | 76,351 | 67,938 | ||
Changes in assets and liabilities: | ' | ' | ||
Decrease (increase) in restricted cash | -5,078 | -7,476 | ||
Decrease (increase) in receivables | 58,522 | 31,815 | ||
Decrease (increase) in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | -1,334,703 | -1,469,381 | ||
Decrease (increase) in other assets | -38,649 | -17,616 | ||
Increase (decrease) in accounts payable and other liabilities | 151,948 | 136,156 | ||
Net cash provided by (used in) operating activities | -898,501 | -1,017,739 | ||
Cash flows from investing activities: | ' | ' | ||
Increase (decrease) in restricted cash | 19,012 | 0 | ||
Net disposals (additions) of operating properties and equipment | -12,415 | -4,931 | ||
Acquisition, net of cash acquired | -5,489 | 0 | ||
Net cash provided by (used in) investing activities | 242,455 | 434,044 | ||
Cash flows from financing activities: | ' | ' | ||
Net borrowings (repayments) of debt | 70,000 | 100,000 | ||
Proceeds from issuance of senior long-term debt | 500,500 | 500,000 | ||
Redemption of senior notes | 0 | -63,001 | ||
Debt issuance costs | -7,725 | -5,189 | ||
Principal repayments on Rialto Investments notes payable | -26,512 | -360,956 | ||
Proceeds from other borrowings | 33,103 | 76,966 | ||
Principal payments on other borrowings | -241,339 | -187,648 | ||
Exercise of land option contracts from an unconsolidated land investment venture | -1,540 | -27,329 | ||
Receipts related to noncontrolling interests | 11,963 | 579 | ||
Payments related to noncontrolling interests | -115,001 | -174,853 | ||
Excess tax benefits from share-based awards | 3,007 | 10,148 | ||
Common stock: | ' | ' | ||
Issuances | 13,603 | 33,945 | ||
Repurchases | -12,153 | -191 | ||
Payments of Ordinary Dividends, Common Stock | -24,565 | -23,142 | ||
Net cash provided by (used in) financing activities | 519,054 | -155,278 | ||
Net (decrease) increase in cash and cash equivalents | -136,992 | -738,973 | ||
Cash and cash equivalents at beginning of period | 970,505 | 1,310,743 | ||
Cash and cash equivalents at end of period | 833,513 | 571,770 | ||
Lennar Homebuilding and Lennar Multifamily: | ' | ' | ||
Non-cash reduction of equity due to purchase of noncontrolling interest | ' | 39,605 | ||
Non-cash purchase of noncontrolling interests | ' | 63,500 | ||
Rialto Investments: | ' | ' | ||
Non-cash acquisition of Servicer Provider | 8,317 | 0 | ||
Consolidations/deconsolidations of previously unconsolidated/consolidated entities, net: | ' | ' | ||
Inventories | 155,021 | 0 | ||
Investments in unconsolidated entities | -30,647 | 0 | ||
Operating properties and equipment | -7,218 | 0 | ||
Noncontrolling interests | -117,156 | 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) loss from unconsolidated entities | -3,304 | [1] | -23,085 | [1] |
Distributions of earnings from unconsolidated entities | 4,456 | 718 | ||
(Gains) losses on Lennar Homebuilding senior notes | 0 | -1,000 | ||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | 8,049 | 6,086 | ||
Cash flows from investing activities: | ' | ' | ||
Investments in and contributions to unconsolidated entities | -74,292 | -45,947 | ||
Distributions of capital from unconsolidated entities | 83,690 | 140,532 | ||
Proceeds from sale of available-for-sale securities | 46,234 | 2,486 | ||
Purchases of investments available-for-sale | -21,274 | -28,708 | ||
Common stock: | ' | ' | ||
Cash and cash equivalents at beginning of period | 695,424 | [2] | ' | |
Cash and cash equivalents at end of period | 542,241 | [2] | 433,548 | |
Lennar Homebuilding and Lennar Multifamily: | ' | ' | ||
Non-cash contributions to unconsolidated entities | 647 | 240,247 | ||
Inventory acquired in satisfaction of other assets including investments available-for-sale | 4,774 | 0 | ||
Purchases of inventories financed by sellers | 109,560 | 126,148 | ||
Non-cash reduction of equity due to purchase of noncontrolling interest | 0 | 103,391 | ||
Non-cash purchase of noncontrolling interests | 0 | 63,500 | ||
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) loss from unconsolidated entities | -43,266 | -15,877 | ||
Distributions of earnings from unconsolidated entities | 354 | 648 | ||
(Gains) losses on Lennar Homebuilding senior notes | -4,135 | 0 | ||
Unrealized and realized gains on Rialto Investments real estate owned | -20,568 | -38,056 | ||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | 55,275 | 23,970 | ||
Changes in assets and liabilities: | ' | ' | ||
Decrease (increase) in loans-held-for-sale | -120,754 | -244,137 | ||
Cash flows from investing activities: | ' | ' | ||
Investments in and contributions to unconsolidated entities | -28,175 | -41,483 | ||
Distributions of capital from unconsolidated entities | 41,235 | 39,837 | ||
Decrease (increase) in defeasance cash to retire notes payable | 0 | 145,781 | ||
Receipts of principal payments on loans receivable | 20,827 | 49,560 | ||
Proceeds from sales of real estate owned | 168,946 | 182,220 | ||
Proceeds from sale of available-for-sale securities | 9,171 | 0 | ||
Purchases of investments available-for-sale | -8,705 | 0 | ||
Improvements in real estate owned | -9,924 | -7,862 | ||
Payments to acquire notes receivable | 0 | -5,450 | ||
Purchases of Lennar Financial Services investment securities | -7,000 | 0 | ||
Cash flows from financing activities: | ' | ' | ||
Net borrowings (repayments) of debt | -4,596 | 133,103 | ||
Proceeds from issuance of senior long-term debt | 104,525 | 0 | ||
Proceeds from securitization notes | 73,830 | 0 | ||
Principal repayments on Rialto Investments notes payable | -7,676 | -360,956 | ||
Common stock: | ' | ' | ||
Cash and cash equivalents at beginning of period | 201,496 | [2] | ' | |
Cash and cash equivalents at end of period | 211,030 | [2] | 72,024 | |
Rialto Investments: | ' | ' | ||
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable | 51,545 | 53,849 | ||
Lennar Multifamily [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) loss from unconsolidated entities | -14,689 | [3] | 146 | [3] |
Distributions of earnings from unconsolidated entities | 14,469 | 0 | ||
Cash flows from investing activities: | ' | ' | ||
Investments in and contributions to unconsolidated entities | -25,072 | -14,406 | ||
Distributions of capital from unconsolidated entities | 51,565 | 14,479 | ||
Common stock: | ' | ' | ||
Cash and cash equivalents at beginning of period | 519 | ' | ||
Cash and cash equivalents at end of period | 1,881 | 395 | ||
Lennar Homebuilding and Lennar Multifamily: | ' | ' | ||
Non-cash contributions to unconsolidated entities | 72,552 | 14,070 | ||
Lennar Financial Services [Member] | ' | ' | ||
Changes in assets and liabilities: | ' | ' | ||
Decrease (increase) in loans-held-for-sale | -127,685 | 156,799 | ||
Cash flows from investing activities: | ' | ' | ||
(Increase) decrease in Lennar Financial Services loans held-for-investment, net | 1,242 | -706 | ||
Purchases of Lennar Financial Services investment securities | -19,025 | -21,504 | ||
Proceeds from maturities of Lennar Financial Services investment securities | 11,904 | 30,146 | ||
Cash flows from financing activities: | ' | ' | ||
Net borrowings (repayments) of debt | 141,954 | -167,710 | ||
Common stock: | ' | ' | ||
Cash and cash equivalents at beginning of period | 73,066 | ' | ||
Cash and cash equivalents at end of period | 78,361 | 65,803 | ||
Lennar Financial Services: | ' | ' | ||
Purchase of mortgage servicing rights financed by seller | 5,927 | 0 | ||
Structured Notes [Member] | Rialto Investments [Member] | ' | ' | ||
Cash flows from financing activities: | ' | ' | ||
Principal repayments on Rialto Investments notes payable | $18,836 | $0 | ||
[1] | For the nine months ended August 31, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity. For the three and nine months ended August 31, 2013, Lennar Homebuilding equity in earnings from unconsolidated entities included $8.6 million and $21.6 million, respectively, of equity in earnings primarily as a result of sales of homesites to third parties by another unconsolidated entity and previously deferred profit related to those homesites that was earned during the three months ended August 31, 2013. | |||
[2] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. | |||
[3] | For both the three and nine months ended August 31, 2014, Lennar Multifamily equity in earnings from unconsolidated entities included Lennar Multifamily's share of gains totaling $14.7 million related to the sale of two operating properties by unconsolidated entities. |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Aug. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Basis of Consolidation | |
The accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 16) in which Lennar Corporation is deemed to be the primary beneficiary (the “Company”). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2013. 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, 2014 are not necessarily indicative of the results to be expected for the full year. | |
Reclassifications | |
Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2014 presentation. These reclassifications had no impact on the Company's results of operations. As a result of the Company's change in reportable segments in the Company's Form 10-K for the year ended November 30, 2013 to reflect Lennar Multifamily as a separate reportable segment, the Company revised the presentation of certain prior year amounts in the condensed consolidated financial statements to conform with the 2014 presentation. | |
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, 2014 | |||||||||||||
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 | |||||||||||||
(8) Lennar Multifamily | |||||||||||||
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 primarily mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. The Lennar Financial Services segment sells substantially all of the loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Lennar Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title insurance and closing services, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Lennar Financial Services segment operates generally in the same states as the Company’s homebuilding operations, as well as in other states. | |||||||||||||
Operations of the Rialto Investments (“Rialto”) segment include raising, investing and managing third party capital, originating and securitizing commercial mortgage loans, as well as investing its own capital in real estate related mortgage loans, properties and related securities. Rialto utilizes its vertically-integrated investment and operating platform to underwrite, diligence, acquire, manage, workout and add value to diverse portfolios of real estate loans, properties and securities, as well as providing strategic real estate capital. Rialto’s operating earnings consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance ("RMF") business, interest income associated with portfolios of real estate loans acquired 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 investments in the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net, consisting primarily of gains upon foreclosure of real estate owned (“REO”) and gains on sale of REO, and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF, REO expenses and other general and administrative expenses. | |||||||||||||
Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land, expenses related to construction activities and general and administrative expenses. | |||||||||||||
Each reportable segment follows the same accounting policies described in Note 1 – “Summary of Significant Accounting Policies” to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2013. 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, | |||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Homebuilding East | $ | 2,257,064 | 1,890,138 | ||||||||||
Homebuilding Central | 1,207,902 | 963,815 | |||||||||||
Homebuilding West | 3,433,419 | 3,108,395 | |||||||||||
Homebuilding Southeast Florida | 814,133 | 757,125 | |||||||||||
Homebuilding Houston | 404,030 | 307,864 | |||||||||||
Homebuilding Other | 884,778 | 808,496 | |||||||||||
Rialto Investments | 1,383,743 | 1,479,313 | |||||||||||
Lennar Financial Services | 946,537 | 796,710 | |||||||||||
Lennar Multifamily | 204,985 | 147,089 | |||||||||||
Corporate and unallocated | 753,486 | 1,014,302 | |||||||||||
Total assets | $ | 12,290,077 | 11,273,247 | ||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||||
Homebuilding East | $ | 570,698 | 510,788 | 1,497,954 | 1,221,509 | ||||||||
Homebuilding Central | 266,284 | 205,523 | 663,986 | 536,329 | |||||||||
Homebuilding West | 448,068 | 303,952 | 1,186,437 | 747,592 | |||||||||
Homebuilding Southeast Florida | 167,077 | 119,849 | 398,733 | 315,583 | |||||||||
Homebuilding Houston | 189,657 | 192,962 | 498,943 | 446,874 | |||||||||
Homebuilding Other | 188,987 | 128,552 | 450,888 | 332,027 | |||||||||
Lennar Financial Services | 128,379 | 112,638 | 316,347 | 327,614 | |||||||||
Rialto Investments | 40,848 | 27,808 | 142,196 | 79,114 | |||||||||
Lennar Multifamily | 14,036 | 695 | 40,390 | 13,249 | |||||||||
Total revenues (1) | $ | 2,014,034 | 1,602,767 | 5,195,874 | 4,019,891 | ||||||||
Operating earnings (loss): | |||||||||||||
Homebuilding East | $ | 83,403 | 78,523 | 219,307 | 150,771 | ||||||||
Homebuilding Central (2) | 21,531 | 11,102 | 56,265 | 37,895 | |||||||||
Homebuilding West (3) | 67,887 | 58,253 | 186,323 | 116,554 | |||||||||
Homebuilding Southeast Florida (4) | 40,579 | 25,367 | 87,885 | 63,539 | |||||||||
Homebuilding Houston | 27,740 | 27,893 | 74,096 | 52,425 | |||||||||
Homebuilding Other (5) | 20,788 | 7,227 | 34,781 | 17,647 | |||||||||
Lennar Financial Services | 27,144 | 23,492 | 49,902 | 68,766 | |||||||||
Rialto Investments | 7,835 | 677 | 7,662 | 10,558 | |||||||||
Lennar Multifamily | 8,500 | (5,556 | ) | (4,879 | ) | (10,444 | ) | ||||||
Total operating earnings | 305,407 | 226,978 | 711,342 | 507,711 | |||||||||
Corporate general and administrative expenses | 43,072 | 37,619 | 119,501 | 102,742 | |||||||||
Earnings before income taxes | $ | 262,335 | 189,359 | 591,841 | 404,969 | ||||||||
-1 | Total revenues were net of sales incentives of $111.0 million ($20,400 per home delivered) and $288.4 million ($20,600 per home delivered) for the three and nine months ended August 31, 2014, respectively, compared to $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. | ||||||||||||
-2 | For both the three and nine months ended August 31, 2014, operating earnings included $2.0 million in write-offs of other receivables. For both the three and nine months ended August 31, 2013, operating earnings included $0.9 million of valuation adjustments to investments of unconsolidated entities. | ||||||||||||
-3 | For both the three and nine months ended August 31, 2014, operating earnings included $2.0 million in write-offs of option deposits and pre-acquisition costs. For the nine months ended August 31, 2014, operating earnings included $0.9 million of valuation adjustments to land the Company intends to sell or has sold to third parties. | ||||||||||||
-4 | For both the three and nine months ended August 31, 2014, operating earnings included $1.0 million of valuation adjustments to other assets. For the nine months ended August 31, 2013, operating earnings included $3.8 million of valuation adjustments to finished homes, CIP and land on which the Company intends to build homes. | ||||||||||||
-5 | For the nine months ended August 31, 2014, operating earnings included $1.5 million in write-offs of option deposits and pre-acquisition costs. |
Lennar_Homebuilding_Investment
Lennar Homebuilding Investments In Unconsolidated Entities | 9 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues | $ | 39,021 | 240,642 | 214,826 | 501,656 | ||||||||
Costs and expenses | 35,401 | 162,664 | 246,138 | 372,023 | |||||||||
Other income | — | 1,241 | — | 14,602 | |||||||||
Net earnings (loss) of unconsolidated entities | $ | 3,620 | 79,219 | (31,312 | ) | 144,235 | |||||||
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities (1) | $ | (2,080 | ) | 10,458 | 3,304 | 23,085 | |||||||
-1 | For the nine months ended August 31, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity. For the three and nine months ended August 31, 2013, Lennar Homebuilding equity in earnings from unconsolidated entities included $8.6 million and $21.6 million, respectively, of equity in earnings primarily as a result of sales of homesites to third parties by another unconsolidated entity and previously deferred profit related to those homesites that was earned during the three months ended August 31, 2013. | ||||||||||||
Balance Sheets | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 259,393 | 184,521 | ||||||||||
Inventories | 2,795,009 | 2,904,795 | |||||||||||
Other assets | 142,753 | 147,410 | |||||||||||
$ | 3,197,155 | 3,236,726 | |||||||||||
Liabilities and equity: | |||||||||||||
Accounts payable and other liabilities | $ | 253,264 | 272,940 | ||||||||||
Debt | 604,134 | 450,457 | |||||||||||
Equity | 2,339,757 | 2,513,329 | |||||||||||
$ | 3,197,155 | 3,236,726 | |||||||||||
As of August 31, 2014 and November 30, 2013, the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $697.6 million and $716.9 million, respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of August 31, 2014 and November 30, 2013 was $768.7 million and $829.5 million, respectively. The basis difference is primarily as a result of the Company buying an interest in a partner's equity in a Lennar Homebuilding unconsolidated entity at a discount to book value 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. ("MSR"), 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 remained on the Company’s condensed consolidated balance sheet in consolidated inventory not owned. As of November 30, 2013, the portfolio of land (including land development costs) of $241.8 million was also reflected as inventory in the summarized condensed financial information related to Lennar Homebuilding’s unconsolidated entities above. In the second quarter of 2014, the Company entered into a new agreement with the joint venture, which required $155.0 million of inventory assets to remain consolidated due to the existence of option contracts on substantially all of the homesites and were reclassified into land and land under development. The remaining $70.3 million of inventory assets no longer under option by the Company were deconsolidated. | |||||||||||||
The Lennar Homebuilding unconsolidated entities in which the Company has investments usually finance their activities with a combination of partner equity and debt financing. In some instances, the Company and its partners have guaranteed debt of certain unconsolidated entities. | |||||||||||||
The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2014 | 2013 | ||||||||||||
The Company’s net recourse exposure | $ | 24,588 | 27,496 | ||||||||||
Reimbursement agreements from partners | — | 13,500 | |||||||||||
The Company’s maximum recourse exposure | $ | 24,588 | 40,996 | ||||||||||
Non-recourse bank debt and other debt (partner’s share of several recourse) | $ | 56,970 | 61,008 | ||||||||||
Non-recourse land seller debt or other debt | 4,033 | 20,454 | |||||||||||
Non-recourse debt with completion guarantees | 344,933 | 245,821 | |||||||||||
Non-recourse debt without completion guarantees | 173,610 | 82,178 | |||||||||||
Non-recourse debt to the Company | 579,546 | 409,461 | |||||||||||
Total debt | $ | 604,134 | 450,457 | ||||||||||
The Company’s maximum recourse exposure as a % of total JV debt | 4 | % | 9 | % | |||||||||
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. As of both August 31, 2014 and November 30, 2013, the Company did not have any maintenance guarantees related to its Lennar Homebuilding unconsolidated entities. 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. | |||||||||||||
In connection with many of the loans to Lennar Homebuilding unconsolidated entities, the Company and its joint venture partners (or entities related to them) have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used. | |||||||||||||
If the Company is required to make a payment under any guarantee, the payment would constitute a capital contribution or loan to the Lennar Homebuilding unconsolidated entity and increase the Company’s investment in the unconsolidated entity and its share of any funds the unconsolidated entity distributes. | |||||||||||||
As of August 31, 2014, the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of August 31, 2014, 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 12). |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||
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, 2014 and 2013: | ||||||||||||||||||||||
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, 2013 | $ | 4,627,470 | 18,483 | 3,298 | 2,721,246 | (628,019 | ) | 2,053,893 | 458,569 | |||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | 376,022 | — | — | — | — | 393,593 | (17,571 | ) | ||||||||||||||
Employee stock and directors plans | 2,176 | 114 | — | 1,400 | 662 | — | — | |||||||||||||||
Retirement of treasury stock | — | (1,173 | ) | — | (541,019 | ) | 542,192 | — | — | |||||||||||||
Tax benefit from employee stock plans, vesting of restricted stock and prior year conversion of 2.00% convertible senior notes due 2020 | 12,892 | — | — | 12,892 | — | — | — | |||||||||||||||
Amortization of restricted stock | 28,482 | — | — | 28,482 | — | — | — | |||||||||||||||
Cash dividends | (24,565 | ) | — | — | — | — | (24,565 | ) | — | |||||||||||||
Receipts related to noncontrolling interests | 11,963 | — | — | — | — | — | 11,963 | |||||||||||||||
Payments related to noncontrolling interests | (115,001 | ) | — | — | — | — | — | (115,001 | ) | |||||||||||||
Non-cash consolidations, net | 118,272 | — | — | — | — | — | 118,272 | |||||||||||||||
Non-cash activity related to noncontrolling interests | 430 | — | — | — | — | — | 430 | |||||||||||||||
Balance at August 31, 2014 | $ | 5,038,141 | 17,424 | 3,298 | 2,223,001 | (85,165 | ) | 2,422,921 | 456,662 | |||||||||||||
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 attributable to noncontrolling interests) | 321,910 | — | — | — | — | 315,590 | 6,320 | |||||||||||||||
Employee stock and directors plans | 34,396 | 243 | — | 17,196 | 16,957 | — | — | |||||||||||||||
Tax benefit from employee stock plans and vesting of restricted stock | 11,053 | — | — | 11,053 | — | — | — | |||||||||||||||
Amortization of restricted stock | 23,430 | — | — | 23,430 | — | — | — | |||||||||||||||
Cash dividends | (23,142 | ) | — | — | — | — | (23,142 | ) | — | |||||||||||||
Equity adjustments related to purchase of noncontrolling interests | 39,605 | — | — | (61,945 | ) | — | — | 101,550 | ||||||||||||||
Receipts related to noncontrolling interests | 579 | — | — | — | — | — | 579 | |||||||||||||||
Payments related to noncontrolling interests | (174,853 | ) | — | — | — | — | — | (174,853 | ) | |||||||||||||
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 | |||||||||||||
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, 2014 and 2013, there were no repurchases of common stock under the stock repurchase program. As of August 31, 2014, 6.2 million shares of common stock could be repurchased in the future under the program. | ||||||||||||||||||||||
During the three months ended August 31, 2014, treasury stock increased by 0.3 million shares of Class A common stock due to activity related to the Company's equity compensation plan. During the nine months ended August 31, 2014, treasury stock decreased by 11.8 million shares of Class A common stock primarily due to the retirement of 11.7 million shares of Class A common stock authorized by the Company's Board of Directors, partially offset by activity related to the Company's equity compensation plan. The retirement of Class A common stock resulted in a reclass between treasury stock and additional paid-in capital within stockholders' equity. During the three months ended August 31, 2013, treasury stock increased by an immaterial amount of Class A common stock. During the nine months ended August 31, 2013, treasury stock decreased by 0.4 million 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, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
During the three and nine months ended August 31, 2014, the Company recorded a tax provision of $88.9 million and $215.8 million, respectively, primarily related to pre-tax earnings. During the three and nine months ended August 31, 2013, the Company recorded a tax provision of $67.2 million and $83.1 million, respectively, which included a tax provision of $67.9 million and $150.2 million, respectively, primarily related to pre-tax earnings, partially offset by a reversal of the Company's valuation allowance of $0.7 million and $67.1 million, respectively. The effective tax rates for the three months ended August 31, 2014 and 2013 were 33.34% and 35.77%, respectively. The effective tax rates for the nine months ended August 31, 2014 and 2013 were 35.41% and 20.84%, respectively. The difference in tax rate between the two periods is primarily the result of a valuation allowance reversal during the nine months ended August 31, 2013. | |
In accordance with ASC 740, the Company evaluates its deferred tax assets quarterly to determine if adjustments to its valuation allowance are required. ASC 740 requires that companies assess whether a valuation allowance should be established based on the consideration of all available positive and negative evidence using a “more likely than not” standard with respect to whether deferred tax assets will be realized. 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. | |
As of August 31, 2014 and November 30, 2013, the Company's deferred tax assets, net included in the condensed consolidated balance sheets were $313.2 million and $376.8 million, respectively. The net deferred tax assets included a valuation allowance of $10.6 million and $12.7 million as of August 31, 2014 and November 30, 2013, respectively, primarily related to state net operating loss ("NOL") carryforwards that may expire due to short carryforward periods. | |
At August 31, 2014 and November 30, 2013, the Company had federal tax effected NOL carryforwards totaling $2.4 million and $88.1 million, respectively, that may be carried forward up to 20 years to offset future taxable income and begin to expire in 2025. At August 31, 2014 and November 30, 2013, the Company had state tax effected NOL carryforwards totaling $121.0 million and $143.6 million, respectively, that may be carried forward from 5 to 20 years, depending on the tax jurisdiction, with losses expiring between 2014 and 2033. | |
At August 31, 2014 and November 30, 2013, the Company had $8.9 million and $10.5 million of gross unrecognized tax benefits, respectively. At August 31, 2014, the Company had $31.0 million accrued for interest and penalties, of which $13.5 million was recorded during the nine months ended August 31, 2014. During the nine months ended August 31, 2014, the accrual for interest and penalties was reduced by $1.6 million, primarily as a result of settlement with state tax authorities. At November 30, 2013, the Company had $19.1 million accrued for interest and penalties. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Numerator: | |||||||||||||
Net earnings attributable to Lennar | $ | 177,757 | 120,662 | 393,593 | 315,590 | ||||||||
Less: distributed earnings allocated to nonvested shares | 109 | 122 | 305 | 326 | |||||||||
Less: undistributed earnings allocated to nonvested shares | 2,124 | 1,712 | 4,486 | 4,090 | |||||||||
Numerator for basic earnings per share | 175,524 | 118,828 | 388,802 | 311,174 | |||||||||
Plus: interest on 3.25% convertible senior notes due 2021 and | 1,982 | 2,826 | 5,946 | 8,477 | |||||||||
2.00% convertible senior notes due 2020 (1) | |||||||||||||
Plus: undistributed earnings allocated to convertible shares | 2,124 | 1,712 | 4,486 | 4,090 | |||||||||
Less: undistributed earnings reallocated to convertible shares | 1,908 | 1,489 | 4,047 | 3,549 | |||||||||
Numerator for diluted earnings per share | $ | 177,722 | 121,877 | 395,187 | 320,192 | ||||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share - weighted average | 202,354 | 190,799 | 202,103 | 190,119 | |||||||||
common shares outstanding | |||||||||||||
Effect of dilutive securities: | |||||||||||||
Share-based payments | 5 | 90 | 8 | 334 | |||||||||
Convertible senior notes | 25,869 | 34,446 | 25,846 | 35,549 | |||||||||
Denominator for diluted earnings per share - weighted average | 228,228 | 225,335 | 227,957 | 226,002 | |||||||||
common shares outstanding | |||||||||||||
Basic earnings per share | $ | 0.87 | 0.62 | 1.92 | 1.64 | ||||||||
Diluted earnings per share | $ | 0.78 | 0.54 | 1.73 | 1.42 | ||||||||
-1 | Interest on the 2.00% convertible senior notes due 2020 is included in the three and nine months ended August 31, 2013 because the holders of the 2.00% convertible senior notes due 2020 converted the notes into shares of Class A common stock on November 30, 2013. | ||||||||||||
For both the three and nine months ended August 31, 2014 and 2013, there were no 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, 2014 | |||||||||||||
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, | |||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 78,361 | 73,066 | ||||||||||
Restricted cash | 8,661 | 10,283 | |||||||||||
Receivables, net (1) | 121,185 | 127,223 | |||||||||||
Loans held-for-sale (2) | 539,988 | 414,231 | |||||||||||
Loans held-for-investment, net | 26,821 | 26,356 | |||||||||||
Investments held-to-maturity | 57,023 | 62,344 | |||||||||||
Goodwill | 38,854 | 34,046 | |||||||||||
Other (3) | 75,644 | 49,161 | |||||||||||
$ | 946,537 | 796,710 | |||||||||||
Liabilities: | |||||||||||||
Notes and other debts payable | $ | 522,047 | 374,166 | ||||||||||
Other (4) | 175,752 | 169,473 | |||||||||||
$ | 697,799 | 543,639 | |||||||||||
-1 | Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of August 31, 2014 and November 30, 2013, 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 $14.3 million and $7.3 million as of August 31, 2014 and November 30, 2013, respectively. Other assets also includes forward contracts carried at fair value of $1.4 million as of November 30, 2013. In addition, other assets include mortgage servicing rights carried at fair value of $19.4 million and $11.5 million as of August 31, 2014 and November 30, 2013, respectively. | ||||||||||||
-4 | Other liabilities include $72.7 million and $74.5 million as of August 31, 2014 and November 30, 2013, 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 $4.1 million as of August 31, 2014. | ||||||||||||
At August 31, 2014, the Lennar Financial Services segment warehouse facilities were as follows: | |||||||||||||
(In thousands) | Maximum Aggregate Commitment | ||||||||||||
364-day warehouse repurchase facility that matures November 2014 | $ | 325,000 | |||||||||||
364-day warehouse repurchase facility that matures January 2015 (1) | 300,000 | ||||||||||||
364-day warehouse repurchase facility that matures February 2015 | 150,000 | ||||||||||||
364-day warehouse repurchase facility that matures June 2015 (2) | 150,000 | ||||||||||||
Totals | $ | 925,000 | |||||||||||
-1 | Maximum aggregate commitment includes a $100 million accordion feature that is usable 10 days prior to quarter-end through 20 days after quarter end. | ||||||||||||
-2 | Maximum aggregate commitment includes a $50 million accordion feature that is usable 10 days prior to quarter-end through 20 days after quarter end. | ||||||||||||
The Lennar Financial Services segment uses these facilities to finance its lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $516.1 million and $374.2 million at August 31, 2014 and November 30, 2013, respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $540.9 million and $452.5 million at August 31, 2014 and November 30, 2013, respectively. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the mortgage loans held-for-sale to investors and by collecting on receivables on loans sold but not yet paid. Without the facilities, the Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. | |||||||||||||
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. During recent years there has been an increased industry-wide effort by purchasers to defray their losses in an unfavorable economic environment 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 Company's 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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Loan origination liabilities, beginning of period | $ | 9,774 | 8,257 | 9,311 | 7,250 | ||||||||
Provision for losses during the period | 918 | 569 | 1,660 | 1,342 | |||||||||
Adjustments to pre-existing provisions for losses from changes in estimates | — | (176 | ) | — | 348 | ||||||||
Payments/settlements | (83 | ) | (16 | ) | (362 | ) | (306 | ) | |||||
Loan origination liabilities, end of period | $ | 10,609 | 8,634 | 10,609 | 8,634 | ||||||||
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 was as follows: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2014 | 2013 | ||||||||||||
Impaired loans unpaid principal balance | $ | 7,510 | 7,897 | ||||||||||
Valuation allowance | (3,768 | ) | (3,891 | ) | |||||||||
Investment in impaired loans | $ | 3,742 | 4,006 | ||||||||||
The average recorded investment in impaired loans totaled $3.8 million and $3.9 million for the three and nine months ended August 31, 2014, respectively. 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. | |||||||||||||
In April 2014, the Lennar Financial Services segment acquired a Colorado-based mortgage company. At acquisition date the provisional fair value of the assets acquired was $1.4 million and the provisional goodwill recorded was $4.8 million. |
Rialto_Investments_Segment
Rialto Investments Segment (Rialto Investments [Member]) | 9 Months Ended | ||||||||||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||||||||||
Rialto Investments [Member] | ' | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||||||||||||||
Rialto Investments Segment | ' | ||||||||||||||||||||||||
Rialto Investments Segment | |||||||||||||||||||||||||
The assets and liabilities related to the Rialto segment were as follows: | |||||||||||||||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 211,030 | 201,496 | ||||||||||||||||||||||
Restricted cash (1) | 31,636 | 2,593 | |||||||||||||||||||||||
Receivables, net (2) | — | 111,833 | |||||||||||||||||||||||
Loans receivable, net | 174,286 | 278,392 | |||||||||||||||||||||||
Loans held-for-sale (3) | 164,923 | 44,228 | |||||||||||||||||||||||
Real estate owned - held-for-sale | 194,339 | 197,851 | |||||||||||||||||||||||
Real estate owned - held-and-used, net | 335,472 | 428,989 | |||||||||||||||||||||||
Investments in unconsolidated entities | 176,132 | 154,573 | |||||||||||||||||||||||
Investments held-to-maturity | 16,968 | 16,070 | |||||||||||||||||||||||
Other (4) | 78,957 | 43,288 | |||||||||||||||||||||||
$ | 1,383,743 | 1,479,313 | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Notes and other debts payable (5) | $ | 582,659 | 441,883 | ||||||||||||||||||||||
Other (6) | 76,989 | 55,125 | |||||||||||||||||||||||
$ | 659,648 | 497,008 | |||||||||||||||||||||||
-1 | Restricted cash primarily consists of cash held in escrow by the Company's loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. | ||||||||||||||||||||||||
-2 | Receivables, net primarily relate to loans sold but not settled as of November 30, 2013. | ||||||||||||||||||||||||
-3 | Loans held-for-sale relate to unsold loans originated by RMF carried at fair value. | ||||||||||||||||||||||||
-4 | Other assets include credit default swaps carried at fair value of $1.3 million and $0.8 million as of August 31, 2014 and November 30, 2013, respectively. | ||||||||||||||||||||||||
-5 | Notes and other debts payable include $352.0 million and $250.0 million related to the 7.00% Senior Notes due 2018 ("7.00% Senior Notes") as of August 31, 2014 and November 30, 2013, respectively, and also include $71.4 million and $76.0 million as of August 31, 2014 and November 30, 2013, respectively, related to the RMF warehouse repurchase financing agreements. As of August 31, 2014, notes and other debts payable also include $55.0 million related to notes issued through a structured note offering. | ||||||||||||||||||||||||
-6 | Other liabilities include interest rate swaps and swap futures carried at fair value of $1.4 million as of August 31, 2014 and credit default swaps carried at fair value of $1.6 million and $0.3 million as of August 31, 2014 and November 30, 2013, respectively. | ||||||||||||||||||||||||
Rialto’s operating earnings were as follows: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Revenues | $ | 40,848 | 27,808 | 142,196 | 79,114 | ||||||||||||||||||||
Costs and expenses (1) | 47,644 | 34,167 | 174,824 | 94,243 | |||||||||||||||||||||
Rialto Investments equity in earnings from unconsolidated entities | 19,973 | 5,199 | 43,266 | 15,877 | |||||||||||||||||||||
Rialto Investments other income (expense), net | (5,342 | ) | 1,837 | (2,976 | ) | 9,810 | |||||||||||||||||||
Operating earnings (2) | $ | 7,835 | 677 | 7,662 | 10,558 | ||||||||||||||||||||
-1 | Costs and expenses for the three and nine months ended August 31, 2014 included loan impairments of $4.2 million and $44.7 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). For the three and nine months ended August 31, 2013, costs and expenses included loan impairments of $3.5 million and $14.1 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). | ||||||||||||||||||||||||
