Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended |
Feb. 28, 2015 | |
Entity Registrant Name | LENNAR CORP /NEW/ |
Entity Central Index Key | 920760 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | 28-Feb-15 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | FALSE |
Class A Common Stock [Member] | |
Entity Common Stock, Shares Outstanding | 173,900,552 |
Class B Common Stock [Member] | |
Entity Common Stock, Shares Outstanding | 31,303,195 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Feb. 28, 2015 | Nov. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $818,430 | $1,281,814 | ||
Inventories: | ||||
Total assets | 13,120,645 | [1] | 12,958,267 | [1] |
LIABILITIES AND EQUITY | ||||
Senior notes and other debts payable | 5,133,118 | 4,690,213 | ||
Total liabilities | 7,811,655 | [2] | 7,706,965 | [2] |
Stockholders' equity: | ||||
Preferred stock | 0 | [2] | 0 | [2] |
Additional paid-in capital | 2,250,236 | [2] | 2,239,704 | [2] |
Retained earnings | 2,766,789 | [2] | 2,660,034 | [2] |
Treasury stock, at cost; February 28, 2015 - 346,702 shares of Class A common stock and 1,679,620 shares of Class B common stock; November 30, 2014 - 505,420 shares of Class A common stock and 1,679,620 shares of Class B common stock | -85,414 | [2] | -93,440 | [2] |
Total stockholders' equity | 4,952,334 | [2] | 4,827,020 | [2] |
Noncontrolling interests | 356,656 | [2] | 424,282 | [2] |
Total equity | 5,308,990 | [2] | 5,251,302 | [2] |
Total liabilities and equity | 13,120,645 | [2] | 12,958,267 | [2] |
Lennar Homebuilding [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 583,754 | [1] | 885,729 | [1] |
Restricted cash | 10,520 | [1] | 9,849 | [1] |
Receivables, net | 69,541 | [1] | 93,444 | [1] |
Inventories: | ||||
Finished homes and construction in progress | 3,486,172 | [1] | 3,082,345 | [1] |
Land and land under development | 4,870,087 | [1] | 4,601,802 | [1] |
Land under purchase options, recorded | 50,243 | [1] | 52,453 | [1] |
Total inventories | 8,406,502 | [1] | 7,736,600 | [1] |
Investments in unconsolidated entities | 684,135 | [1] | 656,837 | [1] |
Other assets | 592,026 | [1] | 672,589 | [1] |
Total assets | 10,346,478 | [1] | 10,055,048 | [1] |
LIABILITIES AND EQUITY | ||||
Accounts payable | 388,206 | [2] | 412,558 | [2] |
Liabilities related to consolidated inventory not owned | 43,121 | [2] | 45,028 | [2] |
Senior notes and other debts payable | 5,133,118 | [2] | 4,690,213 | [2] |
Other liabilities | 686,731 | [2] | 863,236 | [2] |
Total liabilities | 6,251,176 | [2] | 6,011,035 | [2] |
Rialto [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 147,219 | [1] | 303,889 | [1] |
Restricted cash | 19,488 | [3] | 46,975 | [3] |
Receivables, net | 0 | [4] | 153,773 | [4] |
Inventories: | ||||
Investments in unconsolidated entities | 182,878 | [1] | 175,700 | [1] |
Total assets | 1,379,841 | [1] | 1,458,152 | [1] |
LIABILITIES AND EQUITY | ||||
Senior notes and other debts payable | 646,082 | [2],[5] | 623,246 | [2],[5] |
Other liabilities | 51,676 | [2] | 123,798 | [2] |
Total liabilities | 697,758 | [2] | 747,044 | [2] |
Lennar Financial Services [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 84,201 | 90,010 | ||
Restricted cash | 8,347 | 8,609 | ||
Receivables, net | 113,625 | [6] | 150,858 | [6] |
Inventories: | ||||
Other assets | 86,739 | [7] | 78,394 | [7] |
Total assets | 1,113,960 | 1,177,053 | [1] | |
LIABILITIES AND EQUITY | ||||
Other liabilities | 185,055 | [8] | 192,500 | [8] |
Total liabilities | 817,546 | [2] | 896,643 | [2] |
Lennar Multifamily [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 3,256 | 2,186 | ||
Inventories: | ||||
Land and land under development | 121,706 | 120,666 | ||
Land under purchase options, recorded | 5,508 | 5,508 | ||
Investments in unconsolidated entities | 123,978 | 105,674 | ||
Other assets | 25,699 | 18,240 | ||
Total assets | 280,366 | 268,014 | [1] | |
LIABILITIES AND EQUITY | ||||
Liabilities related to consolidated inventory not owned | 4,008 | 4,008 | ||
Total liabilities | 45,175 | 52,243 | ||
Class A Common Stock [Member] | ||||
Stockholders' equity: | ||||
Common stock | 17,425 | [2] | 17,424 | [2] |
Total equity | 17,425 | 17,424 | ||
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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. | |||
[2] | As of February 28, 2015, total liabilities include $140.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $7.4 million is included in Lennar Homebuilding accounts payable, $43.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.5 million in Lennar Homebuilding senior notes and other debts payable, $14.9 million in Lennar Homebuilding other liabilities and $13.8 million in Rialto liabilities.As of November 30, 2014, total liabilities include $149.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.8 million is included in Lennar Homebuilding accounts payable, $45.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $14.8 million in Lennar Homebuilding other liabilities and $21.5 million in Rialto 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, 2014. | |||
[5] | Notes and other debts payable include $351.8 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“7.00% Senior Notesâ€) as of February 28, 2015 and November 30, 2014, respectively, $183.2 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of February 28, 2015 and November 30, 2014, respectively, and $40.4 million and $58.0 million related to the notes issued through a structured note offering as of February 28, 2015 and November 30, 2014, respectively. | |||
[6] | Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2015 and November 30, 2014, respectively. | |||
[7] | Other assets included mortgage loan commitments carried at fair value of $19.0 million and $12.7 million as of February 28, 2015 and November 30, 2014, respectively. As of February 28, 2015 and November 30, 2014, other assets also included mortgage servicing rights carried at fair value of $16.8 million and $17.4 million, respectively, and other investment securities of $19.3 million and $16.8 million, respectively. | |||
[8] | Other liabilities included $68.9 million and $69.3 million as of February 28, 2015 and November 30, 2014, respectively, of certain of the Company’s self-insurance reserves related to general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $7.6 million as of November 30, 2014. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 28, 2015 | Nov. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Stockholders' Equity: | ||
Total consolidated VIEs assets | $818,892 | $929,076 |
Total consolidated VIEs liabilities | 140,625 | 149,768 |
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 | 174,247,254 | 174,241,570 |
Treasury stock, shares | 346,702 | 505,420 |
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 | 13,852 | 11,681 |
Restricted cash | 288 | 280 |
Receivables, net | 443 | 246 |
Finished homes and construction in progress | 267 | 156 |
Land and land under development | 195,278 | 208,188 |
Consolidated inventory not owned | 50,243 | 52,453 |
Investments in unconsolidated entities | 28,893 | 23,864 |
Other assets | 101,773 | 104,617 |
Accounts payable | 7,374 | 6,812 |
Liabilities related to consolidated inventory not owned | 43,121 | 45,028 |
Senior notes and other debts payable | 61,470 | 61,551 |
Other liabilities | 14,899 | 14,828 |
Rialto Consolidated VIEs [Member] | ||
Stockholders' Equity: | ||
Total consolidated VIEs assets | 423,824 | 508,362 |
Notes payable and other liabilities | 13,761 | 21,549 |
Lennar Mutlifamily Consolidated VIEs [Member] | ||
Stockholders' Equity: | ||
Total consolidated VIEs assets | $4,031 | $19,229 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | ||
Revenues: | ||||
Total revenues | $1,644,139 | [1] | $1,363,095 | [1] |
Cost and expenses: | ||||
Corporate general and administrative | 43,654 | 38,112 | ||
Total costs and expenses | 1,500,871 | 1,236,457 | ||
Other interest expense | -4,071 | -12,691 | ||
Earnings before income taxes | 176,643 | 125,876 | ||
Provision (benefit) for income taxes | 59,726 | 45,911 | ||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 116,917 | 79,965 | ||
Less: Net earnings (loss) attributable to noncontrolling interests | 1,954 | 1,848 | ||
Net earnings attributable to Lennar | 114,963 | 78,117 | ||
Basic earnings per share | $0.56 | $0.38 | ||
Diluted earnings per share | $0.50 | $0.35 | ||
Cash dividends per each Class A and Class B common share | $0.04 | $0.04 | ||
Comprehensive income (loss), net of tax, attributable to Lennar | 114,963 | 78,117 | ||
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 1,954 | 1,848 | ||
Lennar Homebuilding [Member] | ||||
Revenues: | ||||
Real estate revenues | 1,441,658 | 1,231,385 | ||
Cost and expenses: | ||||
Real estate cost and expenses | 1,265,175 | 1,064,355 | ||
Equity in earnings (loss) from unconsolidated entities | 28,899 | [2] | 4,990 | [2] |
Other income (expense), net | 6,333 | 2,889 | ||
Lennar Financial Services [Member] | ||||
Revenues: | ||||
Lennar Financial Services | 124,827 | 76,952 | ||
Cost and expenses: | ||||
Lennar Financial Services, Cost and expenses | 109,300 | 72,487 | ||
Rialto [Member] | ||||
Revenues: | ||||
Rialto, Revenues | 41,197 | 46,955 | ||
Cost and expenses: | ||||
Rialto, Cost and expenses | 40,781 | [3] | 47,576 | [3] |
Equity in earnings (loss) from unconsolidated entities | 2,664 | 5,354 | ||
Other income (expense), net | -272 | -1,229 | ||
Less: Net earnings (loss) attributable to noncontrolling interests | -1,814 | 935 | ||
Lennar Multifamily [Member] | ||||
Revenues: | ||||
Real estate revenues | 36,457 | 7,803 | ||
Cost and expenses: | ||||
Real estate cost and expenses | 41,961 | 13,927 | ||
Equity in earnings (loss) from unconsolidated entities | ($178) | ($75) | ||
[1] | Total revenues were net of sales incentives of $93.6 million ($21,800 per home delivered) for the three months ended February 28, 2015 and $76.5 million ($21,300 per home delivered) for the three months ended February 28, 2014. | |||
[2] | For the three months ended February 28, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.5 million of equity in earnings primarily as a result of a third-party land sale by one unconsolidated entity. | |||
[3] | Costs and expenses for the three months ended February 28, 2015 and 2014 included loan impairments of $1.2 million and $6.7 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | ||
Cash flows from operating activities: | ||||
Net earnings (including net earnings attributable to noncontrolling interests) | $116,917 | $79,965 | ||
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 | 8,306 | 7,839 | ||
Amortization of discount/premium on debt, net | 5,417 | 5,306 | ||
Share based compensation expense | 10,251 | 8,741 | ||
Excess tax benefits from share-based awards | -35 | -137 | ||
Deferred income tax (benefit) expense | 27,616 | 42,079 | ||
Gain on sale of operating property and equipment | -6,472 | 0 | ||
Changes in assets and liabilities: | ||||
Decrease (increase) in restricted cash | 27,014 | 4,408 | ||
Decrease (increase) in receivables | 210,670 | 69,081 | ||
Decrease (increase) in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | -721,222 | -592,008 | ||
Decrease (increase) in other assets | 18,524 | 6,049 | ||
Increase (decrease) in accounts payable and other liabilities | -209,671 | -74,059 | ||
Net cash provided by (used in) operating activities | -730,264 | -394,607 | ||
Cash flows from investing activities: | ||||
Increase (decrease) in restricted cash | 64 | 560 | ||
Net disposals (additions) of operating properties and equipment | -28,946 | -3,531 | ||
Net cash provided by (used in) investing activities | -67,194 | 75,270 | ||
Cash flows from financing activities: | ||||
Net borrowings (repayments) of debt | 250,000 | 0 | ||
Debt issuance costs | -1,494 | -4,195 | ||
Proceeds from other borrowings | 46,630 | 15,332 | ||
Principal payments on other borrowings | -108,048 | -87,502 | ||
Exercise of land option contracts from an unconsolidated land investment venture | 0 | -1,540 | ||
Receipts related to noncontrolling interests | 1,302 | 74 | ||
Payments related to noncontrolling interests | -57,629 | -32,609 | ||
Excess tax benefits from share-based awards | 35 | 137 | ||
Common stock: | ||||
Issuances | 8,227 | 12,420 | ||
Repurchases | -186 | 0 | ||
Payments of Ordinary Dividends, Common Stock | -8,208 | -8,169 | ||
Net cash provided by (used in) financing activities | 334,074 | 223,130 | ||
Net (decrease) increase in cash and cash equivalents | -463,384 | -96,207 | ||
Cash and cash equivalents at beginning of period | 1,281,814 | 970,505 | ||
Cash and cash equivalents at end of period | 818,430 | 874,298 | ||
Consolidations/deconsolidations of previously unconsolidated/consolidated entities, net: | ||||
Operating properties and equipment | -17,421 | 22,495 | ||
Noncontrolling interests | 13,253 | -12,000 | ||
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 | -28,899 | [1] | -4,990 | [1] |
Distributions of earnings from unconsolidated entities | 25,988 | 1,332 | ||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | 519 | 2,054 | ||
Cash flows from investing activities: | ||||
Investments in and contributions to unconsolidated entities | -14,940 | -24,149 | ||
Distributions of capital from unconsolidated entities | 4,272 | 53,649 | ||
Purchases of investments available-for-sale | -28,093 | -15,994 | ||
Cash flows from financing activities: | ||||
Proceeds from issuance of senior long-term debt | 250,625 | 500,500 | ||
Common stock: | ||||
Cash and cash equivalents at beginning of period | 885,729 | [2] | ||
Cash and cash equivalents at end of period | 583,754 | [2] | 645,691 | |
Lennar Homebuilding and Lennar Multifamily: | ||||
Inventory acquired in satisfaction of other assets including investments available-for-sale | 0 | 4,774 | ||
Non-cash sale of operating properties and equipment | -59,397 | 0 | ||
Purchases of inventories financed by sellers | 290 | 25,762 | ||
Rialto [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 | -2,664 | -5,354 | ||
Distributions of earnings from unconsolidated entities | 3,926 | 0 | ||
(Gains) losses on retirement of debt | -608 | 0 | ||
Unrealized and realized gains on real estate owned | -3,405 | -9,441 | ||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | 4,055 | 9,025 | ||
Changes in assets and liabilities: | ||||
Decrease (increase) in loans-held-for-sale | -246,393 | -42,935 | ||
Cash flows from investing activities: | ||||
Investments in and contributions to unconsolidated entities | -11,217 | -18,306 | ||
Distributions of capital from unconsolidated entities | 2,777 | 5,182 | ||
Receipts of principal payments on loans receivable | 3,519 | 6,879 | ||
Proceeds from sales of real estate owned | 28,055 | 50,742 | ||
Payments to Acquire Investments | 18,000 | 0 | ||
Improvements in real estate owned | -2,347 | -2,356 | ||
Cash flows from financing activities: | ||||
Net borrowings (repayments) of debt | 41,971 | -18,169 | ||
Principal repayments on Rialto notes payable | -17,499 | -2,101 | ||
Common stock: | ||||
Cash and cash equivalents at beginning of period | 303,889 | [2] | ||
Cash and cash equivalents at end of period | 147,219 | [2] | 169,404 | |
Rialto: | ||||
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable | 8,637 | 4,534 | ||
Non-cash acquisition of Servicer Provider | 0 | 8,317 | ||
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 | 178 | 75 | ||
Cash flows from investing activities: | ||||
Investments in and contributions to unconsolidated entities | -9,299 | -9,083 | ||
Distributions of capital from unconsolidated entities | 11,125 | 35,893 | ||
Common stock: | ||||
Cash and cash equivalents at beginning of period | 2,186 | |||
Cash and cash equivalents at end of period | 3,256 | 2,496 | ||
Lennar Homebuilding and Lennar Multifamily: | ||||
Non-cash contributions to unconsolidated entities | 26,594 | 54,955 | ||
Consolidations/deconsolidations of previously unconsolidated/consolidated entities, net: | ||||
Investments in unconsolidated entities | 2,948 | -10,495 | ||
Other liabilities | 1,220 | 0 | ||
Lennar Financial Services [Member] | ||||
Changes in assets and liabilities: | ||||
Decrease (increase) in loans-held-for-sale | 29,724 | 98,363 | ||
Cash flows from investing activities: | ||||
(Increase) decrease in Lennar Financial Services loans held-for-investment, net | 606 | 953 | ||
Purchases of investment securities | -18,886 | -5,220 | ||
Proceeds from maturities of Lennar Financial Services investment securities | 14,116 | 51 | ||
Cash flows from financing activities: | ||||
Net borrowings (repayments) of debt | -71,652 | -151,048 | ||
Common stock: | ||||
Cash and cash equivalents at beginning of period | 90,010 | |||
Cash and cash equivalents at end of period | $84,201 | $56,707 | ||
[1] | For the three months ended February 28, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.5 million of equity in earnings primarily as a result of a third-party land sale by one unconsolidated entity. | |||
[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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Feb. 28, 2015 | |
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, 2014. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. | |
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 28, 2015 are not necessarily indicative of the results to be expected for the full year. | |
Rialto - Management Fee Revenue | |
The Rialto segment provides services to a variety of legal entities and investment vehicles such as funds, joint ventures, co-invests, and other private equity structures to manage their respective investments. As a result, Rialto earns and receives management fees, underwriting fees and due diligence fees. These fees related to the Rialto segment are included in Rialto revenues and are recorded over the period in which the services are performed, fees are determinable and collectability is reasonably assured. Rialto receives investment management fees from investment vehicles based on 1) a percentage of committed capital during the commitment period and after the commitment period ends and 2) a percentage of invested capital less the portion of such invested capital utilized to acquire investments that have been sold (in whole or in part) or liquidated. Fees earned for underwriting and due diligence services are based on actual costs incurred. In certain situations, Rialto may earn additional fees when the return on assets managed exceeds contractually established thresholds. Such revenue is only booked when the contract terms are met, the contract is at, or near, completion and the amounts are known and collectability is reasonably assured. Since such revenue is recognized during the latter half of the life of the investment vehicle, after substantially all of the assets have been sold and investment gains and losses realized, the possibility of clawbacks is limited. In addition, Rialto may also receive tax distributions in order to cover income tax obligations resulting from allocations of taxable income due to Rialto's carried interests in the funds. These distributions are not subject to clawbacks and therefore are recorded as revenue when received. | |
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 | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
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 | |||||||
(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 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, distributions with regard to partnership interests, 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 primarily from construction activities and management fees generated from joint ventures as well as revenues from the sales of land and equity in earnings (loss) from unconsolidated entities, less expenses related to construction activities, the costs related to sales of land 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, 2014.and Section 4 of Item 2 of this Form 10-Q, “Critical Accounting Policies.” 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) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Assets: | |||||||
Homebuilding East | $ | 2,410,301 | 2,323,978 | ||||
Homebuilding Central | 1,343,019 | 1,233,991 | |||||
Homebuilding West | 3,733,950 | 3,454,611 | |||||
Homebuilding Southeast Florida | 737,586 | 722,706 | |||||
Homebuilding Houston | 458,554 | 398,538 | |||||
Homebuilding Other | 913,372 | 880,912 | |||||
Rialto | 1,379,841 | 1,458,152 | |||||
Lennar Financial Services | 1,113,960 | 1,177,053 | |||||
Lennar Multifamily | 280,366 | 268,014 | |||||
Corporate and unallocated | 749,696 | 1,040,312 | |||||
Total assets | $ | 13,120,645 | 12,958,267 | ||||
Three Months Ended | |||||||
February 28, | |||||||
(In thousands) | 2015 | 2014 | |||||
Revenues: | |||||||
Homebuilding East | $ | 468,335 | 390,508 | ||||
Homebuilding Central | 210,508 | 162,494 | |||||
Homebuilding West | 382,773 | 315,015 | |||||
Homebuilding Southeast Florida | 142,348 | 102,164 | |||||
Homebuilding Houston | 131,257 | 130,623 | |||||
Homebuilding Other | 106,437 | 130,581 | |||||
Lennar Financial Services | 124,827 | 76,952 | |||||
Rialto | 41,197 | 46,955 | |||||
Lennar Multifamily | 36,457 | 7,803 | |||||
Total revenues (1) | $ | 1,644,139 | 1,363,095 | ||||
Operating earnings (loss): | |||||||
Homebuilding East | $ | 58,247 | 50,652 | ||||
Homebuilding Central | 15,052 | 10,660 | |||||
Homebuilding West (2) | 82,493 | 53,793 | |||||
Homebuilding Southeast Florida | 28,286 | 20,558 | |||||
Homebuilding Houston | 17,015 | 21,671 | |||||
Homebuilding Other (3) | 6,551 | 4,884 | |||||
Lennar Financial Services | 15,527 | 4,465 | |||||
Rialto | 2,808 | 3,504 | |||||
Lennar Multifamily | (5,682 | ) | (6,199 | ) | |||
Total operating earnings | 220,297 | 163,988 | |||||
Corporate general and administrative expenses | 43,654 | 38,112 | |||||
Earnings before income taxes | $ | 176,643 | 125,876 | ||||
-1 | Total revenues were net of sales incentives of $93.6 million ($21,800 per home delivered) for the three months ended February 28, 2015 and $76.5 million ($21,300 per home delivered) for the three months ended February 28, 2014. | ||||||
-2 | For the three months ended February 28, 2015, operating earnings included Lennar Homebuilding equity in earnings from unconsolidated entities of $31.3 million primarily related to the sale of approximately 600 homesites to third parties by Heritage Fields El Toro, one of the Company's unconsolidated entities. | ||||||
-3 | For the three months ended February 28, 2014, operating earnings included $1.0 million in write-offs of option deposits and pre-acquisition costs. |
Lennar_Homebuilding_Investment
Lennar Homebuilding Investments In Unconsolidated Entities | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
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 | |||||||
February 28, | |||||||
(In thousands) | 2015 | 2014 | |||||
Revenues | $ | 442,957 | 143,694 | ||||
Costs and expenses | 298,879 | 145,639 | |||||
Other income | 2,943 | — | |||||
Net earnings (loss) of unconsolidated entities (1) | $ | 147,021 | (1,945 | ) | |||
Lennar Homebuilding equity in earnings from unconsolidated entities (2) | $ | 28,899 | 4,990 | ||||
-1 | For the three months ended February 28, 2015, net earnings of unconsolidated entities included the sale of approximately 300 homesites to Lennar by Heritage Fields El Toro, one of the Company's unconsolidated entities, for $126.4 million, resulting in $44.6 million of gross profit of which the Company's portion was deferred. | ||||||
-2 | For the three months ended February 28, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $31.3 million of equity in earnings primarily related to the sale of approximately 600 homesites to third parties by Heritage Fields El Toro, one of the Company's unconsolidated entities. For the three months ended February 28, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.5 million of equity in earnings primarily as a result of a third-party land sale by one unconsolidated entity. | ||||||
Balance Sheets | |||||||
(In thousands) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 229,004 | 243,597 | ||||
Inventories | 2,739,595 | 2,889,267 | |||||
Other assets | 145,833 | 155,470 | |||||
$ | 3,114,432 | 3,288,334 | |||||
Liabilities and equity: | |||||||
Accounts payable and other liabilities | $ | 287,794 | 271,638 | ||||
Debt | 487,387 | 737,755 | |||||
Equity | 2,339,251 | 2,278,941 | |||||
$ | 3,114,432 | 3,288,334 | |||||
As of February 28, 2015 and November 30, 2014, the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $684.1 million and $656.8 million, respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of February 28, 2015 and November 30, 2014 was $745.9 million and $722.6 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. | |||||||
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: | |||||||
(Dollars in thousands) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Non-recourse bank debt and other debt (partner’s share of several recourse) | $ | 55,767 | 56,573 | ||||
Non-recourse land seller debt or other debt | 4,022 | 4,022 | |||||
Non-recourse debt with completion guarantees (1) | 180,032 | 442,854 | |||||
Non-recourse debt without completion guarantees | 224,796 | 209,825 | |||||
Non-recourse debt to the Company | 464,617 | 713,274 | |||||
The Company’s maximum recourse exposure | 22,770 | 24,481 | |||||
Total debt | $ | 487,387 | 737,755 | ||||
The Company’s maximum recourse exposure as a % of total JV debt | 5 | % | 3 | % | |||
-1 | The decrease in non-recourse debt with completion guarantees was primarily related to a debt paydown by Heritage Fields El Toro, one of the Company's unconsolidated entities, as a result of land sales. | ||||||
In most instances in which the Company has guaranteed debt of a Lennar Homebuilding unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. Historically, the Company has had repayment guarantees and/or maintenance guarantees. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. In the event of default, if the Company’s venture partner does not have adequate financial resources to meet its obligations under the reimbursement agreement, the Company may be liable for more than its proportionate share, up to its maximum recourse exposure, which is the full amount covered by the joint and several guarantee. The maintenance guarantees only apply if the value of the collateral (generally land and improvements) is less than a specified percentage of the loan balance. As of both February 28, 2015 and November 30, 2014, the Company did not have any maintenance or joint and several guarantees related to its Lennar Homebuilding unconsolidated entities. | |||||||
In connection with many of the loans to Lennar Homebuilding unconsolidated entities, the Company and its joint venture partners (or entities related to them) have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used. | |||||||
If the Company is required to make a payment under any guarantee, the payment would constitute a capital contribution or loan to the Lennar Homebuilding unconsolidated entity and increase the Company’s investment in the unconsolidated entity and its share of any funds the unconsolidated entity distributes. | |||||||
As of both February 28, 2015 and November 30, 2014, the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of February 28, 2015, 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 | 3 Months Ended | |||||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||||
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 three months ended February 28, 2015 and 2014: | ||||||||||||||||||||||
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, 2014 | $ | 5,251,302 | 17,424 | 3,298 | 2,239,704 | (93,440 | ) | 2,660,034 | 424,282 | |||||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 116,917 | — | — | — | — | 114,963 | 1,954 | |||||||||||||||
Employee stock and directors plans | 8,274 | 1 | — | 247 | 8,026 | — | — | |||||||||||||||
Tax benefit from employee stock plans and vesting of restricted stock | 35 | — | — | 35 | — | — | — | |||||||||||||||
Amortization of restricted stock | 10,250 | — | — | 10,250 | — | — | — | |||||||||||||||
Cash dividends | (8,208 | ) | — | — | — | — | (8,208 | ) | — | |||||||||||||
Receipts related to noncontrolling interests | 1,302 | — | — | — | — | — | 1,302 | |||||||||||||||
Payments related to noncontrolling interests | (57,629 | ) | — | — | — | — | — | (57,629 | ) | |||||||||||||
Non-cash deconsolidations, net | (13,253 | ) | — | — | — | — | — | (13,253 | ) | |||||||||||||
Balance at February 28, 2015 | $ | 5,308,990 | 17,425 | 3,298 | 2,250,236 | (85,414 | ) | 2,766,789 | 356,656 | |||||||||||||
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 earnings attributable to noncontrolling interests) | 79,965 | — | — | — | — | 78,117 | 1,848 | |||||||||||||||
Employee stock and directors plans | 12,433 | 1 | — | 525 | 11,907 | — | — | |||||||||||||||
Tax benefit from employee stock plans and vesting of restricted stock | 137 | — | — | 137 | — | — | — | |||||||||||||||
Amortization of restricted stock | 8,739 | — | — | 8,739 | — | — | — | |||||||||||||||
Cash dividends | (8,169 | ) | — | — | — | — | (8,169 | ) | — | |||||||||||||
Receipts related to noncontrolling interests | 74 | — | — | — | — | — | 74 | |||||||||||||||
Payments related to noncontrolling interests | (32,609 | ) | — | — | — | — | — | (32,609 | ) | |||||||||||||
Non-cash consolidations, net | 13,117 | — | — | — | — | — | 13,117 | |||||||||||||||
Balance at February 28, 2014 | $ | 4,701,157 | 18,484 | 3,298 | 2,730,647 | (616,112 | ) | 2,123,841 | 440,999 | |||||||||||||
The Company has a stock repurchase program, which originally authorized the purchase of up to 20 million shares of its outstanding common stock. During both the three months ended February 28, 2015 and 2014, there were no share repurchases of common stock under the stock repurchase program. As of February 28, 2015, the remaining authorized shares that could be purchased under the stock repurchase program were 6.2 million shares of common stock. | ||||||||||||||||||||||
During the three months ended February 28, 2015 and 2014, treasury stock decreased by 0.2 million and 0.3 million shares of Class A common stock, respectively, due to activity related to the Company's equity compensation plan. |
Income_Taxes
Income Taxes | 3 Months Ended |
Feb. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
During the three months ended February 28, 2015 and 2014, the Company recorded a tax provision of $59.7 million and $45.9 million, respectively, primarily related to pre-tax earnings. The effective tax rates for the three months ended February 28, 2015 and 2014 were 34.19% and 37.02%, respectively. The effective tax rates for both periods included a tax benefit for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense and interest accrued on uncertain tax positions. | |
As of February 28, 2015 and November 30, 2014, the Company's deferred tax assets, net included in the condensed consolidated balance sheets were $286.1 million and $313.8 million, respectively. | |
A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the 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 both February 28, 2015 and November 30, 2014, the net deferred tax assets included a valuation allowance of $8.0 million, primarily related to state net operating loss (“NOL”) carryforwards that are not more likely than not to be utilized due to an inability to carry back these losses in most states and short carryforward periods that exist in certain states. | |