-2 | Operating earnings for the three and nine months ended August 31, 2014 included net loss attributable to noncontrolling interests of $4.5 million and $20.7 million, respectively. Operating earnings for the three and nine months ended August 31, 2013 included net earnings (loss) attributable to noncontrolling interests of ($0.8) million and $4.6 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) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Realized gains on REO sales, net | $ | 4,106 | 9,651 | 27,849 | 36,857 | ||||||||||||||||||||
Unrealized gains (losses) on transfer of loans receivable to REO and impairments, net | (7,165 | ) | (2,373 | ) | (17,816 | ) | (8,683 | ) | |||||||||||||||||
REO and other expenses | (13,027 | ) | (10,267 | ) | (43,977 | ) | (33,171 | ) | |||||||||||||||||
Rental and other income | 10,744 | 4,826 | 30,968 | 14,807 | |||||||||||||||||||||
Rialto Investments other income (expense), net | $ | (5,342 | ) | 1,837 | (2,976 | ) | 9,810 | ||||||||||||||||||
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 ("FDIC Portfolios"), which retained 60% equity interests in the LLCs, for approximately $243 million (net of transaction costs and a $22 million working capital reserve). If the LLCs exceed expectations and meet certain internal rate of return and distribution thresholds, the Company’s equity interest in the LLCs could be reduced from 40% down to 30%, with a corresponding increase to the FDIC’s equity interest from 60% up to 70%. As these thresholds have not been met, distributions will continue being shared 60%/40% with the FDIC. During the nine months ended August 31, 2014, $146.7 million was distributed by the LLCs. The FDIC was distributed $88.0 million and Rialto, the parent company, was distributed $57.6 million. | |||||||||||||||||||||||||
The LLCs met the accounting definition of VIEs and since the Company was determined to be the primary beneficiary, the Company consolidated the LLCs. The Company was determined to be the primary beneficiary because it has the power to direct activities of the LLCs that most significantly impact the LLCs' performance through Rialto's management and servicer contracts. At August 31, 2014, these consolidated LLCs had total combined assets and liabilities of $551.2 million and $23.6 million, respectively. At November 30, 2013, these consolidated LLCs had total combined assets and liabilities of $727.1 million and $20.2 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. As of both August 31, 2014 and November 30, 2013, there was $90.9 million outstanding related to the 5-year senior unsecured note. | |||||||||||||||||||||||||
In May 2014, Rialto issued $73.8 million principal amount of notes through a structured note offering (the "Structured Notes") collateralized by certain assets originally acquired in the Bank Portfolios transaction at a price of 100%, with an annual coupon rate of 2.85%. Proceeds from the offering, after payment of expenses and hold backs for a cash reserve, were $69.1 million. The estimated final payment date of the Structured Notes is December 15, 2015. As of August 31, 2014, there was $55.0 million outstanding related to the Structured Notes. | |||||||||||||||||||||||||
The following table displays the loans receivable by aggregate collateral type: | |||||||||||||||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Land | $ | 101,047 | 166,950 | ||||||||||||||||||||||
Single family homes | 28,698 | 59,647 | |||||||||||||||||||||||
Commercial properties | 29,536 | 38,060 | |||||||||||||||||||||||
Other | 15,005 | 13,735 | |||||||||||||||||||||||
Loans receivable, net | $ | 174,286 | 278,392 | ||||||||||||||||||||||
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 but can be reversed if conditions improve. | |||||||||||||||||||||||||
The outstanding balance and carrying value of loans accounted for under ASC 310-30 were as follows: | |||||||||||||||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Outstanding principal balance | $ | 438,046 | 586,901 | ||||||||||||||||||||||
Carrying value | $ | 169,636 | 270,075 | ||||||||||||||||||||||
The activity in the accretable yield for the FDIC Portfolios and Bank Portfolios during the nine months ended August 31, 2014 and 2013 was as follows: | |||||||||||||||||||||||||
August 31, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||
Accretable yield, beginning of period | $ | 73,144 | 112,899 | ||||||||||||||||||||||
Additions | 8,785 | 53,652 | |||||||||||||||||||||||
Deletions | (25,621 | ) | (38,263 | ) | |||||||||||||||||||||
Accretions | (25,693 | ) | (38,455 | ) | |||||||||||||||||||||
Accretable yield, end of period | $ | 30,615 | 89,833 | ||||||||||||||||||||||
Additions primarily represent reclasses from nonaccretable yield to accretable yield on the portfolios. Deletions represent loan impairments, net of recoveries, 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, 2014 | |||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||
(In thousands) | Unpaid | With | Without | Total Recorded | |||||||||||||||||||||
Principal Balance | Allowance | Allowance | Investment | ||||||||||||||||||||||
Land | $ | 4,607 | — | 1,813 | 1,813 | ||||||||||||||||||||
Single family homes | 8,739 | 502 | 1,732 | 2,234 | |||||||||||||||||||||
Commercial properties | 1,500 | — | 603 | 603 | |||||||||||||||||||||
Loans receivable | $ | 14,846 | 502 | 4,148 | 4,650 | ||||||||||||||||||||
November 30, 2013 | |||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||
(In thousands) | Unpaid | With | Without | Total Recorded | |||||||||||||||||||||
Principal Balance | Allowance | Allowance | Investment | ||||||||||||||||||||||
Land | $ | 6,791 | 249 | 2,304 | 2,553 | ||||||||||||||||||||
Single family homes | 15,125 | 519 | 4,119 | 4,638 | |||||||||||||||||||||
Commercial properties | 3,400 | 498 | 628 | 1,126 | |||||||||||||||||||||
Loans receivable | $ | 25,316 | 1,266 | 7,051 | 8,317 | ||||||||||||||||||||
The average recorded investment in impaired loans totaled approximately $6 million and $29 million for the nine months ended August 31, 2014 and 2013, 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 but can be reversed if conditions improve. The activity in the Company's allowance rollforward related to accrual loans was as follows: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Allowance on accrual loans, beginning of period | $ | 55,658 | 18,716 | 18,952 | 12,178 | ||||||||||||||||||||
Provision for loan losses, net of recoveries | 4,089 | 3,318 | 44,577 | 12,849 | |||||||||||||||||||||
Charge-offs | (6,482 | ) | (1,940 | ) | (10,264 | ) | (4,933 | ) | |||||||||||||||||
Allowance on accrual loans, end of period | $ | 53,265 | 20,094 | 53,265 | 20,094 | ||||||||||||||||||||
Nonaccrual — Loans in which forecasted principal and interest could not be reasonably estimated at the date of acquisition. 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, 2014 and November 30, 2013, the Company had an allowance on these loans of $0.3 million and $1.2 million, respectively. | |||||||||||||||||||||||||
Accrual and nonaccrual loans receivable by risk categories were as follows: | |||||||||||||||||||||||||
August 31, 2014 | |||||||||||||||||||||||||
(In thousands) | Accrual | Nonaccrual | Total | ||||||||||||||||||||||
Land | $ | 99,234 | 1,813 | 101,047 | |||||||||||||||||||||
Single family homes | 26,464 | 2,234 | 28,698 | ||||||||||||||||||||||
Commercial properties | 28,933 | 603 | 29,536 | ||||||||||||||||||||||
Other | 15,005 | — | 15,005 | ||||||||||||||||||||||
Loans receivable | $ | 169,636 | 4,650 | 174,286 | |||||||||||||||||||||
November 30, 2013 | |||||||||||||||||||||||||
(In thousands) | Accrual | Nonaccrual | Total | ||||||||||||||||||||||
Land | $ | 164,397 | 2,553 | 166,950 | |||||||||||||||||||||
Single family homes | 55,009 | 4,638 | 59,647 | ||||||||||||||||||||||
Commercial properties | 36,934 | 1,126 | 38,060 | ||||||||||||||||||||||
Other | 13,735 | — | 13,735 | ||||||||||||||||||||||
Loans receivable | $ | 270,075 | 8,317 | 278,392 | |||||||||||||||||||||
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. | |||||||||||||||||||||||||
The following tables represent the activity in REO: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
REO - held-for-sale, beginning of period | $ | 192,829 | 204,385 | 197,851 | 134,161 | ||||||||||||||||||||
Additions | — | 14,833 | — | 16,166 | |||||||||||||||||||||
Improvements | 1,994 | 1,949 | 4,717 | 4,466 | |||||||||||||||||||||
Sales | (52,431 | ) | (68,087 | ) | (141,097 | ) | (145,363 | ) | |||||||||||||||||
Impairments and unrealized losses | (6,087 | ) | (169 | ) | (8,910 | ) | (4,353 | ) | |||||||||||||||||
Transfers to Lennar Homebuilding | — | (430 | ) | — | (430 | ) | |||||||||||||||||||
Transfers from held-and-used, net (1) | 58,034 | 46,128 | 141,778 | 193,962 | |||||||||||||||||||||
REO - held-for-sale, end of period | $ | 194,339 | 198,609 | 194,339 | 198,609 | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
REO - held-and-used, net, beginning of period | $ | 379,069 | 478,314 | 428,989 | 601,022 | ||||||||||||||||||||
Additions | 14,530 | 14,154 | 48,657 | 38,882 | |||||||||||||||||||||
Improvements | 1,736 | 517 | 5,207 | 3,396 | |||||||||||||||||||||
Impairments | (1,333 | ) | (5,126 | ) | (2,836 | ) | (5,529 | ) | |||||||||||||||||
Depreciation | (496 | ) | (1,075 | ) | (2,767 | ) | (3,153 | ) | |||||||||||||||||
Transfers to held-for-sale (1) | (58,034 | ) | (46,128 | ) | (141,778 | ) | (193,962 | ) | |||||||||||||||||
REO - held-and-used, net, end of period | $ | 335,472 | 440,656 | 335,472 | 440,656 | ||||||||||||||||||||
-1 | During the three and nine months ended August 31, 2014 and 2013, 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, 2014, the Company recorded net losses of $0.2 million and $7.3 million, respectively, from acquisitions of REO through foreclosure. 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. These net gains (losses) are recorded in Rialto Investments other income (expense), net. | |||||||||||||||||||||||||
Rialto Mortgage Finance | |||||||||||||||||||||||||
In July 2013, RMF was formed to originate and sell into securitizations five, seven and ten year commercial first mortgage loans, generally with principal amounts between $2 million and $75 million, which are secured by income producing properties. During the nine months ended August 31, 2014, RMF originated loans with a total principal balance of $1.1 billion and sold $983.6 million of loans into five separate securitizations. As of August 31, 2014 and November 30, 2013, RMF had two warehouse repurchase financing agreements that mature in fiscal year 2015 with commitments totaling $650 million to help finance the loans it makes. Borrowings under these facilities were $71.4 million and $76.0 million as of August 31, 2014 and November 30, 2013, respectively. | |||||||||||||||||||||||||
In November 2013, the Rialto segment issued $250 million aggregate principal amount of the 7.00% senior notes due 2018 ("7.00% Senior Notes"), at a price of 100% in a private placement. Proceeds from the offering, after payment of expenses, were approximately $245 million. Rialto used a majority of the net proceeds of the sale of the 7.00% Senior Notes as working capital for RMF and used $100 million to repay sums that had been advanced to RMF from Lennar to enable it to begin originating and securitizing commercial mortgage loans. In March 2014, the Rialto segment issued an additional $100 million of the 7.00% Senior Notes, at a price of 102.25% of their face value in a private offering with no registration rights. Proceeds from the offering, after payment of expenses, were approximately $102 million. Rialto used the net proceeds of the offering to provide additional working capital for RMF, and to make investments in the funds that Rialto manages, as well as for general corporate purposes. Interest on the 7.00% Senior Notes is due semi-annually with the first interest payment made on June 1, 2014. At August 31, 2014 and November 30, 2013, the carrying amount of the 7.00% Senior Notes was $352.0 million and $250.0 million, respectively. Under the indenture, Rialto is subject to certain covenants limiting, among other things, Rialto’s ability to incur indebtedness, to make investments, to make distributions to, or enter into transactions with, Lennar or to create liens, subject to certain exceptions and qualifications. Rialto also has quarterly and annual reporting requirements, similar to an SEC registrant, to holders of the 7.00% Senior Notes. The Company believes it was in compliance with its debt covenants at August 31, 2014. | |||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
All of Rialto's investments in funds have the attributes of an investment company in accordance with ASC 946, Financial Services – Investment Companies, as amended by ASU 2013-08, Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements, the attributes of which are different from the attributes that would cause a company to be an investment company for purposes of the Investment Company Act of 1940. As a result, the assets and liabilities of Rialto's investments are recorded at fair value with increases/decreases in fair value recorded in their respective statements of operations and the Company’s share is recorded in Rialto Investments equity in earnings from unconsolidated entities in the Company's statement of operations. | |||||||||||||||||||||||||
The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: | |||||||||||||||||||||||||
August 31, | August 31, | November 30, | |||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||
(Dollars in thousands) | Inception Year | Equity Commitments | Equity Commitments Called | Commitment to fund by the Company | Funds contributed by the Company | Investment | |||||||||||||||||||
Rialto Real Estate Fund, LP | 2010 | $ | 700,006 | $ | 700,006 | $ | 75,000 | $ | 75,000 | $ | 80,741 | 75,729 | |||||||||||||
Rialto Real Estate Fund II, LP | 2012 | 1,305,000 | 660,058 | 100,000 | 50,579 | 57,528 | 53,103 | ||||||||||||||||||
Rialto Mezzanine Partners Fund | 2013 | 168,600 | 145,267 | 27,299 | 23,521 | 23,397 | 16,724 | ||||||||||||||||||
Other investments | 14,466 | 9,017 | |||||||||||||||||||||||
$ | 176,132 | 154,573 | |||||||||||||||||||||||
Rialto's share of earnings from unconsolidated entities was as follows: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Rialto Real Estate Fund, LP | $ | 10,291 | 3,685 | 22,524 | 14,827 | ||||||||||||||||||||
Rialto Real Estate Fund II, LP | 7,084 | 1,366 | 9,524 | 912 | |||||||||||||||||||||
Rialto Mezzanine Partners Fund | 591 | — | 1,373 | — | |||||||||||||||||||||
Other investments | 2,007 | 148 | 9,845 | 138 | |||||||||||||||||||||
Rialto Investments equity in earnings from unconsolidated entities | $ | 19,973 | 5,199 | 43,266 | 15,877 | ||||||||||||||||||||
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, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 200,878 | 332,968 | ||||||||||||||||||||||
Loans receivable | 528,456 | 523,249 | |||||||||||||||||||||||
Real estate owned | 388,284 | 285,565 | |||||||||||||||||||||||
Investment securities | 611,381 | 381,555 | |||||||||||||||||||||||
Investments in partnerships | 269,923 | 149,350 | |||||||||||||||||||||||
Other assets | 37,315 | 191,624 | |||||||||||||||||||||||
$ | 2,036,237 | 1,864,311 | |||||||||||||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||
Accounts payable and other liabilities | $ | 25,882 | 108,514 | ||||||||||||||||||||||
Notes payable | 315,985 | 398,445 | |||||||||||||||||||||||
Partner loans | — | 163,940 | |||||||||||||||||||||||
Equity | 1,694,370 | 1,193,412 | |||||||||||||||||||||||
$ | 2,036,237 | 1,864,311 | |||||||||||||||||||||||
Statements of Operations | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Revenues | $ | 39,401 | 69,856 | 104,005 | 189,155 | ||||||||||||||||||||
Costs and expenses | 22,552 | 65,357 | 71,965 | 190,066 | |||||||||||||||||||||
Other income, net (1) | 181,877 | 34,186 | 334,915 | 128,973 | |||||||||||||||||||||
Net earnings of unconsolidated entities | $ | 198,726 | 38,685 | 366,955 | 128,062 | ||||||||||||||||||||
Rialto Investments equity in earnings from unconsolidated entities | $ | 19,973 | 5,199 | 43,266 | 15,877 | ||||||||||||||||||||
-1 | Other income, net, for the three and nine months ended August 31, 2014 and 2013 included Rialto Real Estate Fund, LP, Rialto Real Estate Fund II, LP and other investments realized and unrealized gains on investments. | ||||||||||||||||||||||||
In 2010, the Rialto segment invested in non-investment grade commercial mortgage-backed securities (“CMBS”) at a 55% discount to par value. The carrying value of the investment securities at August 31, 2014 and November 30, 2013 was $17.0 million and $16.1 million, respectively. These securities bear interest at a coupon rate of 4% and 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, 2014 and 2013. The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. | |||||||||||||||||||||||||
In January 2014, Rialto acquired 100% of the loan servicing business segment of a financial services company (the "Servicer Provider") in which a subsidiary of Rialto had an approximately 5% investment, in exchange for its investment interest. The Servicer Provider has a business segment that provides service and infrastructure to the residential home loan market, which provides loan servicing support for all of the Company's owned and managed portfolios and asset management services for Rialto's small balance loan program. At acquisition date, the fair value of the assets acquired was $20.8 million, the goodwill recorded was $5.1 million and the fair value of the liabilities assumed was $17.6 million. As of November 30, 2013, the carrying value of the Company’s investment in the Servicer Provider was $8.3 million. |
Lennar_Multifamily_Segment
Lennar Multifamily Segment (Lennar Multifamily [Member]) | 9 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
Lennar Multifamily [Member] | ' | ||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||
Segment Disclosures Including Unconsolidated Entity Information | ' | ||||||||||||
Lennar Multifamily Segment | |||||||||||||
Since 2012, the Company has become actively involved, primarily through unconsolidated entities, in the development of multifamily rental properties. The Lennar Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. | |||||||||||||
The assets and liabilities related to the Lennar Multifamily segment were as follows: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 1,881 | 519 | ||||||||||
Land under development | 86,364 | 88,260 | |||||||||||
Consolidated inventory not owned | — | 10,500 | |||||||||||
Investments in unconsolidated entities | 92,863 | 46,301 | |||||||||||
Other assets | 23,877 | 1,509 | |||||||||||
$ | 204,985 | 147,089 | |||||||||||
Liabilities: | |||||||||||||
Accounts payable and other liabilities | $ | 34,221 | 17,518 | ||||||||||
Notes payable | — | 13,858 | |||||||||||
Liabilities related to consolidated inventory not owned | — | 10,150 | |||||||||||
$ | 34,221 | 41,526 | |||||||||||
The unconsolidated entities in which the Lennar Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Lennar Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used. Additionally, the Company guarantees the construction costs of the project. All construction cost over-runs would be paid by the Company. Generally, these payments are increases to our investment in the entities and would increase our share of funds the entities distributes after the achievement of certain thresholds. As of August 31, 2014, the fair value of the completion guarantees was immaterial. As of August 31, 2014 and November 30, 2013, Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $105.6 million and $51.6 million, respectively. | |||||||||||||
Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: | |||||||||||||
Balance Sheets | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 30,685 | 5,800 | ||||||||||
Operating properties and equipment | 486,392 | 236,528 | |||||||||||
Other assets | 11,418 | 3,460 | |||||||||||
$ | 528,495 | 245,788 | |||||||||||
Liabilities and equity: | |||||||||||||
Accounts payable and other liabilities | $ | 65,140 | 11,147 | ||||||||||
Notes payable | 105,598 | 51,604 | |||||||||||
Equity | 357,757 | 183,037 | |||||||||||
$ | 528,495 | 245,788 | |||||||||||
Statements of Operations | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues | $ | 907 | — | 3,318 | — | ||||||||
Costs and expenses | 1,907 | 573 | 5,082 | 836 | |||||||||
Other income, net (1) | 35,068 | — | 35,068 | — | |||||||||
Net earnings (loss) of unconsolidated entities | $ | 34,068 | (573 | ) | 33,304 | (836 | ) | ||||||
Lennar Multifamily equity in earnings (loss) from unconsolidated entities (2) | $ | 14,946 | (113 | ) | 14,689 | (146 | ) | ||||||
-1 | Other income, net, for both the three and nine months ended August 31, 2014 included the gains related to the sale of two operating properties. | ||||||||||||
-2 | For both the three and nine months ended August 31, 2014, Lennar Multifamily equity in earnings from unconsolidated entities included Lennar Multifamily's share of gains totaling $14.7 million related to the sale of two operating properties by unconsolidated entities. |
Lennar_Homebuilding_Cash_And_C
Lennar Homebuilding Cash And Cash Equivalents | 9 Months Ended |
Aug. 31, 2014 | |
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, 2014 and November 30, 2013 included $240.5 million and $172.3 million, respectively, of cash held in escrow for approximately three days. |
Lennar_Homebuilding_Restricted
Lennar Homebuilding Restricted Cash | 9 Months Ended |
Aug. 31, 2014 | |
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, 2014 | |||||||
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, | |||||
2014 | 2013 | ||||||
5.50% senior notes due 2014 | $ | 249,820 | 249,640 | ||||
5.60% senior notes due 2015 | 500,272 | 500,527 | |||||
6.50% senior notes due 2016 | 249,923 | 249,886 | |||||
12.25% senior notes due 2017 | 396,278 | 395,312 | |||||
4.75% senior notes due 2017 | 399,250 | 399,250 | |||||
6.95% senior notes due 2018 | 248,485 | 248,167 | |||||
4.125% senior notes due 2018 | 274,995 | 274,995 | |||||
4.50% senior notes due 2019 | 500,477 | — | |||||
2.75% convertible senior notes due 2020 | 427,373 | 416,041 | |||||
3.25% convertible senior notes due 2021 | 400,000 | 400,000 | |||||
4.750% senior notes due 2022 | 571,223 | 571,012 | |||||
Unsecured revolving credit facility that matures 2018 | 70,000 | — | |||||
Mortgages notes on land and other debt | 404,784 | 489,602 | |||||
$ | 4,692,880 | 4,194,432 | |||||
At August 31, 2014, the Company had a $1.5 billion unsecured revolving credit facility (the "Credit Facility"), which includes a $263 million accordion feature, subject to additional commitments, with certain financial institutions that matures in June 2018. In addition, the Company had $200 million of letter of credit facilities with a financial institution and a $140 million letter of credit facility with a different financial institution. 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 Facility agreement also provides that up to $500 million in commitments may be used for letters of credit. The Company believes it was in compliance with its debt covenants at August 31, 2014. | |||||||
The Company’s performance letters of credit outstanding were $240.7 million and $160.6 million, respectively, at August 31, 2014 and November 30, 2013. The Company’s financial letters of credit outstanding were $181.1 million and $212.8 million, respectively, at August 31, 2014 and November 30, 2013. Performance letters of credit are generally posted with regulatory bodies to guarantee the Company’s performance of certain development and construction activities. Financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at August 31, 2014, 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 $862.3 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, 2014, there were approximately $445.9 million, or 52%, 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 2014, the Company originally issued $400 million aggregate principal amount of 4.50% senior notes due 2019 (the "4.50% Senior Notes") at a price of 100%. The Company issued an additional $100 million aggregate principal amount of its 4.50% Senior Notes at a price of 100.5%. Proceeds from the offerings, after payment of expenses, were $495.7 million. The Company used the net proceeds from the sales of the 4.50% Senior Notes for working capital and general corporate purposes. Interest on the 4.50% Senior Notes is due semi-annually beginning June 15, 2014. The 4.50% Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. At August 31, 2014, the carrying amount of the 4.50% Senior Notes was $500.5 million. | |||||||
Subsequent to August 31, 2014, the Company retired its $250 million 5.50% senior notes due September 2014 for 100% of the outstanding principal amount, plus accrued and unpaid interest as of the maturity date. | |||||||
At both August 31, 2014 and November 30, 2013, the carrying and principal amount of the 3.25% convertible senior notes due 2021 (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 shares of Class A common stock if all the 3.25% Convertible Senior Notes are converted, which is equivalent to an initial conversion price of approximately $23.50 per share of Class A common stock, subject to anti-dilution adjustments. The shares are included in the calculation of diluted earnings per share. The 3.25% Convertible Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. | |||||||
When the 2.75% convertible senior notes due 2020 (the “2.75% Convertible Senior Notes”) are converted, 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. Shares are included in the calculation of diluted earnings per share because even though it is the Company’s intent to settle the face value of the 2.75% Convertible Senior Notes in cash, the Company's volume weighted average stock price exceeded the conversion price. The Company’s volume weighted average stock price for the three months ended August 31, 2014 and 2013 was $39.46 and $35.03, respectively, which exceeded the conversion price, thus 8.8 million shares and 7.4 million shares, respectively, were included in the calculation of diluted earnings per share. The Company’s volume weighted average stock price for the nine months ended August 31, 2014 and 2013 was $39.35 and $37.90, respectively, which exceeded the conversion price, thus 8.8 million shares and 8.5 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. 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, 2014 and November 30, 2013, the principal amount of the 2.75% Convertible Senior Notes was $446.0 million. At August 31, 2014 and November 30, 2013, the carrying amount of the equity component included in stockholders’ equity was $18.6 million and $30.0 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 $427.4 million and $416.0 million, respectively. | |||||||
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, 2014 | |||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Warranty reserve, beginning of period | $ | 105,699 | 90,242 | 102,580 | 84,188 | ||||||||
Warranties issued during the period | 15,958 | 13,914 | 40,930 | 34,795 | |||||||||
Adjustments to pre-existing warranties from changes in estimates (1) | (1,221 | ) | 7,506 | 4,355 | 15,415 | ||||||||
Payments | (15,629 | ) | (12,186 | ) | (43,058 | ) | (34,922 | ) | |||||
Warranty reserve, end of period | $ | 104,807 | 99,476 | 104,807 | 99,476 | ||||||||
-1 | The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2014 and 2013 primarily relate to specific claims related to certain of our homebuilding communities and other adjustments. |
ShareBased_Payment
Share-Based Payment | 9 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Share-Based Payment | ' | ||||||||||||
Share-Based Payments | |||||||||||||
During the three months ended August 31, 2014, the Company granted 1.1 million nonvested shares. During the nine months ended August 31, 2014, the Company granted an immaterial number of stock options and 1.1 million nonvested shares. 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. 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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Stock options | $ | 68 | 64 | 108 | 97 | ||||||||
Nonvested shares | 11,231 | 10,269 | 28,482 | 23,430 | |||||||||
Total compensation expense for share-based awards | $ | 11,299 | 10,333 | 28,590 | 23,527 | ||||||||
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||||||
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, 2014 and November 30, 2013, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities of these instruments. | |||||||||||||||||||||
August 31, 2014 | November 30, 2013 | ||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||
(In thousands) | Hierarchy | Amount | Value | Amount | Value | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Rialto Investments: | |||||||||||||||||||||
Loans receivable, net | Level 3 | $ | 174,286 | 182,004 | 278,392 | 305,810 | |||||||||||||||
Investments held-to-maturity | Level 3 | $ | 16,968 | 16,839 | 16,070 | 15,952 | |||||||||||||||
Lennar Financial Services: | |||||||||||||||||||||
Loans held-for-investment, net | Level 3 | $ | 26,821 | 27,066 | 26,356 | 26,095 | |||||||||||||||
Investments held-to-maturity | Level 2 | $ | 57,023 | 57,163 | 62,344 | 62,580 | |||||||||||||||
LIABILITIES | |||||||||||||||||||||
Lennar Homebuilding senior notes and other debts | Level 2 | $ | 4,692,880 | 5,510,800 | 4,194,432 | 4,971,500 | |||||||||||||||
payable | |||||||||||||||||||||
Rialto Investments notes and other debts payable | Level 2 | $ | 582,659 | 581,420 | 441,883 | 438,373 | |||||||||||||||
Lennar Financial Services notes and other debts payable | Level 2 | $ | 522,047 | 522,047 | 374,166 | 374,166 | |||||||||||||||
Lennar Multifamily notes payable | Level 2 | $ | — | — | 13,858 | 13,858 | |||||||||||||||
The following methods and assumptions are used by the Company in estimating fair values: | |||||||||||||||||||||
Lennar Homebuilding and Lennar Multifamily—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, net 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 and other debts payable, the fair value is calculated based on discounted cash flows using the Company’s weighted average borrowing rate and for the warehouse repurchase financing agreements fair values approximate their carrying value due to their short maturities. | |||||||||||||||||||||
Lennar Financial Services—The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. | |||||||||||||||||||||
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, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Lennar Financial Services: | |||||||||||||||||||||
Loans held-for-sale (1) | Level 2 | $ | 539,988 | 414,231 | |||||||||||||||||
Mortgage loan commitments | Level 2 | $ | 14,276 | 7,335 | |||||||||||||||||
Forward contracts | Level 2 | $ | (4,052 | ) | 1,444 | ||||||||||||||||
Mortgage servicing rights | Level 3 | $ | 19,387 | 11,455 | |||||||||||||||||
Lennar Homebuilding: | |||||||||||||||||||||
Investments available-for-sale | Level 3 | $ | 16,865 | 40,032 | |||||||||||||||||
Rialto Investments Financial Assets: | |||||||||||||||||||||
Loans held-for-sale (2) | Level 3 | $ | 164,923 | 44,228 | |||||||||||||||||
Credit default swaps | Level 2 | $ | 1,331 | 788 | |||||||||||||||||
Rialto Investments Financial Liabilities: | |||||||||||||||||||||
Interest rate swaps and swap futures | Level 1 | $ | 1,393 | 31 | |||||||||||||||||
Credit default swaps | Level 2 | $ | 1,561 | 318 | |||||||||||||||||
-1 | The aggregate fair value of Lennar Financial Services loans held-for-sale of $540.0 million at August 31, 2014 exceeds their aggregate principal balance of $517.0 million by $23.0 million. The aggregate fair value of loans held-for-sale of $414.2 million at November 30, 2013 exceeds their aggregate principal balance of $399.0 million by $15.3 million. | ||||||||||||||||||||
-2 | The aggregate fair value of Rialto Investments loans held-for-sale of $164.9 million at August 31, 2014 exceeds their aggregate principal balance of $163.4 million by $1.6 million. The aggregate fair value of loans held-for-sale of $44.2 million at November 30, 2013 exceeds their aggregate principal balance of $44.0 million by $0.2 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, 2014 and November 30, 2013. 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, 2014 and November 30, 2013. | |||||||||||||||||||||
Lennar Financial Services forward contracts— Fair value is based on quoted market prices for similar financial instruments. | |||||||||||||||||||||
Lennar Financial Services mortgage servicing rights — Lennar Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis, at the time of securitization or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates. As of August 31, 2014, the key assumptions used in determining the fair value include an 11.8% mortgage prepayment rate, a 5.6% delinquency rate and a 12.0% discount rate. | |||||||||||||||||||||
Lennar Homebuilding investments available-for-sale— The fair value of these investments is based on third party valuations and/or estimated by the Company on the basis of discounted cash flows. | |||||||||||||||||||||
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 pricing of recent CMBS offerings, secondary CMBS markets, changes in the CMBX index, and general capital and commercial real estate market conditions. Considerations in estimating CMBS spreads include comparing the Company’s current loan portfolio with comparable CMBS offerings containing loans with similar duration, credit quality and collateral composition. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust. | |||||||||||||||||||||
Rialto Investments interest rate swaps and swap futures— The fair value of interest rate swaps and 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 (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 (losses) of Rialto financial instruments measured at fair value are recognized in the Rialto segment's operating earnings. Gains (losses) related to the Lennar Homebuilding investments available-for-sale during the three and nine months ended August 31, 2014 and 2013 were deferred as a result of the Company's continuing involvement in the underlying real estate collateral, thus no gains (losses) were recognized during the three and nine months ended August 31, 2014 and 2013. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis 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) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Changes in fair value included in Lennar Financial Services revenues: | |||||||||||||||||||||
Loans held-for-sale | $ | 588 | 3,982 | 7,740 | (13,422 | ) | |||||||||||||||
Mortgage loan commitments | $ | (756 | ) | 4,944 | 6,942 | (1,950 | ) | ||||||||||||||
Forward contracts | $ | 2,262 | (13,600 | ) | (5,497 | ) | 4,391 | ||||||||||||||
Changes in fair value included in Rialto Investments revenues: | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Interest rate swap futures | $ | — | 607 | — | 607 | ||||||||||||||||
Credit default swaps | $ | (431 | ) | 1,343 | — | 1,343 | |||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Interest rate swaps and swap futures | $ | (969 | ) | (701 | ) | (1,363 | ) | (701 | ) | ||||||||||||
Credit default swaps | $ | 390 | — | 62 | — | ||||||||||||||||
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 Lennar Financial Services segment uses mandatory mortgage-backed securities (“MBS”) forward commitments, option contracts and investor commitments to hedge its mortgage-related interest rate exposure. These instruments involve, to varying degrees, elements of credit and interest rate risk. Credit risk associated with MBS forward commitments, option contracts and loan sales transactions is managed by limiting the Company’s counterparties to investment banks, federally regulated bank affiliates and other investors meeting the Company’s credit standards. The segment’s risk, in the event of default by the purchaser, is the difference between the contract price and fair value of the MBS forward commitments and option contracts. At August 31, 2014, the segment had open commitments amounting to $700.0 million to sell MBS with varying settlement dates through November 2014. | |||||||||||||||||||||
The following table represents a reconciliation of the beginning and ending balance for the Lennar Financial Services Level 3 recurring fair value measurements (mortgage servicing rights) included in the Lennar Financial Services segment’s other assets: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Mortgage servicing rights, beginning of period | $ | 18,242 | 7,307 | 11,455 | 4,749 | ||||||||||||||||
Purchases and retention of mortgage servicing rights (1) | 441 | 1,838 | 8,977 | 3,560 | |||||||||||||||||
Disposals | (622 | ) | (122 | ) | (1,190 | ) | (571 | ) | |||||||||||||
Changes in fair value (2) | 1,326 | 835 | 145 | 2,120 | |||||||||||||||||
Mortgage servicing rights, end of period | $ | 19,387 | 9,858 | 19,387 | 9,858 | ||||||||||||||||
-1 | For the nine months ended August 31, 2014, purchases and retention of mortgage servicing rights include the $5.9 million acquisition of a portfolio of mortgage servicing rights. | ||||||||||||||||||||
-2 | Amount represents changes in fair value included in Lennar Financial Services revenues. | ||||||||||||||||||||
The following table represents a reconciliation of the beginning and ending balance for the Lennar Homebuilding 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 | ||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Investments available-for-sale, beginning of period | $ | 20,416 | 33,338 | 40,032 | 19,591 | ||||||||||||||||
Purchases and other (1) | — | 13,291 | 21,274 | 25,518 | |||||||||||||||||
Sales | (1,655 | ) | (2,486 | ) | (46,234 | ) | (2,486 | ) | |||||||||||||
Changes in fair value (2) | 2,229 | (772 | ) | 7,379 | 748 | ||||||||||||||||
Settlements (3) | (4,125 | ) | — | (5,586 | ) | — | |||||||||||||||