At both February 28, 2015 and November 30, 2014, the Company had federal tax effected NOL carryforwards totaling $2.0 million that may be carried forward up to 20 years to offset future taxable income and begin to expire in 2029. At February 28, 2015 and November 30, 2014, the Company had state tax effected NOL carryforwards totaling $111.0 million and $113.8 million, respectively, that may be carried forward from 5 to 20 years, depending on the tax jurisdiction, with losses expiring between 2015 and 2034. | |
At both February 28, 2015 and November 30, 2014, the Company had $7.3 million of gross unrecognized tax benefits. At February 28, 2015, the Company had $31.9 million accrued for interest and penalties, of which $0.4 million was recorded during the three months ended February 28, 2015. At November 30, 2014, the Company had $31.5 million accrued for interest and penalties. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
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 | |||||||
February 28, | |||||||
(In thousands, except per share amounts) | 2015 | 2014 | |||||
Numerator: | |||||||
Net earnings attributable to Lennar | $ | 114,963 | 78,117 | ||||
Less: distributed earnings allocated to nonvested shares | 91 | 98 | |||||
Less: undistributed earnings allocated to nonvested shares | 1,184 | 842 | |||||
Numerator for basic earnings per share | 113,688 | 77,177 | |||||
Plus: interest on 3.25% convertible senior notes due 2021 | 1,982 | 1,982 | |||||
Plus: undistributed earnings allocated to convertible shares | 1,184 | 842 | |||||
Less: undistributed earnings reallocated to convertible shares | 1,064 | 770 | |||||
Numerator for diluted earnings per share | $ | 115,790 | 79,231 | ||||
Denominator: | |||||||
Denominator for basic earnings per share - weighted average common shares outstanding | 202,930 | 201,955 | |||||
Effect of dilutive securities: | |||||||
Share-based payments | 11 | 10 | |||||
Convertible senior notes | 27,375 | 25,670 | |||||
Denominator for diluted earnings per share - weighted average common shares outstanding | 230,316 | 227,635 | |||||
Basic earnings per share | $ | 0.56 | 0.38 | ||||
Diluted earnings per share | $ | 0.5 | 0.35 | ||||
For both the three months ended February 28, 2015 and 2014, 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 | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
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) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 84,201 | 90,010 | ||||
Restricted cash | 8,347 | 8,609 | |||||
Receivables, net (1) | 113,625 | 150,858 | |||||
Loans held-for-sale (2) | 708,559 | 738,396 | |||||
Loans held-for-investment, net | 26,206 | 26,894 | |||||
Investments held-to-maturity | 47,429 | 45,038 | |||||
Goodwill | 38,854 | 38,854 | |||||
Other (3) | 86,739 | 78,394 | |||||
$ | 1,113,960 | 1,177,053 | |||||
Liabilities: | |||||||
Notes and other debts payable | $ | 632,491 | 704,143 | ||||
Other (4) | 185,055 | 192,500 | |||||
$ | 817,546 | 896,643 | |||||
-1 | Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2015 and November 30, 2014, respectively. | ||||||
-2 | Loans held-for-sale related to unsold loans carried at fair value. | ||||||
-3 | Other assets included mortgage loan commitments carried at fair value of $19.0 million and $12.7 million as of February 28, 2015 and November 30, 2014, respectively. As of February 28, 2015 and November 30, 2014, other assets also included mortgage servicing rights carried at fair value of $16.8 million and $17.4 million, respectively, and other investment securities of $19.3 million and $16.8 million, respectively. | ||||||
-4 | Other liabilities included $68.9 million and $69.3 million as of February 28, 2015 and November 30, 2014, respectively, of certain of the Company’s self-insurance reserves related to general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $7.6 million as of November 30, 2014. | ||||||
At February 28, 2015, the Lennar Financial Services segment warehouse facilities were as follows: | |||||||
(In thousands) | Maximum Aggregate Commitment | ||||||
364-day warehouse repurchase facility that matures June 2015 (1) | $ | 150,000 | |||||
364-day warehouse repurchase facility that matures December 2015 (2) | 350,000 | ||||||
364-day warehouse repurchase facility that matures March 2016 (3) | 300,000 | ||||||
Totals | $ | 800,000 | |||||
-1 | Maximum aggregate commitment includes a $50 million accordion feature that is available beginning the tenth (10th) calendar day immediately preceding the first day of a fiscal quarter-through 20 days after fiscal quarter-end. | ||||||
-2 | In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment was increased from $325 million to $350 million through the second quarter of fiscal 2015 and will be increased to $450 million for the third and fourth quarter of fiscal 2015. | ||||||
-3 | Maximum aggregate commitment includes a $100 million accordion feature that is available 10 days prior to the end of each fiscal quarter through 20 days after each fiscal quarter end. At February 28, 2015 the facility was on a rolling termination date through March 19, 2015 extending the final maturity date to March 2016. | ||||||
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 $632.5 million and $698.4 million at February 28, 2015 and November 30, 2014, respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $658.7 million and $732.1 million at February 28, 2015 and November 30, 2014, respectively. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the mortgage loans held-for-sale to investors and by collecting on receivables on loans sold but not yet paid. Without the facilities, the Lennar Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. | |||||||
Substantially, all of the loans the Lennar Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Over the last several years there has been an increased industry-wide effort by purchasers to defray their losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. 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 | |||||||
February 28, | |||||||
(In thousands) | 2015 | 2014 | |||||
Loan origination liabilities, beginning of period | $ | 11,818 | 9,311 | ||||
Provision for losses | 802 | 293 | |||||
Payments/settlements | (144 | ) | (19 | ) | |||
Loan origination liabilities, end of period | $ | 12,476 | 9,585 | ||||
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) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Impaired loans unpaid principal balance | $ | 7,912 | 7,576 | ||||
Valuation allowance | (3,789 | ) | (3,730 | ) | |||
Investment in impaired loans | $ | 4,123 | 3,846 | ||||
The average recorded investment in impaired loans totaled $4.0 million and $3.9 million for the three months ended February 28, 2015 and 2014, respectively. |
Rialto_Investments_Segment
Rialto Investments Segment (Rialto [Member]) | 3 Months Ended | ||||||||||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||||||||||
Rialto [Member] | |||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||
Rialto Segment | |||||||||||||||||||||||||
Rialto Segment | |||||||||||||||||||||||||
The assets and liabilities related to the Rialto segment were as follows: | |||||||||||||||||||||||||
(In thousands) | February 28, | November 30, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 147,219 | 303,889 | ||||||||||||||||||||||
Restricted cash (1) | 19,488 | 46,975 | |||||||||||||||||||||||
Receivables, net (2) | — | 153,773 | |||||||||||||||||||||||
Loans receivable, net | 116,725 | 130,105 | |||||||||||||||||||||||
Loans held-for-sale (3) | 360,045 | 113,596 | |||||||||||||||||||||||
Real estate owned - held-for-sale | 185,511 | 190,535 | |||||||||||||||||||||||
Real estate owned - held-and-used, net | 242,569 | 255,795 | |||||||||||||||||||||||
Investments in unconsolidated entities | 182,878 | 175,700 | |||||||||||||||||||||||
Investments held-to-maturity | 17,624 | 17,290 | |||||||||||||||||||||||
Other | 107,782 | 70,494 | |||||||||||||||||||||||
$ | 1,379,841 | 1,458,152 | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Notes and other debts payable (4) | $ | 646,082 | 623,246 | ||||||||||||||||||||||
Other | 51,676 | 123,798 | |||||||||||||||||||||||
$ | 697,758 | 747,044 | |||||||||||||||||||||||
-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, 2014. | ||||||||||||||||||||||||
-3 | Loans held-for-sale relate to unsold loans originated by RMF carried at fair value. | ||||||||||||||||||||||||
-4 | Notes and other debts payable include $351.8 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“7.00% Senior Notes”) as of February 28, 2015 and November 30, 2014, respectively, $183.2 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of February 28, 2015 and November 30, 2014, respectively, and $40.4 million and $58.0 million related to the notes issued through a structured note offering as of February 28, 2015 and November 30, 2014, respectively. | ||||||||||||||||||||||||
Rialto’s operating earnings were as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
Revenues | $ | 41,197 | 46,955 | ||||||||||||||||||||||
Costs and expenses (1) | 40,781 | 47,576 | |||||||||||||||||||||||
Rialto equity in earnings from unconsolidated entities | 2,664 | 5,354 | |||||||||||||||||||||||
Rialto other expense, net | (272 | ) | (1,229 | ) | |||||||||||||||||||||
Operating earnings (2) | $ | 2,808 | 3,504 | ||||||||||||||||||||||
-1 | Costs and expenses for the three months ended February 28, 2015 and 2014 included loan impairments of $1.2 million and $6.7 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). | ||||||||||||||||||||||||
-2 | Operating earnings for the three months ended February 28, 2015 and 2014 included net earnings (loss) attributable to noncontrolling interests of ($1.8) million and $0.9 million, respectively. | ||||||||||||||||||||||||
The following is a detail of Rialto other expense, net: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
Realized gains on REO sales, net | $ | 3,130 | 9,509 | ||||||||||||||||||||||
Unrealized losses on transfer of loans receivable to REO and impairments, net | (2,556 | ) | (2,377 | ) | |||||||||||||||||||||
REO and other expenses | (13,242 | ) | (31,172 | ) | |||||||||||||||||||||
Rental and other income | 12,396 | 22,811 | |||||||||||||||||||||||
Rialto other expense, net | $ | (272 | ) | (1,229 | ) | ||||||||||||||||||||
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 continue being shared 60%/40% with the FDIC. During the three months ended February 28, 2015 and 2014, the LLCs distributed $73.5 million and $53.1 million, respectively, of which $44.1 million and $31.9 million, respectively, was distributed to the FDIC and $29.4 million and $21.2 million, respectively, was distributed to Rialto, the parent company. | |||||||||||||||||||||||||
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 February 28, 2015, these consolidated LLCs had total combined assets and liabilities of $423.8 million and $13.8 million, respectively. At November 30, 2014, these consolidated LLCs had total combined assets and liabilities of $508.4 million and $21.5 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 that was extended and is due on December 2016. As of both February 28, 2015 and November 30, 2014, there was $60.6 million outstanding. | |||||||||||||||||||||||||
In May 2014, the Rialto segment issued $73.8 million principal amount of notes through a structured note offering (the “Structured Notes”) collateralized by certain assets originally acquired in the Bank Portfolios transaction at a price of 100%, with an annual coupon rate of 2.85%. Proceeds from the offering, after payment of expenses and hold backs for a cash reserve, were $69.1 million. In November 2014, the Rialto segment issued an additional $20.8 million of the Structured Notes at a price of 99.5%, with an annual coupon rate of 5.0%. Proceeds from the offering, after payment of expenses, were $20.7 million. The estimated final payment date of the Structured Notes is December 15, 2015. As of February 28, 2015 and November 30, 2014, the outstanding amount related to Rialto's structured note offering was $40.4 million and $58.0 million, 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 table displays the loans receivable, net by aggregate collateral type and risk categories: | |||||||||||||||||||||||||
(In thousands) | February 28, | November 30, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Land | $ | 78,397 | 89,603 | ||||||||||||||||||||||
Single family homes | 19,092 | 20,402 | |||||||||||||||||||||||
Commercial properties | 7,118 | 7,286 | |||||||||||||||||||||||
Other | 12,118 | 12,814 | |||||||||||||||||||||||
Loans receivable, net | $ | 116,725 | 130,105 | ||||||||||||||||||||||
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. | |||||||||||||||||||||||||
During the fourth quarter of 2014, in an effort to better reflect the performance of the FDIC Portfolios and Bank Portfolios, the Company changed from recording accretable yield income on a loan pool basis to recording income on a cost recovery basis per loan as expected cash flows on the remaining loan portfolios could no longer be reasonably estimated. Therefore, all the loans receivable, net presented above are classified as nonaccrual loans in accordance with ASC 310-10, Receivables (“ASC 310-10”) at February 28, 2015 and November 30, 2014. | |||||||||||||||||||||||||
With regard to loans accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, (“ASC 310-30”), prior to the fourth quarter of 2014 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 was referred to as the nonaccretable difference. This difference was 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 was referred to as the accretable yield and was recognized in interest income over the remaining life of the loans using the effective yield method. | |||||||||||||||||||||||||
For the three months ended February 28, 2015, there was no activity in the accretable yield for the FDIC Portfolios and Bank Portfolios as all the remaining accreting loans were classified as nonaccrual loans during the fourth quarter of 2014, as explained above. For the three months ended February 28, 2014 the activity in the accretable yield was as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2014 | ||||||||||||||||||||||||
Accretable yield, beginning of period | $ | 73,144 | |||||||||||||||||||||||
Additions | 1,352 | ||||||||||||||||||||||||
Deletions | (8,704 | ) | |||||||||||||||||||||||
Accretions | (9,795 | ) | |||||||||||||||||||||||
Accretable yield, end of period | $ | 55,997 | |||||||||||||||||||||||
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, management classifies the loan as nonaccrual and accounts for these assets in accordance with 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: | |||||||||||||||||||||||||
February 28, 2015 | |||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||
(In thousands) | Unpaid | With | Without | Total Recorded | |||||||||||||||||||||
Principal Balance | Allowance | Allowance | Investment | ||||||||||||||||||||||
Land | $ | 199,367 | 76,354 | 2,043 | 78,397 | ||||||||||||||||||||
Single family homes | 60,723 | 14,514 | 4,578 | 19,092 | |||||||||||||||||||||
Commercial properties | 21,425 | 6,983 | 135 | 7,118 | |||||||||||||||||||||
Other | 61,787 | — | 12,118 | 12,118 | |||||||||||||||||||||
Loans receivable | $ | 343,302 | 97,851 | 18,874 | 116,725 | ||||||||||||||||||||
November 30, 2014 | |||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||
(In thousands) | Unpaid | With | Without | Total Recorded | |||||||||||||||||||||
Principal Balance | Allowance | Allowance | Investment | ||||||||||||||||||||||
Land | $ | 228,245 | 85,912 | 3,691 | 89,603 | ||||||||||||||||||||
Single family homes | 66,183 | 18,096 | 2,306 | 20,402 | |||||||||||||||||||||
Commercial properties | 34,048 | 3,368 | 3,918 | 7,286 | |||||||||||||||||||||