Investments available-for-sale, end of period | $ | 16,865 | 43,371 | 16,865 | 43,371 | ||||||||||||||||
-1 | Represents investments in community development district bonds that mature at various dates between 2037 and 2039. | ||||||||||||||||||||
-2 | 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 the three and nine months ended August 31, 2014 related to investments in community development district bonds, which were in default by the borrower and regarding which the Company redeemed the bonds. | ||||||||||||||||||||
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 | ||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Rialto Investments loans held-for-sale, beginning of period | $ | 45,065 | — | 44,228 | — | ||||||||||||||||
Loan originations | 411,683 | 245,223 | 1,103,839 | 245,223 | |||||||||||||||||
Origination loans sold, including those not settled | (292,099 | ) | — | (983,635 | ) | — | |||||||||||||||
Interest and principal paydowns | (811 | ) | 529 | (835 | ) | 529 | |||||||||||||||
Changes in fair value (1) | 1,085 | (1,086 | ) | 1,326 | (1,086 | ) | |||||||||||||||
Rialto Investments loans held-for-sale, end of period | $ | 164,923 | 244,666 | 164,923 | 244,666 | ||||||||||||||||
-1 | Amount represents changes in fair value included in Rialto Investments revenues. | ||||||||||||||||||||
The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the 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: | |||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | Fair Value | Carrying Value | Fair Value | Total Gains (Losses) (1) | Carrying Value | Fair Value | Total Gains (Losses) (1) | ||||||||||||||
Hierarchy | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Rialto Investments: | |||||||||||||||||||||
Impaired loans receivable | Level 3 | $ | 103,732 | 99,574 | (4,158 | ) | 161,432 | 157,955 | (3,477 | ) | |||||||||||
Non-financial assets | |||||||||||||||||||||
Lennar Homebuilding: | |||||||||||||||||||||
Investments in unconsolidated entities (2) | Level 3 | $ | — | — | — | 20,885 | 20,024 | (861 | ) | ||||||||||||
Rialto Investments: | |||||||||||||||||||||
REO - held-for-sale (3): | |||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 7,133 | 6,705 | (428 | ) | 12,200 | 14,833 | 2,633 | ||||||||||||
Upon management periodic valuations | Level 3 | $ | 15,453 | 9,794 | (5,659 | ) | 169 | — | (169 | ) | |||||||||||
REO - held-and-used, net (4): | |||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 14,275 | 14,530 | 255 | 13,864 | 14,154 | 290 | |||||||||||||
Upon management periodic valuations | Level 3 | $ | 8,056 | 6,723 | (1,333 | ) | 7,176 | 2,050 | (5,126 | ) | |||||||||||
-1 | Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended August 31, 2014 and 2013. | ||||||||||||||||||||
-2 | Valuation adjustments were included in Lennar Homebuilding other income, net in the Company's condensed consolidated 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 the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The gains (losses) upon the transfer or acquisition of REO and impairments were included in Rialto Investments other income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 2014 and 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. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto Investments other income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 2014 and 2013. | ||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | Fair Value | Carrying Value | Fair Value | Total Gains (Losses) (1) | Carrying Value | Fair Value | Total Gains (Losses) (1) | ||||||||||||||
Hierarchy | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Rialto Investments: | |||||||||||||||||||||
Impaired loans receivable | Level 3 | $ | 191,471 | 146,731 | (44,740 | ) | 200,856 | 186,768 | (14,088 | ) | |||||||||||
Non-financial assets | |||||||||||||||||||||
Lennar Homebuilding: | |||||||||||||||||||||
Finished homes and construction in progress (2) | Level 3 | $ | — | — | — | 16,454 | 12,247 | (4,207 | ) | ||||||||||||
Land and land under development (2) | Level 3 | $ | 7,013 | 6,143 | (870 | ) | — | — | — | ||||||||||||
Investments in unconsolidated entities (3) | Level 3 | $ | — | — | — | 20,921 | 20,024 | (897 | ) | ||||||||||||
Rialto Investments: | |||||||||||||||||||||
REO - held-for-sale (4): | |||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 20,183 | 18,972 | (1,211 | ) | 14,193 | 16,166 | 1,973 | ||||||||||||
Upon management periodic valuations | Level 3 | $ | 39,193 | 31,494 | (7,699 | ) | 23,040 | 18,687 | (4,353 | ) | |||||||||||
REO - held-and-used, net (5): | |||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 54,727 | 48,657 | (6,070 | ) | 39,655 | 38,882 | (773 | ) | |||||||||||
Upon management periodic valuations | Level 3 | $ | 20,489 | 17,653 | (2,836 | ) | 10,011 | 4,482 | (5,529 | ) | |||||||||||
-1 | Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the nine months ended August 31, 2014 and 2013. | ||||||||||||||||||||
-2 | Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the nine months ended August 31, 2014 and 2013. | ||||||||||||||||||||
-3 | Valuation adjustments were included in Lennar Homebuilding other income, net in the Company's condensed consolidated 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 the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The gains (losses) upon the transfer or acquisition of REO and impairments were included in Rialto Investments other income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 2014 and 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. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto Investments other income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 2014 and 2013. | ||||||||||||||||||||
Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. The Company discloses its accounting policy related to inventories and its review for indicators of impairments in the Summary of Significant Accounting Policies in its Form 10-K for the year ended November 30, 2013. | |||||||||||||||||||||
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. | |||||||||||||||||||||
As of August 31, 2014 and 2013, there were 600 and 512 active communities, excluding unconsolidated entities, respectively. In the nine months ended August 31, 2014, the Company reviewed its communities for potential indicators of impairments and identified 46 communities with 2,037 homesites and a corresponding carrying value of $191.8 million as having potential indicators of impairment. Of those communities identified, the Company recorded no impairments for the nine months ended August 31, 2014. | |||||||||||||||||||||
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 nine months ended August 31, 2014, the capitalization rates used to estimate fair value ranged from 9% 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. |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended | ||||||
Aug. 31, 2014 | |||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract] | ' | ||||||
Variable Interest Entities | ' | ||||||
Variable Interest Entities | |||||||
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, 2014. Based on the Company's evaluation, it consolidated an entity in the first quarter of 2014 within its Lennar Multifamily segment that had total combined assets of $22.9 million and subsequently deconsolidated the same entity in the second quarter of 2014 due to the receipt of previously required unfunded contributions by the joint venture partner during that period. Additionally, in the third quarter of 2014, the Company consolidated entities within its Lennar Multifamily segment that had combined total assets of $17.9 million. In the second quarter of 2014, the Company entered into a new option agreement with MSR, which resulted in the consolidation of certain VIEs because of the Company having options on substantially all of the homesites. The VIEs that consolidated had total combined assets of $158.5 million and non-recourse liabilities of $1.6 million. | |||||||
At August 31, 2014 and November 30, 2013, the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $697.6 million and $716.9 million, respectively, the Rialto segment’s investments in unconsolidated entities were $176.1 million and $154.6 million, respectively, and the Lennar Multifamily segment's investments in unconsolidated entities were $92.9 million and $46.3 million, respectively. | |||||||
Consolidated VIEs | |||||||
As of August 31, 2014, the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $979.8 million and $142.7 million, respectively. As of November 30, 2013, the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $1,195.3 million and $294.8 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 Company’s senior notes and other debts payable. In addition, the assets held by a VIE usually are collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with a VIE’s banks. Other than debt guarantee agreements with a VIE’s banks, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts. | |||||||
Unconsolidated VIEs | |||||||
The Company’s recorded investment in unconsolidated VIEs and its estimated maximum exposure to loss were as follows: | |||||||
As of August 31, 2014 | |||||||
(In thousands) | Investments in | Lennar’s | |||||
Unconsolidated | Maximum | ||||||
VIEs | Exposure | ||||||
to Loss | |||||||
Lennar Homebuilding (1) | $ | 169,584 | 239,855 | ||||
Rialto Investments (2) | 16,968 | 16,968 | |||||
Lennar Multifamily (3) | 41,670 | 66,041 | |||||
$ | 228,222 | 322,864 | |||||
As of November 30, 2013 | |||||||
(In thousands) | Investments in | Lennar’s | |||||
Unconsolidated | Maximum | ||||||
VIEs | Exposure | ||||||
to Loss | |||||||
Lennar Homebuilding (1) | $ | 195,720 | 301,315 | ||||
Rialto Investments (2) | 24,393 | 24,393 | |||||
Lennar Multifamily (3) | 25,874 | 55,002 | |||||
$ | 245,987 | 380,710 | |||||
-1 | At August 31, 2014, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs is limited to its investments in the unconsolidated VIEs, except with regard to a $70.0 million remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. At November 30, 2013, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $90.5 million remaining commitment to fund an unconsolidated entity that was formed in 2013 for further expenses up until the unconsolidated entity obtains permanent financing and $15.0 million of recourse debt of one of the unconsolidated VIEs, which is included in the Company’s maximum exposure to loss related to Lennar Homebuilding unconsolidated entities. | ||||||
-2 | At both August 31, 2014 and November 30, 2013, the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs is limited to its investments in the unconsolidated VIEs. At August 31, 2014 and November 30, 2013, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss include $17.0 million and $16.1 million, respectively, related to Rialto’s investments held-to-maturity. | ||||||
-3 | At August 31, 2014 and November 30, 2013, the maximum exposure to loss of Lennar Multifamily's investments in unconsolidated VIEs is limited to its investments in the unconsolidated VIEs, except with regard to $23.4 million and $28.0 million, respectively, of letters of credit outstanding for certain of the unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements. | ||||||
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. | |||||||
The Company and other partners do not generally have an obligation to make capital contributions to the VIEs, except for $23.4 million of letters of credit outstanding for certain Lennar Multifamily unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements. In addition, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs except with regard to a $70.0 million remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts. | |||||||
Option Contracts | |||||||
The Company has access to land through option contracts, which generally enables it to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company has determined whether to exercise the option. | |||||||
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. Due to the new agreement with MSR discussed in Note 3, $155.0 million of consolidated inventory not owned was reclassified to land and land under development and $70.3 million of consolidated inventory not owned was deconsolidated during in second quarter of 2014. | |||||||
In addition to this transaction, during the nine months ended August 31, 2014, consolidated inventory not owned decreased by $179.0 million with a corresponding decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 31, 2014. The decrease was primarily due to the purchase of land that was the subject of a previously consolidated option contract. To reflect the purchase price of the inventory consolidated, the Company had a net reclass related to option deposits from consolidated inventory not owned to land under development in the accompanying condensed consolidated balance sheet as of August 31, 2014. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits. | |||||||
The Company’s exposure to loss related to its option contracts with third parties and unconsolidated entities consisted of its non-refundable option deposits and pre-acquisition costs totaling $72.5 million and $129.2 million at August 31, 2014 and November 30, 2013, respectively. Additionally, the Company had posted $25.4 million and $29.9 million of letters of credit in lieu of cash deposits under certain option contracts as of August 31, 2014 and November 30, 2013, respectively. |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies | 9 Months Ended |
Aug. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingent Liabilities | |
The Company has been engaged in litigation since 2008 in the United States District Court for the District of Maryland regarding whether the Company is required by a contract it entered into in 2005 to purchase a property in Maryland. After entering into the contract, the Company later renegotiated the purchase price, reducing it from $200 million to $134 million, $20 million of which has been paid and subsequently written off, leaving a balance of $114 million. In July 2014, the Court ruled that the Company may be obligated to purchase the property. As a result of changes in zoning for the property during the litigation, the Court has ordered further proceedings to determine whether the sellers are entitled to specific performance and, if so, whether a further reduction in the purchase price is required. In the event the Company is ordered to purchase the property, the Court may order the Company to pay interest and attorneys’ fees. The Company believes the preliminary decision is contrary to applicable law. The Company does not believe it is probable that a loss has occurred and, therefore, no liability has been recorded with respect to this case. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Aug. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, (“ASU 2011-11”). which requires entities to disclose information about offsetting and related arrangements of financial instruments and derivative instruments. In January 2013, this guidance was amended by ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting assets and Liabilities ("ASU 2013-01"). ASU 2013-01 limits the scope of ASU 2011-11 to certain derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions. The guidance was effective for the Company's fiscal year beginning December 1, 2013 and subsequent interim periods. The adoption of this guidance, which is related to disclosure only, 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 June 2013, the FASB issued ASU 2013-08, Investment Companies, (“ASU 2013-08”), which amends the criteria for an entity to qualify as an investment company under ASC 946, Financial Services - Investment Companies, (“ASC 946”). While ASU 2013-08 is not expected to significantly change which entities qualify for the specialized investment company accounting in ASC 946, it (1) introduces new disclosure requirements that apply to all investment companies and (2) amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 also amends the requirements in ASC 810 related to qualifying for the “investment company deferral” as well as the requirements in ASC 820, Fair Value Measurement, related to qualifying for the “net asset value practical expedient.” ASU 2013-08 was effective for the Company’s second fiscal quarter beginning March 1, 2014. The adoption of ASU 2013-08 did not 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 2013-11 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. | |
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, (“ASU 2014-08”). ASU 2014-08 is intended to change the criteria for reporting discontinued operations and enhance disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations that has a major effect on the entity's operations and financial results should be presented as discontinued operations. If the disposal does qualify as a discontinued operation, the entity will be required to provide expanded disclosures, as well as disclosure of the pretax income attributable to the disposal of a significant part of an entity that does not qualify as a discontinued operation. ASU 2014-08 will be effective for the Company’s fiscal year beginning December 1, 2014 and subsequent interim periods. The adoption of ASU 2014-08 is not expected to have a material effect on the Company’s condensed consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, (“ASU 2014-09”). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU No. 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. ASU 2014-09 will be effective for the Company’s fiscal year beginning December 1, 2017 and subsequent interim periods The Company has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of applying this ASU recognized at the date of initial application. Early adoption is not permitted. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company's condensed consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern, (“ASU 2014-15”). ASU 2014-15 requires management to perform interim and annual assessments on whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year of the date the financial statements are issued and to provide related disclosures, if required. ASU 2014-15 will be effective for the Company’s fiscal year beginning December 1, 2016 and subsequent interim periods. The adoption of ASU 2014-15 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, 2014 | ||||||||||||||||
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, 4.50% senior notes due 2019, 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, 2014, they were guaranteeing Lennar Corporation's $200 million of letter of credit facilities, its $140 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. | ||||||||||||||||
Supplemental information for the subsidiaries that were guarantor subsidiaries at August 31, 2014 was as follows: | ||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
August 31, 2014 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
ASSETS | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | 371,977 | 251,767 | 13,686 | — | 637,430 | ||||||||||
Inventories | — | 7,500,471 | 223,963 | — | 7,724,434 | |||||||||||
Investments in unconsolidated entities | — | 684,461 | 13,162 | — | 697,623 | |||||||||||
Other assets | 154,190 | 431,531 | 103,751 | 5,853 | 695,325 | |||||||||||
Investments in subsidiaries | 4,095,887 | 305,115 | — | (4,401,002 | ) | — | ||||||||||
Intercompany | 4,604,458 | — | — | (4,604,458 | ) | — | ||||||||||
9,226,512 | 9,173,345 | 354,562 | (8,999,607 | ) | 9,754,812 | |||||||||||
Rialto Investments: | ||||||||||||||||
Rialto Investments real estate owned - held-and-used, net | — | — | 335,472 | — | 335,472 | |||||||||||
Rialto Investments all other assets | — | — | 1,048,271 | — | 1,048,271 | |||||||||||
Lennar Financial Services | — | 73,334 | 873,203 | — | 946,537 | |||||||||||
Lennar Multifamily | — | 187,140 | 17,845 | — | 204,985 | |||||||||||
Total assets | $ | 9,226,512 | 9,433,819 | 2,629,353 | (8,999,607 | ) | 12,290,077 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Accounts payable and other liabilities | $ | 356,937 | 702,899 | 60,045 | — | 1,119,881 | ||||||||||
Liabilities related to consolidated inventory not owned | — | 47,507 | — | — | 47,507 | |||||||||||
Senior notes and other debts payable | 4,288,096 | 324,354 | 80,430 | — | 4,692,880 | |||||||||||
Intercompany | — | 4,531,692 | 72,766 | (4,604,458 | ) | — | ||||||||||
4,645,033 | 5,606,452 | 213,241 | (4,604,458 | ) | 5,860,268 | |||||||||||
Rialto Investments | — | — | 659,648 | — | 659,648 | |||||||||||
Lennar Financial Services | — | 26,225 | 665,721 | 5,853 | 697,799 | |||||||||||
Lennar Multifamily | — | 34,179 | 42 | — | 34,221 | |||||||||||
Total liabilities | 4,645,033 | 5,666,856 | 1,538,652 | (4,598,605 | ) | 7,251,936 | ||||||||||
Stockholders’ equity | 4,581,479 | 3,766,963 | 634,039 | (4,401,002 | ) | 4,581,479 | ||||||||||
Noncontrolling interests | — | — | 456,662 | — | 456,662 | |||||||||||
Total equity | 4,581,479 | 3,766,963 | 1,090,701 | (4,401,002 | ) | 5,038,141 | ||||||||||
Total liabilities and equity | $ | 9,226,512 | 9,433,819 | 2,629,353 | (8,999,607 | ) | 12,290,077 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
November 30, 2013 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
ASSETS | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | 562,134 | 192,945 | 28,430 | — | 783,509 | ||||||||||
Inventories | — | 6,507,172 | 93,876 | — | 6,601,048 | |||||||||||
Investments in unconsolidated entities | — | 702,291 | 14,658 | — | 716,949 | |||||||||||
Other assets | 116,657 | 539,264 | 86,773 | 5,935 | 748,629 | |||||||||||
Investments in subsidiaries | 4,305,887 | 325,906 | — | (4,631,793 | ) | — | ||||||||||
Intercompany | 3,191,611 | — | — | (3,191,611 | ) | — | ||||||||||
8,176,289 | 8,267,578 | 223,737 | (7,817,469 | ) | 8,850,135 | |||||||||||
Rialto Investments: | ||||||||||||||||
Rialto Investments real estate owned - held-and-used, net | — | — | 428,989 | — | 428,989 | |||||||||||
Rialto Investments all other assets | — | — | 1,050,324 | — | 1,050,324 | |||||||||||
Lennar Financial Services | — | 76,160 | 720,550 | — | 796,710 | |||||||||||
Lennar Multifamily | — | 147,089 | — | — | 147,089 | |||||||||||
Total assets | $ | 8,176,289 | 8,490,827 | 2,423,600 | (7,817,469 | ) | 11,273,247 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Accounts payable and other liabilities | $ | 302,558 | 623,709 | 58,029 | — | 984,296 | ||||||||||
Liabilities related to consolidated inventory not owned | — | 384,876 | — | — | 384,876 | |||||||||||
Senior notes and other debts payable | 3,704,830 | 400,044 | 89,558 | — | 4,194,432 | |||||||||||
Intercompany | — | 3,183,664 | 7,947 | (3,191,611 | ) | — | ||||||||||
4,007,388 | 4,592,293 | 155,534 | (3,191,611 | ) | 5,563,604 | |||||||||||
Rialto Investments | — | — | 497,008 | — | 497,008 | |||||||||||
Lennar Financial Services | — | 30,045 | 507,659 | 5,935 | 543,639 | |||||||||||
Lennar Multifamily | — | 41,526 | — | — | 41,526 | |||||||||||
Total liabilities | 4,007,388 | 4,663,864 | 1,160,201 | (3,185,676 | ) | 6,645,777 | ||||||||||
Stockholders’ equity | 4,168,901 | 3,826,963 | 804,830 | (4,631,793 | ) | 4,168,901 | ||||||||||
Noncontrolling interests | — | — | 458,569 | — | 458,569 | |||||||||||
Total equity | 4,168,901 | 3,826,963 | 1,263,399 | (4,631,793 | ) | 4,627,470 | ||||||||||
Total liabilities and equity | $ | 8,176,289 | 8,490,827 | 2,423,600 | (7,817,469 | ) | 11,273,247 | |||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||
Three Months Ended August 31, 2014 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 1,830,771 | — | — | 1,830,771 | ||||||||||
Lennar Financial Services | — | 44,872 | 89,047 | (5,540 | ) | 128,379 | ||||||||||
Rialto Investments | — | — | 40,848 | — | 40,848 | |||||||||||
Lennar Multifamily | — | 14,036 | — | — | 14,036 | |||||||||||
Total revenues | — | 1,889,679 | 129,895 | (5,540 | ) | 2,014,034 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 1,559,528 | 1,740 | (2,949 | ) | 1,558,319 | ||||||||||
Lennar Financial Services | — | 39,604 | 64,152 | (2,521 | ) | 101,235 | ||||||||||
Rialto Investments | — | — | 47,644 | — | 47,644 | |||||||||||
Lennar Multifamily | — | 20,481 | 1 | — | 20,482 | |||||||||||
Corporate general and administrative | 41,807 | — | — | 1,265 | 43,072 | |||||||||||
Total costs and expenses | 41,807 | 1,619,613 | 113,537 | (4,205 | ) | 1,770,752 | ||||||||||
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities | — | (2,269 | ) | 189 | — | (2,080 | ) | |||||||||
Lennar Homebuilding other income (expense), net | 251 | (189 | ) | — | (125 | ) | (63 | ) | ||||||||
Other interest expense | (1,460 | ) | (8,381 | ) | — | 1,460 | (8,381 | ) | ||||||||
Rialto Investments equity in earnings from unconsolidated entities | — | — | 19,973 | — | 19,973 | |||||||||||
Rialto Investments other expense, net | — | — | (5,342 | ) | — | (5,342 | ) | |||||||||
Lennar Multifamily equity in earnings from unconsolidated entities | — | 14,946 | — | — | 14,946 | |||||||||||
Earnings (loss) before income taxes | (43,016 | ) | 274,173 | 31,178 | — | 262,335 | ||||||||||
Benefit (provision) for income taxes | 13,988 | (90,329 | ) | (12,554 | ) | — | (88,895 | ) | ||||||||
Equity in earnings from subsidiaries | 206,785 | 12,763 | — | (219,548 | ) | — | ||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | 177,757 | 196,607 | 18,624 | (219,548 | ) | 173,440 | ||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (4,317 | ) | — | (4,317 | ) | |||||||||
Net earnings attributable to Lennar | $ | 177,757 | 196,607 | 22,941 | (219,548 | ) | 177,757 | |||||||||
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 | |||||||||||
Lennar Multifamily | — | 695 | — | — | 695 | |||||||||||
Total revenues | — | 1,492,978 | 115,068 | (5,279 | ) | 1,602,767 | ||||||||||
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 | ||||||||||
Lennar Multifamily | — | 6,138 | — | — | 6,138 | |||||||||||
Corporate general and administrative | 35,310 | — | — | 2,309 | 37,619 | |||||||||||
Total costs and expenses | 35,310 | 1,286,784 | 94,729 | (4,115 | ) | 1,412,708 | ||||||||||
Lennar Homebuilding equity in earnings from unconsolidated entities | — | 10,167 | 291 | — | 10,458 | |||||||||||
Lennar Homebuilding other income, net | 297 | 4,140 | — | (288 | ) | 4,149 | ||||||||||
Other interest expense | (1,452 | ) | (22,230 | ) | — | 1,452 | (22,230 | ) | ||||||||
Rialto Investments equity in earnings from unconsolidated entities | — | — | 5,199 | — | 5,199 | |||||||||||
Rialto Investments other income, net | — | — | 1,837 | — | 1,837 | |||||||||||
Lennar Multifamily equity in loss from unconsolidated entities | — | (113 | ) | — | — | (113 | ) | |||||||||
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 noncontrolling interests) | 120,662 | 143,849 | 17,565 | (159,922 | ) | 122,154 | ||||||||||
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 | ||||||||||||||||
Nine Months Ended August 31, 2014 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 4,696,941 | — | — | 4,696,941 | ||||||||||
Lennar Financial Services | — | 115,343 | 217,358 | (16,354 | ) | 316,347 | ||||||||||
Rialto Investments | — | — | 142,196 | — | 142,196 | |||||||||||
Lennar Multifamily | — | 40,390 | — | — | 40,390 | |||||||||||
Total revenues | — | 4,852,674 | 359,554 | (16,354 | ) | 5,195,874 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 4,019,091 | 355 | (4,129 | ) | 4,015,317 | ||||||||||
Lennar Financial Services | — | 112,670 | 165,669 | (11,894 | ) | 266,445 | ||||||||||
Rialto Investments | — | — | 174,824 | — | 174,824 | |||||||||||
Lennar Multifamily | — | 59,957 | 1 | — | 59,958 | |||||||||||
Corporate general and administrative | 115,705 | — | — | 3,796 | 119,501 | |||||||||||
Total costs and expenses | 115,705 | 4,191,718 | 340,849 | (12,227 | ) | 4,636,045 | ||||||||||
Lennar Homebuilding equity in earnings from unconsolidated entities | — | 41 | 3,263 | — | 3,304 | |||||||||||
Lennar Homebuilding other income, net | 251 | 5,059 | — | (222 | ) | 5,088 | ||||||||||
Other interest expense | (4,349 | ) | (31,359 | ) | — | 4,349 | (31,359 | ) | ||||||||
Rialto Investments equity in earnings from unconsolidated entities | — | — | 43,266 | — | 43,266 | |||||||||||
Rialto Investments other expense, net | — | — | (2,976 | ) | — | (2,976 | ) | |||||||||
Lennar Multifamily equity in earnings from unconsolidated entities | — | 14,689 | — | — | 14,689 | |||||||||||
Earnings (loss) before income taxes | (119,803 | ) | 649,386 | 62,258 | — | 591,841 | ||||||||||
Benefit (provision) for income taxes | 42,422 | (229,164 | ) | (29,077 | ) | — | (215,819 | ) | ||||||||
Equity in earnings from subsidiaries | 470,974 | 28,944 | — | (499,918 | ) | — | ||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | 393,593 | 449,166 | 33,181 | (499,918 | ) | 376,022 | ||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (17,571 | ) | — | (17,571 | ) | |||||||||
Net earnings attributable to Lennar | $ | 393,593 | 449,166 | 50,752 | (499,918 | ) | 393,593 | |||||||||
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 | $ | — | 3,565,249 | 34,665 | — | 3,599,914 | ||||||||||
Lennar Financial Services | — | 123,990 | 219,347 | (15,723 | ) | 327,614 | ||||||||||
Rialto Investments | — | — | 79,114 | — | 79,114 | |||||||||||
Lennar Multifamily | — | 13,249 | — | — | 13,249 | |||||||||||
Total revenues | — | 3,702,488 | 333,126 | (15,723 | ) | 4,019,891 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 3,090,400 | 35,659 | (1,240 | ) | 3,124,819 | ||||||||||
Lennar Financial Services | — | 118,546 | 154,948 | (14,646 | ) | 258,848 | ||||||||||
Rialto Investments | — | — | 95,287 | (1,044 | ) | 94,243 | ||||||||||
Lennar Multifamily | — | 23,547 | — | — | 23,547 | |||||||||||
Corporate general and administrative | 97,902 | — | — | 4,840 | 102,742 | |||||||||||
Total costs and expenses | 97,902 | 3,232,493 | 285,894 | (12,090 | ) | 3,604,199 | ||||||||||
Lennar Homebuilding equity in earnings from unconsolidated entities | — | 22,413 | 672 | — | 23,085 | |||||||||||
Lennar Homebuilding other income, net | 721 | 13,993 | — | (693 | ) | 14,021 | ||||||||||
Other interest expense | (4,326 | ) | (73,370 | ) | — | 4,326 | (73,370 | ) | ||||||||
Rialto Investments equity in earnings from unconsolidated entities | — | — | 15,877 | — | 15,877 | |||||||||||
Rialto Investments other income, net | — | — | 9,810 | — | 9,810 | |||||||||||
Lennar Multifamily equity in loss from unconsolidated entities | — | (146 | ) | — | — | (146 | ) | |||||||||
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 noncontrolling interests) | 315,590 | 374,176 | 47,445 | (415,301 | ) | 321,910 | ||||||||||
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 Cash Flows | ||||||||||||||||
Nine Months Ended August 31, 2014 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | 393,593 | 449,166 | 33,181 | (499,918 | ) | 376,022 | |||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | 470,974 | 28,944 | — | (499,918 | ) | — | ||||||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (398,881 | ) | (1,218,539 | ) | (157,021 | ) | 499,918 | (1,274,523 | ) | |||||||
Net cash provided by (used in) operating activities | 465,686 | (740,429 | ) | (123,840 | ) | (499,918 | ) | (898,501 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||
Distributions of capital from Lennar Homebuilding unconsolidated entities, net of investments in and contributions to | — | 7,179 | 2,219 | — | 9,398 | |||||||||||
Distributions of capital from Rialto Investments unconsolidated entities, net of investments in and contributions to | — | — | 13,060 | — | 13,060 | |||||||||||
Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to | — | 26,493 | — | — | 26,493 | |||||||||||
Receipts of principal payments on Rialto Investments loans receivable | — | — | 20,827 | — | 20,827 | |||||||||||
Proceeds from sales of Rialto Investments real estate owned | — | — | 168,946 | — | 168,946 | |||||||||||
Other | (1,644 | ) | 39,555 | (34,180 | ) | — | 3,731 | |||||||||
Distributions of capital from guarantor and non-guarantor subsidiaries | 210,000 | — | — | (210,000 | ) | — | ||||||||||
Intercompany | (1,411,095 | ) | — | — | 1,411,095 | — | ||||||||||
Net cash provided by (used in) investing activities | (1,202,739 | ) | 73,227 | 170,872 | 1,201,095 | 242,455 | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Net borrowings under unsecured revolving credit facility | 70,000 | — | — | — | 70,000 | |||||||||||
Net borrowings under Lennar Financial Services debt | — | — | 141,954 | — | 141,954 | |||||||||||
Net repayments under Rialto investments warehouse repurchase facilities | — | — | (4,596 | ) | — | (4,596 | ) | |||||||||
Net proceeds from senior notes and structured notes | 495,725 | — | 175,405 | — | 671,130 | |||||||||||
Principal payments on Rialto Investments notes payable | — | — | (26,512 | ) | — | (26,512 | ) | |||||||||
Net payments on other borrowings | — | (198,423 | ) | (9,813 | ) | — | (208,236 | ) | ||||||||
Exercise of land option contracts from an unconsolidated land investment venture | — | (1,540 | ) | — | — | (1,540 | ) | |||||||||
Net payments related to noncontrolling interests | — | — | (103,038 | ) | — | (103,038 | ) | |||||||||
Excess tax benefits from share-based awards | 3,007 | — | — | — | 3,007 | |||||||||||
Common stock: | ||||||||||||||||
Issuances | 13,603 | — | — | — | 13,603 | |||||||||||
Repurchases | (12,153 | ) | — | — | — | (12,153 | ) | |||||||||
Dividends | (24,565 | ) | (449,166 | ) | (260,752 | ) | 709,918 | (24,565 | ) | |||||||
Intercompany | — | 1,349,480 | 61,615 | (1,411,095 | ) | — | ||||||||||
Net cash provided by financing activities | 545,617 | 700,351 | (25,737 | ) | (701,177 | ) | 519,054 | |||||||||
Net (decrease) increase in cash and cash equivalents | (191,436 | ) | 33,149 | 21,295 | — | (136,992 | ) | |||||||||
Cash and cash equivalents at beginning of period | 547,101 | 152,753 | 270,651 | — | 970,505 | |||||||||||
Cash and cash equivalents at end of period | $ | 355,665 | 185,902 | 291,946 | — | 833,513 | ||||||||||
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 noncontrolling interests) | $ | 315,590 | 374,176 | 47,445 | (415,301 | ) | 321,910 | |||||||||
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 | — | 93,671 | 914 | — | 94,585 | |||||||||||
Investments in and contributions to Rialto Investments unconsolidated entities, net | — | — | (1,646 | ) | — | (1,646 | ) | |||||||||
Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to | — | 73 | — | — | 73 | |||||||||||
Decrease in Rialto Investments defeasance cash to retire notes payable | — | — | 145,781 | — | 145,781 | |||||||||||
Receipts of principal payments on Rialto Investments loans receivable | — | — | 49,560 | — | 49,560 | |||||||||||
Proceeds from sales of Rialto Investments real estate owned | — | — | 182,220 | — | 182,220 | |||||||||||
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 notes payable | — | — | (360,956 | ) | — | (360,956 | ) | |||||||||
Net repayments on other borrowings | — | (74,472 | ) | (36,210 | ) | — | (110,682 | ) | ||||||||
Exercise of land option contracts from an unconsolidated land investment venture | — | (27,329 | ) | — | — | (27,329 | ) | |||||||||
Net payments related to noncontrolling interests | — | — | (174,274 | ) | — | (174,274 | ) | |||||||||
Excess tax benefit 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 | ||||||||||
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 9 Months Ended |
Aug. 31, 2014 | |
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 16) in which Lennar Corporation is deemed to be the primary beneficiary (the “Company”). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2013. 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, 2014 are not necessarily indicative of the results to be expected for the full year. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2014 presentation. These reclassifications had no impact on the Company's results of operations. As a result of the Company's change in reportable segments in the Company's Form 10-K for the year ended November 30, 2013 to reflect Lennar Multifamily as a separate reportable segment, the Company revised the presentation of certain prior year amounts in the condensed consolidated financial statements to conform with the 2014 presentation. | |
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, 2014 | |||||||||||||
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, | |||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Homebuilding East | $ | 2,257,064 | 1,890,138 | ||||||||||
Homebuilding Central | 1,207,902 | 963,815 | |||||||||||
Homebuilding West | 3,433,419 | 3,108,395 | |||||||||||
Homebuilding Southeast Florida | 814,133 | 757,125 | |||||||||||
Homebuilding Houston | 404,030 | 307,864 | |||||||||||
Homebuilding Other | 884,778 | 808,496 | |||||||||||
Rialto Investments | 1,383,743 | 1,479,313 | |||||||||||
Lennar Financial Services | 946,537 | 796,710 | |||||||||||
Lennar Multifamily | 204,985 | 147,089 | |||||||||||
Corporate and unallocated | 753,486 | 1,014,302 | |||||||||||
Total assets | $ | 12,290,077 | 11,273,247 | ||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||||
Homebuilding East | $ | 570,698 | 510,788 | 1,497,954 | 1,221,509 | ||||||||
Homebuilding Central | 266,284 | 205,523 | 663,986 | 536,329 | |||||||||
Homebuilding West | 448,068 | 303,952 | 1,186,437 | 747,592 | |||||||||
Homebuilding Southeast Florida | 167,077 | 119,849 | 398,733 | 315,583 | |||||||||
Homebuilding Houston | 189,657 | 192,962 | 498,943 | 446,874 | |||||||||
Homebuilding Other | 188,987 | 128,552 | 450,888 | 332,027 | |||||||||
Lennar Financial Services | 128,379 | 112,638 | 316,347 | 327,614 | |||||||||
Rialto Investments | 40,848 | 27,808 | 142,196 | 79,114 | |||||||||
Lennar Multifamily | 14,036 | 695 | 40,390 | 13,249 | |||||||||
Total revenues (1) | $ | 2,014,034 | 1,602,767 | 5,195,874 | 4,019,891 | ||||||||