Other | 64,284 | 5 | 12,809 | 12,814 | |||||||||||||||||||||
Loans receivable | $ | 392,760 | 107,381 | 22,724 | 130,105 | ||||||||||||||||||||
The average recorded investment in impaired loans totaled approximately $123 million and $7 million for the three months ended February 28, 2015 and 2014, respectively. | |||||||||||||||||||||||||
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. For the three months ended February 28, 2015, there is no activity in the Company's allowance related to accrual loans as there were no loans classified as accrual loans at both February 28, 2015 and November 30, 2014. For the three months ended February 28, 2014, the activity in the Company's allowance rollforward related to accrual loans was as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2014 | ||||||||||||||||||||||||
Allowance on accrual loans, beginning of period | $ | 18,952 | |||||||||||||||||||||||
Provision for loan losses, net of recoveries | 6,637 | ||||||||||||||||||||||||
Charge-offs | (667 | ) | |||||||||||||||||||||||
Allowance on accrual loans, end of period | $ | 24,922 | |||||||||||||||||||||||
Nonaccrual — Loans in which forecasted principal and interest could not be reasonably estimated. The risk of nonaccrual loans relates to a decline in the value of the collateral securing the outstanding obligation and the recognition of an impairment through an allowance for loan losses if the recorded investment in the loan exceeds its fair value. The activity in the Company's allowance rollforward related to nonaccrual loans was as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
Allowance on nonaccrual loans, beginning of period | $ | 58,236 | 1,213 | ||||||||||||||||||||||
Provision for loan losses, net of recoveries | 1,224 | 79 | |||||||||||||||||||||||
Charge-offs | (8,441 | ) | (868 | ) | |||||||||||||||||||||
Allowance on nonaccrual loans, end of period | $ | 51,019 | 424 | ||||||||||||||||||||||
Real Estate Owned | |||||||||||||||||||||||||
The acquisition of properties acquired through, or in lieu of, loan foreclosure are reported within the condensed consolidated balance sheets as REO held-and-used, net and REO held-for-sale. When a property is determined to be held-and-used, net, the asset is recorded at fair value and depreciated over its useful life using the straight line method. When certain criteria set forth in ASC 360, Property, Plant and Equipment, are met, the property is classified as held-for-sale. When a real estate asset is classified as held-for-sale, the property is recorded at the lower of its cost basis or fair value less estimated costs to sell. The fair value of REO held-for-sale is determined in part by placing reliance on third-party appraisals of the properties and/or internally prepared analyses of recent offers or prices on comparable properties in the proximate vicinity. | |||||||||||||||||||||||||
The following tables represent the activity in REO: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
REO - held-for-sale, beginning of period | $ | 190,535 | 197,851 | ||||||||||||||||||||||
Improvements | 1,704 | 1,593 | |||||||||||||||||||||||
Sales | (24,925 | ) | (41,233 | ) | |||||||||||||||||||||
Impairments and unrealized losses | (1,418 | ) | (1,791 | ) | |||||||||||||||||||||
Transfers from held-and-used, net (1) | 19,615 | 29,814 | |||||||||||||||||||||||
REO - held-for-sale, end of period | $ | 185,511 | 186,234 | ||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
REO - held-and-used, net, beginning of period | $ | 255,795 | 428,989 | ||||||||||||||||||||||
Additions | 8,912 | 8,034 | |||||||||||||||||||||||
Improvements | 643 | 763 | |||||||||||||||||||||||
Impairments | (1,413 | ) | (904 | ) | |||||||||||||||||||||
Depreciation | (789 | ) | (1,393 | ) | |||||||||||||||||||||
Transfers to held-for-sale (1) | (19,615 | ) | (29,814 | ) | |||||||||||||||||||||
Other | (964 | ) | — | ||||||||||||||||||||||
REO - held-and-used, net, end of period | $ | 242,569 | 405,675 | ||||||||||||||||||||||
-1 | During the three months ended February 28, 2015 and 2014, 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 Mortgage Finance | |||||||||||||||||||||||||
RMF originates and sells 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 three months ended February 28, 2015, RMF originated loans with a total principal balance of $565.5 million and sold $318.1 million of loans into two separate securitizations. During the three months ended February 28, 2014, RMF originated loans with a total principal balance of $295.5 million and sold $253.0 million of loans into two separate securitizations. As November 30, 2014, $147.2 million of the originated loans were sold into a securitization trust but not settled and thus were included as receivables, net. | |||||||||||||||||||||||||
As of both February 28, 2015 and November 30, 2014, 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 $183.2 million and $141.3 million as of February 28, 2015 and November 30, 2014, respectively. In March 2015, RMF entered into an additional warehouse repurchase facility with commitments totaling $250 million that matures in fiscal 2016. | |||||||||||||||||||||||||
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 placement. 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. At February 28, 2015 and November 30, 2014, the carrying amount of the 7.00% Senior Notes was $351.8 million and $351.9 million, respectively. Under the indenture, Rialto is subject to certain covenants limiting, among other things, Rialto’s ability to incur indebtedness, to make investments, to make distributions to, or enter into transactions with, Lennar or to create liens, subject to certain exceptions and qualifications. Rialto also has quarterly and annual reporting requirements, similar to an SEC registrant, to holders of the 7.00% Senior Notes. The Company believes it was in compliance with its debt covenants at February 28, 2015. | |||||||||||||||||||||||||
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 funds investment are recorded at fair value with increases/decreases in fair value recorded in their respective statements of operations and the Company’s share is recorded in Rialto equity in earnings from unconsolidated entities in the Company's statement of operations. | |||||||||||||||||||||||||
The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: | |||||||||||||||||||||||||
February 28, | February 28, | November 30, | |||||||||||||||||||||||
2015 | 2015 | 2014 | |||||||||||||||||||||||
(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 | $ | 68,760 | 71,831 | |||||||||||||
Rialto Real Estate Fund II, LP | 2012 | 1,305,000 | 860,058 | 100,000 | 65,905 | 74,632 | 67,652 | ||||||||||||||||||
Rialto Mezzanine Partners Fund, LP | 2013 | 300,000 | 213,536 | 33,799 | 24,058 | 23,674 | 20,226 | ||||||||||||||||||
Other investments | 15,812 | 15,991 | |||||||||||||||||||||||
$ | 182,878 | 175,700 | |||||||||||||||||||||||
Rialto's share of earnings (loss) from unconsolidated entities was as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
Rialto Real Estate Fund, LP | $ | 746 | 5,059 | ||||||||||||||||||||||
Rialto Real Estate Fund II, LP | 893 | 38 | |||||||||||||||||||||||
Rialto Mezzanine Partners Fund, LP | 475 | 289 | |||||||||||||||||||||||
Other investments | 550 | (32 | ) | ||||||||||||||||||||||
Rialto equity in earnings from unconsolidated entities | $ | 2,664 | 5,354 | ||||||||||||||||||||||
During the three months ended February 28, 2015 , the Company received $6.5 million of advance distributions with regard to Rialto's carried interest in Rialto Real Estate Fund, LP ("Fund I") and Rialto Real Estate Fund II, LP ("Fund II") in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in Fund I and Fund II. These amounts of advance distributions are not subject to clawbacks and are included in Rialto's revenues. | |||||||||||||||||||||||||
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) | February 28, | November 30, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 77,844 | 141,609 | ||||||||||||||||||||||
Loans receivable | 515,229 | 512,034 | |||||||||||||||||||||||
Real estate owned | 442,258 | 378,702 | |||||||||||||||||||||||
Investment securities | 859,117 | 795,306 | |||||||||||||||||||||||
Investments in partnerships | 345,752 | 311,037 | |||||||||||||||||||||||
Other assets | 30,456 | 45,451 | |||||||||||||||||||||||
$ | 2,270,656 | 2,184,139 | |||||||||||||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||
Accounts payable and other liabilities | $ | 15,846 | 20,573 | ||||||||||||||||||||||
Notes payable | 407,446 | 395,654 | |||||||||||||||||||||||
Equity | 1,847,364 | 1,767,912 | |||||||||||||||||||||||
$ | 2,270,656 | 2,184,139 | |||||||||||||||||||||||
Statements of Operations | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
Revenues | $ | 41,738 | 31,427 | ||||||||||||||||||||||
Costs and expenses | 23,005 | 26,109 | |||||||||||||||||||||||
Other income, net (1) | 5,874 | 48,170 | |||||||||||||||||||||||
Net earnings of unconsolidated entities | $ | 24,607 | 53,488 | ||||||||||||||||||||||
Rialto equity in earnings from unconsolidated entities | $ | 2,664 | 5,354 | ||||||||||||||||||||||
-1 | Other income, net, for the three months ended February 28, 2015 and 2014 included realized and unrealized gains (losses) 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 February 28, 2015 and November 30, 2014 was $17.6 million and $17.3 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 months ended February 28, 2015 and 2014. The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. | |||||||||||||||||||||||||
In December 2014, the Rialto segment invested in a private commercial real estate services company at a price of $18.0 million. The investment is carried at cost at February 28, 2015 and is included in Rialto's other assets. |
Lennar_Multifamily_Segment
Lennar Multifamily Segment (Lennar Multifamily [Member]) | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Lennar Multifamily [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Segment Disclosures Including Unconsolidated Entity Information | Lennar Multifamily Segment | ||||||
The Company is 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) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 3,256 | 2,186 | ||||
Land under development | 121,706 | 120,666 | |||||
Consolidated inventory not owned | 5,508 | 5,508 | |||||
Investments in unconsolidated entities | 123,978 | 105,674 | |||||
Operating properties and equipment | 219 | 15,740 | |||||
Other assets | 25,699 | 18,240 | |||||
$ | 280,366 | 268,014 | |||||
Liabilities: | |||||||
Accounts payable and other liabilities | $ | 41,167 | 48,235 | ||||
Liabilities related to consolidated inventory not owned | 4,008 | 4,008 | |||||
$ | 45,175 | 52,243 | |||||
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. Generally 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 distribute after the achievement of certain thresholds. As of both February 28, 2015 and November 30, 2014, the fair value of the completion guarantees was immaterial. Additionally, as of February 28, 2015 and November 30, 2014, the Lennar Multifamily segment had $22.2 million and $23.5 million, respectively, of letters of credit outstanding primarily for credit enhancements for the bank debt of certain of its unconsolidated entities. These letters of credit outstanding were included in the disclosure in Note 12 related to the Company's performance and financial letters of credit. As of February 28, 2015 and November 30, 2014, Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $244.0 million and $163.4 million, respectively. | |||||||
During the three months ended February 28, 2015 and 2014, the Lennar Multifamily segment provided general contractor services for construction of some of its rental properties and received fees totaling $31.9 million and $6.2 million, respectively, which are offset by costs related to those services of $31.3 million and $6.0 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) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 21,389 | 25,319 | ||||
Operating properties and equipment | 806,652 | 637,259 | |||||
Other assets | 19,699 | 14,742 | |||||
$ | 847,740 | 677,320 | |||||
Liabilities and equity: | |||||||
Accounts payable and other liabilities | $ | 102,305 | 87,151 | ||||
Notes payable | 244,026 | 163,376 | |||||
Equity | 501,409 | 426,793 | |||||
$ | 847,740 | 677,320 | |||||
Statements of Operations | |||||||
Three Months Ended | |||||||
February 28, | |||||||
(In thousands) | 2015 | 2014 | |||||
Revenues | $ | 2,094 | — | ||||
Costs and expenses | 2,994 | 143 | |||||
Net loss of unconsolidated entities | $ | (900 | ) | (143 | ) | ||
Lennar Multifamily equity in loss from unconsolidated entities | $ | (178 | ) | (75 | ) |
Lennar_Homebuilding_Cash_And_C
Lennar Homebuilding Cash And Cash Equivalents | 3 Months Ended |
Feb. 28, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Lennar Homebuilding Cash And Cash Equivalents | Lennar Homebuilding Cash and Cash Equivalents |
Cash and cash equivalents as of February 28, 2015 and November 30, 2014 included $278.2 million and $263.2 million, respectively, of cash held in escrow for approximately three days. |
Lennar_Homebuilding_Restricted
Lennar Homebuilding Restricted Cash | 3 Months Ended |
Feb. 28, 2015 | |
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 | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Debt Disclosure [Abstract] | |||||||
Lennar Homebuilding Senior Notes And Other Debts Payable | Lennar Homebuilding Senior Notes and Other Debts Payable | ||||||
(Dollars in thousands) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
5.60% senior notes due 2015 | $ | 500,139 | 500,272 | ||||
6.50% senior notes due 2016 | 249,942 | 249,923 | |||||
12.25% senior notes due 2017 | 396,807 | 396,278 | |||||
4.75% senior notes due 2017 | 399,250 | 399,250 | |||||
6.95% senior notes due 2018 | 248,652 | 248,485 | |||||
4.125% senior notes due 2018 | 274,995 | 274,995 | |||||
4.500% senior notes due 2019 | 500,431 | 500,477 | |||||
4.50% senior notes due 2019 | 600,625 | 350,000 | |||||
2.75% convertible senior notes due 2020 | 434,494 | 431,042 | |||||
3.25% convertible senior notes due 2021 | 400,000 | 400,000 | |||||
4.750% senior notes due 2022 | 571,439 | 571,439 | |||||
Unsecured revolving credit facility that matures 2018 | 250,000 | — | |||||
Mortgage notes on land and other debt | 306,344 | 368,052 | |||||
$ | 5,133,118 | 4,690,213 | |||||
At February 28, 2015, the Company had a $1.5 billion unsecured revolving credit facility (the “Credit Facility”), which includes a $248 million accordion feature, subject to additional commitments, with certain financial institutions that matures in June 2018. The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The Credit Facility agreement also provides that up to $500 million in commitments may be used for letters of credit. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. For more details refer to Management's Discussion and Analysis of Financial Conditions and Results of Operations in Item 2. The Company believes it was in compliance with its debt covenants at February 28, 2015. In addition, the Company had $315 million letter of credit facilities with different financial institutions. | |||||||
The Company’s performance letters of credit outstanding were $239.0 million and $234.1 million, respectively, at February 28, 2015 and November 30, 2014. The Company’s financial letters of credit outstanding were $186.6 million and $190.4 million, respectively, at February 28, 2015 and November 30, 2014. Performance letters of credit are generally posted with regulatory bodies to guarantee the Company’s performance of certain development and construction activities. Financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at February 28, 2015, 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 $934.2 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 February 28, 2015, there were approximately $472.4 million, or 51%, 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 November 2014, the Company originally issued $350 million aggregate principal amount of 4.50% senior notes due 2019 (the “4.50% Senior Notes”) at a price of 100%. In February 2015, the Company issued an additional $250 million aggregate principal amount of its 4.50% Senior Notes at a price of 100.25%. Proceeds from the offerings, after payment of expenses, were $596.4 million. The Company is using 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 May 15, 2015. The 4.50% Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. | |||||||
At both February 28, 2015 and November 30, 2014, 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. | |||||||
The 2.75% convertible senior notes due 2020 (the “2.75% Convertible Senior Notes”) are convertible into cash, shares of Class A common stock or a combination of both, at the Company’s election. However, it is the Company’s intent to settle the face value of the 2.75% Convertible Senior Notes in cash. Shares are included in the calculation of diluted earnings per share because even though it is the Company’s intent to settle the face value of the 2.75% Convertible Senior Notes in cash, the Company's volume weighted average stock price exceeded the conversion price. The Company’s volume weighted average stock price for the three months ended February 28, 2015 and 2014 was $45.52 and $38.78, respectively, which exceeded the conversion price, thus 10.4 million shares and 8.6 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 shares of Class A common stock if all the 2.75% Convertible Senior Notes are converted, which is equivalent to an initial conversion price of approximately $22.13 per share of Class A common stock. 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 February 28, 2015 and November 30, 2014, the principal amount of the 2.75% Convertible Senior Notes was $446.0 million. At February 28, 2015 and November 30, 2014, the carrying amount of the equity component included in stockholders’ equity was $11.5 million and $15.0 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 $434.5 million and $431.0 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 | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
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 | |||||||
February 28, | |||||||
(In thousands) | 2015 | 2014 | |||||
Warranty reserve, beginning of period | $ | 115,927 | 102,580 | ||||
Warranties issued | 13,323 | 10,392 | |||||
Adjustments to pre-existing warranties from changes in estimates (1) | 3,661 | 2,120 | |||||
Payments | (16,640 | ) | (13,995 | ) | |||
Warranty reserve, end of period | $ | 116,271 | 101,097 | ||||
-1 | The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 2015 and 2014 primarily related to specific claims related to certain of our homebuilding communities and other adjustments. |
ShareBased_Payment
Share-Based Payment | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Share-Based Payment | Share-Based Payments | ||||||
During the three months ended February 28, 2015, the Company granted an immaterial number of stock options and did not grant any nonvested shares. During the three months ended February 28, 2014, the Company did not grant any stock options or nonvested shares. Compensation expense related to the Company’s share-based payment awards was as follows: | |||||||
Three Months Ended | |||||||
February 28, | |||||||
(In thousands) | 2015 | 2014 | |||||
Stock options | $ | 1 | 2 | ||||
Nonvested shares | 10,250 | 8,739 | |||||
Total compensation expense for share-based awards | $ | 10,251 | 8,741 | ||||
Financial_Instruments
Financial Instruments | 3 Months Ended | |||||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||
Financial Instruments | Financial Instruments and Fair Value Disclosures | |||||||||||||||||||||
The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at February 28, 2015 and November 30, 2014, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. | ||||||||||||||||||||||
February 28, 2015 | November 30, 2014 | |||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | ||||||||||||||||||
(In thousands) | Hierarchy | Amount | Value | Amount | Value | |||||||||||||||||
ASSETS | ||||||||||||||||||||||
Rialto: | ||||||||||||||||||||||
Loans receivable, net | Level 3 | $ | 116,725 | 122,012 | 130,105 | 135,881 | ||||||||||||||||
Investments held-to-maturity | Level 3 | $ | 17,624 | 17,504 | 17,290 | 17,155 | ||||||||||||||||
Lennar Financial Services: | ||||||||||||||||||||||
Loans held-for-investment, net | Level 3 | $ | 26,206 | 25,879 | 26,894 | 26,723 | ||||||||||||||||
Investments held-to-maturity | Level 2 | $ | 47,429 | 47,497 | 45,038 | 45,051 | ||||||||||||||||
LIABILITIES | ||||||||||||||||||||||
Lennar Homebuilding senior notes and other debts | Level 2 | $ | 5,133,118 | 6,361,102 | 4,690,213 | 5,760,075 | ||||||||||||||||
payable | ||||||||||||||||||||||
Rialto notes and other debts payable | Level 2 | $ | 646,082 | 673,669 | 623,246 | 640,335 | ||||||||||||||||
Lennar Financial Services notes and other debts payable | Level 2 | $ | 632,491 | 632,491 | 704,143 | 704,143 | ||||||||||||||||
The following methods and assumptions are used by the Company in estimating fair values: | ||||||||||||||||||||||
Lennar Homebuilding—For senior notes and other debts payable, the fair value of fixed-rate borrowings is based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates. | ||||||||||||||||||||||
Rialto—The fair values for loans receivable, net are based on the fair value of the collateral less estimated cost to sell or discounted cash flows, if estimable. The fair value for investments held-to-maturity is based on discounted cash flows. For notes and other debts payable, the fair value is calculated based on discounted cash flows using the Company’s weighted average borrowing rate and for the warehouse repurchase financing agreements fair values approximate their carrying value due to their short maturities. | ||||||||||||||||||||||
Lennar Financial Services—The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. For notes and other debts payable, the fair values approximate their carrying value due to variable interest pricing terms and short-term nature of the borrowings. | ||||||||||||||||||||||
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 | February 28, | November 30, | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Lennar Financial Services: | ||||||||||||||||||||||
Loans held-for-sale (1) | Level 2 | $ | 708,559 | 738,396 | ||||||||||||||||||
Mortgage loan commitments | Level 2 | $ | 18,966 | 12,687 | ||||||||||||||||||
Forward contracts | Level 2 | $ | (55 | ) | (7,576 | ) | ||||||||||||||||
Mortgage servicing rights | Level 3 | $ | 16,786 | 17,353 | ||||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||||||||
Investments available-for-sale | Level 3 | $ | 28,573 | 480 | ||||||||||||||||||
Rialto: | ||||||||||||||||||||||
Loans held-for-sale (2) | Level 3 | $ | 360,045 | 113,596 | ||||||||||||||||||
-1 | The aggregate fair value of Lennar Financial Services loans held-for-sale of $708.6 million at February 28, 2015 exceeds their aggregate principal balance of $683.5 million by $25.1 million. The aggregate fair value of loans held-for-sale of $738.4 million at November 30, 2014 exceeds their aggregate principal balance of $706.0 million by $32.4 million. | |||||||||||||||||||||
-2 | The aggregate fair value of Rialto loans held-for-sale of $360.0 million at February 28, 2015 exceeds their aggregate principal balance of $358.9 million by $1.1 million. The aggregate fair value of loans held-for-sale of $113.6 million at November 30, 2014 exceeds their aggregate principal balance of $111.8 million by $1.8 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 February 28, 2015 and November 30, 2014. 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. | ||||||||||||||||||||||
Lennar Financial Services forward contracts— Fair value is based on quoted market prices for similar financial instruments. As of February 28, 2015, the fair value of forward contracts is included in the Lennar Financial Services segment's other liabilities. As of November 30, 2014, the fair value of forward contracts is included in the Lennar Financial Services segment's other liabilities. | ||||||||||||||||||||||
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 February 28, 2015, the key assumptions used in determining the fair value include a 12.4% mortgage prepayment rate, a 12.0% discount rate and a 6.7% delinquency rate. The fair value of mortgage servicing rights is included in the Lennar Financial Services segment's other assets. | ||||||||||||||||||||||
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 and it is included in the Lennar Homebuilding segment's other assets. | ||||||||||||||||||||||
Rialto loans held-for-sale— The fair value of loans held-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. The Company estimates CMBS spreads by observing the pricing of recent CMBS offerings, secondary CMBS markets, changes in the CMBX index, and general capital and commercial real estate market conditions. Considerations in estimating CMBS spreads include comparing the Company’s current loan portfolio with comparable CMBS offerings containing loans with similar duration, credit quality and collateral composition. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust. | ||||||||||||||||||||||
The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
February 28, | ||||||||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||||||||
Changes in fair value included in Lennar Financial Services revenues: | ||||||||||||||||||||||
Loans held-for-sale | $ | (7,300 | ) | (1,240 | ) | |||||||||||||||||
Mortgage loan commitments | $ | 6,279 | 2,794 | |||||||||||||||||||
Forward contracts | $ | 7,521 | (5,721 | ) | ||||||||||||||||||
Interest income on Lennar Financial Services loans held-for-sale and Rialto loans held-for-sale measured at fair value is calculated based on the interest rate of the loan and recorded as revenues in the Lennar Financial Services’ statement of operations and Rialto 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 February 28, 2015, the segment had open commitments amounting to $956.0 million to sell MBS with varying settlement dates through May 2015. | ||||||||||||||||||||||
The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
February 28, | ||||||||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||||||||
Mortgage servicing rights, beginning of period | $ | 17,353 | 11,455 | |||||||||||||||||||
Purchases and retention of mortgage servicing rights | 344 | 1,421 | ||||||||||||||||||||
Disposals | (779 | ) | (261 | ) | ||||||||||||||||||
Changes in fair value (1) | (132 | ) | (660 | ) | ||||||||||||||||||
Mortgage servicing rights, end of period | $ | 16,786 | 11,955 | |||||||||||||||||||
-1 | Amount represents changes in fair value included in Lennar Financial Services revenues. | |||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
February 28, | ||||||||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||||||||
Investments available-for-sale, beginning of period | $ | 480 | 40,032 | |||||||||||||||||||
Purchases and other (1) | 28,093 | 15,994 | ||||||||||||||||||||
Changes in fair value (2) | — | 4,928 | ||||||||||||||||||||
Settlements (3) | — | (1,074 | ) | |||||||||||||||||||
Investments available-for-sale, end of period | $ | 28,573 | 59,880 | |||||||||||||||||||
-1 | Represents investments in community development district bonds that mature at various dates between 2015 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 months ended February 28, 2014 related to investments in community development district bonds, which were in default by the borrower and regarding which the Company redeemed the bonds. | |||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
February 28, | ||||||||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||||||||
Rialto loans held-for-sale, beginning of period | $ | 113,596 | 44,228 | |||||||||||||||||||
Loan originations | 565,515 | 295,508 | ||||||||||||||||||||
Origination loans sold, including those not settled | (318,104 | ) | (253,038 | ) | ||||||||||||||||||
Interest and principal paydowns | (208 | ) | (394 | ) | ||||||||||||||||||
Changes in fair value (1) | (754 | ) | 553 | |||||||||||||||||||
Rialto loans held-for-sale, end of period | $ | 360,045 | 86,857 | |||||||||||||||||||
-1 | Amount represents changes in fair value included in Rialto 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 table below represents only those assets whose carrying value were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: | ||||||||||||||||||||||
Three Months Ended February 28, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
(In thousands) | Fair Value | Carrying Value | Fair Value | Total Gains (Losses) (1) | Carrying Value | Fair Value | Total Gains (Losses) (1) | |||||||||||||||
Hierarchy | ||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||
Rialto: | ||||||||||||||||||||||
Impaired loans receivable | Level 3 | $ | 117,949 | 116,725 | (1,224 | ) | 176,122 | 169,405 | (6,717 | ) | ||||||||||||
Non-financial assets | ||||||||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||||||||
Land and land under development (2) | Level 3 | $ | — | — | — | 7,013 | 6,143 | 6 | (870 | ) | ||||||||||||
Rialto: | ||||||||||||||||||||||
REO - held-for-sale (3): | ||||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 4,883 | 4,590 | (293 | ) | 6,433 | 6,047 | (386 | ) | ||||||||||||
Upon management periodic valuations | Level 3 | $ | 5,604 | 4,479 | (1,125 | ) | 19,318 | 17,913 | (1,405 | ) | ||||||||||||
REO - held-and-used, net (4): | ||||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 8,637 | 8,912 | 275 | 7,716 | 8,034 | 318 | ||||||||||||||
Upon management periodic valuations | Level 3 | $ | 2,689 | 1,276 | (1,413 | ) | 9,549 | 8,645 | (904 | ) | ||||||||||||
-1 | Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended February 28, 2015 and 2014. | |||||||||||||||||||||
-2 | Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three months ended February 28, 2014. | |||||||||||||||||||||
-3 | REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The losses upon the transfer or acquisition of REO and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 28, 2015 and 2014. | |||||||||||||||||||||
-4 | REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains upon acquisition of REO held-and-used, net and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 28, 2015 and 2014. | |||||||||||||||||||||
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, 2014. | ||||||||||||||||||||||
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, market deterioration or changes in assumptions may lead the Company to incur additional impairment charges on previously impaired inventory, as well as on inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs. | ||||||||||||||||||||||
As of February 28, 2015 and 2014, there were 625 and 546 active communities, excluding unconsolidated entities, respectively. During the three months ended February 28, 2015, the Company reviewed its communities for potential indicators of impairments and identified 19 communities with 600 homesites and a corresponding carrying value of $120.5 million as having potential indicators of impairment. Of those communities identified, the Company recorded no impairments for the three months ended February 28, 2015. | ||||||||||||||||||||||