Operating earnings (loss): | |||||||||||||
Homebuilding East | $ | 83,403 | 78,523 | 219,307 | 150,771 | ||||||||
Homebuilding Central (2) | 21,531 | 11,102 | 56,265 | 37,895 | |||||||||
Homebuilding West (3) | 67,887 | 58,253 | 186,323 | 116,554 | |||||||||
Homebuilding Southeast Florida (4) | 40,579 | 25,367 | 87,885 | 63,539 | |||||||||
Homebuilding Houston | 27,740 | 27,893 | 74,096 | 52,425 | |||||||||
Homebuilding Other (5) | 20,788 | 7,227 | 34,781 | 17,647 | |||||||||
Lennar Financial Services | 27,144 | 23,492 | 49,902 | 68,766 | |||||||||
Rialto Investments | 7,835 | 677 | 7,662 | 10,558 | |||||||||
Lennar Multifamily | 8,500 | (5,556 | ) | (4,879 | ) | (10,444 | ) | ||||||
Total operating earnings | 305,407 | 226,978 | 711,342 | 507,711 | |||||||||
Corporate general and administrative expenses | 43,072 | 37,619 | 119,501 | 102,742 | |||||||||
Earnings before income taxes | $ | 262,335 | 189,359 | 591,841 | 404,969 | ||||||||
-1 | Total revenues were net of sales incentives of $111.0 million ($20,400 per home delivered) and $288.4 million ($20,600 per home delivered) for the three and nine months ended August 31, 2014, respectively, compared to $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. | ||||||||||||
-2 | For both the three and nine months ended August 31, 2014, operating earnings included $2.0 million in write-offs of other receivables. For both the three and nine months ended August 31, 2013, operating earnings included $0.9 million of valuation adjustments to investments of unconsolidated entities. | ||||||||||||
-3 | For both the three and nine months ended August 31, 2014, operating earnings included $2.0 million in write-offs of option deposits and pre-acquisition costs. For the nine months ended August 31, 2014, operating earnings included $0.9 million of valuation adjustments to land the Company intends to sell or has sold to third parties. | ||||||||||||
-4 | For both the three and nine months ended August 31, 2014, operating earnings included $1.0 million of valuation adjustments to other assets. For the nine months ended August 31, 2013, operating earnings included $3.8 million of valuation adjustments to finished homes, CIP and land on which the Company intends to build homes. | ||||||||||||
-5 | For the nine months ended August 31, 2014, operating earnings included $1.5 million in write-offs of option deposits and pre-acquisition costs. |
Lennar_Homebuilding_Investment1
Lennar Homebuilding Investments In Unconsolidated Entities (Tables) (Lennar Homebuilding [Member]) | 9 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
Lennar Homebuilding [Member] | ' | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ||||||||||||
Condensed Financial Information By Equity Method Investment, Statements Of Operations | ' | ||||||||||||
Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows: | |||||||||||||
Statements of Operations | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
August 31, | August 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues | $ | 39,021 | 240,642 | 214,826 | 501,656 | ||||||||
Costs and expenses | 35,401 | 162,664 | 246,138 | 372,023 | |||||||||
Other income | — | 1,241 | — | 14,602 | |||||||||
Net earnings (loss) of unconsolidated entities | $ | 3,620 | 79,219 | (31,312 | ) | 144,235 | |||||||
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities (1) | $ | (2,080 | ) | 10,458 | 3,304 | 23,085 | |||||||
-1 | For the nine months ended August 31, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity. For the three and nine months ended August 31, 2013, Lennar Homebuilding equity in earnings from unconsolidated entities included $8.6 million and $21.6 million, respectively, of equity in earnings primarily as a result of sales of homesites to third parties by another unconsolidated entity and previously deferred profit related to those homesites that was earned during the three months ended August 31, 2013. | ||||||||||||
Balance Sheets | ' | ||||||||||||
Balance Sheets | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 259,393 | 184,521 | ||||||||||
Inventories | 2,795,009 | 2,904,795 | |||||||||||
Other assets | 142,753 | 147,410 | |||||||||||
$ | 3,197,155 | 3,236,726 | |||||||||||
Liabilities and equity: | |||||||||||||
Accounts payable and other liabilities | $ | 253,264 | 272,940 | ||||||||||
Debt | 604,134 | 450,457 | |||||||||||
Equity | 2,339,757 | 2,513,329 | |||||||||||
$ | 3,197,155 | 3,236,726 | |||||||||||
Total Debt Of Unconsolidated Entities | ' | ||||||||||||
The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2014 | 2013 | ||||||||||||
The Company’s net recourse exposure | $ | 24,588 | 27,496 | ||||||||||
Reimbursement agreements from partners | — | 13,500 | |||||||||||
The Company’s maximum recourse exposure | $ | 24,588 | 40,996 | ||||||||||
Non-recourse bank debt and other debt (partner’s share of several recourse) | $ | 56,970 | 61,008 | ||||||||||
Non-recourse land seller debt or other debt | 4,033 | 20,454 | |||||||||||
Non-recourse debt with completion guarantees | 344,933 | 245,821 | |||||||||||
Non-recourse debt without completion guarantees | 173,610 | 82,178 | |||||||||||
Non-recourse debt to the Company | 579,546 | 409,461 | |||||||||||
Total debt | $ | 604,134 | 450,457 | ||||||||||
The Company’s maximum recourse exposure as a % of total JV debt | 4 | % | 9 | % | |||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||||||||||
Aug. 31, 2014 | ||||||||||||||||||||||
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, 2014 and 2013: | ||||||||||||||||||||||
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, 2013 | $ | 4,627,470 | 18,483 | 3,298 | 2,721,246 | (628,019 | ) | 2,053,893 | 458,569 | |||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | 376,022 | — | — | — | — | 393,593 | (17,571 | ) | ||||||||||||||
Employee stock and directors plans | 2,176 | 114 | — | 1,400 | 662 | — | — | |||||||||||||||
Retirement of treasury stock | — | (1,173 | ) | — | (541,019 | ) | 542,192 | — | — | |||||||||||||
Tax benefit from employee stock plans, vesting of restricted stock and prior year conversion of 2.00% convertible senior notes due 2020 | 12,892 | — | — | 12,892 | — | — | — | |||||||||||||||
Amortization of restricted stock | 28,482 | — | — | 28,482 | — | — | — | |||||||||||||||
Cash dividends | (24,565 | ) | — | — | — | — | (24,565 | ) | — | |||||||||||||
Receipts related to noncontrolling interests | 11,963 | — | — | — | — | — | 11,963 | |||||||||||||||
Payments related to noncontrolling interests | (115,001 | ) | — | — | — | — | — | (115,001 | ) | |||||||||||||
Non-cash consolidations, net | 118,272 | — | — | — | — | — | 118,272 | |||||||||||||||
Non-cash activity related to noncontrolling interests | 430 | — | — | — | — | — | 430 | |||||||||||||||
Balance at August 31, 2014 | $ | 5,038,141 | 17,424 | 3,298 | 2,223,001 | (85,165 | ) | 2,422,921 | 456,662 | |||||||||||||
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 attributable to noncontrolling interests) | 321,910 | — | — | — | — | 315,590 | 6,320 | |||||||||||||||
Employee stock and directors plans | 34,396 | 243 | — | 17,196 | 16,957 | — | — | |||||||||||||||
Tax benefit from employee stock plans and vesting of restricted stock | 11,053 | — | — | 11,053 | — | — | — | |||||||||||||||
Amortization of restricted stock | 23,430 | — | — | 23,430 | — | — | — | |||||||||||||||
Cash dividends | (23,142 | ) | — | — | — | — | (23,142 | ) | — | |||||||||||||
Equity adjustments related to purchase of noncontrolling interests | 39,605 | — | — | (61,945 | ) | — | — | 101,550 | ||||||||||||||
Receipts related to noncontrolling interests | 579 | — | — | — | — | — | 579 | |||||||||||||||
Payments related to noncontrolling interests | (174,853 | ) | — | — | — | — | — | (174,853 | ) | |||||||||||||
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 | |||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Numerator: | |||||||||||||
Net earnings attributable to Lennar | $ | 177,757 | 120,662 | 393,593 | 315,590 | ||||||||
Less: distributed earnings allocated to nonvested shares | 109 | 122 | 305 | 326 | |||||||||
Less: undistributed earnings allocated to nonvested shares | 2,124 | 1,712 | 4,486 | 4,090 | |||||||||
Numerator for basic earnings per share | 175,524 | 118,828 | 388,802 | 311,174 | |||||||||
Plus: interest on 3.25% convertible senior notes due 2021 and | 1,982 | 2,826 | 5,946 | 8,477 | |||||||||
2.00% convertible senior notes due 2020 (1) | |||||||||||||
Plus: undistributed earnings allocated to convertible shares | 2,124 | 1,712 | 4,486 | 4,090 | |||||||||
Less: undistributed earnings reallocated to convertible shares | 1,908 | 1,489 | 4,047 | 3,549 | |||||||||
Numerator for diluted earnings per share | $ | 177,722 | 121,877 | 395,187 | 320,192 | ||||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share - weighted average | 202,354 | 190,799 | 202,103 | 190,119 | |||||||||
common shares outstanding | |||||||||||||
Effect of dilutive securities: | |||||||||||||
Share-based payments | 5 | 90 | 8 | 334 | |||||||||
Convertible senior notes | 25,869 | 34,446 | 25,846 | 35,549 | |||||||||
Denominator for diluted earnings per share - weighted average | 228,228 | 225,335 | 227,957 | 226,002 | |||||||||
common shares outstanding | |||||||||||||
Basic earnings per share | $ | 0.87 | 0.62 | 1.92 | 1.64 | ||||||||
Diluted earnings per share | $ | 0.78 | 0.54 | 1.73 | 1.42 | ||||||||
-1 | Interest on the 2.00% convertible senior notes due 2020 is included in the three and nine months ended August 31, 2013 because the holders of the 2.00% convertible senior notes due 2020 converted the notes into shares of Class A common stock on November 30, 2013. |
Lennar_Financial_Services_Segm1
Lennar Financial Services Segment (Tables) | 9 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
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, | |||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 78,361 | 73,066 | ||||||||||
Restricted cash | 8,661 | 10,283 | |||||||||||
Receivables, net (1) | 121,185 | 127,223 | |||||||||||
Loans held-for-sale (2) | 539,988 | 414,231 | |||||||||||
Loans held-for-investment, net | 26,821 | 26,356 | |||||||||||
Investments held-to-maturity | 57,023 | 62,344 | |||||||||||
Goodwill | 38,854 | 34,046 | |||||||||||
Other (3) | 75,644 | 49,161 | |||||||||||
$ | 946,537 | 796,710 | |||||||||||
Liabilities: | |||||||||||||
Notes and other debts payable | $ | 522,047 | 374,166 | ||||||||||
Other (4) | 175,752 | 169,473 | |||||||||||
$ | 697,799 | 543,639 | |||||||||||
-1 | Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of August 31, 2014 and November 30, 2013, 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 $14.3 million and $7.3 million as of August 31, 2014 and November 30, 2013, respectively. Other assets also includes forward contracts carried at fair value of $1.4 million as of November 30, 2013. In addition, other assets include mortgage servicing rights carried at fair value of $19.4 million and $11.5 million as of August 31, 2014 and November 30, 2013, respectively. | ||||||||||||
-4 | Other liabilities include $72.7 million and $74.5 million as of August 31, 2014 and November 30, 2013, 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 $4.1 million as of August 31, 2014. | ||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | ' | ||||||||||||
At August 31, 2014, the Lennar Financial Services segment warehouse facilities were as follows: | |||||||||||||
(In thousands) | Maximum Aggregate Commitment | ||||||||||||
364-day warehouse repurchase facility that matures November 2014 | $ | 325,000 | |||||||||||
364-day warehouse repurchase facility that matures January 2015 (1) | 300,000 | ||||||||||||
364-day warehouse repurchase facility that matures February 2015 | 150,000 | ||||||||||||
364-day warehouse repurchase facility that matures June 2015 (2) | 150,000 | ||||||||||||
Totals | $ | 925,000 | |||||||||||
-1 | Maximum aggregate commitment includes a $100 million accordion feature that is usable 10 days prior to quarter-end through 20 days after quarter end. | ||||||||||||
-2 | Maximum aggregate commitment includes a $50 million accordion feature that is usable 10 days prior to quarter-end through 20 days after quarter end. | ||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Loan origination liabilities, beginning of period | $ | 9,774 | 8,257 | 9,311 | 7,250 | ||||||||
Provision for losses during the period | 918 | 569 | 1,660 | 1,342 | |||||||||
Adjustments to pre-existing provisions for losses from changes in estimates | — | (176 | ) | — | 348 | ||||||||
Payments/settlements | (83 | ) | (16 | ) | (362 | ) | (306 | ) | |||||
Loan origination liabilities, end of period | $ | 10,609 | 8,634 | 10,609 | 8,634 | ||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||
: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2014 | 2013 | ||||||||||||
Impaired loans unpaid principal balance | $ | 7,510 | 7,897 | ||||||||||
Valuation allowance | (3,768 | ) | (3,891 | ) | |||||||||
Investment in impaired loans | $ | 3,742 | 4,006 | ||||||||||
Rialto_Investments_Segment_Tab
Rialto Investments Segment (Tables) (Rialto Investments [Member]) | 9 Months Ended | ||||||||||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||||||||||
Rialto Investments [Member] | ' | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||||||||||||||
Schedule Of Assets and Liabilities By Segment | ' | ||||||||||||||||||||||||
The assets and liabilities related to the Rialto segment were as follows: | |||||||||||||||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 211,030 | 201,496 | ||||||||||||||||||||||
Restricted cash (1) | 31,636 | 2,593 | |||||||||||||||||||||||
Receivables, net (2) | — | 111,833 | |||||||||||||||||||||||
Loans receivable, net | 174,286 | 278,392 | |||||||||||||||||||||||
Loans held-for-sale (3) | 164,923 | 44,228 | |||||||||||||||||||||||
Real estate owned - held-for-sale | 194,339 | 197,851 | |||||||||||||||||||||||
Real estate owned - held-and-used, net | 335,472 | 428,989 | |||||||||||||||||||||||
Investments in unconsolidated entities | 176,132 | 154,573 | |||||||||||||||||||||||
Investments held-to-maturity | 16,968 | 16,070 | |||||||||||||||||||||||
Other (4) | 78,957 | 43,288 | |||||||||||||||||||||||
$ | 1,383,743 | 1,479,313 | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Notes and other debts payable (5) | $ | 582,659 | 441,883 | ||||||||||||||||||||||
Other (6) | 76,989 | 55,125 | |||||||||||||||||||||||
$ | 659,648 | 497,008 | |||||||||||||||||||||||
-1 | Restricted cash primarily consists of cash held in escrow by the Company's loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. | ||||||||||||||||||||||||
-2 | Receivables, net primarily relate to loans sold but not settled as of November 30, 2013. | ||||||||||||||||||||||||
-3 | Loans held-for-sale relate to unsold loans originated by RMF carried at fair value. | ||||||||||||||||||||||||
-4 | Other assets include credit default swaps carried at fair value of $1.3 million and $0.8 million as of August 31, 2014 and November 30, 2013, respectively. | ||||||||||||||||||||||||
-5 | Notes and other debts payable include $352.0 million and $250.0 million related to the 7.00% Senior Notes due 2018 ("7.00% Senior Notes") as of August 31, 2014 and November 30, 2013, respectively, and also include $71.4 million and $76.0 million as of August 31, 2014 and November 30, 2013, respectively, related to the RMF warehouse repurchase financing agreements. As of August 31, 2014, notes and other debts payable also include $55.0 million related to notes issued through a structured note offering. | ||||||||||||||||||||||||
-6 | Other liabilities include interest rate swaps and swap futures carried at fair value of $1.4 million as of August 31, 2014 and credit default swaps carried at fair value of $1.6 million and $0.3 million as of August 31, 2014 and November 30, 2013, respectively. | ||||||||||||||||||||||||
Operating Earnings By Segment | ' | ||||||||||||||||||||||||
Rialto’s operating earnings were as follows: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Revenues | $ | 40,848 | 27,808 | 142,196 | 79,114 | ||||||||||||||||||||
Costs and expenses (1) | 47,644 | 34,167 | 174,824 | 94,243 | |||||||||||||||||||||
Rialto Investments equity in earnings from unconsolidated entities | 19,973 | 5,199 | 43,266 | 15,877 | |||||||||||||||||||||
Rialto Investments other income (expense), net | (5,342 | ) | 1,837 | (2,976 | ) | 9,810 | |||||||||||||||||||
Operating earnings (2) | $ | 7,835 | 677 | 7,662 | 10,558 | ||||||||||||||||||||
-1 | Costs and expenses for the three and nine months ended August 31, 2014 included loan impairments of $4.2 million and $44.7 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). For the three and nine months ended August 31, 2013, costs and expenses included loan impairments of $3.5 million and $14.1 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). | ||||||||||||||||||||||||
-2 | Operating earnings for the three and nine months ended August 31, 2014 included net loss attributable to noncontrolling interests of $4.5 million and $20.7 million, respectively. Operating earnings for the three and nine months ended August 31, 2013 included net earnings (loss) attributable to noncontrolling interests of ($0.8) million and $4.6 million, respectively. | ||||||||||||||||||||||||
Other Income (Expense), Net Related By Segment | ' | ||||||||||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Realized gains on REO sales, net | $ | 4,106 | 9,651 | 27,849 | 36,857 | ||||||||||||||||||||
Unrealized gains (losses) on transfer of loans receivable to REO and impairments, net | (7,165 | ) | (2,373 | ) | (17,816 | ) | (8,683 | ) | |||||||||||||||||
REO and other expenses | (13,027 | ) | (10,267 | ) | (43,977 | ) | (33,171 | ) | |||||||||||||||||
Rental and other income | 10,744 | 4,826 | 30,968 | 14,807 | |||||||||||||||||||||
Rialto Investments other income (expense), net | $ | (5,342 | ) | 1,837 | (2,976 | ) | 9,810 | ||||||||||||||||||
Loans Receivable By Aggregate Collateral Type | ' | ||||||||||||||||||||||||
The following table displays the loans receivable by aggregate collateral type: | |||||||||||||||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Land | $ | 101,047 | 166,950 | ||||||||||||||||||||||
Single family homes | 28,698 | 59,647 | |||||||||||||||||||||||
Commercial properties | 29,536 | 38,060 | |||||||||||||||||||||||
Other | 15,005 | 13,735 | |||||||||||||||||||||||
Loans receivable, net | $ | 174,286 | 278,392 | ||||||||||||||||||||||
Outstanding Balance And Carrying Value Of Loans | ' | ||||||||||||||||||||||||
The outstanding balance and carrying value of loans accounted for under ASC 310-30 were as follows: | |||||||||||||||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Outstanding principal balance | $ | 438,046 | 586,901 | ||||||||||||||||||||||
Carrying value | $ | 169,636 | 270,075 | ||||||||||||||||||||||
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, 2014 and 2013 was as follows: | |||||||||||||||||||||||||
August 31, | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||
Accretable yield, beginning of period | $ | 73,144 | 112,899 | ||||||||||||||||||||||
Additions | 8,785 | 53,652 | |||||||||||||||||||||||
Deletions | (25,621 | ) | (38,263 | ) | |||||||||||||||||||||
Accretions | (25,693 | ) | (38,455 | ) | |||||||||||||||||||||
Accretable yield, end of period | $ | 30,615 | 89,833 | ||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||
(In thousands) | Unpaid | With | Without | Total Recorded | |||||||||||||||||||||
Principal Balance | Allowance | Allowance | Investment | ||||||||||||||||||||||
Land | $ | 4,607 | — | 1,813 | 1,813 | ||||||||||||||||||||
Single family homes | 8,739 | 502 | 1,732 | 2,234 | |||||||||||||||||||||
Commercial properties | 1,500 | — | 603 | 603 | |||||||||||||||||||||
Loans receivable | $ | 14,846 | 502 | 4,148 | 4,650 | ||||||||||||||||||||
November 30, 2013 | |||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||
(In thousands) | Unpaid | With | Without | Total Recorded | |||||||||||||||||||||
Principal Balance | Allowance | Allowance | Investment | ||||||||||||||||||||||
Land | $ | 6,791 | 249 | 2,304 | 2,553 | ||||||||||||||||||||
Single family homes | 15,125 | 519 | 4,119 | 4,638 | |||||||||||||||||||||
Commercial properties | 3,400 | 498 | 628 | 1,126 | |||||||||||||||||||||
Loans receivable | $ | 25,316 | 1,266 | 7,051 | 8,317 | ||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||
The activity in the Company's allowance rollforward related to accrual loans was as follows: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Allowance on accrual loans, beginning of period | $ | 55,658 | 18,716 | 18,952 | 12,178 | ||||||||||||||||||||
Provision for loan losses, net of recoveries | 4,089 | 3,318 | 44,577 | 12,849 | |||||||||||||||||||||
Charge-offs | (6,482 | ) | (1,940 | ) | (10,264 | ) | (4,933 | ) | |||||||||||||||||
Allowance on accrual loans, end of period | $ | 53,265 | 20,094 | 53,265 | 20,094 | ||||||||||||||||||||
Risk Indicators | ' | ||||||||||||||||||||||||
Accrual and nonaccrual loans receivable by risk categories were as follows: | |||||||||||||||||||||||||
August 31, 2014 | |||||||||||||||||||||||||
(In thousands) | Accrual | Nonaccrual | Total | ||||||||||||||||||||||
Land | $ | 99,234 | 1,813 | 101,047 | |||||||||||||||||||||
Single family homes | 26,464 | 2,234 | 28,698 | ||||||||||||||||||||||
Commercial properties | 28,933 | 603 | 29,536 | ||||||||||||||||||||||
Other | 15,005 | — | 15,005 | ||||||||||||||||||||||
Loans receivable | $ | 169,636 | 4,650 | 174,286 | |||||||||||||||||||||
November 30, 2013 | |||||||||||||||||||||||||
(In thousands) | Accrual | Nonaccrual | Total | ||||||||||||||||||||||
Land | $ | 164,397 | 2,553 | 166,950 | |||||||||||||||||||||
Single family homes | 55,009 | 4,638 | 59,647 | ||||||||||||||||||||||
Commercial properties | 36,934 | 1,126 | 38,060 | ||||||||||||||||||||||
Other | 13,735 | — | 13,735 | ||||||||||||||||||||||
Loans receivable | $ | 270,075 | 8,317 | 278,392 | |||||||||||||||||||||
Changes In Real Estate Owned | ' | ||||||||||||||||||||||||
The following tables represent the activity in REO: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
REO - held-for-sale, beginning of period | $ | 192,829 | 204,385 | 197,851 | 134,161 | ||||||||||||||||||||
Additions | — | 14,833 | — | 16,166 | |||||||||||||||||||||
Improvements | 1,994 | 1,949 | 4,717 | 4,466 | |||||||||||||||||||||
Sales | (52,431 | ) | (68,087 | ) | (141,097 | ) | (145,363 | ) | |||||||||||||||||
Impairments and unrealized losses | (6,087 | ) | (169 | ) | (8,910 | ) | (4,353 | ) | |||||||||||||||||
Transfers to Lennar Homebuilding | — | (430 | ) | — | (430 | ) | |||||||||||||||||||
Transfers from held-and-used, net (1) | 58,034 | 46,128 | 141,778 | 193,962 | |||||||||||||||||||||
REO - held-for-sale, end of period | $ | 194,339 | 198,609 | 194,339 | 198,609 | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
REO - held-and-used, net, beginning of period | $ | 379,069 | 478,314 | 428,989 | 601,022 | ||||||||||||||||||||
Additions | 14,530 | 14,154 | 48,657 | 38,882 | |||||||||||||||||||||
Improvements | 1,736 | 517 | 5,207 | 3,396 | |||||||||||||||||||||
Impairments | (1,333 | ) | (5,126 | ) | (2,836 | ) | (5,529 | ) | |||||||||||||||||
Depreciation | (496 | ) | (1,075 | ) | (2,767 | ) | (3,153 | ) | |||||||||||||||||
Transfers to held-for-sale (1) | (58,034 | ) | (46,128 | ) | (141,778 | ) | (193,962 | ) | |||||||||||||||||
REO - held-and-used, net, end of period | $ | 335,472 | 440,656 | 335,472 | 440,656 | ||||||||||||||||||||
-1 | During the three and nine months ended August 31, 2014 and 2013, 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. | ||||||||||||||||||||||||
Private Equity Funds Related to Rialto Segment | ' | ||||||||||||||||||||||||
The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: | |||||||||||||||||||||||||
August 31, | August 31, | November 30, | |||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||
(Dollars in thousands) | Inception Year | Equity Commitments | Equity Commitments Called | Commitment to fund by the Company | Funds contributed by the Company | Investment | |||||||||||||||||||
Rialto Real Estate Fund, LP | 2010 | $ | 700,006 | $ | 700,006 | $ | 75,000 | $ | 75,000 | $ | 80,741 | 75,729 | |||||||||||||
Rialto Real Estate Fund II, LP | 2012 | 1,305,000 | 660,058 | 100,000 | 50,579 | 57,528 | 53,103 | ||||||||||||||||||
Rialto Mezzanine Partners Fund | 2013 | 168,600 | 145,267 | 27,299 | 23,521 | 23,397 | 16,724 | ||||||||||||||||||
Other investments | 14,466 | 9,017 | |||||||||||||||||||||||
$ | 176,132 | 154,573 | |||||||||||||||||||||||
Equity in Earnings (Loss) on Investments Related to Rialto Segment [Table Text Block] | ' | ||||||||||||||||||||||||
Rialto's share of earnings from unconsolidated entities was as follows: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Rialto Real Estate Fund, LP | $ | 10,291 | 3,685 | 22,524 | 14,827 | ||||||||||||||||||||
Rialto Real Estate Fund II, LP | 7,084 | 1,366 | 9,524 | 912 | |||||||||||||||||||||
Rialto Mezzanine Partners Fund | 591 | — | 1,373 | — | |||||||||||||||||||||
Other investments | 2,007 | 148 | 9,845 | 138 | |||||||||||||||||||||
Rialto Investments equity in earnings from unconsolidated entities | $ | 19,973 | 5,199 | 43,266 | 15,877 | ||||||||||||||||||||
Condensed Financial Information By Equity Method Investment, Balance Sheets | ' | ||||||||||||||||||||||||
Balance Sheets | |||||||||||||||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 200,878 | 332,968 | ||||||||||||||||||||||
Loans receivable | 528,456 | 523,249 | |||||||||||||||||||||||
Real estate owned | 388,284 | 285,565 | |||||||||||||||||||||||
Investment securities | 611,381 | 381,555 | |||||||||||||||||||||||
Investments in partnerships | 269,923 | 149,350 | |||||||||||||||||||||||
Other assets | 37,315 | 191,624 | |||||||||||||||||||||||
$ | 2,036,237 | 1,864,311 | |||||||||||||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||
Accounts payable and other liabilities | $ | 25,882 | 108,514 | ||||||||||||||||||||||
Notes payable | 315,985 | 398,445 | |||||||||||||||||||||||
Partner loans | — | 163,940 | |||||||||||||||||||||||
Equity | 1,694,370 | 1,193,412 | |||||||||||||||||||||||
$ | 2,036,237 | 1,864,311 | |||||||||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Revenues | $ | 39,401 | 69,856 | 104,005 | 189,155 | ||||||||||||||||||||
Costs and expenses | 22,552 | 65,357 | 71,965 | 190,066 | |||||||||||||||||||||
Other income, net (1) | 181,877 | 34,186 | 334,915 | 128,973 | |||||||||||||||||||||
Net earnings of unconsolidated entities | $ | 198,726 | 38,685 | 366,955 | 128,062 | ||||||||||||||||||||
Rialto Investments equity in earnings from unconsolidated entities | $ | 19,973 | 5,199 | 43,266 | 15,877 | ||||||||||||||||||||
-1 | Other income, net, for the three and nine months ended August 31, 2014 and 2013 included Rialto Real Estate Fund, LP, Rialto Real Estate Fund II, LP and other investments realized and unrealized gains on investments. |
Lennar_Multifamily_Segment_Tab
Lennar Multifamily Segment (Tables) (Lennar Multifamily [Member]) | 9 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
Lennar Multifamily [Member] | ' | ||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||
Schedule Of Assets and Liabilities By Segment | ' | ||||||||||||
The assets and liabilities related to the Lennar Multifamily segment were as follows: | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 1,881 | 519 | ||||||||||
Land under development | 86,364 | 88,260 | |||||||||||
Consolidated inventory not owned | — | 10,500 | |||||||||||
Investments in unconsolidated entities | 92,863 | 46,301 | |||||||||||
Other assets | 23,877 | 1,509 | |||||||||||
$ | 204,985 | 147,089 | |||||||||||
Liabilities: | |||||||||||||
Accounts payable and other liabilities | $ | 34,221 | 17,518 | ||||||||||
Notes payable | — | 13,858 | |||||||||||
Liabilities related to consolidated inventory not owned | — | 10,150 | |||||||||||
$ | 34,221 | 41,526 | |||||||||||
Condensed Financial Information By Equity Method Investment, Balance Sheets | ' | ||||||||||||
Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: | |||||||||||||
Balance Sheets | |||||||||||||
(In thousands) | August 31, | November 30, | |||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 30,685 | 5,800 | ||||||||||
Operating properties and equipment | 486,392 | 236,528 | |||||||||||
Other assets | 11,418 | 3,460 | |||||||||||
$ | 528,495 | 245,788 | |||||||||||
Liabilities and equity: | |||||||||||||
Accounts payable and other liabilities | $ | 65,140 | 11,147 | ||||||||||
Notes payable | 105,598 | 51,604 | |||||||||||
Equity | 357,757 | 183,037 | |||||||||||
$ | 528,495 | 245,788 | |||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues | $ | 907 | — | 3,318 | — | ||||||||
Costs and expenses | 1,907 | 573 | 5,082 | 836 | |||||||||
Other income, net (1) | 35,068 | — | 35,068 | — | |||||||||
Net earnings (loss) of unconsolidated entities | $ | 34,068 | (573 | ) | 33,304 | (836 | ) | ||||||
Lennar Multifamily equity in earnings (loss) from unconsolidated entities (2) | $ | 14,946 | (113 | ) | 14,689 | (146 | ) | ||||||
-1 | Other income, net, for both the three and nine months ended August 31, 2014 included the gains related to the sale of two operating properties. | ||||||||||||
-2 | For both the three and nine months ended August 31, 2014, Lennar Multifamily equity in earnings from unconsolidated entities included Lennar Multifamily's share of gains totaling $14.7 million related to the sale of two operating properties by unconsolidated entities. |
Lennar_Homebuilding_Senior_Not1
Lennar Homebuilding Senior Notes And Other Debts Payable (Tables) | 9 Months Ended | ||||||
Aug. 31, 2014 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Schedule Of Senior Notes And Other Debts Payable | ' | ||||||
(Dollars in thousands) | August 31, | November 30, | |||||
2014 | 2013 | ||||||
5.50% senior notes due 2014 | $ | 249,820 | 249,640 | ||||
5.60% senior notes due 2015 | 500,272 | 500,527 | |||||
6.50% senior notes due 2016 | 249,923 | 249,886 | |||||
12.25% senior notes due 2017 | 396,278 | 395,312 | |||||
4.75% senior notes due 2017 | 399,250 | 399,250 | |||||
6.95% senior notes due 2018 | 248,485 | 248,167 | |||||
4.125% senior notes due 2018 | 274,995 | 274,995 | |||||
4.50% senior notes due 2019 | 500,477 | — | |||||
2.75% convertible senior notes due 2020 | 427,373 | 416,041 | |||||
3.25% convertible senior notes due 2021 | 400,000 | 400,000 | |||||
4.750% senior notes due 2022 | 571,223 | 571,012 | |||||
Unsecured revolving credit facility that matures 2018 | 70,000 | — | |||||
Mortgages notes on land and other debt | 404,784 | 489,602 | |||||
$ | 4,692,880 | 4,194,432 | |||||
Product_Warranty_Tables
Product Warranty (Tables) | 9 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Warranty reserve, beginning of period | $ | 105,699 | 90,242 | 102,580 | 84,188 | ||||||||
Warranties issued during the period | 15,958 | 13,914 | 40,930 | 34,795 | |||||||||
Adjustments to pre-existing warranties from changes in estimates (1) | (1,221 | ) | 7,506 | 4,355 | 15,415 | ||||||||
Payments | (15,629 | ) | (12,186 | ) | (43,058 | ) | (34,922 | ) | |||||
Warranty reserve, end of period | $ | 104,807 | 99,476 | 104,807 | 99,476 | ||||||||
-1 | The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2014 and 2013 primarily relate to specific claims related to certain of our homebuilding communities and other adjustments. |
ShareBased_Payment_Tables
Share-Based Payment (Tables) | 9 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Stock options | $ | 68 | 64 | 108 | 97 | ||||||||
Nonvested shares | 11,231 | 10,269 | 28,482 | 23,430 | |||||||||
Total compensation expense for share-based awards | $ | 11,299 | 10,333 | 28,590 | 23,527 | ||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Carrying Amounts And Estimated Fair Value Of Financial Instruments | ' | ||||||||||||||||||||
August 31, 2014 | November 30, 2013 | ||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||
(In thousands) | Hierarchy | Amount | Value | Amount | Value | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Rialto Investments: | |||||||||||||||||||||
Loans receivable, net | Level 3 | $ | 174,286 | 182,004 | 278,392 | 305,810 | |||||||||||||||
Investments held-to-maturity | Level 3 | $ | 16,968 | 16,839 | 16,070 | 15,952 | |||||||||||||||
Lennar Financial Services: | |||||||||||||||||||||
Loans held-for-investment, net | Level 3 | $ | 26,821 | 27,066 | 26,356 | 26,095 | |||||||||||||||
Investments held-to-maturity | Level 2 | $ | 57,023 | 57,163 | 62,344 | 62,580 | |||||||||||||||
LIABILITIES | |||||||||||||||||||||
Lennar Homebuilding senior notes and other debts | Level 2 | $ | 4,692,880 | 5,510,800 | 4,194,432 | 4,971,500 | |||||||||||||||
payable | |||||||||||||||||||||
Rialto Investments notes and other debts payable | Level 2 | $ | 582,659 | 581,420 | 441,883 | 438,373 | |||||||||||||||
Lennar Financial Services notes and other debts payable | Level 2 | $ | 522,047 | 522,047 | 374,166 | 374,166 | |||||||||||||||
Lennar Multifamily notes payable | Level 2 | $ | — | — | 13,858 | 13,858 | |||||||||||||||
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, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Lennar Financial Services: | |||||||||||||||||||||
Loans held-for-sale (1) | Level 2 | $ | 539,988 | 414,231 | |||||||||||||||||
Mortgage loan commitments | Level 2 | $ | 14,276 | 7,335 | |||||||||||||||||
Forward contracts | Level 2 | $ | (4,052 | ) | 1,444 | ||||||||||||||||
Mortgage servicing rights | Level 3 | $ | 19,387 | 11,455 | |||||||||||||||||
Lennar Homebuilding: | |||||||||||||||||||||
Investments available-for-sale | Level 3 | $ | 16,865 | 40,032 | |||||||||||||||||
Rialto Investments Financial Assets: | |||||||||||||||||||||
Loans held-for-sale (2) | Level 3 | $ | 164,923 | 44,228 | |||||||||||||||||
Credit default swaps | Level 2 | $ | 1,331 | 788 | |||||||||||||||||
Rialto Investments Financial Liabilities: | |||||||||||||||||||||
Interest rate swaps and swap futures | Level 1 | $ | 1,393 | 31 | |||||||||||||||||
Credit default swaps | Level 2 | $ | 1,561 | 318 | |||||||||||||||||
-1 | The aggregate fair value of Lennar Financial Services loans held-for-sale of $540.0 million at August 31, 2014 exceeds their aggregate principal balance of $517.0 million by $23.0 million. The aggregate fair value of loans held-for-sale of $414.2 million at November 30, 2013 exceeds their aggregate principal balance of $399.0 million by $15.3 million. | ||||||||||||||||||||
-2 | The aggregate fair value of Rialto Investments loans held-for-sale of $164.9 million at August 31, 2014 exceeds their aggregate principal balance of $163.4 million by $1.6 million. The aggregate fair value of loans held-for-sale of $44.2 million at November 30, 2013 exceeds their aggregate principal balance of $44.0 million by $0.2 million | ||||||||||||||||||||
Schedule Of Gains And Losses Of Financial Instruments | ' | ||||||||||||||||||||
The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis 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) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Changes in fair value included in Lennar Financial Services revenues: | |||||||||||||||||||||
Loans held-for-sale | $ | 588 | 3,982 | 7,740 | (13,422 | ) | |||||||||||||||
Mortgage loan commitments | $ | (756 | ) | 4,944 | 6,942 | (1,950 | ) | ||||||||||||||
Forward contracts | $ | 2,262 | (13,600 | ) | (5,497 | ) | 4,391 | ||||||||||||||
Changes in fair value included in Rialto Investments revenues: | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Interest rate swap futures | $ | — | 607 | — | 607 | ||||||||||||||||
Credit default swaps | $ | (431 | ) | 1,343 | — | 1,343 | |||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Interest rate swaps and swap futures | $ | (969 | ) | (701 | ) | (1,363 | ) | (701 | ) | ||||||||||||
Credit default swaps | $ | 390 | — | 62 | — | ||||||||||||||||
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 Lennar Financial Services Level 3 recurring fair value measurements (mortgage servicing rights) included in the Lennar Financial Services segment’s other assets: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Mortgage servicing rights, beginning of period | $ | 18,242 | 7,307 | 11,455 | 4,749 | ||||||||||||||||
Purchases and retention of mortgage servicing rights (1) | 441 | 1,838 | 8,977 | 3,560 | |||||||||||||||||
Disposals | (622 | ) | (122 | ) | (1,190 | ) | (571 | ) | |||||||||||||
Changes in fair value (2) | 1,326 | 835 | 145 | 2,120 | |||||||||||||||||
Mortgage servicing rights, end of period | $ | 19,387 | 9,858 | 19,387 | 9,858 | ||||||||||||||||
-1 | For the nine months ended August 31, 2014, purchases and retention of mortgage servicing rights include the $5.9 million acquisition of a portfolio of mortgage servicing rights. | ||||||||||||||||||||
-2 | Amount represents changes in fair value included in Lennar Financial Services revenues. | ||||||||||||||||||||
The following table represents a reconciliation of the beginning and ending balance for the Lennar Homebuilding 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 | ||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Investments available-for-sale, beginning of period | $ | 20,416 | 33,338 | 40,032 | 19,591 | ||||||||||||||||
Purchases and other (1) | — | 13,291 | 21,274 | 25,518 | |||||||||||||||||
Sales | (1,655 | ) | (2,486 | ) | (46,234 | ) | (2,486 | ) | |||||||||||||
Changes in fair value (2) | 2,229 | (772 | ) | 7,379 | 748 | ||||||||||||||||
Settlements (3) | (4,125 | ) | — | (5,586 | ) | — | |||||||||||||||
Investments available-for-sale, end of period | $ | 16,865 | 43,371 | 16,865 | 43,371 | ||||||||||||||||
-1 | Represents investments in community development district bonds that mature at various dates between 2037 and 2039. | ||||||||||||||||||||