During the three months ended February 28, 2014, the Company reviewed its communities for potential indicators of impairments and identified 26 communities with 1,071 homesites and a corresponding carrying value of $89.3 million as having potential indicators of impairment. Of those communities identified, the Company recorded no impairments for the three months ended February 28, 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 the Company's 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. Generally, the capitalization rates used to estimate fair value ranged from 8% to 12% and varied based on the location of the asset, asset type and occupancy rates for the operating properties. | ||||||||||||||||||||||
Changes in economic factors, consumer demand and market conditions, among other things, could materially impact estimates used in the third-party appraisals and/or internally prepared analyses of recent offers or prices on comparable properties. Thus, estimates can differ significantly from the amounts ultimately realized by the Rialto segment from disposition of these assets. The amount by which the recorded investment in the loan is less than the REO’s fair value (net of estimated cost to sell if held-for-sale), is recorded as an unrealized gain upon foreclosure in the Company’s consolidated 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 generally recorded as a provision for loan losses in the Company’s condensed consolidated statement of operations. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
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, 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 three months ended February 28, 2015. Based on the Company's evaluation in the first quarter of 2015, the Company deconsolidated an entity within its Lennar Multifamily segment that had total combined assets of $17.4 million (primarily operating properties and equipment) and liabilities of $1.2 million. In addition, during the three months ended February 28, 2015, there were no VIEs that were consolidated. | |||||||
At February 28, 2015 and November 30, 2014, the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $684.1 million and $656.8 million, respectively, the Rialto segment’s investments in unconsolidated entities were $182.9 million and $175.7 million, respectively, and the Lennar Multifamily segment's investments in unconsolidated entities were $124.0 million and $105.7 million, respectively. | |||||||
Consolidated VIEs | |||||||
As of February 28, 2015, the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $818.9 million and $140.6 million, respectively. As of November 30, 2014, the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $929.1 million and $149.8 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 February 28, 2015 | |||||||
(In thousands) | Investments in | Lennar’s | |||||
Unconsolidated | Maximum | ||||||
VIEs | Exposure | ||||||
to Loss | |||||||
Lennar Homebuilding (1) | $ | 126,595 | 196,812 | ||||
Rialto (2) | 17,624 | 17,624 | |||||
Lennar Multifamily (3) | 41,265 | 64,117 | |||||
$ | 185,484 | 278,553 | |||||
As of November 30, 2014 | |||||||
(In thousands) | Investments in | Lennar’s | |||||
Unconsolidated | Maximum | ||||||
VIEs | Exposure | ||||||
to Loss | |||||||
Lennar Homebuilding (1) | $ | 124,311 | 194,321 | ||||
Rialto (2) | 17,290 | 17,290 | |||||
Lennar Multifamily (3) | 41,600 | 65,810 | |||||
$ | 183,201 | 277,421 | |||||
-1 | At both February 28, 2015 and November 30, 2014, 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 a $70.0 million remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. | ||||||
-2 | At both February 28, 2015 and November 30, 2014, the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. At February 28, 2015 and November 30, 2014, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $17.6 million and $17.3 million, respectively, related to Rialto’s investments held-to-maturity. | ||||||
-3 | At February 28, 2015 and November 30, 2014, the maximum exposure to loss of Lennar Multifamily's investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $22.1 million and $23.4 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 $22.1 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. | |||||||
During the three months ended February 28, 2015, consolidated inventory not owned decreased by $2.2 million with a corresponding decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 28, 2015. The decrease was primarily due to a higher amount of homesite takedowns than construction started on homesites not owned. To reflect the purchase price of the inventory consolidated, the Company had a net reclass related to option deposits from consolidated inventory not owned to land under development in the accompanying condensed consolidated balance sheet as of February 28, 2015. 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 $82.5 million and $85.6 million at February 28, 2015 and November 30, 2014, respectively. Additionally, the Company had posted $37.3 million and $34.5 million of letters of credit in lieu of cash deposits under certain option contracts as of February 28, 2015 and November 30, 2014, respectively. |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies | 3 Months Ended |
Feb. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingent Liabilities |
The Company has been engaged in litigation since 2008 in the United States District Court for the District of Maryland regarding whether the Company is required by a contract it entered into in 2005 to purchase a property in Maryland. After entering into the contract, the Company later renegotiated the purchase price, reducing it from $200 million to $134 million, $20 million of which has been paid and subsequently written off, leaving a balance of $114 million. In January 2015, the District Court rendered a decision ordering the Company to purchase the property for the $114 million balance of the contract price, to pay interest at the rate of 12% per annum from May 27, 2008, and to reimburse the seller for real estate taxes and attorneys’ fees. The Company believes the decision is contrary to applicable law and will appeal the decision. The Company does not believe it is probable that a loss has occurred and, therefore, no liability has been recorded with respect to this case. If the District Court decision were affirmed in its entirety, the Company would purchase the property and record it at fair value, which the Company believes would not result in a loss. The amount of interest the Company would be required to pay would depend on a number of questions currently pending before the District Court, including whether the interest the Company would be required to pay is simple interest or compound interest, and whether during the pendency of the appeal post-judgment interest would accrue at 12% per annum or at the federal post-judgment rate, which is substantially less than 12% per annum. Simple interest on $114 million at 12% per annum from May 27, 2008 to January 22, 2015 (the date of the District Court decision) would total $91.1 million and real estate taxes for that period would total $1.6 million. If post-judgment interest is simple interest on $114 million at 12% per annum, it would accrue at the rate of $13.7 million per year. The Company has not engaged in discovery regarding the amount of the plaintiffs’ attorneys’ fees. If the District Court decision were totally reversed on appeal, the Company would not have to purchase the property or pay interest, real estate taxes or attorneys’ fees. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Feb. 28, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements |
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 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 February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 amends the consolidation requirements and significantly changes the consolidation analysis required. ASU 2015-02 requires management to reevaluate all legal entities under a revised consolidation model specifically (i) modify the evaluation of whether limited partnership and similar legal entities are VIEs ,(ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs particularly those that have fee arrangements and related party relationships, and (iv) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Act of 1940 for registered money market funds. ASU 2015-02 will be effective for the Company’s fiscal year beginning December 1, 2016 and subsequent interim periods. The adoption of ASU 2015-02 is not expected to have a material effect on the Company’s condensed consolidated financial statements. |
Supplemental_Financial_Informa
Supplemental Financial Information | 3 Months Ended | |||||||||||||||
Feb. 28, 2015 | ||||||||||||||||
Supplemental Financial Information [Abstract] | ||||||||||||||||
Supplemental Financial Information | Supplemental Financial Information | |||||||||||||||
The indentures governing the Company’s 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, 4.500% senior notes due 2019, 4.50% senior notes due 2019, 2.75% convertible senior notes due 2020, 3.25% convertible senior notes due 2021 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 are not finance company subsidiaries or foreign subsidiaries and were guaranteeing the senior notes because at February 28, 2015 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 12. The guarantees are full, unconditional and joint and several and the guarantor subsidiaries are 100% directly or indirectly owned by Lennar Corporation. A subsidiary's guarantee will be suspended at any time when it is not directly or indirectly guaranteeing at least $75 million principal amount of debt of Lennar Corporation, and a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of. | ||||||||||||||||
For purposes of the condensed consolidating statement of cash flows included in the following supplemental financial information, the Company's accounting policy is to treat cash received by Lennar Corporation (“the Parent”) from its subsidiaries, to the extent of net earnings from such subsidiaries as a dividend and accordingly a return on investment within cash flows from operating activities. Distributions of capital received by the Parent from its subsidiaries are reflected as cash flows from investing activities. The cash outflows associated with the return on investment dividends and distributions of capital received by the Parent are reflected by the Guarantor and Non-Guarantor subsidiaries in the Dividends line item within cash flows from financing activities. All other cash flows between the Parent and its subsidiaries represent the settlement of receivables and payables between such entities in conjunction with the Parent's centralized cash management arrangement with its subsidiaries, which operates with the characteristics of a revolving credit facility, and are accordingly reflected net in the Intercompany line item within cash flows from investing activities for the Parent and net in the Intercompany line item within cash flows from financing activities for the Guarantor and Non-Guarantor subsidiaries. | ||||||||||||||||
Supplemental information for the subsidiaries that were guarantor subsidiaries at February 28, 2015 was as follows: | ||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
February 28, 2015 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
ASSETS | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | 371,687 | 277,545 | 14,583 | — | 663,815 | ||||||||||
Inventories | — | 8,211,318 | 195,184 | — | 8,406,502 | |||||||||||
Investments in unconsolidated entities | — | 655,242 | 28,893 | — | 684,135 | |||||||||||
Other assets | 162,364 | 321,648 | 101,774 | 6,240 | 592,026 | |||||||||||
Investments in subsidiaries | 4,063,687 | 286,093 | — | (4,349,780 | ) | — | ||||||||||
Intercompany | 5,556,131 | — | — | (5,556,131 | ) | — | ||||||||||
10,153,869 | 9,751,846 | 340,434 | (9,899,671 | ) | 10,346,478 | |||||||||||
Rialto | — | — | 1,379,841 | — | 1,379,841 | |||||||||||
Lennar Financial Services | — | 72,451 | 1,041,509 | — | 1,113,960 | |||||||||||
Lennar Multifamily | — | 276,335 | 4,031 | — | 280,366 | |||||||||||
Total assets | $ | 10,153,869 | 10,100,632 | 2,765,815 | (9,899,671 | ) | 13,120,645 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Accounts payable and other liabilities | $ | 353,511 | 649,001 | 72,425 | — | 1,074,937 | ||||||||||
Liabilities related to consolidated inventory not owned | — | 43,121 | — | — | 43,121 | |||||||||||
Senior notes and other debts payable | 4,848,024 | 204,824 | 80,270 | — | 5,133,118 | |||||||||||
Intercompany | — | 5,381,156 | 174,975 | (5,556,131 | ) | — | ||||||||||
5,201,535 | 6,278,102 | 327,670 | (5,556,131 | ) | 6,251,176 | |||||||||||
Rialto | — | — | 697,758 | — | 697,758 | |||||||||||
Lennar Financial Services | — | 25,592 | 785,714 | 6,240 | 817,546 | |||||||||||
Lennar Multifamily | — | 45,175 | — | — | 45,175 | |||||||||||
Total liabilities | 5,201,535 | 6,348,869 | 1,811,142 | (5,549,891 | ) | 7,811,655 | ||||||||||
Stockholders’ equity | 4,952,334 | 3,751,763 | 598,017 | (4,349,780 | ) | 4,952,334 | ||||||||||
Noncontrolling interests | — | — | 356,656 | — | 356,656 | |||||||||||
Total equity | 4,952,334 | 3,751,763 | 954,673 | (4,349,780 | ) | 5,308,990 | ||||||||||
Total liabilities and equity | $ | 10,153,869 | 10,100,632 | 2,765,815 | (9,899,671 | ) | 13,120,645 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
November 30, 2014 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
ASSETS | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | 653,491 | 323,325 | 12,206 | — | 989,022 | ||||||||||
Inventories | — | 7,528,633 | 207,967 | — | 7,736,600 | |||||||||||
Investments in unconsolidated entities | — | 632,973 | 23,864 | — | 656,837 | |||||||||||
Other assets | 159,564 | 402,076 | 104,619 | 6,330 | 672,589 | |||||||||||
Investments in subsidiaries | 4,073,687 | 299,432 | — | (4,373,119 | ) | — | ||||||||||
Intercompany | 4,709,544 | — | — | (4,709,544 | ) | — | ||||||||||
9,596,286 | 9,186,439 | 348,656 | (9,076,333 | ) | 10,055,048 | |||||||||||
Rialto | — | — | 1,458,152 | — | 1,458,152 | |||||||||||
Lennar Financial Services | — | 76,428 | 1,100,625 | — | 1,177,053 | |||||||||||
Lennar Multifamily | — | 248,784 | 19,230 | — | 268,014 | |||||||||||
Total assets | $ | 9,596,286 | 9,511,651 | 2,926,663 | (9,076,333 | ) | 12,958,267 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Accounts payable and other liabilities | $ | 447,104 | 756,991 | 71,699 | — | 1,275,794 | ||||||||||
Liabilities related to consolidated inventory not owned | — | 45,028 | — | — | 45,028 | |||||||||||
Senior notes and other debts payable | 4,322,162 | 287,700 | 80,351 | — | 4,690,213 | |||||||||||
Intercompany | — | 4,579,314 | 130,230 | (4,709,544 | ) | — | ||||||||||
4,769,266 | 5,669,033 | 282,280 | (4,709,544 | ) | 6,011,035 | |||||||||||
Rialto | — | — | 747,044 | — | 747,044 | |||||||||||
Lennar Financial Services | — | 28,705 | 861,608 | 6,330 | 896,643 | |||||||||||
Lennar Multifamily | — | 52,150 | 93 | — | 52,243 | |||||||||||
Total liabilities | 4,769,266 | 5,749,888 | 1,891,025 | (4,703,214 | ) | 7,706,965 | ||||||||||
Stockholders’ equity | 4,827,020 | 3,761,763 | 611,356 | (4,373,119 | ) | 4,827,020 | ||||||||||
Noncontrolling interests | — | — | 424,282 | — | 424,282 | |||||||||||
Total equity | 4,827,020 | 3,761,763 | 1,035,638 | (4,373,119 | ) | 5,251,302 | ||||||||||
Total liabilities and equity | $ | 9,596,286 | 9,511,651 | 2,926,663 | (9,076,333 | ) | 12,958,267 | |||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||
Three Months Ended February 28, 2015 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 1,441,658 | — | — | 1,441,658 | ||||||||||
Lennar Financial Services | — | 38,149 | 91,659 | (4,981 | ) | 124,827 | ||||||||||
Rialto | — | — | 41,197 | — | 41,197 | |||||||||||
Lennar Multifamily | — | 36,457 | — | — | 36,457 | |||||||||||