-2 | 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 the three and nine months ended August 31, 2014 related to investments in community development district bonds, which were in default by the borrower and regarding which the Company redeemed the bonds. | ||||||||||||||||||||
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 | ||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Rialto Investments loans held-for-sale, beginning of period | $ | 45,065 | — | 44,228 | — | ||||||||||||||||
Loan originations | 411,683 | 245,223 | 1,103,839 | 245,223 | |||||||||||||||||
Origination loans sold, including those not settled | (292,099 | ) | — | (983,635 | ) | — | |||||||||||||||
Interest and principal paydowns | (811 | ) | 529 | (835 | ) | 529 | |||||||||||||||
Changes in fair value (1) | 1,085 | (1,086 | ) | 1,326 | (1,086 | ) | |||||||||||||||
Rialto Investments loans held-for-sale, end of period | $ | 164,923 | 244,666 | 164,923 | 244,666 | ||||||||||||||||
-1 | Amount represents changes in fair value included in Rialto Investments revenues. | ||||||||||||||||||||
Fair Value Measurements, Nonrecurring | ' | ||||||||||||||||||||
The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the 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: | |||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | Fair Value | Carrying Value | Fair Value | Total Gains (Losses) (1) | Carrying Value | Fair Value | Total Gains (Losses) (1) | ||||||||||||||
Hierarchy | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Rialto Investments: | |||||||||||||||||||||
Impaired loans receivable | Level 3 | $ | 103,732 | 99,574 | (4,158 | ) | 161,432 | 157,955 | (3,477 | ) | |||||||||||
Non-financial assets | |||||||||||||||||||||
Lennar Homebuilding: | |||||||||||||||||||||
Investments in unconsolidated entities (2) | Level 3 | $ | — | — | — | 20,885 | 20,024 | (861 | ) | ||||||||||||
Rialto Investments: | |||||||||||||||||||||
REO - held-for-sale (3): | |||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 7,133 | 6,705 | (428 | ) | 12,200 | 14,833 | 2,633 | ||||||||||||
Upon management periodic valuations | Level 3 | $ | 15,453 | 9,794 | (5,659 | ) | 169 | — | (169 | ) | |||||||||||
REO - held-and-used, net (4): | |||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 14,275 | 14,530 | 255 | 13,864 | 14,154 | 290 | |||||||||||||
Upon management periodic valuations | Level 3 | $ | 8,056 | 6,723 | (1,333 | ) | 7,176 | 2,050 | (5,126 | ) | |||||||||||
-1 | Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended August 31, 2014 and 2013. | ||||||||||||||||||||
-2 | Valuation adjustments were included in Lennar Homebuilding other income, net in the Company's condensed consolidated 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 the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The gains (losses) upon the transfer or acquisition of REO and impairments were included in Rialto Investments other income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 2014 and 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. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto Investments other income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 2014 and 2013. | ||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||
August 31, | August 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | Fair Value | Carrying Value | Fair Value | Total Gains (Losses) (1) | Carrying Value | Fair Value | Total Gains (Losses) (1) | ||||||||||||||
Hierarchy | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Rialto Investments: | |||||||||||||||||||||
Impaired loans receivable | Level 3 | $ | 191,471 | 146,731 | (44,740 | ) | 200,856 | 186,768 | (14,088 | ) | |||||||||||
Non-financial assets | |||||||||||||||||||||
Lennar Homebuilding: | |||||||||||||||||||||
Finished homes and construction in progress (2) | Level 3 | $ | — | — | — | 16,454 | 12,247 | (4,207 | ) | ||||||||||||
Land and land under development (2) | Level 3 | $ | 7,013 | 6,143 | (870 | ) | — | — | — | ||||||||||||
Investments in unconsolidated entities (3) | Level 3 | $ | — | — | — | 20,921 | 20,024 | (897 | ) | ||||||||||||
Rialto Investments: | |||||||||||||||||||||
REO - held-for-sale (4): | |||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 20,183 | 18,972 | (1,211 | ) | 14,193 | 16,166 | 1,973 | ||||||||||||
Upon management periodic valuations | Level 3 | $ | 39,193 | 31,494 | (7,699 | ) | 23,040 | 18,687 | (4,353 | ) | |||||||||||
REO - held-and-used, net (5): | |||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 54,727 | 48,657 | (6,070 | ) | 39,655 | 38,882 | (773 | ) | |||||||||||
Upon management periodic valuations | Level 3 | $ | 20,489 | 17,653 | (2,836 | ) | 10,011 | 4,482 | (5,529 | ) | |||||||||||
-1 | Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the nine months ended August 31, 2014 and 2013. | ||||||||||||||||||||
-2 | Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the nine months ended August 31, 2014 and 2013. | ||||||||||||||||||||
-3 | Valuation adjustments were included in Lennar Homebuilding other income, net in the Company's condensed consolidated 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 the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The gains (losses) upon the transfer or acquisition of REO and impairments were included in Rialto Investments other income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 2014 and 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. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto Investments other income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 2014 and 2013. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 9 Months Ended | ||||||
Aug. 31, 2014 | |||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract] | ' | ||||||
Estimated Maximum Exposure To Loss | ' | ||||||
The Company’s recorded investment in unconsolidated VIEs and its estimated maximum exposure to loss were as follows: | |||||||
As of August 31, 2014 | |||||||
(In thousands) | Investments in | Lennar’s | |||||
Unconsolidated | Maximum | ||||||
VIEs | Exposure | ||||||
to Loss | |||||||
Lennar Homebuilding (1) | $ | 169,584 | 239,855 | ||||
Rialto Investments (2) | 16,968 | 16,968 | |||||
Lennar Multifamily (3) | 41,670 | 66,041 | |||||
$ | 228,222 | 322,864 | |||||
As of November 30, 2013 | |||||||
(In thousands) | Investments in | Lennar’s | |||||
Unconsolidated | Maximum | ||||||
VIEs | Exposure | ||||||
to Loss | |||||||
Lennar Homebuilding (1) | $ | 195,720 | 301,315 | ||||
Rialto Investments (2) | 24,393 | 24,393 | |||||
Lennar Multifamily (3) | 25,874 | 55,002 | |||||
$ | 245,987 | 380,710 | |||||
-1 | At August 31, 2014, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs is limited to its investments in the unconsolidated VIEs, except with regard to a $70.0 million remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. At November 30, 2013, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $90.5 million remaining commitment to fund an unconsolidated entity that was formed in 2013 for further expenses up until the unconsolidated entity obtains permanent financing and $15.0 million of recourse debt of one of the unconsolidated VIEs, which is included in the Company’s maximum exposure to loss related to Lennar Homebuilding unconsolidated entities. | ||||||
-2 | At both August 31, 2014 and November 30, 2013, the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs is limited to its investments in the unconsolidated VIEs. At August 31, 2014 and November 30, 2013, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss include $17.0 million and $16.1 million, respectively, related to Rialto’s investments held-to-maturity. | ||||||
-3 | At August 31, 2014 and November 30, 2013, the maximum exposure to loss of Lennar Multifamily's investments in unconsolidated VIEs is limited to its investments in the unconsolidated VIEs, except with regard to $23.4 million and $28.0 million, respectively, of letters of credit outstanding for certain of the unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements. |
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 9 Months Ended | |||||||||||||||
Aug. 31, 2014 | ||||||||||||||||
Supplemental Financial Information [Abstract] | ' | |||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||
Supplemental information for the subsidiaries that were guarantor subsidiaries at August 31, 2014 was as follows: | ||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
August 31, 2014 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
ASSETS | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | 371,977 | 251,767 | 13,686 | — | 637,430 | ||||||||||
Inventories | — | 7,500,471 | 223,963 | — | 7,724,434 | |||||||||||
Investments in unconsolidated entities | — | 684,461 | 13,162 | — | 697,623 | |||||||||||
Other assets | 154,190 | 431,531 | 103,751 | 5,853 | 695,325 | |||||||||||
Investments in subsidiaries | 4,095,887 | 305,115 | — | (4,401,002 | ) | — | ||||||||||
Intercompany | 4,604,458 | — | — | (4,604,458 | ) | — | ||||||||||
9,226,512 | 9,173,345 | 354,562 | (8,999,607 | ) | 9,754,812 | |||||||||||
Rialto Investments: | ||||||||||||||||
Rialto Investments real estate owned - held-and-used, net | — | — | 335,472 | — | 335,472 | |||||||||||
Rialto Investments all other assets | — | — | 1,048,271 | — | 1,048,271 | |||||||||||
Lennar Financial Services | — | 73,334 | 873,203 | — | 946,537 | |||||||||||
Lennar Multifamily | — | 187,140 | 17,845 | — | 204,985 | |||||||||||
Total assets | $ | 9,226,512 | 9,433,819 | 2,629,353 | (8,999,607 | ) | 12,290,077 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Accounts payable and other liabilities | $ | 356,937 | 702,899 | 60,045 | — | 1,119,881 | ||||||||||
Liabilities related to consolidated inventory not owned | — | 47,507 | — | — | 47,507 | |||||||||||
Senior notes and other debts payable | 4,288,096 | 324,354 | 80,430 | — | 4,692,880 | |||||||||||
Intercompany | — | 4,531,692 | 72,766 | (4,604,458 | ) | — | ||||||||||
4,645,033 | 5,606,452 | 213,241 | (4,604,458 | ) | 5,860,268 | |||||||||||
Rialto Investments | — | — | 659,648 | — | 659,648 | |||||||||||
Lennar Financial Services | — | 26,225 | 665,721 | 5,853 | 697,799 | |||||||||||
Lennar Multifamily | — | 34,179 | 42 | — | 34,221 | |||||||||||
Total liabilities | 4,645,033 | 5,666,856 | 1,538,652 | (4,598,605 | ) | 7,251,936 | ||||||||||
Stockholders’ equity | 4,581,479 | 3,766,963 | 634,039 | (4,401,002 | ) | 4,581,479 | ||||||||||
Noncontrolling interests | — | — | 456,662 | — | 456,662 | |||||||||||
Total equity | 4,581,479 | 3,766,963 | 1,090,701 | (4,401,002 | ) | 5,038,141 | ||||||||||
Total liabilities and equity | $ | 9,226,512 | 9,433,819 | 2,629,353 | (8,999,607 | ) | 12,290,077 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
November 30, 2013 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
ASSETS | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | 562,134 | 192,945 | 28,430 | — | 783,509 | ||||||||||
Inventories | — | 6,507,172 | 93,876 | — | 6,601,048 | |||||||||||
Investments in unconsolidated entities | — | 702,291 | 14,658 | — | 716,949 | |||||||||||
Other assets | 116,657 | 539,264 | 86,773 | 5,935 | 748,629 | |||||||||||
Investments in subsidiaries | 4,305,887 | 325,906 | — | (4,631,793 | ) | — | ||||||||||
Intercompany | 3,191,611 | — | — | (3,191,611 | ) | — | ||||||||||
8,176,289 | 8,267,578 | 223,737 | (7,817,469 | ) | 8,850,135 | |||||||||||
Rialto Investments: | ||||||||||||||||
Rialto Investments real estate owned - held-and-used, net | — | — | 428,989 | — | 428,989 | |||||||||||
Rialto Investments all other assets | — | — | 1,050,324 | — | 1,050,324 | |||||||||||
Lennar Financial Services | — | 76,160 | 720,550 | — | 796,710 | |||||||||||
Lennar Multifamily | — | 147,089 | — | — | 147,089 | |||||||||||
Total assets | $ | 8,176,289 | 8,490,827 | 2,423,600 | (7,817,469 | ) | 11,273,247 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Accounts payable and other liabilities | $ | 302,558 | 623,709 | 58,029 | — | 984,296 | ||||||||||
Liabilities related to consolidated inventory not owned | — | 384,876 | — | — | 384,876 | |||||||||||
Senior notes and other debts payable | 3,704,830 | 400,044 | 89,558 | — | 4,194,432 | |||||||||||
Intercompany | — | 3,183,664 | 7,947 | (3,191,611 | ) | — | ||||||||||
4,007,388 | 4,592,293 | 155,534 | (3,191,611 | ) | 5,563,604 | |||||||||||
Rialto Investments | — | — | 497,008 | — | 497,008 | |||||||||||
Lennar Financial Services | — | 30,045 | 507,659 | 5,935 | 543,639 | |||||||||||
Lennar Multifamily | — | 41,526 | — | — | 41,526 | |||||||||||
Total liabilities | 4,007,388 | 4,663,864 | 1,160,201 | (3,185,676 | ) | 6,645,777 | ||||||||||
Stockholders’ equity | 4,168,901 | 3,826,963 | 804,830 | (4,631,793 | ) | 4,168,901 | ||||||||||
Noncontrolling interests | — | — | 458,569 | — | 458,569 | |||||||||||
Total equity | 4,168,901 | 3,826,963 | 1,263,399 | (4,631,793 | ) | 4,627,470 | ||||||||||
Total liabilities and equity | $ | 8,176,289 | 8,490,827 | 2,423,600 | (7,817,469 | ) | 11,273,247 | |||||||||
Consolidating Statement Of Operations | ' | |||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||
Three Months Ended August 31, 2014 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 1,830,771 | — | — | 1,830,771 | ||||||||||
Lennar Financial Services | — | 44,872 | 89,047 | (5,540 | ) | 128,379 | ||||||||||
Rialto Investments | — | — | 40,848 | — | 40,848 | |||||||||||
Lennar Multifamily | — | 14,036 | — | — | 14,036 | |||||||||||
Total revenues | — | 1,889,679 | 129,895 | (5,540 | ) | 2,014,034 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 1,559,528 | 1,740 | (2,949 | ) | 1,558,319 | ||||||||||
Lennar Financial Services | — | 39,604 | 64,152 | (2,521 | ) | 101,235 | ||||||||||
Rialto Investments | — | — | 47,644 | — | 47,644 | |||||||||||
Lennar Multifamily | — | 20,481 | 1 | — | 20,482 | |||||||||||
Corporate general and administrative | 41,807 | — | — | 1,265 | 43,072 | |||||||||||
Total costs and expenses | 41,807 | 1,619,613 | 113,537 | (4,205 | ) | 1,770,752 | ||||||||||
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities | — | (2,269 | ) | 189 | — | (2,080 | ) | |||||||||
Lennar Homebuilding other income (expense), net | 251 | (189 | ) | — | (125 | ) | (63 | ) | ||||||||
Other interest expense | (1,460 | ) | (8,381 | ) | — | 1,460 | (8,381 | ) | ||||||||
Rialto Investments equity in earnings from unconsolidated entities | — | — | 19,973 | — | 19,973 | |||||||||||
Rialto Investments other expense, net | — | — | (5,342 | ) | — | (5,342 | ) | |||||||||
Lennar Multifamily equity in earnings from unconsolidated entities | — | 14,946 | — | — | 14,946 | |||||||||||
Earnings (loss) before income taxes | (43,016 | ) | 274,173 | 31,178 | — | 262,335 | ||||||||||
Benefit (provision) for income taxes | 13,988 | (90,329 | ) | (12,554 | ) | — | (88,895 | ) | ||||||||
Equity in earnings from subsidiaries | 206,785 | 12,763 | — | (219,548 | ) | — | ||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | 177,757 | 196,607 | 18,624 | (219,548 | ) | 173,440 | ||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (4,317 | ) | — | (4,317 | ) | |||||||||
Net earnings attributable to Lennar | $ | 177,757 | 196,607 | 22,941 | (219,548 | ) | 177,757 | |||||||||
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 | |||||||||||
Lennar Multifamily | — | 695 | — | — | 695 | |||||||||||
Total revenues | — | 1,492,978 | 115,068 | (5,279 | ) | 1,602,767 | ||||||||||
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 | ||||||||||
Lennar Multifamily | — | 6,138 | — | — | 6,138 | |||||||||||
Corporate general and administrative | 35,310 | — | — | 2,309 | 37,619 | |||||||||||
Total costs and expenses | 35,310 | 1,286,784 | 94,729 | (4,115 | ) | 1,412,708 | ||||||||||
Lennar Homebuilding equity in earnings from unconsolidated entities | — | 10,167 | 291 | — | 10,458 | |||||||||||
Lennar Homebuilding other income, net | 297 | 4,140 | — | (288 | ) | 4,149 | ||||||||||
Other interest expense | (1,452 | ) | (22,230 | ) | — | 1,452 | (22,230 | ) | ||||||||
Rialto Investments equity in earnings from unconsolidated entities | — | — | 5,199 | — | 5,199 | |||||||||||
Rialto Investments other income, net | — | — | 1,837 | — | 1,837 | |||||||||||
Lennar Multifamily equity in loss from unconsolidated entities | — | (113 | ) | — | — | (113 | ) | |||||||||
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 noncontrolling interests) | 120,662 | 143,849 | 17,565 | (159,922 | ) | 122,154 | ||||||||||
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 | ||||||||||||||||
Nine Months Ended August 31, 2014 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 4,696,941 | — | — | 4,696,941 | ||||||||||
Lennar Financial Services | — | 115,343 | 217,358 | (16,354 | ) | 316,347 | ||||||||||
Rialto Investments | — | — | 142,196 | — | 142,196 | |||||||||||
Lennar Multifamily | — | 40,390 | — | — | 40,390 | |||||||||||
Total revenues | — | 4,852,674 | 359,554 | (16,354 | ) | 5,195,874 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 4,019,091 | 355 | (4,129 | ) | 4,015,317 | ||||||||||
Lennar Financial Services | — | 112,670 | 165,669 | (11,894 | ) | 266,445 | ||||||||||
Rialto Investments | — | — | 174,824 | — | 174,824 | |||||||||||
Lennar Multifamily | — | 59,957 | 1 | — | 59,958 | |||||||||||
Corporate general and administrative | 115,705 | — | — | 3,796 | 119,501 | |||||||||||
Total costs and expenses | 115,705 | 4,191,718 | 340,849 | (12,227 | ) | 4,636,045 | ||||||||||
Lennar Homebuilding equity in earnings from unconsolidated entities | — | 41 | 3,263 | — | 3,304 | |||||||||||
Lennar Homebuilding other income, net | 251 | 5,059 | — | (222 | ) | 5,088 | ||||||||||
Other interest expense | (4,349 | ) | (31,359 | ) | — | 4,349 | (31,359 | ) | ||||||||
Rialto Investments equity in earnings from unconsolidated entities | — | — | 43,266 | — | 43,266 | |||||||||||
Rialto Investments other expense, net | — | — | (2,976 | ) | — | (2,976 | ) | |||||||||
Lennar Multifamily equity in earnings from unconsolidated entities | — | 14,689 | — | — | 14,689 | |||||||||||
Earnings (loss) before income taxes | (119,803 | ) | 649,386 | 62,258 | — | 591,841 | ||||||||||
Benefit (provision) for income taxes | 42,422 | (229,164 | ) | (29,077 | ) | — | (215,819 | ) | ||||||||
Equity in earnings from subsidiaries | 470,974 | 28,944 | — | (499,918 | ) | — | ||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | 393,593 | 449,166 | 33,181 | (499,918 | ) | 376,022 | ||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (17,571 | ) | — | (17,571 | ) | |||||||||
Net earnings attributable to Lennar | $ | 393,593 | 449,166 | 50,752 | (499,918 | ) | 393,593 | |||||||||
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 | $ | — | 3,565,249 | 34,665 | — | 3,599,914 | ||||||||||
Lennar Financial Services | — | 123,990 | 219,347 | (15,723 | ) | 327,614 | ||||||||||
Rialto Investments | — | — | 79,114 | — | 79,114 | |||||||||||
Lennar Multifamily | — | 13,249 | — | — | 13,249 | |||||||||||
Total revenues | — | 3,702,488 | 333,126 | (15,723 | ) | 4,019,891 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 3,090,400 | 35,659 | (1,240 | ) | 3,124,819 | ||||||||||
Lennar Financial Services | — | 118,546 | 154,948 | (14,646 | ) | 258,848 | ||||||||||
Rialto Investments | — | — | 95,287 | (1,044 | ) | 94,243 | ||||||||||
Lennar Multifamily | — | 23,547 | — | — | 23,547 | |||||||||||
Corporate general and administrative | 97,902 | — | — | 4,840 | 102,742 | |||||||||||
Total costs and expenses | 97,902 | 3,232,493 | 285,894 | (12,090 | ) | 3,604,199 | ||||||||||
Lennar Homebuilding equity in earnings from unconsolidated entities | — | 22,413 | 672 | — | 23,085 | |||||||||||
Lennar Homebuilding other income, net | 721 | 13,993 | — | (693 | ) | 14,021 | ||||||||||
Other interest expense | (4,326 | ) | (73,370 | ) | — | 4,326 | (73,370 | ) | ||||||||
Rialto Investments equity in earnings from unconsolidated entities | — | — | 15,877 | — | 15,877 | |||||||||||
Rialto Investments other income, net | — | — | 9,810 | — | 9,810 | |||||||||||
Lennar Multifamily equity in loss from unconsolidated entities | — | (146 | ) | — | — | (146 | ) | |||||||||
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 noncontrolling interests) | 315,590 | 374,176 | 47,445 | (415,301 | ) | 321,910 | ||||||||||
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 | |||||||||
Consolidating Statement Of Cash Flows | ' | |||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||
Nine Months Ended August 31, 2014 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net earnings (including net loss attributable to noncontrolling interests) | $ | 393,593 | 449,166 | 33,181 | (499,918 | ) | 376,022 | |||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | 470,974 | 28,944 | — | (499,918 | ) | — | ||||||||||
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (398,881 | ) | (1,218,539 | ) | (157,021 | ) | 499,918 | (1,274,523 | ) | |||||||
Net cash provided by (used in) operating activities | 465,686 | (740,429 | ) | (123,840 | ) | (499,918 | ) | (898,501 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||
Distributions of capital from Lennar Homebuilding unconsolidated entities, net of investments in and contributions to | — | 7,179 | 2,219 | — | 9,398 | |||||||||||
Distributions of capital from Rialto Investments unconsolidated entities, net of investments in and contributions to | — | — | 13,060 | — | 13,060 | |||||||||||
Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to | — | 26,493 | — | — | 26,493 | |||||||||||
Receipts of principal payments on Rialto Investments loans receivable | — | — | 20,827 | — | 20,827 | |||||||||||
Proceeds from sales of Rialto Investments real estate owned | — | — | 168,946 | — | 168,946 | |||||||||||
Other | (1,644 | ) | 39,555 | (34,180 | ) | — | 3,731 | |||||||||
Distributions of capital from guarantor and non-guarantor subsidiaries | 210,000 | — | — | (210,000 | ) | — | ||||||||||
Intercompany | (1,411,095 | ) | — | — | 1,411,095 | — | ||||||||||
Net cash provided by (used in) investing activities | (1,202,739 | ) | 73,227 | 170,872 | 1,201,095 | 242,455 | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Net borrowings under unsecured revolving credit facility | 70,000 | — | — | — | 70,000 | |||||||||||
Net borrowings under Lennar Financial Services debt | — | — | 141,954 | — | 141,954 | |||||||||||
Net repayments under Rialto investments warehouse repurchase facilities | — | — | (4,596 | ) | — | (4,596 | ) | |||||||||
Net proceeds from senior notes and structured notes | 495,725 | — | 175,405 | — | 671,130 | |||||||||||
Principal payments on Rialto Investments notes payable | — | — | (26,512 | ) | — | (26,512 | ) | |||||||||
Net payments on other borrowings | — | (198,423 | ) | (9,813 | ) | — | (208,236 | ) | ||||||||
Exercise of land option contracts from an unconsolidated land investment venture | — | (1,540 | ) | — | — | (1,540 | ) | |||||||||
Net payments related to noncontrolling interests | — | — | (103,038 | ) | — | (103,038 | ) | |||||||||
Excess tax benefits from share-based awards | 3,007 | — | — | — | 3,007 | |||||||||||
Common stock: | ||||||||||||||||
Issuances | 13,603 | — | — | — | 13,603 | |||||||||||
Repurchases | (12,153 | ) | — | — | — | (12,153 | ) | |||||||||
Dividends | (24,565 | ) | (449,166 | ) | (260,752 | ) | 709,918 | (24,565 | ) | |||||||
Intercompany | — | 1,349,480 | 61,615 | (1,411,095 | ) | — | ||||||||||
Net cash provided by financing activities | 545,617 | 700,351 | (25,737 | ) | (701,177 | ) | 519,054 | |||||||||
Net (decrease) increase in cash and cash equivalents | (191,436 | ) | 33,149 | 21,295 | — | (136,992 | ) | |||||||||
Cash and cash equivalents at beginning of period | 547,101 | 152,753 | 270,651 | — | 970,505 | |||||||||||
Cash and cash equivalents at end of period | $ | 355,665 | 185,902 | 291,946 | — | 833,513 | ||||||||||
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 noncontrolling interests) | $ | 315,590 | 374,176 | 47,445 | (415,301 | ) | 321,910 | |||||||||
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 | — | 93,671 | 914 | — | 94,585 | |||||||||||
Investments in and contributions to Rialto Investments unconsolidated entities, net | — | — | (1,646 | ) | — | (1,646 | ) | |||||||||
Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to | — | 73 | — | — | 73 | |||||||||||
Decrease in Rialto Investments defeasance cash to retire notes payable | — | — | 145,781 | — | 145,781 | |||||||||||
Receipts of principal payments on Rialto Investments loans receivable | — | — | 49,560 | — | 49,560 | |||||||||||
Proceeds from sales of Rialto Investments real estate owned | — | — | 182,220 | — | 182,220 | |||||||||||
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 notes payable | — | — | (360,956 | ) | — | (360,956 | ) | |||||||||
Net repayments on other borrowings | — | (74,472 | ) | (36,210 | ) | — | (110,682 | ) | ||||||||
Exercise of land option contracts from an unconsolidated land investment venture | — | (27,329 | ) | — | — | (27,329 | ) | |||||||||
Net payments related to noncontrolling interests | — | — | (174,274 | ) | — | (174,274 | ) | |||||||||
Excess tax benefit 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 | ||||||||||
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, 2014 | Nov. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | $12,290,077 | [1] | $11,273,247 | [1] |
Homebuilding East [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 2,257,064 | 1,890,138 | ||
Homebuilding Central [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 1,207,902 | 963,815 | ||
Homebuilding West [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 3,433,419 | 3,108,395 | ||
Homebuilding Southeast Florida [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 814,133 | 757,125 | ||
Homebuilding Houston [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 404,030 | 307,864 | ||
Homebuilding Other [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 884,778 | 808,496 | ||
Rialto Investments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 1,383,743 | [1] | 1,479,313 | [1] |
Lennar Financial Services [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 946,537 | [1] | 796,710 | [1] |
Lennar Multifamily [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | 204,985 | [1] | 147,089 | [1] |
Unallocated Amount to Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Assets | $753,486 | $1,014,302 | ||
[1] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. |
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 | ||||||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |||||
Revenues: | ' | ' | ' | ' | ||||
Total revenues | $2,014,034,000 | [1] | $1,602,767,000 | [1] | $5,195,874,000 | [1] | $4,019,891,000 | [1] |
Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Total operating earnings | 305,407,000 | 226,978,000 | 711,342,000 | 507,711,000 | ||||
Corporate general and administrative | 43,072,000 | 37,619,000 | 119,501,000 | 102,742,000 | ||||
Earnings before income taxes | 262,335,000 | 189,359,000 | 591,841,000 | 404,969,000 | ||||
Sales incentives | 111,031,000 | 92,812,000 | 288,401,000 | 256,726,000 | ||||
Sales incentives per home delivered | 20,400 | 18,700 | 20,600 | 20,400 | ||||
Homebuilding East [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Real estate revenues | 570,698,000 | 510,788,000 | 1,497,954,000 | 1,221,509,000 | ||||
Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Total operating earnings | 83,403,000 | 78,523,000 | 219,307,000 | 150,771,000 | ||||
Homebuilding Central [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Real estate revenues | 266,284,000 | 205,523,000 | 663,986,000 | 536,329,000 | ||||
Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Total operating earnings | 21,531,000 | 11,102,000 | [2] | 56,265,000 | 37,895,000 | [2] | ||
Valuation adjustments to investments in unconsolidated entities | ' | 861,000 | ' | 861,000 | ||||
Write-Offs Of Other Receivables And Other Assets | 2,000,000 | ' | 2,000,000 | ' | ||||
Homebuilding West [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Real estate revenues | 448,068,000 | 303,952,000 | 1,186,437,000 | 747,592,000 | ||||
Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Total operating earnings | 67,887,000 | 58,253,000 | 186,323,000 | [3] | 116,554,000 | |||
Valuation adjustments to land with intend to sell or has sold to third parties | ' | ' | 895,000 | ' | ||||
Write offs of option deposits and preacquisition costs | 1,953,000 | ' | 1,970,000 | ' | ||||
Homebuilding Southeast Florida [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Real estate revenues | 167,077,000 | 119,849,000 | 398,733,000 | 315,583,000 | ||||
Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Total operating earnings | 40,579,000 | 25,367,000 | 87,885,000 | 63,539,000 | [4] | |||
Write-Offs Of Other Receivables And Other Assets | 1,019,000 | ' | 1,019,000 | ' | ||||
Valuation adjustments to finished homes, CIP and land under development | ' | ' | ' | 3,790,000 | ||||
Homebuilding Houston [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Real estate revenues | 189,657,000 | 192,962,000 | 498,943,000 | 446,874,000 | ||||
Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Total operating earnings | 27,740,000 | 27,893,000 | 74,096,000 | 52,425,000 | ||||
Homebuilding Other [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Real estate revenues | 188,987,000 | 128,552,000 | 450,888,000 | 332,027,000 | ||||
Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Total operating earnings | 20,788,000 | 7,227,000 | 34,781,000 | [5] | 17,647,000 | |||
Write offs of option deposits and preacquisition costs | ' | ' | 1,491,000 | ' | ||||
Lennar Financial Services [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Financial Services, Revenues | 128,379,000 | 112,638,000 | 316,347,000 | 327,614,000 | ||||
Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Total operating earnings | 27,144,000 | 23,492,000 | 49,902,000 | 68,766,000 | ||||
Rialto Investments [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Rialto Investments, Revenues | 40,848,000 | 27,808,000 | 142,196,000 | 79,114,000 | ||||
Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Total operating earnings | 7,835,000 | [6] | 677,000 | [6] | 7,662,000 | [6] | 10,558,000 | [6] |
Lennar Multifamily [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Real estate revenues | 14,036,000 | 695,000 | 40,390,000 | 13,249,000 | ||||
Operating Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Total operating earnings | $8,500,000 | ($5,556,000) | ($4,879,000) | ($10,444,000) | ||||
[1] | Total revenues were net of sales incentives of $111.0 million ($20,400 per home delivered) and $288.4 million ($20,600 per home delivered) for the three and nine months ended August 31, 2014, respectively, compared to $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. | |||||||
[2] | For both the three and nine months ended August 31, 2014, operating earnings included $2.0 million in write-offs of other receivables. For both the three and nine months ended August 31, 2013, operating earnings included $0.9 million of valuation adjustments to investments of unconsolidated entities. | |||||||
[3] | For both the three and nine months ended August 31, 2014, operating earnings included $2.0 million in write-offs of option deposits and pre-acquisition costs. For the nine months ended August 31, 2014, operating earnings included $0.9 million of valuation adjustments to land the Company intends to sell or has sold to third parties. | |||||||
[4] | For both the three and nine months ended August 31, 2014, operating earnings included $1.0 million of valuation adjustments to other assets. For the nine months ended August 31, 2013, operating earnings included $3.8 million of valuation adjustments to finished homes, CIP and land on which the Company intends to build homes. | |||||||
[5] | For the nine months ended August 31, 2014, operating earnings included $1.5 million in write-offs of option deposits and pre-acquisition costs. | |||||||
[6] | Operating earnings for the three and nine months ended August 31, 2014 included net loss attributable to noncontrolling interests of $4.5 million and $20.7 million, respectively. Operating earnings for the three and nine months ended August 31, 2013 included net earnings (loss) attributable to noncontrolling interests of ($0.8) million and $4.6 million, respectively. |
Lennar_Homebuilding_Investment2
Lennar Homebuilding Investments In Unconsolidated Entities (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | ||||||||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | ||||
Morgan Stanley & Co., Inc. [Member] | Morgan Stanley & Co., Inc. [Member] | Morgan Stanley And Company Unconsolidated [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Investments in unconsolidated entities | ' | ' | ' | ' | $697,623 | [1] | $716,949 | [1] | ||
Underlying equity in unconsolidated partners' net assets | ' | ' | ' | ' | 768,746 | 829,490 | ||||
Ownership interest | ' | 20.00% | ' | ' | ' | ' | ||||
Voting rights percentage | ' | 50.00% | ' | ' | ' | ' | ||||
Equity method investment summarized financial information inventories | ' | ' | 241,833 | ' | 2,795,009 | 2,904,795 | ||||
Decrease in consolidated inventory and related liabilities | $179,034 | $155,021 | [1] | ' | $70,333 | [2] | ' | ' | ||
[1] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. | |||||||||
[2] | As of August 31, 2014, total liabilities include $142.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.5 million is included in Lennar Homebuilding accounts payable, $47.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $4.5 million in Lennar Homebuilding other liabilities and $23.6 million in Rialto Investments liabilities.As of November 30, 2013, total liabilities include $294.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $191.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $75.1 million in Lennar Homebuilding senior notes and other debts payable, $4.9 million in Lennar Homebuilding other liabilities and $20.2 million in Rialto Investments liabilities. |
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, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | ||||
Lennar Homebuilding [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Total revenues | $39,021 | $240,642 | $214,826 | $501,656 | ||||
Costs and expenses | 35,401 | 162,664 | 246,138 | 372,023 | ||||
Other income, net | 0 | 1,241 | 0 | 14,602 | ||||
Net earnings (loss) of unconsolidated entities | 3,620 | 79,219 | -31,312 | 144,235 | ||||
Equity in earnings (loss) from unconsolidated entities | -2,080 | [1] | 10,458 | [1] | 3,304 | [1] | 23,085 | [1] |
Homebuilding West Joint Venture [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in earnings (loss) from unconsolidated entities | ' | $8,594 | $4,680 | $21,603 | ||||
[1] | For the nine months ended August 31, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity. For the three and nine months ended August 31, 2013, Lennar Homebuilding equity in earnings from unconsolidated entities included $8.6 million and $21.6 million, respectively, of equity in earnings primarily as a result of sales of homesites to third parties by another unconsolidated entity and previously deferred profit related to those homesites that was earned during the three months ended August 31, 2013. |
Lennar_Homebuilding_Investment4
Lennar Homebuilding Investments In Unconsolidated Entities (Balance Sheets) (Details) (Lennar Homebuilding [Member], USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Lennar Homebuilding [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Cash and cash equivalents | $259,393 | $184,521 |
Inventories | 2,795,009 | 2,904,795 |
Other assets | 142,753 | 147,410 |
Total assets | 3,197,155 | 3,236,726 |
Accounts payable and other liabilities | 253,264 | 272,940 |
Debt | 604,134 | 450,457 |
Equity | 2,339,757 | 2,513,329 |
Total liabilities and equity | $3,197,155 | $3,236,726 |
Lennar_Homebuilding_Investment5
Lennar Homebuilding Investments In Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details) (Lennar Homebuilding [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2014 | Nov. 30, 2013 |
Lennar Homebuilding [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net recourse exposure | $24,588 | $27,496 |
Joint and several reimbursement agreements with Companys partners | 0 | 13,500 |
The Company's maximum recourse exposure | 24,588 | 40,996 |
Non-recourse bank debt and other debt (partner's share of several recourse) | 56,970 | 61,008 |
Non-recourse land seller debt or other debt | 4,033 | 20,454 |
Non-recourse debt with completion guarantees | 344,933 | 245,821 |
Non-recourse debt without completion guarantees | 173,610 | 82,178 |
Non-recourse debt to the Company | 579,546 | 409,461 |
Total debt | $604,134 | $450,457 |
The Company's maximum recourse exposure as a % of total JV debt | 4.00% | 9.00% |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Maximum number of shares to repurchase | 20,000,000 | ' | 20,000,000 | ' |
Repurchases of common stock | 0 | 0 | 0 | 0 |
Common stock that can be repurchased in the future | 6,200,000 | ' | 6,200,000 | ' |
Stock issued during period, shares, period increase (decrease) | ' | ' | ' | -400,000 |
Treasury stock, shares, retired | ' | ' | 11,726,000 | ' |
Treasury Stock [Member] | ' | ' | ' | ' |
Stock issued during period, shares, period increase (decrease) | 288,000 | ' | -11,767,000 | ' |
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, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||
Balance, beginning | ' | ' | $4,627,470 | [1] | $4,001,208 | |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 173,440 | 122,154 | 376,022 | 321,910 | ||
Employee stock and directors plans | ' | ' | 2,176 | 34,396 | ||
Treasury stock, retired, cost method, amount | ' | ' | 0 | ' | ||
Adjustments to additional paid in capital, income tax benefit from share-based compensation | ' | ' | 12,892 | 11,053 | ||
Amortization of restricted stock | ' | ' | 28,482 | 23,430 | ||
Dividends | ' | ' | -24,565 | -23,142 | ||
Adjustments to additional paid in capital, other | ' | ' | ' | 39,605 | ||
Receipts related to noncontrolling interests | ' | ' | 11,963 | 579 | ||
Payments related to noncontrolling interests | ' | ' | -115,001 | -174,853 | ||
Noncontrolling interests non cash consolidations | ' | ' | 118,272 | ' | ||
Non-cash purchase of noncontrolling interests | ' | ' | ' | -63,500 | ||
Non-cash activity related to noncontrolling interests | ' | ' | 430 | ' | ||
Balance, ending | 5,038,141 | [1] | 4,170,686 | 5,038,141 | [1] | 4,170,686 |
Additional Paid-in Capital [Member] | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||
Balance, beginning | ' | ' | 2,721,246 | 2,421,941 | ||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | ' | ' | 0 | 0 | ||
Employee stock and directors plans | ' | ' | 1,400 | 17,196 | ||
Treasury stock, retired, cost method, amount | ' | ' | -541,019 | ' | ||
Adjustments to additional paid in capital, income tax benefit from share-based compensation | ' | ' | 12,892 | 11,053 | ||
Amortization of restricted stock | ' | ' | 28,482 | 23,430 | ||
Dividends | ' | ' | 0 | 0 | ||
Adjustments to additional paid in capital, other | ' | ' | ' | -61,945 | ||
Receipts related to noncontrolling interests | ' | ' | 0 | 0 | ||
Payments related to noncontrolling interests | ' | ' | 0 | 0 | ||
Noncontrolling interests non cash consolidations | ' | ' | 0 | ' | ||
Non-cash purchase of noncontrolling interests | ' | ' | ' | 0 | ||
Non-cash activity related to noncontrolling interests | ' | ' | 0 | ' | ||
Balance, ending | 2,223,001 | 2,411,675 | 2,223,001 | 2,411,675 | ||
Treasury Stock [Member] | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||
Balance, beginning | ' | ' | -628,019 | -632,846 | ||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | ' | ' | 0 | 0 | ||
Employee stock and directors plans | ' | ' | 662 | 16,957 | ||
Treasury stock, retired, cost method, amount | ' | ' | 542,192 | ' | ||
Adjustments to additional paid in capital, income tax benefit from share-based compensation | ' | ' | 0 | 0 | ||
Amortization of restricted stock | ' | ' | 0 | 0 | ||
Dividends | ' | ' | 0 | 0 | ||
Adjustments to additional paid in capital, other | ' | ' | ' | 0 | ||
Receipts related to noncontrolling interests | ' | ' | 0 | 0 | ||
Payments related to noncontrolling interests | ' | ' | 0 | 0 | ||
Noncontrolling interests non cash consolidations | ' | ' | 0 | ' | ||
Non-cash purchase of noncontrolling interests | ' | ' | ' | 0 | ||
Non-cash activity related to noncontrolling interests | ' | ' | 0 | ' | ||
Balance, ending | -85,165 | -615,889 | -85,165 | -615,889 | ||
Retained Earnings [Member] | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||
Balance, beginning | ' | ' | 2,053,893 | 1,605,131 | ||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | ' | ' | 393,593 | 315,590 | ||
Employee stock and directors plans | ' | ' | 0 | 0 | ||
Treasury stock, retired, cost method, amount | ' | ' | 0 | ' | ||
Adjustments to additional paid in capital, income tax benefit from share-based compensation | ' | ' | 0 | 0 | ||
Amortization of restricted stock | ' | ' | 0 | 0 | ||
Dividends | ' | ' | -24,565 | -23,142 | ||
Adjustments to additional paid in capital, other | ' | ' | ' | 0 | ||
Receipts related to noncontrolling interests | ' | ' | 0 | 0 | ||
Payments related to noncontrolling interests | ' | ' | 0 | 0 | ||
Noncontrolling interests non cash consolidations | ' | ' | 0 | ' | ||
Non-cash purchase of noncontrolling interests | ' | ' | ' | 0 | ||
Non-cash activity related to noncontrolling interests | ' | ' | 0 | ' | ||
Balance, ending | 2,422,921 | 1,897,579 | 2,422,921 | 1,897,579 | ||
Noncontrolling Interests [Member] | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||
Balance, beginning | ' | ' | 458,569 | 586,444 | ||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | ' | ' | -17,571 | 6,320 | ||
Employee stock and directors plans | ' | ' | 0 | 0 | ||
Treasury stock, retired, cost method, amount | ' | ' | 0 | ' | ||
Adjustments to additional paid in capital, income tax benefit from share-based compensation | ' | ' | 0 | 0 | ||
Amortization of restricted stock | ' | ' | 0 | 0 | ||
Dividends | ' | ' | 0 | 0 | ||
Adjustments to additional paid in capital, other | ' | ' | ' | 101,550 | ||
Receipts related to noncontrolling interests | ' | ' | 11,963 | 579 | ||
Payments related to noncontrolling interests | ' | ' | -115,001 | -174,853 | ||
Noncontrolling interests non cash consolidations | ' | ' | 118,272 | ' | ||
Non-cash purchase of noncontrolling interests | ' | ' | ' | -63,500 | ||
Non-cash activity related to noncontrolling interests | ' | ' | 430 | ' | ||
Balance, ending | 456,662 | 456,540 | 456,662 | 456,540 | ||
Class A Common Stock [Member] | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||
Balance, beginning | ' | ' | 18,483 | 17,240 | ||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | ' | ' | ' | 0 | ||
Employee stock and directors plans | ' | ' | 114 | 243 | ||
Treasury stock, retired, cost method, amount | ' | ' | -1,173 | ' | ||
Adjustments to additional paid in capital, income tax benefit from share-based compensation | ' | ' | 0 | 0 | ||
Amortization of restricted stock | ' | ' | 0 | 0 | ||
Dividends | ' | ' | 0 | 0 | ||
Adjustments to additional paid in capital, other | ' | ' | ' | 0 | ||
Receipts related to noncontrolling interests | ' | ' | 0 | 0 | ||
Payments related to noncontrolling interests | ' | ' | 0 | 0 | ||
Noncontrolling interests non cash consolidations | ' | ' | 0 | ' | ||
Non-cash purchase of noncontrolling interests | ' | ' | ' | 0 | ||
Non-cash activity related to noncontrolling interests | ' | ' | 0 | ' | ||
Balance, ending | 17,424 | 17,483 | 17,424 | 17,483 | ||
Class B Common Stock [Member] | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||
Balance, beginning | ' | ' | 3,298 | 3,298 | ||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | ' | ' | 0 | 0 | ||
Employee stock and directors plans | ' | ' | 0 | 0 | ||
Treasury stock, retired, cost method, amount | ' | ' | 0 | ' | ||
Adjustments to additional paid in capital, income tax benefit from share-based compensation | ' | ' | 0 | 0 | ||
Amortization of restricted stock | ' | ' | 0 | 0 | ||
Dividends | ' | ' | 0 | 0 | ||
Adjustments to additional paid in capital, other | ' | ' | ' | 0 | ||
Receipts related to noncontrolling interests | ' | ' | 0 | 0 | ||
Payments related to noncontrolling interests | ' | ' | 0 | 0 | ||
Noncontrolling interests non cash consolidations | ' | ' | 0 | ' | ||
Non-cash purchase of noncontrolling interests | ' | ' | ' | 0 | ||
Non-cash activity related to noncontrolling interests | ' | ' | 0 | ' | ||
Balance, ending | $3,298 | $3,298 | $3,298 | $3,298 | ||
[1] | As of August 31, 2014, total liabilities include $142.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.5 million is included in Lennar Homebuilding accounts payable, $47.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $4.5 million in Lennar Homebuilding other liabilities and $23.6 million in Rialto Investments liabilities.As of November 30, 2013, total liabilities include $294.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $191.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $75.1 million in Lennar Homebuilding senior notes and other debts payable, $4.9 million in Lennar Homebuilding other liabilities and $20.2 million in Rialto Investments liabilities. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Nov. 30, 2013 | |
Valuation Allowance [Line Items] | ' | ' | ' | ' | ' |
Provision (benefit) for income taxes | $88,895,000 | $67,205,000 | $215,819,000 | $83,059,000 | ' |
Income tax provision | ' | 67,869,000 | ' | 150,161,000 | ' |
Effective Income Tax Rate, Continuing Operations | 33.34% | 35.77% | 35.41% | 20.84% | ' |
Deferred tax assets, net of valuation allowance | 313,194,000 | ' | 313,194,000 | ' | 376,800,000 |
Deferred tax assets, valuation allowance | 10,631,000 | ' | 10,631,000 | ' | 12,706,000 |
Deferred tax assets, operating loss carryforwards | 2,361,000 | ' | 2,361,000 | ' | 88,100,000 |
Deferred tax assets, operating loss carryforwards, state and local | 120,999,000 | ' | 120,999,000 | ' | 143,600,000 |
Operating Loss Carryforwards, Valuation Allowance | 10,631,000 | ' | 10,631,000 | ' | ' |
Unrecognized tax benefits | 8,885,000 | ' | 8,885,000 | ' | 10,459,000 |
Income tax penalties and interest accrued | 31,031,000 | ' | 31,031,000 | ' | 19,124,000 |
Income tax penalties and interest accrued recorded during the period | ' | ' | 13,501,000 | ' | ' |
Decreases in accrued interest and penalties | ' | ' | 1,600,000 | ' | ' |
State Deferred Tax Asset [Member] | ' | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' | ' |
Reversal of deferred tax asset, valuation allowance | ' | $664,000 | ' | $67,102,000 | ' |
Federal Net Operating Loss Carryforwards [Member] | ' | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' | ' |
Net Operating Loss Carryforward, Term | ' | ' | '20 years | ' | ' |
State Net Operating Loss Carryforwards High End Range [Member] | ' | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' | ' |
Net Operating Loss Carryforward, Term | ' | ' | '20 years | ' | ' |
State Net Operating Loss Carryforwards [Member] | ' | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' | ' |
Net Operating Loss Carryforward, Term | ' | ' | '5 years | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | 31-May-10 | Aug. 31, 2014 | Nov. 30, 2012 | Nov. 30, 2011 | ||||
2.00% 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] | |||||||||
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net earnings attributable to Lennar | $177,757 | $120,662 | $393,593 | $315,590 | ' | ' | ' | ' | ||||
Participating securities, distributed and undistributed earnings (loss), basic | 109 | 122 | 305 | 326 | ' | ' | ' | ' | ||||
Undistributed earnings (loss) allocated to participating securities, basic | 2,124 | 1,712 | 4,486 | 4,090 | ' | ' | ' | ' | ||||
Numerator for basic earnings per share | 175,524 | 118,828 | 388,802 | 311,174 | ' | ' | ' | ' | ||||
Plus: interest on 3.25% convertible senior notes due 2021 and 2.00% convertible senior notes due 2020 | 1,982 | [1] | 2,826 | [1] | 5,946 | [1] | 8,477 | [1] | ' | ' | ' | ' |
Plus: undistributed earnings allocated to convertible shares | 2,124 | 1,712 | 4,486 | 4,090 | ' | ' | ' | ' | ||||
Less: undistributed earnings reallocated to convertible shares | 1,908 | 1,489 | 4,047 | 3,549 | ' | ' | ' | ' | ||||
Numerator for diluted earnings per share | $177,722 | $121,877 | $395,187 | $320,192 | ' | ' | ' | ' | ||||
Denominator for basic earnings per share-weighted average common shares outstanding | 202,354 | 190,799 | 202,103 | 190,119 | ' | ' | ' | ' | ||||
Shared based payments | 5 | 90 | 8 | 334 | ' | ' | ' | ' | ||||
Convertible senior notes | 25,869 | 34,446 | 25,846 | 35,549 | ' | ' | ' | ' | ||||
Denominator for diluted earnings per share-weighted average common shares outstanding | 228,228 | 225,335 | 227,957 | 226,002 | ' | ' | ' | ' | ||||
Basic earnings per share | $0.87 | $0.62 | $1.92 | $1.64 | ' | ' | ' | ' | ||||
Diluted earnings per share | $0.78 | $0.54 | $1.73 | $1.42 | ' | ' | ' | ' | ||||
Interest rate | ' | ' | ' | ' | 2.00% | 3.25% | 3.25% | 3.25% | ||||
Options to purchase outstanding and anti-dilutive shares | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ||||
[1] | Interest on the 2.00% convertible senior notes due 2020 is included in the three and nine months ended August 31, 2013 because the holders of the 2.00% convertible senior notes due 2020 converted the notes into shares of Class A common stock on November 30, 2013. |
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, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Apr. 30, 2014 | Nov. 30, 2013 |
Lennar Financial Services [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Borrowings under the facilities | $516,129 | ' | $516,129 | ' | ' | $374,166 |
Collateralized mortgage loans and receivable loans sold to investors but not yet paid, principal balances | 540,861 | ' | 540,861 | ' | ' | 452,477 |
Impaired financing receivable, average recorded investment | 3,810 | 3,890 | 3,874 | 3,478 | ' | ' |
Business combination, recognized identifiable assets acquired and liabilities assumed, assets | ' | ' | ' | ' | 1,417 | ' |
Goodwill | $38,854 | ' | $38,854 | ' | $4,808 | $34,046 |
Lennar_Financial_Services_Segm3
Lennar Financial Services Segment (Schedule Of Assets And Liabilities) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2014 | Apr. 30, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | ||||
In Thousands, unless otherwise specified | Lennar Financial Services [Member] | Lennar Financial Services [Member] | Lennar Financial Services [Member] | Lennar Financial Services [Member] | Mortgage Loan Commitments [Member] | Mortgage Loan Commitments [Member] | Forward Contracts [Member] | Forward Contracts [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] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Servicing Contracts [Member] | Servicing Contracts [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Cash and cash equivalents | $833,513 | $970,505 | $571,770 | $1,310,743 | $78,361 | ' | $73,066 | $65,803 | ' | ' | ' | ' | ' | ' | ||||
Restricted cash | ' | ' | ' | ' | 8,661 | ' | 10,283 | ' | ' | ' | ' | ' | ' | ' | ||||
Receivables, net | ' | ' | ' | ' | 121,185 | [1] | ' | 127,223 | [1] | ' | ' | ' | ' | ' | ' | ' | ||
Loans held-for-sale | ' | ' | ' | ' | 539,988 | [2] | ' | 414,231 | [2] | ' | ' | ' | ' | ' | ' | ' | ||
Loans held-for-investment, net | ' | ' | ' | ' | 26,821 | ' | 26,356 | ' | ' | ' | ' | ' | ' | ' | ||||
Investments held-to-maturity | ' | ' | ' | ' | 57,023 | ' | 62,344 | ' | ' | ' | ' | ' | ' | ' | ||||
Goodwill | ' | ' | ' | ' | 38,854 | 4,808 | 34,046 | ' | ' | ' | ' | ' | ' | ' | ||||
Other assets | ' | ' | ' | ' | 75,644 | [3] | ' | 49,161 | [3] | ' | ' | ' | ' | ' | ' | ' | ||
Total assets | 12,290,077 | [4] | 11,273,247 | [4] | ' | ' | 946,537 | [4] | ' | 796,710 | [4] | ' | ' | ' | ' | ' | ' | ' |
Notes and loans payable | ' | ' | ' | ' | 522,047 | ' | 374,166 | ' | ' | ' | ' | ' | ' | ' | ||||
Other liabilities | ' | ' | ' | ' | 175,752 | [5] | ' | 169,473 | [5] | ' | ' | ' | ' | ' | ' | ' | ||
Total liabilities | 7,251,936 | [6] | 6,645,777 | [6] | ' | ' | 697,799 | [6] | ' | 543,639 | [6] | ' | ' | ' | ' | ' | ' | ' |
Other assets (mortgage loan commitments and forward contracts) | ' | ' | ' | ' | ' | ' | ' | ' | 14,276 | 7,335 | ' | 1,400 | ' | ' | ||||
Servicing asset at fair value, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,387 | 11,455 | ||||
Self-insurance reserves | ' | ' | ' | ' | 72,743 | ' | 74,492 | ' | ' | ' | ' | ' | ' | ' | ||||
Forward contract liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,052 | ' | ' | ' | ||||
[1] | Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of August 31, 2014 and November 30, 2013, 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 $14.3 million and $7.3 million as of August 31, 2014 and November 30, 2013, respectively. Other assets also includes forward contracts carried at fair value of $1.4 million as of November 30, 2013. In addition, other assets include mortgage servicing rights carried at fair value of $19.4 million and $11.5 million as of August 31, 2014 and November 30, 2013, respectively. | |||||||||||||||||
[4] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. | |||||||||||||||||
[5] | Other liabilities include $72.7 million and $74.5 million as of August 31, 2014 and November 30, 2013, 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 $4.1 million as of August 31, 2014. | |||||||||||||||||
[6] | As of August 31, 2014, total liabilities include $142.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.5 million is included in Lennar Homebuilding accounts payable, $47.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $4.5 million in Lennar Homebuilding other liabilities and $23.6 million in Rialto Investments liabilities.As of November 30, 2013, total liabilities include $294.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $191.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $75.1 million in Lennar Homebuilding senior notes and other debts payable, $4.9 million in Lennar Homebuilding other liabilities and $20.2 million in Rialto Investments liabilities. |
Lennar_Financial_Services_Segm4
Lennar Financial Services Segment (Schedule of Credit Facilities) (Details) (Lennar Financial Services [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2014 | |
Line of Credit Facility [Line Items] | ' | |
Line of credit facility, maximum borrowing capacity | $925,000 | |
Warehouse Repurchase Facility One [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Line of credit facility, maximum borrowing capacity | 325,000 | |
Line of Credit Facility, Term | '364 days | |
Warehouse Repurchase Facility Two [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Line of credit facility, maximum borrowing capacity | 300,000 | [1] |
Additional committed borrowing capacity under the credit facility | 100,000 | |
Line of Credit Facility, Term | '364 days | |
Warehouse Repurchase Facility Three [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Line of credit facility, maximum borrowing capacity | 150,000 | |
Line of Credit Facility, Term | '364 days | |
Warehouse Repurchase Facility Four [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Line of credit facility, maximum borrowing capacity | 150,000 | [2] |
Additional committed borrowing capacity under the credit facility | $50,000 | |
Line of Credit Facility, Term | '364 days | |
[1] | Maximum aggregate commitment includes a $100 million accordion feature that is usable 10 days prior to quarter-end through 20 days after quarter end. | |
[2] | Maximum aggregate commitment includes a $50 million accordion feature that is usable 10 days prior to quarter-end through 20 days after quarter end. |
Lennar_Financial_Services_Segm5
Lennar Financial Services Segment (Schedule Of Loan Origination Liabilities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Loan origination liabilities, end of period | ' | $8,634 | ' | $8,634 |
Lennar Financial Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Loan origination liabilities, beginning of period | 9,774 | 8,257 | 9,311 | 7,250 |
Provision for losses during the period | 918 | 569 | 1,660 | 1,342 |
Adjustments to pre-existing provisions for losses from changes in estimates | 0 | -176 | 0 | 348 |
Payments/settlements | -83 | -16 | -362 | -306 |
Loan origination liabilities, end of period | $10,609 | $8,634 | $10,609 | $8,634 |
Lennar_Financial_Services_Segm6
Lennar Financial Services Segment Lennar Financial Services Segment (Schedule of Impaired Loans) (Details) (Lennar Financial Services [Member], USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Lennar Financial Services [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans unpaid principal balance | $7,510 | $7,897 |
Valuation allowance | -3,768 | -3,891 |
Investment in impaired loans | $3,742 | $4,006 |
Rialto_Investments_Segment_Nar
Rialto Investments Segment (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||||||||||
Aug. 31, 2014 | Aug. 31, 2013 | Nov. 30, 2013 | Sep. 30, 2010 | 31-May-14 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Nov. 30, 2010 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2010 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Nov. 30, 2013 | Aug. 31, 2014 | Aug. 31, 2014 | Mar. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | 31-May-14 | Aug. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | ||||
agreement | agreement | Bank Portfolios [Member] | Bank Portfolios [Member] | Bank Portfolios [Member] | Bank Portfolios [Member] | Commercial Mortgage-Backed Securities [Member] | Commercial Mortgage-Backed Securities [Member] | Commercial Mortgage-Backed Securities [Member] | Commercial Mortgage-Backed Securities [Member] | Commercial Mortgage-Backed Securities [Member] | Servicer Provider [Member] | Servicer Provider [Member] | FDIC [Member] | FDIC [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Minimum [Member] | Maximum [Member] | 7% Senior Notes due 2018 [Member] | 7% Senior Notes due 2018 [Member] | 7% Senior Notes due 2018 [Member] | 7% Senior Notes due 2018 [Member] | 2.85% Notes [Member] | Loans Held-For-Sale [Member] | Loans Held-For-Sale [Member] | Loans Held-For-Sale [Member] | Loans Held-For-Sale [Member] | |||||
Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Rialto Investments [Member] | |||||||||||||||||||||||||||||
Commercial First Mortgage Loan Securitizations, Term 1 [Member] | Commercial First Mortgage Loan Securitizations, Term 2 [Member] | Commercial First Mortgage Loan Securitizations, Term 3 [Member] | |||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Managing member equity interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Managing member equity interests percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Payments for distressed real estate and real estate related assets | ' | ' | ' | $310,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $243,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Working capital reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Expected equity interest reduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Expected equity interest increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Payments to noncontrolling interests and affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 146,658,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Payments related to noncontrolling interests | 115,001,000 | 174,853,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,995,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Payments of distributions to affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,619,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total consolidated VIEs assets | 979,782,000 | ' | 1,195,347,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 551,208,000 | ' | 551,208,000 | ' | 727,064,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total consolidated VIEs liabilities | 142,691,000 | ' | 294,768,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,619,000 | ' | 23,619,000 | ' | 20,153,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of distressed residential and commercial real estate loans | ' | ' | ' | 400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of real estate owned properties | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Notes payable | 4,692,880,000 | ' | 4,194,432,000 | 124,000,000 | ' | 90,933,000 | 90,933,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 582,659,000 | [1],[2] | ' | 582,659,000 | [1],[2] | ' | 441,883,000 | [1],[2] | ' | ' | ' | ' | ' | ' | 54,994,000 | ' | ' | ' | ' |
Debt instrument, maturity period | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Average recorded investment in loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,483,000 | 29,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Impaired financing receivable, related allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 286,000 | ' | 286,000 | ' | 1,213,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gains (losses) upon acquisition of REO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 173,000 | 2,900,000 | 7,281,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Investment term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '7 years | '10 years | |||
Principal amount outstanding on loans held-for-sale or securitization or asset-backed financing arrangement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Payments for origination and purchases of loans held-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,110,839,000 | ' | ' | ' | |||
Proceeds from sale of loans held-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -983,635,000 | ' | ' | ' | |||
Number of warehouse repurchase financing greements | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,000,000 | ' | 650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,421,000 | ' | 71,421,000 | ' | 76,017,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt instrument, face amount | ' | ' | ' | ' | 73,830,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | |||
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 2.85% | ' | ' | ' | ' | |||
Private placement price, percent of face value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.25% | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | |||
Proceeds from issuance of senior long-term debt | 500,500,000 | 500,000,000 | ' | ' | 69,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104,525,000 | 0 | ' | ' | ' | 101,700,000 | 245,000,000 | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from (repayments of) related party debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 352,044,000 | 250,000,000 | ' | ' | ' | ' | ' | |||
Discount on investment percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Investments interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other than temporary impairment on investment securities | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Investments held-to-maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,968,000 | [3] | ' | 16,968,000 | [3] | ' | 16,070,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained equity interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,777,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,094,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,554,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,323,000 | ' | ' | $176,132,000 | [3] | ' | $176,132,000 | [3] | ' | $154,573,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | As of August 31, 2014, total liabilities include $142.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.5 million is included in Lennar Homebuilding accounts payable, $47.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $4.5 million in Lennar Homebuilding other liabilities and $23.6 million in Rialto Investments liabilities.As of November 30, 2013, total liabilities include $294.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $191.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $75.1 million in Lennar Homebuilding senior notes and other debts payable, $4.9 million in Lennar Homebuilding other liabilities and $20.2 million in Rialto Investments liabilities. | ||||||||||||||||||||||||||||||||||
[2] | Notes and other debts payable include $352.0 million and $250.0 million related to the 7.00% Senior Notes due 2018 ("7.00% Senior Notes") as of August 31, 2014 and November 30, 2013, respectively, and also include $71.4 million and $76.0 million as of August 31, 2014 and November 30, 2013, respectively, related to the RMF warehouse repurchase financing agreements. As of August 31, 2014, notes and other debts payable also include $55.0 million related to notes issued through a structured note offering. | ||||||||||||||||||||||||||||||||||
[3] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. |
Rialto_Investments_Segment_Ass
Rialto Investments Segment (Assets And Liabilities By Segment) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | 31-May-14 | ||||
In Thousands, unless otherwise specified | 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] | ||||||||
Interest Rate Contract [Member] | Credit Risk Contract [Member] | Credit Risk Contract [Member] | 7% Senior Notes due 2018 [Member] | 7% Senior Notes due 2018 [Member] | 2.85% Notes [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Cash and cash equivalents | $833,513 | $970,505 | $571,770 | $1,310,743 | $211,030 | [1] | $201,496 | [1] | $72,024 | ' | ' | ' | ' | ' | ' | ||
Restricted cash | ' | ' | ' | ' | 31,636 | [2] | 2,593 | [2] | ' | ' | ' | ' | ' | ' | ' | ||
Receivables, net | ' | ' | ' | ' | 0 | [3] | 111,833 | ' | ' | ' | ' | ' | ' | ' | |||
Loans receivable, net | ' | ' | ' | ' | 174,286 | [1] | 278,392 | [1] | ' | ' | ' | ' | ' | ' | ' | ||
Loans held-for-sale | ' | ' | ' | ' | 164,923 | [1],[4] | 44,228 | [1],[4] | ' | ' | ' | ' | ' | ' | ' | ||
Real estate owned - held-for-sale | ' | ' | ' | ' | 194,339 | [1] | 197,851 | [1] | ' | ' | ' | ' | ' | ' | ' | ||
Real estate owned - held-and-used, net | ' | ' | ' | ' | 335,472 | [1] | 428,989 | [1] | ' | ' | ' | ' | ' | ' | ' | ||
Investments in unconsolidated entities | ' | ' | ' | ' | 176,132 | [1] | 154,573 | [1] | ' | ' | ' | ' | ' | ' | ' | ||
Investments held-to-maturity | ' | ' | ' | ' | 16,968 | [1] | 16,070 | [1] | ' | ' | ' | ' | ' | ' | ' | ||
Other assets | ' | ' | ' | ' | 78,957 | [1],[5] | 43,288 | [1],[5] | ' | ' | ' | ' | ' | ' | ' | ||
Total assets | 12,290,077 | [1] | 11,273,247 | [1] | ' | ' | 1,383,743 | [1] | 1,479,313 | [1] | ' | ' | ' | ' | ' | ' | ' |
Notes payable | 4,692,880 | 4,194,432 | ' | ' | 582,659 | [6],[7] | 441,883 | [6],[7] | ' | ' | ' | ' | ' | ' | 54,994 | ||
Other liabilities | ' | ' | ' | ' | 76,989 | [6],[8] | 55,125 | [6],[8] | ' | ' | ' | ' | ' | ' | ' | ||
Total liabilities | 7,251,936 | [6] | 6,645,777 | [6] | ' | ' | 659,648 | [6] | 497,008 | [6] | ' | ' | ' | ' | ' | ' | ' |
Credit default swap assets | ' | ' | ' | ' | ' | ' | ' | ' | 1,331 | 788 | ' | ' | ' | ||||
Senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 352,044 | 250,000 | ' | ||||
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 2.85% | ||||
Line of credit facility, amount outstanding | ' | ' | ' | ' | 71,421 | 76,017 | ' | ' | ' | ' | ' | ' | ' | ||||
Interest rate swaps and swap futures | ' | ' | ' | ' | ' | ' | ' | 1,393 | ' | ' | ' | ' | ' | ||||
Credit default swap liabilities | ' | ' | ' | ' | ' | ' | ' | ' | $1,561 | $318 | ' | ' | ' | ||||
[1] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. | ||||||||||||||||
[2] | Restricted cash primarily consists of cash held in escrow by the Company's loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties. | ||||||||||||||||
[3] | Receivables, net primarily relate to loans sold but not settled as of November 30, 2013. | ||||||||||||||||
[4] | Loans held-for-sale relate to unsold loans carried at fair value. | ||||||||||||||||
[5] | Other assets include credit default swaps carried at fair value of $1.3 million and $0.8 million as of August 31, 2014 and November 30, 2013, respectively. | ||||||||||||||||
[6] | As of August 31, 2014, total liabilities include $142.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.5 million is included in Lennar Homebuilding accounts payable, $47.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $4.5 million in Lennar Homebuilding other liabilities and $23.6 million in Rialto Investments liabilities.As of November 30, 2013, total liabilities include $294.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $191.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $75.1 million in Lennar Homebuilding senior notes and other debts payable, $4.9 million in Lennar Homebuilding other liabilities and $20.2 million in Rialto Investments liabilities. | ||||||||||||||||
[7] | Notes and other debts payable include $352.0 million and $250.0 million related to the 7.00% Senior Notes due 2018 ("7.00% Senior Notes") as of August 31, 2014 and November 30, 2013, respectively, and also include $71.4 million and $76.0 million as of August 31, 2014 and November 30, 2013, respectively, related to the RMF warehouse repurchase financing agreements. As of August 31, 2014, notes and other debts payable also include $55.0 million related to notes issued through a structured note offering. | ||||||||||||||||
[8] | Other liabilities include interest rate swaps and swap futures carried at fair value of $1.4 million as of August 31, 2014 and credit default swaps carried at fair value of $1.6 million and $0.3 million as of August 31, 2014 and November 30, 2013, respectively. |
Rialto_Investments_Segment_Ope
Rialto Investments Segment (Operating Earnings By Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating earnings (loss) | $305,407 | $226,978 | $711,342 | $507,711 | ||||
Noncontrolling interest income (loss) | -4,317 | 1,492 | -17,571 | 6,320 | ||||
Rialto Investments [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Rialto Investments, Revenues | 40,848 | 27,808 | 142,196 | 79,114 | ||||
Rialto Investments, Cost and expenses | 47,644 | [1] | 34,167 | 174,824 | [1] | 94,243 | ||
Equity in earnings (loss) from unconsolidated entities | 19,973 | 5,199 | 43,266 | 15,877 | ||||
Rialto Investments other income (expense), net | -5,342 | 1,837 | -2,976 | 9,810 | ||||
Operating earnings (loss) | 7,835 | [2] | 677 | [2] | 7,662 | [2] | 10,558 | [2] |
Loan impairments | 4,158 | 3,477 | 44,740 | 14,088 | ||||
Noncontrolling interest income (loss) | ($4,549) | ($790) | ($20,670) | $4,571 | ||||
[1] | Costs and expenses for the three and nine months ended August 31, 2014 included loan impairments of $4.2 million and $44.7 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). For the three and nine months ended August 31, 2013, costs and expenses included loan impairments of $3.5 million and $14.1 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). | |||||||
[2] | Operating earnings for the three and nine months ended August 31, 2014 included net loss attributable to noncontrolling interests of $4.5 million and $20.7 million, respectively. Operating earnings for the three and nine months ended August 31, 2013 included net earnings (loss) attributable to noncontrolling interests of ($0.8) million and $4.6 million, respectively. |
Rialto_Investments_Segment_Oth
Rialto Investments Segment (Other Income Expense) (Details) (Rialto Investments [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Rialto Investments [Member] | ' | ' | ' | ' |
Component of Operating Other Cost and Expense [Line Items] | ' | ' | ' | ' |
Gains (losses) on sales of investment real estate | $4,106 | $9,651 | $27,849 | $36,857 |
Unrealized gains (losses) on transfer of loans receivable to REO and impairments, net | -7,165 | -2,373 | -17,816 | -8,683 |
REO and other expenses | -13,027 | -10,267 | -43,977 | -33,171 |
Rental and other income | 10,744 | 4,826 | 30,968 | 14,807 |
Rialto Investments other income (expense), net | ($5,342) | $1,837 | ($2,976) | $9,810 |
Rialto_Investments_Segment_Loa
Rialto Investments Segment (Loans Receivable By Aggregate Collateral Type) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Rialto Investments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Loans receivable, net | $174,286 | [1] | $278,392 | [1] |
Land [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Loans receivable, net | 101,047 | 166,950 | ||
Single Family Homes [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Loans receivable, net | 28,698 | 59,647 | ||
Commercial Properties [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Loans receivable, net | 29,536 | 38,060 | ||
Other [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Loans receivable, net | $15,005 | $13,735 | ||
[1] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. |
Rialto_Investments_Segment_Out
Rialto Investments Segment (Outstanding Balance And Carrying Value Of Loans) (Details) (Rialto Investments [Member], USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Rialto Investments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Outstanding principal balance | $438,046 | $586,901 |
Carrying value | $169,636 | $270,075 |
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, 2014 | Aug. 31, 2013 |
Rialto Investments [Member] | FDIC Portfolios And Bank Portfolios [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Accretable yield, beginning of period | $73,144 | $112,899 |
Additions | 8,785 | 53,652 |
Deletions | -25,621 | -38,263 |
Accretions | -25,693 | -38,455 |
Accretable yield, end of period | $30,615 | $89,833 |
Rialto_Investments_Segment_Non
Rialto Investments Segment (Nonaccrual Loans) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Rialto Investments [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Investment in impaired loans | $4,650 | $8,317 |
Land [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Unpaid principal balance | 4,607 | 6,791 |
Recorded investment, with allowance | 0 | 249 |
Recorded investment, without allowance | 1,813 | 2,304 |
Investment in impaired loans | 1,813 | 2,553 |
Single Family Homes [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Unpaid principal balance | 8,739 | 15,125 |
Recorded investment, with allowance | 502 | 519 |
Recorded investment, without allowance | 1,732 | 4,119 |
Investment in impaired loans | 2,234 | 4,638 |
Commercial Properties [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Unpaid principal balance | 1,500 | 3,400 |
Recorded investment, with allowance | 0 | 498 |
Recorded investment, without allowance | 603 | 628 |
Investment in impaired loans | 603 | 1,126 |
Loans Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Unpaid principal balance | 14,846 | 25,316 |
Recorded investment, with allowance | 502 | 1,266 |
Recorded investment, without allowance | 4,148 | 7,051 |
Investment in impaired loans | $4,650 | $8,317 |
Rialto_Investments_Segment_All
Rialto Investments Segment (Allowance on Loans Receivable) (Details) (Rialto Investments [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Rialto Investments [Member] | ' | ' | ' | ' |
Accrual [Roll Forward] | ' | ' | ' | ' |
Allowance on accrual loans, beginning of period | $55,658 | $18,716 | $18,952 | $12,178 |
Accrual loans, provision for loan losses | 4,089 | 3,318 | 44,577 | 12,849 |
Accrual loans, write-downs | -6,482 | -1,940 | -10,264 | -4,933 |
Allowance on accrual loans, end of period | $53,265 | $20,094 | $53,265 | $20,094 |
Rialto_Investments_Segment_Ris
Rialto Investments Segment (Risk Indicators) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Rialto Investments [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Accrual | $169,636 | $270,075 | ||
Nonaccrual | 4,650 | 8,317 | ||
Notes loans and financing receivable net | 174,286 | [1] | 278,392 | [1] |
Land [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Accrual | 99,234 | 164,397 | ||