Total revenues | — | 1,516,264 | 132,856 | (4,981 | ) | 1,644,139 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 1,269,493 | 519 | (4,837 | ) | 1,265,175 | ||||||||||
Lennar Financial Services | — | 38,226 | 71,276 | (202 | ) | 109,300 | ||||||||||
Rialto | — | — | 40,781 | — | 40,781 | |||||||||||
Lennar Multifamily | — | 41,955 | 6 | — | 41,961 | |||||||||||
Corporate general and administrative | 42,389 | — | — | 1,265 | 43,654 | |||||||||||
Total costs and expenses | 42,389 | 1,349,674 | 112,582 | (3,774 | ) | 1,500,871 | ||||||||||
Lennar Homebuilding equity in earnings from unconsolidated entities | — | 22,495 | 6,404 | — | 28,899 | |||||||||||
Lennar Homebuilding other income, net | 231 | 6,324 | — | (222 | ) | 6,333 | ||||||||||
Other interest expense | (1,429 | ) | (4,071 | ) | — | 1,429 | (4,071 | ) | ||||||||
Rialto equity in earnings from unconsolidated entities | — | — | 2,664 | — | 2,664 | |||||||||||
Rialto other expense, net | — | — | (272 | ) | — | (272 | ) | |||||||||
Lennar Multifamily equity in loss from unconsolidated entities | — | (178 | ) | — | — | (178 | ) | |||||||||
Earnings (loss) before income taxes | (43,587 | ) | 191,160 | 29,070 | — | 176,643 | ||||||||||
Benefit (provision) for income taxes | 14,902 | (64,152 | ) | (10,476 | ) | — | (59,726 | ) | ||||||||
Equity in earnings from subsidiaries | 143,648 | 10,116 | — | (153,764 | ) | — | ||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 114,963 | 137,124 | 18,594 | (153,764 | ) | 116,917 | ||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 1,954 | — | 1,954 | |||||||||||
Net earnings attributable to Lennar | $ | 114,963 | 137,124 | 16,640 | (153,764 | ) | 114,963 | |||||||||
Comprehensive earnings attributable to Lennar | $ | 114,963 | 137,124 | 16,640 | (153,764 | ) | 114,963 | |||||||||
Comprehensive earnings attributable to noncontrolling interests | $ | — | — | 1,954 | — | 1,954 | ||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||
Three Months Ended February 28, 2014 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 1,231,385 | — | — | 1,231,385 | ||||||||||
Lennar Financial Services | — | 30,869 | 51,424 | (5,341 | ) | 76,952 | ||||||||||
Rialto | — | — | 46,955 | — | 46,955 | |||||||||||
Lennar Multifamily | — | 7,803 | — | — | 7,803 | |||||||||||
Total revenues | — | 1,270,057 | 98,379 | (5,341 | ) | 1,363,095 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 1,067,352 | (2,457 | ) | (540 | ) | 1,064,355 | |||||||||
Lennar Financial Services | — | 34,695 | 42,420 | (4,628 | ) | 72,487 | ||||||||||
Rialto | — | — | 47,576 | — | 47,576 | |||||||||||
Lennar Multifamily | — | 13,927 | — | — | 13,927 | |||||||||||
Corporate general and administrative | 36,846 | — | — | 1,266 | 38,112 | |||||||||||
Total costs and expenses | 36,846 | 1,115,974 | 87,539 | (3,902 | ) | 1,236,457 | ||||||||||
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities | — | 5,311 | (321 | ) | — | 4,990 | ||||||||||
Lennar Homebuilding other income, net | — | 2,879 | — | 10 | 2,889 | |||||||||||
Other interest expense | (1,429 | ) | (12,691 | ) | — | 1,429 | (12,691 | ) | ||||||||
Rialto equity in earnings from unconsolidated entities | — | — | 5,354 | — | 5,354 | |||||||||||
Rialto other expense, net | — | — | (1,229 | ) | — | (1,229 | ) | |||||||||
Lennar Multifamily equity in loss from unconsolidated entities | — | (75 | ) | — | — | (75 | ) | |||||||||
Earnings (loss) before income taxes | (38,275 | ) | 149,507 | 14,644 | — | 125,876 | ||||||||||
Benefit (provision) for income taxes | 14,169 | (55,360 | ) | (4,720 | ) | — | (45,911 | ) | ||||||||
Equity in earnings from subsidiaries | 102,223 | 5,566 | — | (107,789 | ) | — | ||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 78,117 | 99,713 | 9,924 | (107,789 | ) | 79,965 | ||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 1,848 | — | 1,848 | |||||||||||
Net earnings attributable to Lennar | $ | 78,117 | 99,713 | 8,076 | (107,789 | ) | 78,117 | |||||||||
Comprehensive earnings attributable to Lennar | $ | 78,117 | 99,713 | 8,076 | (107,789 | ) | 78,117 | |||||||||
Comprehensive earnings attributable to noncontrolling interests | $ | — | — | 1,848 | — | 1,848 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||
Three Months Ended February 28, 2015 | ||||||||||||||||
(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) | $ | 114,963 | 137,124 | 18,594 | (153,764 | ) | 116,917 | |||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | 143,648 | 10,116 | — | (153,764 | ) | — | ||||||||||
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (195,584 | ) | (716,869 | ) | (88,492 | ) | 153,764 | (847,181 | ) | |||||||
Net cash provided by (used in) operating activities | 63,027 | (569,629 | ) | (69,898 | ) | (153,764 | ) | (730,264 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||
Investments in and contributions to Lennar Homebuilding unconsolidated entities, net of distributions of capital | — | (10,668 | ) | — | — | (10,668 | ) | |||||||||
Investments in and contributions to Rialto unconsolidated entities, net of distributions of capital | — | — | (8,440 | ) | — | (8,440 | ) | |||||||||
Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to | — | 1,826 | — | — | 1,826 | |||||||||||
Receipts of principal payments on Rialto loans receivable | — | — | 3,519 | — | 3,519 | |||||||||||
Proceeds from sales of Rialto real estate owned | — | — | 28,055 | — | 28,055 | |||||||||||
Other | (21,439 | ) | (32,916 | ) | (27,131 | ) | — | (81,486 | ) | |||||||
Distributions of capital from guarantor and non-guarantor subsidiaries | 10,000 | 10,000 | — | (20,000 | ) | — | ||||||||||
Intercompany | (845,727 | ) | — | — | 845,727 | — | ||||||||||
Net cash used in investing activities | (857,166 | ) | (31,758 | ) | (3,997 | ) | 825,727 | (67,194 | ) | |||||||
Cash flows from financing activities: | ||||||||||||||||
Net borrowings under unsecured revolving credit facility | 250,000 | — | — | — | 250,000 | |||||||||||
Net repayments under Lennar Financial Services debt | — | — | (71,652 | ) | — | (71,652 | ) | |||||||||
Net borrowings under Rialto warehouse repurchase facilities | — | — | 41,971 | — | 41,971 | |||||||||||
Proceeds from senior notes and debt issue costs | 249,425 | — | (294 | ) | — | 249,131 | ||||||||||
Principal payments on Rialto notes payable | — | — | (17,499 | ) | — | (17,499 | ) | |||||||||
Net proceeds (repayments) on other borrowings | 21,250 | (82,587 | ) | (81 | ) | — | (61,418 | ) | ||||||||
Net payments related to noncontrolling interests | — | — | (56,327 | ) | — | (56,327 | ) | |||||||||
Excess tax benefits from share-based awards | 35 | — | — | — | 35 | |||||||||||
Common stock: | — | |||||||||||||||
Issuances | 8,227 | — | — | — | 8,227 | |||||||||||
Repurchases | (186 | ) | — | — | — | (186 | ) | |||||||||
Dividends | (8,208 | ) | (147,124 | ) | (26,640 | ) | 173,764 | (8,208 | ) | |||||||
Intercompany | — | 800,745 | 44,982 | (845,727 | ) | — | ||||||||||
Net cash provided by (used in) financing activities | 520,543 | 571,034 | (85,540 | ) | (671,963 | ) | 334,074 | |||||||||
Net decrease in cash and cash equivalents | (273,596 | ) | (30,353 | ) | (159,435 | ) | — | (463,384 | ) | |||||||
Cash and cash equivalents at beginning of period | 633,318 | 255,501 | 392,995 | — | 1,281,814 | |||||||||||
Cash and cash equivalents at end of period | $ | 359,722 | 225,148 | 233,560 | — | 818,430 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||
Three Months Ended February 28, 2014 | ||||||||||||||||
(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) | $ | 78,117 | 99,713 | 9,924 | (107,789 | ) | 79,965 | |||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | 102,223 | 5,566 | — | (107,789 | ) | — | ||||||||||
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (134,710 | ) | (568,041 | ) | 120,390 | 107,789 | (474,572 | ) | ||||||||
Net cash provided by (used in) operating activities | 45,630 | (462,762 | ) | 130,314 | (107,789 | ) | (394,607 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Distributions of capital from Lennar Homebuilding unconsolidated entities, net of investments in and contributions to | — | 28,767 | 733 | — | 29,500 | |||||||||||
Investments in and contributions to Rialto unconsolidated entities, net of distributions of capital | — | — | (13,124 | ) | — | (13,124 | ) | |||||||||
Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to | — | 26,810 | — | — | 26,810 | |||||||||||
Receipts of principal payments on Rialto loans receivable | — | — | 6,879 | — | 6,879 | |||||||||||
Proceeds from sales of Rialto real estate owned | — | — | 50,742 | — | 50,742 | |||||||||||
Other | (157 | ) | (16,229 | ) | (9,151 | ) | — | (25,537 | ) | |||||||
Distribution of capital from guarantor subsidiaries | 60,000 | — | — | (60,000 | ) | — | ||||||||||
Intercompany | (672,239 | ) | — | — | 672,239 | — | ||||||||||
Net cash provided by (used in) investing activities | (612,396 | ) | 39,348 | 36,079 | 612,239 | 75,270 | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Net repayments under Lennar Financial Services debt | — | — | (151,048 | ) | — | (151,048 | ) | |||||||||
Net repayments under Rialto warehouse repurchase facilities | — | — | (18,169 | ) | — | (18,169 | ) | |||||||||
Net proceeds from senior notes | 496,600 | — | (295 | ) | — | 496,305 | ||||||||||
Principal repayments on Rialto notes payable | — | — | (2,101 | ) | — | (2,101 | ) | |||||||||
Net repayments on other borrowings | — | (72,097 | ) | (73 | ) | — | (72,170 | ) | ||||||||
Exercise of land option contracts from an unconsolidated land investment venture | — | (1,540 | ) | — | — | (1,540 | ) | |||||||||
Net payments related to noncontrolling interests | — | — | (32,535 | ) | — | (32,535 | ) | |||||||||
Excess tax benefit from share-based awards | 137 | — | — | — | 137 | |||||||||||
Common stock: | — | |||||||||||||||
Issuances | 12,420 | — | — | — | 12,420 | |||||||||||
Dividends | (8,169 | ) | (99,713 | ) | (68,076 | ) | 167,789 | (8,169 | ) | |||||||
Intercompany | — | 609,943 | 62,296 | (672,239 | ) | — | ||||||||||
Net cash provided by (used in) financing activities | 500,988 | 436,593 | (210,001 | ) | (504,450 | ) | 223,130 | |||||||||
Net (decrease) increase in cash and cash equivalents | (65,778 | ) | 13,179 | (43,608 | ) | — | (96,207 | ) | ||||||||
Cash and cash equivalents at beginning of period | 547,101 | 152,753 | 270,651 | — | 970,505 | |||||||||||
Cash and cash equivalents at end of period | $ | 481,323 | 165,932 | 227,043 | — | 874,298 | ||||||||||
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 3 Months Ended |
Feb. 28, 2015 | |
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, 2014. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. | |
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 28, 2015 are not necessarily indicative of the results to be expected for the full year. | |
Revenue Recognition, Policy [Policy Text Block] | Rialto - Management Fee Revenue |
The Rialto segment provides services to a variety of legal entities and investment vehicles such as funds, joint ventures, co-invests, and other private equity structures to manage their respective investments. As a result, Rialto earns and receives management fees, underwriting fees and due diligence fees. These fees related to the Rialto segment are included in Rialto revenues and are recorded over the period in which the services are performed, fees are determinable and collectability is reasonably assured. Rialto receives investment management fees from investment vehicles based on 1) a percentage of committed capital during the commitment period and after the commitment period ends and 2) a percentage of invested capital less the portion of such invested capital utilized to acquire investments that have been sold (in whole or in part) or liquidated. Fees earned for underwriting and due diligence services are based on actual costs incurred. In certain situations, Rialto may earn additional fees when the return on assets managed exceeds contractually established thresholds. Such revenue is only booked when the contract terms are met, the contract is at, or near, completion and the amounts are known and collectability is reasonably assured. Since such revenue is recognized during the latter half of the life of the investment vehicle, after substantially all of the assets have been sold and investment gains and losses realized, the possibility of clawbacks is limited. In addition, Rialto may also receive tax distributions in order to cover income tax obligations resulting from allocations of taxable income due to Rialto's carried interests in the funds. These distributions are not subject to clawbacks and therefore are recorded as revenue when received. | |
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) | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
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) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Assets: | |||||||
Homebuilding East | $ | 2,410,301 | 2,323,978 | ||||
Homebuilding Central | 1,343,019 | 1,233,991 | |||||
Homebuilding West | 3,733,950 | 3,454,611 | |||||
Homebuilding Southeast Florida | 737,586 | 722,706 | |||||
Homebuilding Houston | 458,554 | 398,538 | |||||
Homebuilding Other | 913,372 | 880,912 | |||||
Rialto | 1,379,841 | 1,458,152 | |||||
Lennar Financial Services | 1,113,960 | 1,177,053 | |||||
Lennar Multifamily | 280,366 | 268,014 | |||||
Corporate and unallocated | 749,696 | 1,040,312 | |||||
Total assets | $ | 13,120,645 | 12,958,267 | ||||
Three Months Ended | |||||||
February 28, | |||||||
(In thousands) | 2015 | 2014 | |||||
Revenues: | |||||||
Homebuilding East | $ | 468,335 | 390,508 | ||||
Homebuilding Central | 210,508 | 162,494 | |||||
Homebuilding West | 382,773 | 315,015 | |||||
Homebuilding Southeast Florida | 142,348 | 102,164 | |||||
Homebuilding Houston | 131,257 | 130,623 | |||||
Homebuilding Other | 106,437 | 130,581 | |||||
Lennar Financial Services | 124,827 | 76,952 | |||||
Rialto | 41,197 | 46,955 | |||||
Lennar Multifamily | 36,457 | 7,803 | |||||
Total revenues (1) | $ | 1,644,139 | 1,363,095 | ||||
Operating earnings (loss): | |||||||
Homebuilding East | $ | 58,247 | 50,652 | ||||
Homebuilding Central | 15,052 | 10,660 | |||||
Homebuilding West (2) | 82,493 | 53,793 | |||||
Homebuilding Southeast Florida | 28,286 | 20,558 | |||||
Homebuilding Houston | 17,015 | 21,671 | |||||
Homebuilding Other (3) | 6,551 | 4,884 | |||||
Lennar Financial Services | 15,527 | 4,465 | |||||
Rialto | 2,808 | 3,504 | |||||
Lennar Multifamily | (5,682 | ) | (6,199 | ) | |||
Total operating earnings | 220,297 | 163,988 | |||||
Corporate general and administrative expenses | 43,654 | 38,112 | |||||
Earnings before income taxes | $ | 176,643 | 125,876 | ||||
-1 | Total revenues were net of sales incentives of $93.6 million ($21,800 per home delivered) for the three months ended February 28, 2015 and $76.5 million ($21,300 per home delivered) for the three months ended February 28, 2014. | ||||||
-2 | For the three months ended February 28, 2015, operating earnings included Lennar Homebuilding equity in earnings from unconsolidated entities of $31.3 million primarily related to the sale of approximately 600 homesites to third parties by Heritage Fields El Toro, one of the Company's unconsolidated entities. | ||||||
-3 | For the three months ended February 28, 2014, operating earnings included $1.0 million in write-offs of option deposits and pre-acquisition costs. |
Lennar_Homebuilding_Investment1
Lennar Homebuilding Investments In Unconsolidated Entities (Tables) (Lennar Homebuilding [Member]) | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
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 | |||||||
February 28, | |||||||
(In thousands) | 2015 | 2014 | |||||
Revenues | $ | 442,957 | 143,694 | ||||
Costs and expenses | 298,879 | 145,639 | |||||
Other income | 2,943 | — | |||||