Nonaccrual | 1,813 | 2,553 | ||
Notes loans and financing receivable net | 101,047 | 166,950 | ||
Single Family Homes [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Accrual | 26,464 | 55,009 | ||
Nonaccrual | 2,234 | 4,638 | ||
Notes loans and financing receivable net | 28,698 | 59,647 | ||
Commercial Properties [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Accrual | 28,933 | 36,934 | ||
Nonaccrual | 603 | 1,126 | ||
Notes loans and financing receivable net | 29,536 | 38,060 | ||
Other [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Accrual | 15,005 | 13,735 | ||
Nonaccrual | 0 | 0 | ||
Notes loans and financing receivable net | $15,005 | $13,735 | ||
[1] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. |
Rialto_Investments_Segment_Cha
Rialto Investments Segment (Changes In Real Estate Owned) (Details) (Rialto Investments [Member], USD $) | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | ||||||
In Thousands, unless otherwise specified | Real Estate Owned [Member] | Real Estate Owned [Member] | Real Estate Owned [Member] | Real Estate Owned [Member] | ||||||||
REO Property [Roll Forward] | ' | ' | ' | ' | ' | ' | ||||||
REO - held-for-sale, beginning of period | $194,339 | [1] | $197,851 | [1] | $192,829 | $204,385 | $197,851 | $134,161 | ||||
REO - held-for-sale, additions | ' | ' | 0 | 14,833 | 0 | 16,166 | ||||||
REO - held-for-sale, improvements | ' | ' | 1,994 | 1,949 | 4,717 | 4,466 | ||||||
REO - held-for-sale, sales | ' | ' | -52,431 | -68,087 | -141,097 | -145,363 | ||||||
REO - held-for-sale, impairments | ' | ' | -6,087 | -169 | -8,910 | -4,353 | ||||||
Real estate held-for-sale, transfers | ' | ' | 0 | 430 | 0 | 430 | ||||||
REO - held-for-sale, transfers to from held-and-used, net | ' | ' | 58,034 | [2] | 46,128 | [2] | 141,778 | [2] | 193,962 | [2] | ||
REO - held-for-sale, net, end of period | 194,339 | [1] | 197,851 | [1] | 194,339 | 198,609 | 194,339 | 198,609 | ||||
REO Held And Used [Roll Forward] | ' | ' | ' | ' | ' | ' | ||||||
REO - held-and-used, net, beginning of period | 335,472 | [1] | 428,989 | [1] | 379,069 | 478,314 | 428,989 | 601,022 | ||||
REO - held-and-used, additions | ' | ' | 14,530 | 14,154 | 48,657 | 38,882 | ||||||
REO - held-and-used, improvements | ' | ' | 1,736 | 517 | 5,207 | 3,396 | ||||||
REO - held-and-used, impairments | ' | ' | -1,333 | -5,126 | -2,836 | -5,529 | ||||||
REO - held-and-used, depreciation | ' | ' | -496 | -1,075 | -2,767 | -3,153 | ||||||
REO - held-and-used, transfers to from held-for-sale | ' | ' | -58,034 | [2] | -46,128 | [2] | -141,778 | [2] | -193,962 | [2] | ||
REO - held-and-used, net, end of period | $335,472 | [1] | $428,989 | [1] | $335,472 | $440,656 | $335,472 | $440,656 | ||||
[1] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. | |||||||||||
[2] | During the three and nine months ended August 31, 2014 and 2013, 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_Equ
Rialto Investments Segment (Equity Funds Related to Rialto Segment) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Rialto Investments [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Equity method investments | $176,132 | [1] | $154,573 | [1] |
Real Estate Investment Fund [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Equity Commitment | 700,006 | ' | ||
Total Equity Commitment Called | 700,006 | ' | ||
Investment Commitment | 75,000 | ' | ||
Total amount invested | 75,000 | ' | ||
Equity method investments | 80,741 | 75,729 | ||
Real Estate Investment Fund II [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Equity Commitment | 1,305,000 | ' | ||
Total Equity Commitment Called | 660,058 | ' | ||
Investment Commitment | 100,000 | ' | ||
Total amount invested | 50,579 | ' | ||
Equity method investments | 57,528 | 53,103 | ||
Real Estate Mezanine Fund [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Equity Commitment | 168,600 | ' | ||
Total Equity Commitment Called | 145,267 | ' | ||
Investment Commitment | 27,299 | ' | ||
Total amount invested | 23,521 | ' | ||
Equity method investments | 23,397 | 16,724 | ||
Other equity method investments [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Equity method investments | $14,466 | $9,017 | ||
[1] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. |
Rialto_Investments_Segment_Ria
Rialto Investments Segment Rialto Investments Segment (Equity in Earnings (Loss) on Investments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Real Estate Investment Fund [Member] | ' | ' | ' | ' |
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | $10,291 | $3,685 | $22,524 | $14,827 |
Real Estate Investment Fund II [Member] | ' | ' | ' | ' |
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 7,084 | 1,366 | 9,524 | 912 |
Real Estate Mezanine Fund [Member] | ' | ' | ' | ' |
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 591 | 0 | 1,373 | 0 |
Other equity method investments [Member] | ' | ' | ' | ' |
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 2,007 | 148 | 9,845 | 138 |
Rialto Investments [Member] | ' | ' | ' | ' |
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | $19,973 | $5,199 | $43,266 | $15,877 |
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, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Nov. 30, 2013 | ||||
Rialto Investments [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Cash and cash equivalents | $200,878 | ' | $200,878 | ' | $332,968 | ||||
Loans receivable | 528,456 | ' | 528,456 | ' | 523,249 | ||||
Real estate owned | 388,284 | ' | 388,284 | ' | 285,565 | ||||
Investment securities | 611,381 | ' | 611,381 | ' | 381,555 | ||||
Investments in partnerships | 269,923 | ' | 269,923 | ' | 149,350 | ||||
Other assets | 37,315 | ' | 37,315 | ' | 191,624 | ||||
Total assets | 2,036,237 | ' | 2,036,237 | ' | 1,864,311 | ||||
Accounts payable and other liabilities | 25,882 | ' | 25,882 | ' | 108,514 | ||||
Notes payable | 315,985 | ' | 315,985 | ' | 398,445 | ||||
Partner loans | 0 | ' | 0 | ' | 163,940 | ||||
Equity | 1,694,370 | ' | 1,694,370 | ' | 1,193,412 | ||||
Total liabilities and equity | 2,036,237 | ' | 2,036,237 | ' | 1,864,311 | ||||
Revenues | 39,401 | 69,856 | 104,005 | 189,155 | ' | ||||
Costs and expenses | 22,552 | 65,357 | 71,965 | 190,066 | ' | ||||
Other income, net | 181,877 | [1] | 34,186 | [1] | 334,915 | [1] | 128,973 | [1] | ' |
Net earnings (loss) of unconsolidated entities | 198,726 | 38,685 | 366,955 | 128,062 | ' | ||||
Equity in earnings (loss) from unconsolidated entities | $19,973 | $5,199 | $43,266 | $15,877 | ' | ||||
[1] | (1)Other income, net, for the three and nine months ended August 31, 2014 and 2013 included Rialto Real Estate Fund, LP, Rialto Real Estate Fund II, LP and other investments realized and unrealized gains on investments.In 2010, the Rialto segment invested in non-investment grade commercial mortgage-backed securities (“CMBSâ€) at a 55% discount to par value. The carrying value of the investment securities at August 31, 2014 and November 30, 2013 was $17.0 million and $16.1 million, respectively. These securities bear interest at a coupon rate of 4% and 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, 2014 and 2013. The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity.In January 2014, Rialto acquired 100% of the loan servicing business segment of a financial services company (the "Servicer Provider") in which a subsidiary of Rialto had an approximately 5% investment, in exchange for its investment interest. The Servicer Provider has a business segment that provides service and infrastructure to the residential home loan market, which provides loan servicing support for all of the Company's owned and managed portfolios and asset management services for Rialto's small balance loan program. At acquisition date, the fair value of the assets acquired was $20.8 million, the goodwill recorded was $5.1 million and the fair value of the liabilities assumed was $17.6 million. As of November 30, 2013, the carrying value of the Company’s investment in the Servicer Provider was $8.3 million. |
Lennar_Multifamily_Narrative_D
Lennar Multifamily (Narrative) (Details) (Lennar Multifamily [Member], USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Lennar Multifamily [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Non-recourse debt with completion guarantees | $105,598 | $51,604 |
Lennar_Multifamily_Segment_Ass
Lennar Multifamily Segment (Assets and Liabilities related to Multifamily Segment) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | $833,513 | $970,505 | $571,770 | $1,310,743 | ||
Total assets | 12,290,077 | [1] | 11,273,247 | [1] | ' | ' |
Notes payable | 4,692,880 | 4,194,432 | ' | ' | ||
Total liabilities | 7,251,936 | [2] | 6,645,777 | [2] | ' | ' |
Lennar Multifamily [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | 1,881 | 519 | 395 | ' | ||
Land and land under development | 86,364 | 88,260 | ' | ' | ||
Land under purchase options, recorded | 0 | 10,500 | ' | ' | ||
Investments in unconsolidated entities | 92,863 | 46,301 | ' | ' | ||
Other assets | 23,877 | 1,509 | ' | ' | ||
Total assets | 204,985 | [1] | 147,089 | [1] | ' | ' |
Accounts payable | 34,221 | 17,518 | ' | ' | ||
Notes payable | 0 | 13,858 | ' | ' | ||
Liabilities related to consolidated inventory not owned | 0 | 10,150 | ' | ' | ||
Total liabilities | $34,221 | $41,526 | ' | ' | ||
[1] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. | |||||
[2] | As of August 31, 2014, total liabilities include $142.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.5 million is included in Lennar Homebuilding accounts payable, $47.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $4.5 million in Lennar Homebuilding other liabilities and $23.6 million in Rialto Investments liabilities.As of November 30, 2013, total liabilities include $294.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $191.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $75.1 million in Lennar Homebuilding senior notes and other debts payable, $4.9 million in Lennar Homebuilding other liabilities and $20.2 million in Rialto Investments liabilities. |
Lennar_Multifamily_Segment_Con
Lennar Multifamily Segment (Condensed Financial Information by Equity Method Investments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Nov. 30, 2013 | ||||
Lennar Multifamily [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Cash and cash equivalents | $30,685 | ' | $30,685 | ' | $5,800 | ||||
Operating properties and equipment | 486,392 | ' | 486,392 | ' | 236,528 | ||||
Other assets | 11,418 | ' | 11,418 | ' | 3,460 | ||||
Total assets | 528,495 | ' | 528,495 | ' | 245,788 | ||||
Accounts payable and other liabilities | 65,140 | ' | 65,140 | ' | 11,147 | ||||
Debt | 105,598 | ' | 105,598 | ' | 51,604 | ||||
Equity | 357,757 | ' | 357,757 | ' | 183,037 | ||||
Total liabilities and equity | 528,495 | ' | 528,495 | ' | 245,788 | ||||
Revenues | 907 | 0 | 3,318 | 0 | ' | ||||
Costs and expenses | 1,907 | 573 | 5,082 | 836 | ' | ||||
Other income, net | 35,068 | [1] | 0 | [1] | 35,068 | [1] | 0 | [1] | ' |
Net earnings (loss) of unconsolidated entities | 34,068 | -573 | 33,304 | -836 | ' | ||||
Equity in earnings (loss) from unconsolidated entities | 14,946 | [2] | -113 | [2] | 14,689 | [2] | -146 | [2] | ' |
Lennar Multifamily unconsolidated entity [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Equity in earnings (loss) from unconsolidated entities | $14,683 | [2] | ' | $14,683 | [2] | ' | ' | ||
[1] | Other income, net, for both the three and nine months ended August 31, 2014 included the gains related to the sale of two operating properties. | ||||||||
[2] | For both the three and nine months ended August 31, 2014, Lennar Multifamily equity in earnings from unconsolidated entities included Lennar Multifamily's share of gains totaling $14.7 million related to the sale of two operating properties by unconsolidated entities. |
Lennar_Homebuilding_Cash_And_C1
Lennar Homebuilding Cash And Cash Equivalents (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2014 | Nov. 30, 2013 |
Cash and Cash Equivalents [Abstract] | ' | ' |
Cash held in escrow | $240,509 | $172,317 |
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 | 9 Months Ended | |||||||||||||||||||||||||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Feb. 25, 2014 | Feb. 05, 2014 | Nov. 30, 2013 | Nov. 30, 2011 | Aug. 31, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2010 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Nov. 30, 2013 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Sep. 30, 2014 | |
4.50% Senior Notes Due 2019 [Member] | 4.50% Senior Notes Due 2019 [Member] | 4.50% Senior Notes Due 2019 [Member] | 4.50% Senior Notes Due 2019 [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] | 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] | Revolving Credit Facility [Member] | Letter of Credit Agreement 1 [Member] | Letter of Credit Agreement 2 [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] | Subsequent event [Member] | |||||
4.50% Senior Notes Due 2019 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | 2.75% Convertible Senior Notes Due 2020 [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, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional committed borrowing capacity under the credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 263,333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 140,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, capacity available for specific purpose other than for trade purchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240,742,000 | 160,635,000 | 181,105,000 | 212,779,000 | ' |
Outstanding performance and surety bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 862,266,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Uncompleted site improvements amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 445,854,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Uncompleted site improvements percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.71% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, principal amount | ' | ' | ' | ' | ' | 100,000,000 | 400,000,000 | ' | ' | 400,000,000 | 400,000,000 | ' | ' | 446,000,000 | ' | 446,000,000 | ' | 446,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | 4.50% | ' | 4.50% | ' | 3.25% | 3.25% | ' | 3.25% | 2.75% | 2.75% | ' | 2.75% | ' | ' | ' | ' | ' | ' | 4.50% | 3.25% | 3.25% | 2.75% | 2.75% | ' | ' | ' | ' | 5.50% |
Private placement price, percent of face value | ' | ' | ' | ' | ' | 100.50% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from senior notes | ' | ' | 671,130,000 | 494,811,000 | 495,725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' | 500,477,000 | ' | ' | 0 | ' | 400,000,000 | 400,000,000 | ' | ' | 427,373,000 | ' | 427,373,000 | ' | 416,041,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 |
Debt instrument, convertible, conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | 42.5555 | ' | ' | ' | 45.1794 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion, converted instrument, per principal amount | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion, converted instrument, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | 17,022,200 | ' | ' | ' | 20,150,012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, convertible, conversion price | ' | ' | ' | ' | ' | ' | ' | ' | $23.50 | ' | ' | ' | $22.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volume weighted average stock price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $39.46 | $35.03 | $39.35 | $37.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares included in the calculation of diluted earnings per share | 25,869,000 | 34,446,000 | 25,846,000 | 35,549,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,847,000 | 7,419,000 | 8,824,000 | 8,523,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,626,000 | ' | 18,626,000 | ' | 29,959,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantee by subsidiaries | ' | ' | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lennar_Homebuilding_Senior_Not3
Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule Of Senior Notes And Other Debts Payable) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Feb. 25, 2014 | Feb. 05, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Nov. 30, 2010 | Aug. 31, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 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] | 4.50% Senior Notes Due 2019 [Member] | 4.50% Senior Notes Due 2019 [Member] | 4.50% Senior Notes Due 2019 [Member] | 4.50% Senior Notes Due 2019 [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] | 3.25% Convertible Senior Notes Due 2021 [Member] | 4.750% Senior Notes Due 2022 [Member] | 4.750% Senior Notes Due 2022 [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] | Revolving Credit Facility [Member] | Revolving Credit Facility [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] | 4.125% Senior Notes Due 2018 [Member] | 4.50% Senior Notes Due 2019 [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] | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Senior notes | ' | ' | $249,820 | $249,640 | $500,272 | $500,527 | $249,923 | $249,886 | $396,278 | $395,312 | $399,250 | $399,250 | $248,485 | $248,167 | $274,995 | $274,995 | $500,477 | ' | ' | $0 | $427,373 | $416,041 | ' | $400,000 | $400,000 | ' | ' | $571,223 | $571,012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Unsecured revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000 | 0 | ||
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ||
Mortgage notes on land and other debt | 404,784 | 489,602 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Notes payable | 4,692,880 | 4,194,432 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,692,880 | [1] | 4,194,432 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | 5.50% | ' | 5.60% | ' | 6.50% | ' | 12.25% | ' | 4.75% | ' | 6.95% | ' | 4.13% | ' | 4.50% | ' | 4.50% | ' | 2.75% | ' | 2.75% | 3.25% | ' | 3.25% | 3.25% | 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% | 4.13% | 4.50% | 2.75% | 2.75% | 3.25% | 3.25% | 4.75% | 4.75% | ' | ' | ||
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | $400,000 | ' | $446,000 | $446,000 | ' | $400,000 | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | As of August 31, 2014, total liabilities include $142.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.5 million is included in Lennar Homebuilding accounts payable, $47.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $4.5 million in Lennar Homebuilding other liabilities and $23.6 million in Rialto Investments liabilities.As of November 30, 2013, total liabilities include $294.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $191.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $75.1 million in Lennar Homebuilding senior notes and other debts payable, $4.9 million in Lennar Homebuilding other liabilities and $20.2 million in Rialto Investments liabilities. |
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, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | ||||
Product Warranties Disclosures [Abstract] | ' | ' | ' | ' | ||||
Warranty reserve, beginning of period | $105,699 | $90,242 | $102,580 | $84,188 | ||||
Warranties issued during the period | 15,958 | 13,914 | 40,930 | 34,795 | ||||
Adjustments to pre-existing warranties from changes in estimates | -1,221 | [1] | 7,506 | [1] | 4,355 | [1] | 15,415 | [1] |
Payments | -15,629 | -12,186 | -43,058 | -34,922 | ||||
Warranty reserve, end of period | $104,807 | $99,476 | $104,807 | $99,476 | ||||
[1] | The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2014 and 2013 primarily relate to specific claims related to certain of our homebuilding communities and other adjustments. |
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, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Stock options | $68 | $64 | $108 | $97 |
Nonvested shares | 11,231 | 10,269 | 28,482 | 23,430 |
Total compensation expense for share-based awards | $11,299 | $10,333 | $28,590 | $23,527 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1.1 | 1.2 | 1.1 | 1.3 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value Inputs, Discount Rate | 20.00% | ' | ||
Open Commitments To Sell MBS | $700,000 | ' | ||
Active communities | 600 | 512 | ||
Number of communities assessed for impairment | 46 | ' | ||
Number of homesites assessed for impairment | 2,037 | ' | ||
Minimum [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value Inputs, Cap Rate | 9.00% | ' | ||
Maximum [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value Inputs, Cap Rate | 12.00% | ' | ||
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 | 191,776 | ' | ||
Fair Value, Inputs, Level 3 [Member] | 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 | $0 | [1] | $16,454 | [1] |
Lennar Financial Services [Member] | Servicing Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ' | ' | ||
Fair Value Inputs, Prepayment Rate | 11.80% | ' | ||
Fair Value Input, Delinquency Rate | 5.60% | ' | ||
Fair Value Inputs, Discount Rate | 12.00% | ' | ||
[1] | Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the nine months ended August 31, 2014 and 2013. |
Financial_Instruments_Carrying
Financial Instruments (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes payable, Carrying Amount | $4,692,880 | $4,194,432 |
Rialto Investments [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans receivable, net | 174,286 | 278,392 |
Loans receivable, Fair Value | 182,004 | 305,810 |
Investments held-to-maturity, Carrying Amount | 16,968 | 16,070 |
Investments held-to-maturity, Fair Value | 16,839 | 15,952 |
Notes payable, Carrying Amount | 582,659 | 441,883 |
Notes payable, Fair Value | 581,420 | 438,373 |
Lennar Financial Services [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments held-to-maturity, Carrying Amount | 57,023 | 62,344 |
Investments held-to-maturity, Fair Value | 57,163 | 62,580 |
Loans held-for-investment, net, Carrying Amount | 26,821 | 26,356 |
Loans held-for-investment, net, Fair Value | 27,066 | 26,095 |
Notes and other debts payable, Carrying Amount | 522,047 | 374,166 |
Notes and other debts payable, Fair Value | 522,047 | 374,166 |
Lennar Homebuilding [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes payable, Carrying Amount | 4,692,880 | 4,194,432 |
Notes payable, Fair Value | 5,510,800 | 4,971,500 |
Lennar Multifamily [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes payable, Carrying Amount | 0 | 13,858 |
Notes payable, Fair Value | $0 | $13,858 |
Financial_Instruments_Fair_Val
Financial Instruments (Fair Value Measured On Recurring Basis) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Rialto Investments [Member] | ' | ' | ||
Financial Instruments [Line Items] | ' | ' | ||
Aggregate Principal Balance Of Loans Held For Sale | $163,362 | $44,000 | ||
Fair Value, Option, Aggregate Differences, Loans held-for-sale | 1,561 | 200 | ||
Rialto Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Financial Instruments [Line Items] | ' | ' | ||
Loans held-for-sale | 164,923 | 44,228 | ||
Rialto Investments [Member] | Loans Held-For-Sale [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Financial Instruments [Line Items] | ' | ' | ||
Loans held-for-sale | 164,923 | [1] | 44,228 | [1] |
Rialto Investments [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Financial Instruments [Line Items] | ' | ' | ||
Interest rate swaps and swap futures | 1,393 | 31 | ||
Rialto Investments [Member] | Credit Risk Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Instruments [Line Items] | ' | ' | ||
Derivative asset | 1,331 | 788 | ||
Derivative liabilities | 1,561 | 318 | ||
Lennar Homebuilding [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Financial Instruments [Line Items] | ' | ' | ||
Investments available-for-sale | 16,865 | 40,032 | ||
Lennar Financial Services [Member] | ' | ' | ||
Financial Instruments [Line Items] | ' | ' | ||
Aggregate Principal Balance Of Loans Held For Sale | 516,986 | 398,969 | ||
Fair Value, Option, Aggregate Differences, Loans held-for-sale | 23,002 | 15,262 | ||
Lennar Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Instruments [Line Items] | ' | ' | ||
Loans held-for-sale | 539,988 | 414,231 | ||
Lennar Financial Services [Member] | Loans Held-For-Sale [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Instruments [Line Items] | ' | ' | ||
Loans held-for-sale | 539,988 | [2] | 414,231 | [2] |
Lennar Financial Services [Member] | Mortgage Loan Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Instruments [Line Items] | ' | ' | ||
Mortgage loan commitments | 14,276 | 7,335 | ||
Lennar Financial Services [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Financial Instruments [Line Items] | ' | ' | ||
Derivative asset | ' | 1,444 | ||
Derivative liabilities | 4,052 | ' | ||
Lennar Financial Services [Member] | Servicing Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Financial Instruments [Line Items] | ' | ' | ||
Servicing asset at fair value, amount | $19,387 | $11,455 | ||
[1] | The aggregate fair value of Rialto Investments loans held-for-sale of $164.9 million at August 31, 2014 exceeds their aggregate principal balance of $163.4 million by $1.6 million. The aggregate fair value of loans held-for-sale of $44.2 million at November 30, 2013 exceeds their aggregate principal balance of $44.0 million by $0.2 million. | |||
[2] | The aggregate fair value of Lennar Financial Services loans held-for-sale of $540.0 million at August 31, 2014 exceeds their aggregate principal balance of $517.0 million by $23.0 million. The aggregate fair value of loans held-for-sale of $414.2 million at November 30, 2013 exceeds their aggregate principal balance of $399.0 million by $15.3 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, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Lennar Financial Services [Member] | Loans Held-For-Sale [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Loans held-for-sale | $588 | $3,982 | $7,740 | ($13,422) |
Lennar Financial Services [Member] | Mortgage Loan Commitments [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Mortgage loan commitments | -756 | 4,944 | 6,942 | -1,950 |
Lennar Financial Services [Member] | Forward Contracts [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Derivative instruments | 2,262 | -13,600 | -5,497 | 4,391 |
Assets [Member] | Rialto Investments [Member] | Credit Risk Contract [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Derivative instruments | -431 | 1,343 | 0 | 1,343 |
Assets [Member] | Rialto Investments [Member] | Interest Rate Contract [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Derivative instruments | 0 | 607 | 0 | 607 |
Liability [Member] | Rialto Investments [Member] | Credit Risk Contract [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Derivative instruments | 390 | 0 | 62 | 0 |
Liability [Member] | Rialto Investments [Member] | Interest Rate Contract [Member] | ' | ' | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' |
Derivative instruments | ($969) | ($701) | ($1,363) | ($701) |
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, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | ||||
Available-for-sale Securities [Member] | Lennar Homebuilding [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Beginning of period | $20,416 | $33,338 | $40,032 | $19,591 | ||||
Purchases and other | 0 | [1] | 13,291 | [1] | 21,274 | [1] | 25,518 | [1] |
Sales | -1,655 | -2,486 | -46,234 | -2,486 | ||||
Available-for-Sale Securities Change in Fair Value | 2,229 | [2] | -772 | [2] | 7,379 | [2] | 748 | [2] |
Settlements | -4,125 | [3] | 0 | [3] | -5,586 | [3] | 0 | [3] |
End of period | 16,865 | 43,371 | 16,865 | 43,371 | ||||
Servicing Contracts [Member] | Lennar Financial Services [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Beginning of period | 18,242 | 7,307 | 11,455 | 4,749 | ||||
Purchases and other | 441 | 1,838 | 8,977 | [4] | 3,560 | |||
Changes in fair value included in earnings | 1,326 | [5] | 835 | [5] | 145 | [5] | 2,120 | [5] |
Settlements | -622 | -122 | -1,190 | -571 | ||||
End of period | 19,387 | 9,858 | 19,387 | 9,858 | ||||
Loans Held-For-Sale [Member] | Rialto Investments [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Beginning of period | 45,065 | 0 | 44,228 | 0 | ||||
Purchases and other | 411,683 | 245,223 | 1,103,839 | 245,223 | ||||
Sales | -292,099 | 0 | -983,635 | 0 | ||||
Interest accrued | -811 | 529 | -835 | 529 | ||||
Changes in fair value included in earnings | 1,085 | [6] | -1,086 | 1,326 | [6] | -1,086 | ||
End of period | 164,923 | 244,666 | 164,923 | 244,666 | ||||
Lennar Financial Services Acquisition [Member] | Servicing Contracts [Member] | Lennar Financial Services [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Purchases and other | ' | ' | $5,927 | ' | ||||
[1] | Represents investments in community development district bonds that mature at various dates between 2037 and 2039. | |||||||
[2] | 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 the three and nine months ended August 31, 2014 related to investments in community development district bonds, which were in default by the borrower and regarding which the Company redeemed the bonds. | |||||||
[4] | (1)For the nine months ended August 31, 2014, purchases and retention of mortgage servicing rights include the $5.9 million acquisition of a portfolio of mortgage servicing rights. | |||||||
[5] | Amount represents changes in fair value included in Lennar Financial Services revenues. | |||||||
[6] | Amount represents changes in fair value included in Rialto Investments revenues. |
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, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | ||||
Lennar Homebuilding [Member] | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||||
Finished homes and construction in progress carrying value before impairments | ' | ' | $191,776 | ' | ||||
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 | ' | ' | 0 | [1] | 12,247 | [1] | ||
Total gains (losses) on finished homes and construction in process | ' | ' | 0 | [1] | -4,207 | [1] | ||
Finished homes and construction in progress carrying value before impairments | ' | ' | 0 | [1] | 16,454 | [1] | ||
Land and land under development carrying value before impairments | ' | ' | 7,013 | [1] | 0 | [1] | ||
Land and land under development fair value | ' | ' | 6,143 | [1] | 0 | [1] | ||
Valuation adjustments to land and land under development | ' | ' | -870 | [1] | 0 | [1] | ||
Equity Method Investments Carrying Value Before Impairments | 0 | [2] | 20,885 | [2] | 0 | [3] | 20,921 | [3] |
Equity Method Investments Fair Value | 0 | [2] | 20,024 | [2] | 0 | [3] | 20,024 | [3] |
Valuation adjustments to investments in unconsolidated entities | ' | -861 | [2] | 0 | [2],[3] | -897 | [3] | |
Rialto Investments [Member] | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||||
Loan impairments | -4,158 | -3,477 | -44,740 | -14,088 | ||||
Rialto Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||||
Loans Receivable Value Before Impairments | 103,732 | 161,432 | 191,471 | 200,856 | ||||
Loans Receivable Fair Value | 99,574 | 157,955 | 146,731 | 186,768 | ||||
Loan impairments | -4,158 | -3,477 | -44,740 | -14,088 | ||||
REO held-for-sale carrying value before gains (losses) | 7,133 | 12,200 | [4] | 20,183 | [5] | 14,193 | [5] | |
REO held-for-sale fair value after gains (losses) | 6,705 | [4] | 14,833 | [4] | 18,972 | [5] | 16,166 | [5] |
Gains (Losses) on REO held-for-sale | -428 | [4] | 2,633 | [4] | -1,211 | [5] | 1,973 | [5] |
REO held-for-sale carrying value before impairments | 15,453 | [4] | 169 | [4] | 39,193 | [5] | 23,040 | [5] |
REO held-for-sale fair value after impairments | 9,794 | [4] | 0 | [4] | 31,494 | [5] | 18,687 | [5] |
REO - held-for-sale, impairments | -5,659 | [4] | -169 | [4] | -7,699 | [5] | -4,353 | [5] |
REO held-and-used carrying value before gains (losses) | 14,275 | [6] | 13,864 | [6] | 54,727 | [7] | 39,655 | [7] |
REO held-and-used fair value after gains (losses) | 14,530 | [6] | 14,154 | [6] | 48,657 | [7] | 38,882 | [7] |
Gains (losses) On REO held-and-used | 255 | [6] | 290 | [6] | -6,070 | [7] | -773 | [7] |
REO held-and-used carrying value before impairments | 8,056 | [6] | 7,176 | [6] | 20,489 | [7] | 10,011 | [7] |
REO held-and-used fair value after impairments | 6,723 | [6] | 2,050 | [6] | 17,653 | [7] | 4,482 | [7] |
REO - held-and-used, impairments | ($1,333) | [6] | ($5,126) | [6] | ($2,836) | [7] | ($5,529) | [7] |
[1] | Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the nine months ended August 31, 2014 and 2013. | |||||||
[2] | Valuation adjustments were included in Lennar Homebuilding other income, net in the Company's condensed consolidated statement of operations for the three months ended August 31, 2013. | |||||||
[3] | Valuation adjustments were included in Lennar Homebuilding other income, net in the Company's condensed consolidated 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 the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The gains (losses) upon the transfer or acquisition of REO and impairments were included in Rialto Investments other income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 2014 and 2013. | |||||||
[5] | REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The gains (losses) upon the transfer or acquisition of REO and impairments were included in Rialto Investments other income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 2014 and 2013. | |||||||
[6] | REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto Investments other income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 2014 and 2013. | |||||||
[7] | REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto Investments other income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 2014 and 2013. |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||||||||||||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | 31-May-14 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | 31-May-14 | Aug. 31, 2014 | ||||||
Lennar Multifamily [Member] | Lennar Multifamily [Member] | Lennar Multifamily [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Rialto Investments [Member] | Rialto Investments [Member] | Commitments [Member] | Commitments [Member] | Recourse Debt [Member] | Lennar Homebuilding Unconsolidated VIE [Member] | Lennar Homebuilding Unconsolidated VIE [Member] | Variable interest entities [Member] | Variable interest entities [Member] | Morgan Stanley And Company [Member] | Morgan Stanley And Company [Member] | Morgan Stanley And Company Unconsolidated [Member] | |||||||||
Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | Lennar Homebuilding [Member] | |||||||||||||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Investments in unconsolidated entities | ' | ' | $92,863 | ' | $46,301 | $697,623 | [1] | ' | $716,949 | [1] | $176,132 | [1] | $154,573 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Consolidated VIEs assets | 979,782 | 1,195,347 | 17,869 | 22,939 | ' | ' | ' | ' | 551,208 | 727,064 | ' | ' | ' | ' | ' | ' | ' | ' | 158,527 | ' | ||||||
Consolidated VIEs non-recourse liabilities | 142,691 | 294,768 | ' | ' | ' | ' | 1,573 | ' | 23,619 | 20,153 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Maximum Exposure to Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000 | 90,500 | 15,000 | ' | ' | ' | ' | ' | ' | ' | ||||||
Letters of credit outstanding, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,400 | 28,000 | 25,378 | 29,865 | ' | ' | ' | ||||||
Decrease in consolidated inventory and related liabilities | 179,034 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 155,021 | [1] | ' | 70,333 | [2] | ||||
Non-refundable option deposits and pre-acquisition costs | $72,495 | $129,195 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. | |||||||||||||||||||||||||
[2] | As of August 31, 2014, total liabilities include $142.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.5 million is included in Lennar Homebuilding accounts payable, $47.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $4.5 million in Lennar Homebuilding other liabilities and $23.6 million in Rialto Investments liabilities.As of November 30, 2013, total liabilities include $294.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $191.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $75.1 million in Lennar Homebuilding senior notes and other debts payable, $4.9 million in Lennar Homebuilding other liabilities and $20.2 million in Rialto Investments liabilities. |
Variable_Interest_Entities_Est
Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Lennar Homebuilding [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Equity method investments | $697,623 | [1] | $716,949 | [1] |
Rialto Investments [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Equity method investments | 176,132 | [1] | 154,573 | [1] |
Investments held-to-maturity | 16,968 | [1] | 16,070 | [1] |
Lennar Multifamily [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Equity method investments | 92,863 | 46,301 | ||
Commitments [Member] | Lennar Homebuilding [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Maximum Exposure to Loss | 70,000 | 90,500 | ||
Recourse Debt [Member] | Lennar Homebuilding [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Maximum Exposure to Loss | ' | 15,000 | ||
Lennar Multifamily Unconsolidated VIE [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Letters of credit outstanding, amount | 23,400 | 28,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Equity method investments | 228,222 | 245,987 | ||
Maximum Exposure to Loss | 322,864 | 380,710 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Lennar Homebuilding [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Equity method investments | 169,584 | [2] | 195,720 | [2] |
Maximum Exposure to Loss | 239,855 | [2] | 301,315 | [2] |
Variable Interest Entity, Primary Beneficiary [Member] | Rialto Investments [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Equity method investments | 16,968 | [3] | 24,393 | [3] |
Maximum Exposure to Loss | 16,968 | [3] | 24,393 | [3] |
Variable Interest Entity, Primary Beneficiary [Member] | Lennar Multifamily [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Equity method investments | 41,670 | [4] | 25,874 | [4] |
Maximum Exposure to Loss | $66,041 | [4] | $55,002 | [4] |
[1] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. | |||
[2] | At August 31, 2014, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs is limited to its investments in the unconsolidated VIEs, except with regard to a $70.0 million remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. At November 30, 2013, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $90.5 million remaining commitment to fund an unconsolidated entity that was formed in 2013 for further expenses up until the unconsolidated entity obtains permanent financing and $15.0 million of recourse debt of one of the unconsolidated VIEs, which is included in the Company’s maximum exposure to loss related to Lennar Homebuilding unconsolidated entities | |||
[3] | At both August 31, 2014 and November 30, 2013, the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs is limited to its investments in the unconsolidated VIEs. At August 31, 2014 and November 30, 2013, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss include $17.0 million and $16.1 million, respectively, related to Rialto’s investments held-to-maturity. | |||
[4] | At August 31, 2014 and November 30, 2013, the maximum exposure to loss of Lennar Multifamily's investments in unconsolidated VIEs is limited to its investments in the unconsolidated VIEs, except with regard to $23.4 million and $28.0 million, respectively, of letters of credit outstanding for certain of the unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements. |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments and Contingencies (Narrative) (Details) (District of Maryland [Member], Land [Member], USD $) | Aug. 31, 2014 | Nov. 30, 2008 | Nov. 30, 2005 |
In Thousands, unless otherwise specified | |||
District of Maryland [Member] | Land [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Land purchase commitment | $114,000 | $134,000 | $200,000 |
Land purchase commitment, deposit | ' | ' | $20,000 |
Supplemental_Financial_Informa2
Supplemental Financial Information (Narrative) (Details) (USD $) | 9 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Feb. 05, 2014 | Aug. 31, 2014 | Nov. 30, 2010 | Aug. 31, 2014 | Nov. 30, 2012 | Nov. 30, 2011 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 |
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] | 4.50% Senior Notes Due 2019 [Member] | 4.50% Senior Notes Due 2019 [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] | Letter of Credit Agreement 1 [Member] | Letter of Credit Agreement 2 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | 5.50% | 5.60% | 6.50% | 12.25% | 4.75% | 6.95% | 4.13% | 4.50% | 4.50% | 2.75% | 2.75% | 3.25% | 3.25% | 3.25% | 4.75% | ' | ' |
Guarantee by subsidiaries | $75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | $140,000 |
Supplemental_Financial_Informa3
Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) (USD $) | Aug. 31, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Total assets | $12,290,077 | [1] | $11,273,247 | [1] | ' | ' |
Senior notes and other debts payable | 4,692,880 | 4,194,432 | ' | ' | ||
Total liabilities | 7,251,936 | [2] | 6,645,777 | [2] | ' | ' |
Stockholders' equity | 4,581,479 | [2] | 4,168,901 | [2] | ' | ' |
Noncontrolling interests | 456,662 | [2] | 458,569 | [2] | ' | ' |
Total equity | 5,038,141 | [2] | 4,627,470 | [2] | 4,170,686 | 4,001,208 |
Total liabilities and equity | 12,290,077 | [2] | 11,273,247 | [2] | ' | ' |
Parent Company [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Total assets | 9,226,512 | 8,176,289 | ' | ' | ||
Total liabilities | 4,645,033 | 4,007,388 | ' | ' | ||
Stockholders' equity | 4,581,479 | 4,168,901 | ' | ' | ||
Total equity | 4,581,479 | 4,168,901 | ' | ' | ||
Total liabilities and equity | 9,226,512 | 8,176,289 | ' | ' | ||
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Total assets | 9,433,819 | 8,490,827 | ' | ' | ||
Total liabilities | 5,666,856 | 4,663,864 | ' | ' | ||
Stockholders' equity | 3,766,963 | 3,826,963 | ' | ' | ||
Total equity | 3,766,963 | 3,826,963 | ' | ' | ||
Total liabilities and equity | 9,433,819 | 8,490,827 | ' | ' | ||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Total assets | 2,629,353 | 2,423,600 | ' | ' | ||
Total liabilities | 1,538,652 | 1,160,201 | ' | ' | ||
Stockholders' equity | 634,039 | 804,830 | ' | ' | ||
Noncontrolling interests | 456,662 | 458,569 | ' | ' | ||
Total equity | 1,090,701 | 1,263,399 | ' | ' | ||
Total liabilities and equity | 2,629,353 | 2,423,600 | ' | ' | ||
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Total assets | -8,999,607 | -7,817,469 | ' | ' | ||
Total liabilities | -4,598,605 | -3,185,676 | ' | ' | ||
Stockholders' equity | -4,401,002 | -4,631,793 | ' | ' | ||
Total equity | -4,401,002 | -4,631,793 | ' | ' | ||
Total liabilities and equity | -8,999,607 | -7,817,469 | ' | ' | ||
Lennar Homebuilding [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents, restricted cash and receivables, net | 637,430 | 783,509 | ' | ' | ||
Inventories | 7,724,434 | [1] | 6,601,048 | [1] | ' | ' |
Investments in unconsolidated entities | 697,623 | [1] | 716,949 | [1] | ' | ' |
Other assets | 695,325 | [1] | 748,629 | [1] | ' | ' |
Investments in subsidiaries | ' | ' | ' | ' | ||
Advances to Affiliate | ' | ' | ' | ' | ||
Total assets | 9,754,812 | [1] | 8,850,135 | [1] | ' | ' |
Accounts payable and other accrued liabilities | 1,119,881 | 984,296 | ' | ' | ||
Liabilities related to consolidated inventory not owned | 47,507 | [2] | 384,876 | [2] | ' | ' |
Senior notes and other debts payable | 4,692,880 | [2] | 4,194,432 | [2] | ' | ' |
Due from Affiliates | ' | ' | ' | ' | ||
Total liabilities | 5,860,268 | [2] | 5,563,604 | [2] | ' | ' |
Lennar Homebuilding [Member] | Parent Company [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents, restricted cash and receivables, net | 371,977 | 562,134 | ' | ' | ||
Other assets | 154,190 | 116,657 | ' | ' | ||
Investments in subsidiaries | 4,095,887 | 4,305,887 | ' | ' | ||
Advances to Affiliate | 4,604,458 | 3,191,611 | ' | ' | ||
Total assets | 9,226,512 | 8,176,289 | ' | ' | ||
Accounts payable and other accrued liabilities | 356,937 | 302,558 | ' | ' | ||
Senior notes and other debts payable | 4,288,096 | 3,704,830 | ' | ' | ||
Due from Affiliates | ' | ' | ' | ' | ||
Total liabilities | 4,645,033 | 4,007,388 | ' | ' | ||
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents, restricted cash and receivables, net | 251,767 | 192,945 | ' | ' | ||
Inventories | 7,500,471 | 6,507,172 | ' | ' | ||
Investments in unconsolidated entities | 684,461 | 702,291 | ' | ' | ||
Other assets | 431,531 | 539,264 | ' | ' | ||
Investments in subsidiaries | 305,115 | 325,906 | ' | ' | ||
Advances to Affiliate | ' | ' | ' | ' | ||
Total assets | 9,173,345 | 8,267,578 | ' | ' | ||
Accounts payable and other accrued liabilities | 702,899 | 623,709 | ' | ' | ||
Liabilities related to consolidated inventory not owned | 47,507 | 384,876 | ' | ' | ||
Senior notes and other debts payable | 324,354 | 400,044 | ' | ' | ||
Due from Affiliates | 4,531,692 | 3,183,664 | ' | ' | ||
Total liabilities | 5,606,452 | 4,592,293 | ' | ' | ||
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents, restricted cash and receivables, net | 13,686 | 28,430 | ' | ' | ||
Inventories | 223,963 | 93,876 | ' | ' | ||
Investments in unconsolidated entities | 13,162 | 14,658 | ' | ' | ||
Other assets | 103,751 | 86,773 | ' | ' | ||
Advances to Affiliate | ' | ' | ' | ' | ||
Total assets | 354,562 | 223,737 | ' | ' | ||
Accounts payable and other accrued liabilities | 60,045 | 58,029 | ' | ' | ||
Senior notes and other debts payable | 80,430 | 89,558 | ' | ' | ||
Due from Affiliates | 72,766 | 7,947 | ' | ' | ||
Total liabilities | 213,241 | 155,534 | ' | ' | ||
Lennar Homebuilding [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Other assets | 5,853 | 5,935 | ' | ' | ||
Investments in subsidiaries | -4,401,002 | -4,631,793 | ' | ' | ||
Advances to Affiliate | -4,604,458 | -3,191,611 | ' | ' | ||
Total assets | -8,999,607 | -7,817,469 | ' | ' | ||
Accounts payable and other accrued liabilities | ' | 0 | ' | ' | ||
Due from Affiliates | -4,604,458 | -3,191,611 | ' | ' | ||
Total liabilities | -4,604,458 | -3,191,611 | ' | ' | ||
Rialto Investments [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Investments in unconsolidated entities | 176,132 | [1] | 154,573 | [1] | ' | ' |
Other assets | 95,925 | [1] | 59,358 | [1] | ' | ' |
Total assets | 1,383,743 | [1] | 1,479,313 | [1] | ' | ' |
Real estate owned, held-and-used, net | 335,472 | [1] | 428,989 | [1] | ' | ' |
Rialto investments all other assets | 1,048,271 | 1,050,324 | ' | ' | ||
Senior notes and other debts payable | 582,659 | [2],[3] | 441,883 | [2],[3] | ' | ' |
Total liabilities | 659,648 | [2] | 497,008 | [2] | ' | ' |
Rialto Investments [Member] | Parent Company [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Real estate owned, held-and-used, net | 0 | 0 | ' | ' | ||
Rialto investments all other assets | 0 | 0 | ' | ' | ||
Rialto Investments [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Real estate owned, held-and-used, net | 0 | 0 | ' | ' | ||
Rialto investments all other assets | 0 | 0 | ' | ' | ||
Rialto Investments [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Real estate owned, held-and-used, net | 335,472 | 428,989 | ' | ' | ||
Rialto investments all other assets | 1,048,271 | 1,050,324 | ' | ' | ||
Total liabilities | 659,648 | 497,008 | ' | ' | ||
Rialto Investments [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Real estate owned, held-and-used, net | 0 | 0 | ' | ' | ||
Rialto investments all other assets | 0 | 0 | ' | ' | ||
Lennar Financial Services [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Other assets | 75,644 | [4] | 49,161 | [4] | ' | ' |
Total assets | 946,537 | [1] | 796,710 | [1] | ' | ' |
Total liabilities | 697,799 | [2] | 543,639 | [2] | ' | ' |
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Total assets | 73,334 | 76,160 | ' | ' | ||
Total liabilities | 26,225 | 30,045 | ' | ' | ||
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Total assets | 873,203 | 720,550 | ' | ' | ||
Total liabilities | 665,721 | 507,659 | ' | ' | ||
Lennar Financial Services [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Total liabilities | 5,853 | 5,935 | ' | ' | ||
Lennar Multifamily [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Investments in unconsolidated entities | 92,863 | 46,301 | ' | ' | ||
Other assets | 23,877 | 1,509 | ' | ' | ||
Total assets | 204,985 | [1] | 147,089 | [1] | ' | ' |
Liabilities related to consolidated inventory not owned | 0 | 10,150 | ' | ' | ||
Senior notes and other debts payable | 0 | 13,858 | ' | ' | ||
Total liabilities | 34,221 | 41,526 | ' | ' | ||
Lennar Multifamily [Member] | Parent Company [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Total assets | 0 | 0 | ' | ' | ||
Total liabilities | 0 | 0 | ' | ' | ||
Lennar Multifamily [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Total assets | 187,140 | 147,089 | ' | ' | ||
Total liabilities | 34,179 | 41,526 | ' | ' | ||
Lennar Multifamily [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Total assets | 17,845 | 0 | ' | ' | ||
Total liabilities | 42 | 0 | ' | ' | ||
Lennar Multifamily [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Total assets | 0 | 0 | ' | ' | ||
Total liabilities | $0 | $0 | ' | ' | ||
[1] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. | |||||
[2] | As of August 31, 2014, total liabilities include $142.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.5 million is included in Lennar Homebuilding accounts payable, $47.5 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $4.5 million in Lennar Homebuilding other liabilities and $23.6 million in Rialto Investments liabilities.As of November 30, 2013, total liabilities include $294.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $191.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $75.1 million in Lennar Homebuilding senior notes and other debts payable, $4.9 million in Lennar Homebuilding other liabilities and $20.2 million in Rialto Investments liabilities. | |||||
[3] | Notes and other debts payable include $352.0 million and $250.0 million related to the 7.00% Senior Notes due 2018 ("7.00% Senior Notes") as of August 31, 2014 and November 30, 2013, respectively, and also include $71.4 million and $76.0 million as of August 31, 2014 and November 30, 2013, respectively, related to the RMF warehouse repurchase financing agreements. As of August 31, 2014, notes and other debts payable also include $55.0 million related to notes issued through a structured note offering. | |||||
[4] | Other assets include mortgage loan commitments carried at fair value of $14.3 million and $7.3 million as of August 31, 2014 and November 30, 2013, respectively. Other assets also includes forward contracts carried at fair value of $1.4 million as of November 30, 2013. In addition, other assets include mortgage servicing rights carried at fair value of $19.4 million and $11.5 million as of August 31, 2014 and November 30, 2013, respectively. |
Supplemental_Financial_Informa4
Supplemental Financial Information (Condensed Consolidating Statement Of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Total revenues | $2,014,034 | [1] | $1,602,767 | [1] | $5,195,874 | [1] | $4,019,891 | [1] |
Corporate general and administrative | 43,072 | 37,619 | 119,501 | 102,742 | ||||
Total costs and expenses | 1,770,752 | 1,412,708 | 4,636,045 | 3,604,199 | ||||
Other interest expense | -8,381 | -22,230 | -31,359 | -73,370 | ||||
Earnings (loss) before income taxes | 262,335 | 189,359 | 591,841 | 404,969 | ||||
Provision (benefit) for income taxes | -88,895 | -67,205 | -215,819 | -83,059 | ||||
Equity in income (loss) from subsidiaries | ' | ' | ' | ' | ||||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 173,440 | 122,154 | 376,022 | 321,910 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | -4,317 | 1,492 | -17,571 | 6,320 | ||||
Net earnings attributable to Lennar | 177,757 | 120,662 | 393,593 | 315,590 | ||||
Parent Company [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Total revenues | ' | ' | ' | ' | ||||
Corporate general and administrative | 41,807 | 35,310 | 115,705 | 97,902 | ||||
Total costs and expenses | 41,807 | 35,310 | 115,705 | 97,902 | ||||
Other interest expense | -1,460 | -1,452 | -4,349 | -4,326 | ||||
Earnings (loss) before income taxes | -43,016 | -36,465 | -119,803 | -101,507 | ||||
Provision (benefit) for income taxes | 13,988 | 12,845 | 42,422 | 38,238 | ||||
Equity in income (loss) from subsidiaries | 206,785 | 144,282 | 470,974 | 378,859 | ||||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 177,757 | 120,662 | 393,593 | 315,590 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | ' | ' | ' | ' | ||||
Net earnings attributable to Lennar | 177,757 | 120,662 | 393,593 | 315,590 | ||||
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Total revenues | 1,889,679 | 1,492,978 | 4,852,674 | 3,702,488 | ||||
Corporate general and administrative | ' | ' | ' | ' | ||||
Total costs and expenses | 1,619,613 | 1,286,784 | 4,191,718 | 3,232,493 | ||||
Other interest expense | -8,381 | -22,230 | -31,359 | -73,370 | ||||
Earnings (loss) before income taxes | 274,173 | 198,158 | 649,386 | 432,885 | ||||
Provision (benefit) for income taxes | -90,329 | -69,949 | -229,164 | -95,151 | ||||
Equity in income (loss) from subsidiaries | 12,763 | 15,640 | 28,944 | 36,442 | ||||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 196,607 | 143,849 | 449,166 | 374,176 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | ' | ' | ' | ' | ||||
Net earnings attributable to Lennar | 196,607 | 143,849 | 449,166 | 374,176 | ||||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Total revenues | 129,895 | 115,068 | 359,554 | 333,126 | ||||
Corporate general and administrative | ' | ' | ' | ' | ||||
Total costs and expenses | 113,537 | 94,729 | 340,849 | 285,894 | ||||
Other interest expense | ' | ' | ' | ' | ||||
Earnings (loss) before income taxes | 31,178 | 27,666 | 62,258 | 73,591 | ||||
Provision (benefit) for income taxes | -12,554 | -10,101 | -29,077 | -26,146 | ||||
Equity in income (loss) from subsidiaries | ' | ' | ' | ' | ||||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 18,624 | 17,565 | 33,181 | 47,445 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | -4,317 | 1,492 | -17,571 | 6,320 | ||||
Net earnings attributable to Lennar | 22,941 | 16,073 | 50,752 | 41,125 | ||||
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Total revenues | -5,540 | -5,279 | -16,354 | -15,723 | ||||
Corporate general and administrative | 1,265 | 2,309 | 3,796 | 4,840 | ||||
Total costs and expenses | -4,205 | -4,115 | -12,227 | -12,090 | ||||
Other interest expense | 1,460 | 1,452 | 4,349 | 4,326 | ||||
Earnings (loss) before income taxes | ' | ' | ' | ' | ||||
Provision (benefit) for income taxes | ' | ' | ' | ' | ||||
Equity in income (loss) from subsidiaries | -219,548 | -159,922 | -499,918 | -415,301 | ||||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | -219,548 | -159,922 | -499,918 | -415,301 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | ' | ' | ' | ' | ||||
Net earnings attributable to Lennar | -219,548 | -159,922 | -499,918 | -415,301 | ||||
Lennar Homebuilding [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Real estate revenues | 1,830,771 | 1,461,626 | 4,696,941 | 3,599,914 | ||||
Real estate cost and expenses | 1,558,319 | 1,245,638 | 4,015,317 | 3,124,819 | ||||
Equity in earnings (loss) from unconsolidated entities | -2,080 | [2] | 10,458 | [2] | 3,304 | [2] | 23,085 | [2] |
Other income (expense), net | -63 | 4,149 | 5,088 | 14,021 | ||||
Lennar Homebuilding [Member] | Parent Company [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Real estate revenues | ' | ' | ' | ' | ||||
Real estate cost and expenses | ' | ' | ' | ' | ||||
Equity in earnings (loss) from unconsolidated entities | ' | ' | ' | ' | ||||
Other income (expense), net | 251 | 297 | 251 | 721 | ||||
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Real estate revenues | 1,830,771 | 1,447,533 | 4,696,941 | 3,565,249 | ||||
Real estate cost and expenses | 1,559,528 | 1,239,791 | 4,019,091 | 3,090,400 | ||||
Equity in earnings (loss) from unconsolidated entities | -2,269 | 10,167 | 41 | 22,413 | ||||
Other income (expense), net | -189 | 4,140 | 5,059 | 13,993 | ||||
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Real estate revenues | 0 | 14,093 | 0 | 34,665 | ||||
Real estate cost and expenses | 1,740 | 6,302 | 355 | 35,659 | ||||
Equity in earnings (loss) from unconsolidated entities | 189 | 291 | 3,263 | 672 | ||||
Other income (expense), net | ' | ' | ' | ' | ||||
Lennar Homebuilding [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Real estate revenues | ' | ' | ' | ' | ||||
Real estate cost and expenses | -2,949 | -455 | -4,129 | -1,240 | ||||
Equity in earnings (loss) from unconsolidated entities | ' | ' | ' | ' | ||||
Other income (expense), net | -125 | -288 | -222 | -693 | ||||
Lennar Financial Services [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Financial Services, Revenues | 128,379 | 112,638 | 316,347 | 327,614 | ||||
Lennar Financial Services, Cost and expenses | 101,235 | 89,146 | 266,445 | 258,848 | ||||
Lennar Financial Services [Member] | Parent Company [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Financial Services, Revenues | ' | ' | ' | ' | ||||
Lennar Financial Services, Cost and expenses | ' | ' | ' | ' | ||||
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Financial Services, Revenues | 44,872 | 44,750 | 115,343 | 123,990 | ||||
Lennar Financial Services, Cost and expenses | 39,604 | 40,855 | 112,670 | 118,546 | ||||
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Financial Services, Revenues | 89,047 | 73,167 | 217,358 | 219,347 | ||||
Lennar Financial Services, Cost and expenses | 64,152 | 53,216 | 165,669 | 154,948 | ||||
Lennar Financial Services [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Financial Services, Revenues | -5,540 | -5,279 | -16,354 | -15,723 | ||||
Lennar Financial Services, Cost and expenses | -2,521 | -4,925 | -11,894 | -14,646 | ||||
Rialto Investments [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Rialto Investments, Revenues | 40,848 | 27,808 | 142,196 | 79,114 | ||||
Rialto Investments, Cost and expenses | 47,644 | [3] | 34,167 | 174,824 | [3] | 94,243 | ||
Equity in earnings (loss) from unconsolidated entities | 19,973 | 5,199 | 43,266 | 15,877 | ||||
Other income (expense), net | -5,342 | 1,837 | -2,976 | 9,810 | ||||
Less: Net earnings (loss) attributable to noncontrolling interests | -4,549 | -790 | -20,670 | 4,571 | ||||
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 | ' | ||||
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 | 40,848 | 27,808 | 142,196 | 79,114 | ||||
Rialto Investments, Cost and expenses | 47,644 | 35,211 | 174,824 | 95,287 | ||||
Equity in earnings (loss) from unconsolidated entities | 19,973 | 5,199 | 43,266 | 15,877 | ||||
Other income (expense), net | -5,342 | 1,837 | -2,976 | 9,810 | ||||
Rialto Investments [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Rialto Investments, Revenues | ' | ' | ' | ' | ||||
Rialto Investments, Cost and expenses | 0 | -1,044 | 0 | -1,044 | ||||
Equity in earnings (loss) from unconsolidated entities | ' | ' | ' | ' | ||||
Other income (expense), net | ' | ' | ' | ' | ||||
Lennar Multifamily [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Real estate revenues | 14,036 | 695 | 40,390 | 13,249 | ||||
Real estate cost and expenses | 20,482 | 6,138 | 59,958 | 23,547 | ||||
Equity in earnings (loss) from unconsolidated entities | 14,946 | [4] | -113 | [4] | 14,689 | [4] | -146 | [4] |
Lennar Multifamily [Member] | Parent Company [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Real estate revenues | 0 | 0 | 0 | 0 | ||||
Real estate cost and expenses | 0 | 0 | 0 | 0 | ||||
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | 0 | ||||
Lennar Multifamily [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Real estate revenues | 14,036 | 695 | 40,390 | 13,249 | ||||
Real estate cost and expenses | 20,481 | 6,138 | 59,957 | 23,547 | ||||
Equity in earnings (loss) from unconsolidated entities | 14,946 | -113 | 14,689 | -146 | ||||
Lennar Multifamily [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Real estate revenues | 0 | 0 | 0 | 0 | ||||
Real estate cost and expenses | 1 | 0 | 1 | 0 | ||||
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | 0 | ||||
Lennar Multifamily [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Real estate revenues | 0 | 0 | 0 | 0 | ||||
Real estate cost and expenses | 0 | 0 | 0 | 0 | ||||
Equity in earnings (loss) from unconsolidated entities | $0 | $0 | $0 | $0 | ||||
[1] | Total revenues were net of sales incentives of $111.0 million ($20,400 per home delivered) and $288.4 million ($20,600 per home delivered) for the three and nine months ended August 31, 2014, respectively, compared to $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. | |||||||
[2] | For the nine months ended August 31, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity. For the three and nine months ended August 31, 2013, Lennar Homebuilding equity in earnings from unconsolidated entities included $8.6 million and $21.6 million, respectively, of equity in earnings primarily as a result of sales of homesites to third parties by another unconsolidated entity and previously deferred profit related to those homesites that was earned during the three months ended August 31, 2013. | |||||||
[3] | Costs and expenses for the three and nine months ended August 31, 2014 included loan impairments of $4.2 million and $44.7 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). For the three and nine months ended August 31, 2013, costs and expenses included loan impairments of $3.5 million and $14.1 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). | |||||||
[4] | For both the three and nine months ended August 31, 2014, Lennar Multifamily equity in earnings from unconsolidated entities included Lennar Multifamily's share of gains totaling $14.7 million related to the sale of two operating properties by unconsolidated entities. |
Supplemental_Financial_Informa5
Supplemental Financial Information (Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | $376,022 | $321,910 | |
Distributions of earnings from subsidiaries | 0 | 0 | |
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | -1,274,523 | -1,339,649 | |
Net cash provided by (used in) operating activities | -898,501 | -1,017,739 | |
Other | 3,731 | -36,529 | |
Distributions of capital from subsidiaries | 0 | ' | |
Intercompany investing | 0 | 0 | |
Net cash provided by (used in) investing activities | 242,455 | 434,044 | |
Net borrowings (repayments) of debt | 70,000 | 100,000 | |
Net proceeds from senior notes | 671,130 | 494,811 | |
Repayments of Senior Debt | 0 | -63,001 | |
Principal repayments on Rialto Investments notes payable | -26,512 | -360,956 | |
Proceeds from (repayments of) other debt | -208,236 | -110,682 | |
Exercise of land option contracts from an unconsolidated land investment venture | -1,540 | -27,329 | |
Net payments related to noncontrolling interests | -103,038 | -174,274 | |
Excess tax benefits from share-based awards | 3,007 | 10,148 | |
Issuances | 13,603 | 33,945 | |
Repurchases | -12,153 | -191 | |
Dividends | -24,565 | -23,142 | |
Intercompany financing | ' | ' | |
Net cash provided by (used in) financing activities | 519,054 | -155,278 | |
Net (decrease) increase in cash and cash equivalents | -136,992 | -738,973 | |
Cash and cash equivalents at beginning of period | 970,505 | 1,310,743 | |
Cash and cash equivalents at end of period | 833,513 | 571,770 | |
Parent Company [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 393,593 | 315,590 | |
Distributions of earnings from subsidiaries | 470,974 | 378,859 | |
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | -398,881 | -383,487 | |
Net cash provided by (used in) operating activities | 465,686 | 310,962 | |
Other | -1,644 | ' | |
Distributions of capital from subsidiaries | 210,000 | ' | |
Intercompany investing | -1,411,095 | -1,537,867 | |
Net cash provided by (used in) investing activities | -1,202,739 | -1,537,867 | |
Net borrowings (repayments) of debt | 70,000 | 100,000 | |
Net proceeds from senior notes | 495,725 | 494,811 | |
Repayments of Senior Debt | ' | -63,001 | |
Principal repayments on Rialto Investments notes payable | ' | ' | |
Proceeds from (repayments of) other debt | ' | ' | |
Exercise of land option contracts from an unconsolidated land investment venture | ' | ' | |
Net payments related to noncontrolling interests | ' | ' | |
Excess tax benefits from share-based awards | 3,007 | 10,148 | |
Issuances | 13,603 | 33,945 | |
Repurchases | -12,153 | -191 | |
Dividends | -24,565 | -23,142 | |
Intercompany financing | ' | ' | |
Net cash provided by (used in) financing activities | 545,617 | 552,570 | |
Net (decrease) increase in cash and cash equivalents | -191,436 | -674,335 | |
Cash and cash equivalents at beginning of period | 547,101 | 953,478 | |
Cash and cash equivalents at end of period | 355,665 | 279,143 | |
Guarantor Subsidiaries [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 449,166 | 374,176 | |
Distributions of earnings from subsidiaries | 28,944 | 36,442 | |
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | -1,218,539 | -1,385,923 | |
Net cash provided by (used in) operating activities | -740,429 | -975,305 | |
Other | 39,555 | -27,023 | |
Distributions of capital from subsidiaries | 0 | ' | |
Intercompany investing | 0 | 0 | |
Net cash provided by (used in) investing activities | 73,227 | 66,721 | |
Net borrowings (repayments) of debt | ' | ' | |
Net proceeds from senior notes | ' | 0 | |
Repayments of Senior Debt | ' | 0 | |
Principal repayments on Rialto Investments notes payable | ' | ' | |
Proceeds from (repayments of) other debt | -198,423 | -74,472 | |
Exercise of land option contracts from an unconsolidated land investment venture | -1,540 | -27,329 | |
Net payments related to noncontrolling interests | ' | ' | |
Excess tax benefits from share-based awards | 0 | 0 | |
Issuances | ' | ' | |
Repurchases | 0 | 0 | |
Dividends | -449,166 | -374,176 | |
Intercompany financing | 1,349,480 | 1,347,185 | |
Net cash provided by (used in) financing activities | 700,351 | 871,208 | |
Net (decrease) increase in cash and cash equivalents | 33,149 | -37,376 | |
Cash and cash equivalents at beginning of period | 152,753 | 192,373 | |
Cash and cash equivalents at end of period | 185,902 | 154,997 | |
Non-Guarantor Subsidiaries [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 33,181 | 47,445 | |
Distributions of earnings from subsidiaries | 0 | 0 | |
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | -157,021 | 14,460 | |
Net cash provided by (used in) operating activities | -123,840 | 61,905 | |
Other | -34,180 | -9,506 | |
Distributions of capital from subsidiaries | 0 | ' | |
Intercompany investing | 0 | 0 | |
Net cash provided by (used in) investing activities | 170,872 | 367,323 | |
Net borrowings (repayments) of debt | ' | ' | |
Net proceeds from senior notes | 175,405 | 0 | |
Repayments of Senior Debt | ' | 0 | |
Principal repayments on Rialto Investments notes payable | -26,512 | -360,956 | |
Proceeds from (repayments of) other debt | -9,813 | -36,210 | |
Exercise of land option contracts from an unconsolidated land investment venture | ' | ' | |
Net payments related to noncontrolling interests | -103,038 | -174,274 | |
Excess tax benefits from share-based awards | 0 | 0 | |
Issuances | ' | ' | |
Repurchases | 0 | 0 | |
Dividends | -260,752 | -41,125 | |
Intercompany financing | 61,615 | 190,682 | |
Net cash provided by (used in) financing activities | -25,737 | -456,490 | |
Net (decrease) increase in cash and cash equivalents | 21,295 | -27,262 | |
Cash and cash equivalents at beginning of period | 270,651 | 164,892 | |
Cash and cash equivalents at end of period | 291,946 | 137,630 | |
Consolidation, Eliminations [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | -499,918 | -415,301 | |
Distributions of earnings from subsidiaries | -499,918 | -415,301 | |
Adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | 499,918 | 415,301 | |
Net cash provided by (used in) operating activities | -499,918 | -415,301 | |
Other | ' | ' | |
Distributions of capital from subsidiaries | -210,000 | ' | |
Intercompany investing | 1,411,095 | 1,537,867 | |
Net cash provided by (used in) investing activities | 1,201,095 | 1,537,867 | |
Net borrowings (repayments) of debt | ' | ' | |
Net proceeds from senior notes | ' | 0 | |
Repayments of Senior Debt | ' | 0 | |
Principal repayments on Rialto Investments notes payable | ' | ' | |
Proceeds from (repayments of) other debt | ' | ' | |
Exercise of land option contracts from an unconsolidated land investment venture | ' | ' | |
Net payments related to noncontrolling interests | ' | ' | |
Excess tax benefits from share-based awards | 0 | 0 | |
Issuances | ' | ' | |
Repurchases | 0 | 0 | |
Dividends | 709,918 | 415,301 | |
Intercompany financing | -1,411,095 | -1,537,867 | |
Net cash provided by (used in) financing activities | -701,177 | -1,122,566 | |
Net (decrease) increase in cash and cash equivalents | ' | ' | |
Cash and cash equivalents at beginning of period | ' | ' | |
Cash and cash equivalents at end of period | ' | ' | |
Lennar Homebuilding [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | 9,398 | 94,585 | |
Cash and cash equivalents at beginning of period | 695,424 | [1] | ' |
Cash and cash equivalents at end of period | 542,241 | [1] | 433,548 |
Lennar Homebuilding [Member] | Parent Company [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | ' | ' | |
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | 7,179 | 93,671 | |
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | 2,219 | 914 | |
Lennar Homebuilding [Member] | Consolidation, Eliminations [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | ' | ' | |
Rialto Investments [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | 13,060 | -1,646 | |
Decrease (increase) in defeasance cash to retire notes payable | 0 | -145,781 | |
Receipts of principal payments on loans receivable | 20,827 | 49,560 | |
Proceeds from sales of real estate owned | 168,946 | 182,220 | |
Net borrowings (repayments) of debt | -4,596 | 133,103 | |
Principal repayments on Rialto Investments notes payable | -7,676 | -360,956 | |
Cash and cash equivalents at beginning of period | 201,496 | [1] | ' |
Cash and cash equivalents at end of period | 211,030 | [1] | 72,024 |
Rialto Investments [Member] | Parent Company [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | ' | ' | |
Decrease (increase) in defeasance cash to retire notes payable | ' | ' | |
Receipts of principal payments on loans receivable | ' | ' | |
Proceeds from sales of real estate owned | ' | ' | |
Net borrowings (repayments) of debt | ' | ' | |
Rialto Investments [Member] | Guarantor Subsidiaries [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | ' | ' | |
Decrease (increase) in defeasance cash to retire notes payable | ' | ' | |
Receipts of principal payments on loans receivable | ' | ' | |
Proceeds from sales of real estate owned | ' | ' | |
Net borrowings (repayments) of debt | ' | ' | |
Rialto Investments [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | 13,060 | -1,646 | |
Decrease (increase) in defeasance cash to retire notes payable | ' | -145,781 | |
Receipts of principal payments on loans receivable | 20,827 | 49,560 | |
Proceeds from sales of real estate owned | 168,946 | 182,220 | |
Net borrowings (repayments) of debt | -4,596 | 133,103 | |
Rialto Investments [Member] | Consolidation, Eliminations [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | ' | ' | |
Decrease (increase) in defeasance cash to retire notes payable | ' | ' | |
Receipts of principal payments on loans receivable | ' | ' | |
Proceeds from sales of real estate owned | ' | ' | |
Net borrowings (repayments) of debt | ' | ' | |
Lennar Multifamily [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | 26,493 | -73 | |
Cash and cash equivalents at beginning of period | 519 | ' | |
Cash and cash equivalents at end of period | 1,881 | 395 | |
Lennar Multifamily [Member] | Parent Company [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | ' | 0 | |
Lennar Multifamily [Member] | Guarantor Subsidiaries [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | 26,493 | -73 | |
Lennar Multifamily [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | ' | 0 | |
Lennar Multifamily [Member] | Consolidation, Eliminations [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | ' | 0 | |
Lennar Financial Services [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Net borrowings (repayments) of debt | 141,954 | -167,710 | |
Cash and cash equivalents at beginning of period | 73,066 | ' | |
Cash and cash equivalents at end of period | 78,361 | 65,803 | |
Lennar Financial Services [Member] | Parent Company [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Net borrowings (repayments) of debt | ' | ' | |
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Net borrowings (repayments) of debt | ' | ' | |
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Net borrowings (repayments) of debt | 141,954 | -167,710 | |
Lennar Financial Services [Member] | Consolidation, Eliminations [Member] | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Net borrowings (repayments) of debt | ' | ' | |
[1] | Under certain provisions of Accounting Standards Codification (“ASCâ€) Topic 810, Consolidations, (“ASC 810â€) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEsâ€) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations. As of August 31, 2014, total assets include $979.8 million related to consolidated VIEs of which $13.2 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.2 million in Lennar Homebuilding receivables, net, $224.4 million in Lennar Homebuilding land and land under development, $55.8 million in Lennar Homebuilding consolidated inventory not owned, $13.2 million in Lennar Homebuilding investments in unconsolidated entities, $103.7 million in Lennar Homebuilding other assets, $37.6 million in Rialto Investments ("Rialto") cash and cash equivalents, $154.8 million in Rialto loans receivable, net, $119.3 million in Rialto real estate owned, held-for-sale, $236.3 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities, $2.5 million in Rialto other assets and $17.8 million in Lennar Multifamily assets.As of November 30, 2013, total assets include $1,195.3 million related to consolidated VIEs of which $8.3 million is included in Lennar Homebuilding cash and cash equivalents, $17.7 million in Lennar Homebuilding restricted cash, $2.4 million in Lennar Homebuilding receivables, net, $94.8 million in Lennar Homebuilding land and land under development, $243.6 million in Lennar Homebuilding consolidated inventory not owned, $14.7 million in Lennar Homebuilding investments in unconsolidated entities, $86.8 million in Lennar Homebuilding other assets, $44.8 million in Rialto cash and cash equivalents, $244.0 million in Rialto loans receivable, net, $122.0 million in Rialto real estate owned, held-for-sale, $313.8 million in Rialto real estate owned, held-and-used, net, $0.7 million in Rialto investments in unconsolidated entities and $1.8 million in Rialto other assets. |