Net earnings (loss) of unconsolidated entities (1) | $ | 147,021 | (1,945 | ) | |||
Lennar Homebuilding equity in earnings from unconsolidated entities (2) | $ | 28,899 | 4,990 | ||||
-1 | For the three months ended February 28, 2015, net earnings of unconsolidated entities included the sale of approximately 300 homesites to Lennar by Heritage Fields El Toro, one of the Company's unconsolidated entities, for $126.4 million, resulting in $44.6 million of gross profit of which the Company's portion was deferred. | ||||||
-2 | For the three months ended February 28, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $31.3 million of equity in earnings primarily related to the sale of approximately 600 homesites to third parties by Heritage Fields El Toro, one of the Company's unconsolidated entities. For the three months ended February 28, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.5 million of equity in earnings primarily as a result of a third-party land sale by one unconsolidated entity. | ||||||
Balance Sheets | Balance Sheets | ||||||
(In thousands) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 229,004 | 243,597 | ||||
Inventories | 2,739,595 | 2,889,267 | |||||
Other assets | 145,833 | 155,470 | |||||
$ | 3,114,432 | 3,288,334 | |||||
Liabilities and equity: | |||||||
Accounts payable and other liabilities | $ | 287,794 | 271,638 | ||||
Debt | 487,387 | 737,755 | |||||
Equity | 2,339,251 | 2,278,941 | |||||
$ | 3,114,432 | 3,288,334 | |||||
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: | ||||||
(Dollars in thousands) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Non-recourse bank debt and other debt (partner’s share of several recourse) | $ | 55,767 | 56,573 | ||||
Non-recourse land seller debt or other debt | 4,022 | 4,022 | |||||
Non-recourse debt with completion guarantees (1) | 180,032 | 442,854 | |||||
Non-recourse debt without completion guarantees | 224,796 | 209,825 | |||||
Non-recourse debt to the Company | 464,617 | 713,274 | |||||
The Company’s maximum recourse exposure | 22,770 | 24,481 | |||||
Total debt | $ | 487,387 | 737,755 | ||||
The Company’s maximum recourse exposure as a % of total JV debt | 5 | % | 3 | % | |||
-1 | The decrease in non-recourse debt with completion guarantees was primarily related to a debt paydown by Heritage Fields El Toro, one of the Company's unconsolidated entities, as a result of land sales. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||
Schedule of Changes in Equity | The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the three months ended February 28, 2015 and 2014: | |||||||||||||||||||||
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, 2014 | $ | 5,251,302 | 17,424 | 3,298 | 2,239,704 | (93,440 | ) | 2,660,034 | 424,282 | |||||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 116,917 | — | — | — | — | 114,963 | 1,954 | |||||||||||||||
Employee stock and directors plans | 8,274 | 1 | — | 247 | 8,026 | — | — | |||||||||||||||
Tax benefit from employee stock plans and vesting of restricted stock | 35 | — | — | 35 | — | — | — | |||||||||||||||
Amortization of restricted stock | 10,250 | — | — | 10,250 | — | — | — | |||||||||||||||
Cash dividends | (8,208 | ) | — | — | — | — | (8,208 | ) | — | |||||||||||||
Receipts related to noncontrolling interests | 1,302 | — | — | — | — | — | 1,302 | |||||||||||||||
Payments related to noncontrolling interests | (57,629 | ) | — | — | — | — | — | (57,629 | ) | |||||||||||||
Non-cash deconsolidations, net | (13,253 | ) | — | — | — | — | — | (13,253 | ) | |||||||||||||
Balance at February 28, 2015 | $ | 5,308,990 | 17,425 | 3,298 | 2,250,236 | (85,414 | ) | 2,766,789 | 356,656 | |||||||||||||
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 earnings attributable to noncontrolling interests) | 79,965 | — | — | — | — | 78,117 | 1,848 | |||||||||||||||
Employee stock and directors plans | 12,433 | 1 | — | 525 | 11,907 | — | — | |||||||||||||||
Tax benefit from employee stock plans and vesting of restricted stock | 137 | — | — | 137 | — | — | — | |||||||||||||||
Amortization of restricted stock | 8,739 | — | — | 8,739 | — | — | — | |||||||||||||||
Cash dividends | (8,169 | ) | — | — | — | — | (8,169 | ) | — | |||||||||||||
Receipts related to noncontrolling interests | 74 | — | — | — | — | — | 74 | |||||||||||||||
Payments related to noncontrolling interests | (32,609 | ) | — | — | — | — | — | (32,609 | ) | |||||||||||||
Non-cash consolidations, net | 13,117 | — | — | — | — | — | 13,117 | |||||||||||||||
Balance at February 28, 2014 | $ | 4,701,157 | 18,484 | 3,298 | 2,730,647 | (616,112 | ) | 2,123,841 | 440,999 | |||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
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 | |||||||
February 28, | |||||||
(In thousands, except per share amounts) | 2015 | 2014 | |||||
Numerator: | |||||||
Net earnings attributable to Lennar | $ | 114,963 | 78,117 | ||||
Less: distributed earnings allocated to nonvested shares | 91 | 98 | |||||
Less: undistributed earnings allocated to nonvested shares | 1,184 | 842 | |||||
Numerator for basic earnings per share | 113,688 | 77,177 | |||||
Plus: interest on 3.25% convertible senior notes due 2021 | 1,982 | 1,982 | |||||
Plus: undistributed earnings allocated to convertible shares | 1,184 | 842 | |||||
Less: undistributed earnings reallocated to convertible shares | 1,064 | 770 | |||||
Numerator for diluted earnings per share | $ | 115,790 | 79,231 | ||||
Denominator: | |||||||
Denominator for basic earnings per share - weighted average common shares outstanding | 202,930 | 201,955 | |||||
Effect of dilutive securities: | |||||||
Share-based payments | 11 | 10 | |||||
Convertible senior notes | 27,375 | 25,670 | |||||
Denominator for diluted earnings per share - weighted average common shares outstanding | 230,316 | 227,635 | |||||
Basic earnings per share | $ | 0.56 | 0.38 | ||||
Diluted earnings per share | $ | 0.5 | 0.35 | ||||
Lennar_Financial_Services_Segm1
Lennar Financial Services Segment (Tables) | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
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) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 84,201 | 90,010 | ||||
Restricted cash | 8,347 | 8,609 | |||||
Receivables, net (1) | 113,625 | 150,858 | |||||
Loans held-for-sale (2) | 708,559 | 738,396 | |||||
Loans held-for-investment, net | 26,206 | 26,894 | |||||
Investments held-to-maturity | 47,429 | 45,038 | |||||
Goodwill | 38,854 | 38,854 | |||||
Other (3) | 86,739 | 78,394 | |||||
$ | 1,113,960 | 1,177,053 | |||||
Liabilities: | |||||||
Notes and other debts payable | $ | 632,491 | 704,143 | ||||
Other (4) | 185,055 | 192,500 | |||||
$ | 817,546 | 896,643 | |||||
-1 | Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2015 and November 30, 2014, respectively. | ||||||
-2 | Loans held-for-sale related to unsold loans carried at fair value. | ||||||
-3 | Other assets included mortgage loan commitments carried at fair value of $19.0 million and $12.7 million as of February 28, 2015 and November 30, 2014, respectively. As of February 28, 2015 and November 30, 2014, other assets also included mortgage servicing rights carried at fair value of $16.8 million and $17.4 million, respectively, and other investment securities of $19.3 million and $16.8 million, respectively. | ||||||
-4 | Other liabilities included $68.9 million and $69.3 million as of February 28, 2015 and November 30, 2014, respectively, of certain of the Company’s self-insurance reserves related to general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $7.6 million as of November 30, 2014. | ||||||
Schedule of Line of Credit Facilities [Table Text Block] | At February 28, 2015, the Lennar Financial Services segment warehouse facilities were as follows: | ||||||
(In thousands) | Maximum Aggregate Commitment | ||||||
364-day warehouse repurchase facility that matures June 2015 (1) | $ | 150,000 | |||||
364-day warehouse repurchase facility that matures December 2015 (2) | 350,000 | ||||||
364-day warehouse repurchase facility that matures March 2016 (3) | 300,000 | ||||||
Totals | $ | 800,000 | |||||
-1 | Maximum aggregate commitment includes a $50 million accordion feature that is available beginning the tenth (10th) calendar day immediately preceding the first day of a fiscal quarter-through 20 days after fiscal quarter-end. | ||||||
-2 | In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment was increased from $325 million to $350 million through the second quarter of fiscal 2015 and will be increased to $450 million for the third and fourth quarter of fiscal 2015. | ||||||
-3 | Maximum aggregate commitment includes a $100 million accordion feature that is available 10 days prior to the end of each fiscal quarter through 20 days after each fiscal quarter end. At February 28, 2015 the facility was on a rolling termination date through March 19, 2015 extending the final maturity date to March 2016. | ||||||
Schedule Of Loan Origination Liabilities | The activity in the Company’s loan origination liabilities was as follows: | ||||||
Three Months Ended | |||||||
February 28, | |||||||
(In thousands) | 2015 | 2014 | |||||
Loan origination liabilities, beginning of period | $ | 11,818 | 9,311 | ||||
Provision for losses | 802 | 293 | |||||
Payments/settlements | (144 | ) | (19 | ) | |||
Loan origination liabilities, end of period | $ | 12,476 | 9,585 | ||||
Impaired Financing Receivables [Table Text Block] | The total unpaid principal balance of the impaired loans was as follows: | ||||||
(In thousands) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Impaired loans unpaid principal balance | $ | 7,912 | 7,576 | ||||
Valuation allowance | (3,789 | ) | (3,730 | ) | |||
Investment in impaired loans | $ | 4,123 | 3,846 | ||||
Rialto_Investments_Segment_Tab
Rialto Investments Segment (Tables) (Rialto [Member]) | 3 Months Ended | ||||||||||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||||||||||
Rialto [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) | February 28, | November 30, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 147,219 | 303,889 | ||||||||||||||||||||||
Restricted cash (1) | 19,488 | 46,975 | |||||||||||||||||||||||
Receivables, net (2) | — | 153,773 | |||||||||||||||||||||||
Loans receivable, net | 116,725 | 130,105 | |||||||||||||||||||||||
Loans held-for-sale (3) | 360,045 | 113,596 | |||||||||||||||||||||||
Real estate owned - held-for-sale | 185,511 | 190,535 | |||||||||||||||||||||||
Real estate owned - held-and-used, net | 242,569 | 255,795 | |||||||||||||||||||||||
Investments in unconsolidated entities | 182,878 | 175,700 | |||||||||||||||||||||||
Investments held-to-maturity | 17,624 | 17,290 | |||||||||||||||||||||||
Other | 107,782 | 70,494 | |||||||||||||||||||||||
$ | 1,379,841 | 1,458,152 | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Notes and other debts payable (4) | $ | 646,082 | 623,246 | ||||||||||||||||||||||
Other | 51,676 | 123,798 | |||||||||||||||||||||||
$ | 697,758 | 747,044 | |||||||||||||||||||||||
-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, 2014. | ||||||||||||||||||||||||
-3 | Loans held-for-sale relate to unsold loans originated by RMF carried at fair value. | ||||||||||||||||||||||||
-4 | Notes and other debts payable include $351.8 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“7.00% Senior Notes”) as of February 28, 2015 and November 30, 2014, respectively, $183.2 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of February 28, 2015 and November 30, 2014, respectively, and $40.4 million and $58.0 million related to the notes issued through a structured note offering as of February 28, 2015 and November 30, 2014, respectively. | ||||||||||||||||||||||||
Operating Earnings By Segment | Rialto’s operating earnings were as follows: | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
Revenues | $ | 41,197 | 46,955 | ||||||||||||||||||||||
Costs and expenses (1) | 40,781 | 47,576 | |||||||||||||||||||||||
Rialto equity in earnings from unconsolidated entities | 2,664 | 5,354 | |||||||||||||||||||||||
Rialto other expense, net | (272 | ) | (1,229 | ) | |||||||||||||||||||||
Operating earnings (2) | $ | 2,808 | 3,504 | ||||||||||||||||||||||
-1 | Costs and expenses for the three months ended February 28, 2015 and 2014 included loan impairments of $1.2 million and $6.7 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). | ||||||||||||||||||||||||
-2 | Operating earnings for the three months ended February 28, 2015 and 2014 included net earnings (loss) attributable to noncontrolling interests of ($1.8) million and $0.9 million, respectively. | ||||||||||||||||||||||||
Other Income (Expense), Net Related By Segment | The following is a detail of Rialto other expense, net: | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
Realized gains on REO sales, net | $ | 3,130 | 9,509 | ||||||||||||||||||||||
Unrealized losses on transfer of loans receivable to REO and impairments, net | (2,556 | ) | (2,377 | ) | |||||||||||||||||||||
REO and other expenses | (13,242 | ) | (31,172 | ) | |||||||||||||||||||||
Rental and other income | 12,396 | 22,811 | |||||||||||||||||||||||
Rialto other expense, net | $ | (272 | ) | (1,229 | ) | ||||||||||||||||||||
Loans Receivable By Aggregate Collateral Type | The following table displays the loans receivable, net by aggregate collateral type and risk categories: | ||||||||||||||||||||||||
(In thousands) | February 28, | November 30, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Land | $ | 78,397 | 89,603 | ||||||||||||||||||||||
Single family homes | 19,092 | 20,402 | |||||||||||||||||||||||
Commercial properties | 7,118 | 7,286 | |||||||||||||||||||||||
Other | 12,118 | 12,814 | |||||||||||||||||||||||
Loans receivable, net | $ | 116,725 | 130,105 | ||||||||||||||||||||||
Accretable Yield For The FDIC Portfolios And Bank Portfolios | For the three months ended February 28, 2014 the activity in the accretable yield was as follows: | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2014 | ||||||||||||||||||||||||
Accretable yield, beginning of period | $ | 73,144 | |||||||||||||||||||||||
Additions | 1,352 | ||||||||||||||||||||||||
Deletions | (8,704 | ) | |||||||||||||||||||||||
Accretions | (9,795 | ) | |||||||||||||||||||||||
Accretable yield, end of period | $ | 55,997 | |||||||||||||||||||||||
Nonaccrual Loans | The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type: | ||||||||||||||||||||||||
February 28, 2015 | |||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||
(In thousands) | Unpaid | With | Without | Total Recorded | |||||||||||||||||||||
Principal Balance | Allowance | Allowance | Investment | ||||||||||||||||||||||
Land | $ | 199,367 | 76,354 | 2,043 | 78,397 | ||||||||||||||||||||
Single family homes | 60,723 | 14,514 | 4,578 | 19,092 | |||||||||||||||||||||
Commercial properties | 21,425 | 6,983 | 135 | 7,118 | |||||||||||||||||||||
Other | 61,787 | — | 12,118 | 12,118 | |||||||||||||||||||||
Loans receivable | $ | 343,302 | 97,851 | 18,874 | 116,725 | ||||||||||||||||||||
November 30, 2014 | |||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||
(In thousands) | Unpaid | With | Without | Total Recorded | |||||||||||||||||||||
Principal Balance | Allowance | Allowance | Investment | ||||||||||||||||||||||
Land | $ | 228,245 | 85,912 | 3,691 | 89,603 | ||||||||||||||||||||
Single family homes | 66,183 | 18,096 | 2,306 | 20,402 | |||||||||||||||||||||
Commercial properties | 34,048 | 3,368 | 3,918 | 7,286 | |||||||||||||||||||||
Other | 64,284 | 5 | 12,809 | 12,814 | |||||||||||||||||||||
Loans receivable | $ | 392,760 | 107,381 | 22,724 | 130,105 | ||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | For the three months ended February 28, 2014, the activity in the Company's allowance rollforward related to accrual loans was as follows: | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2014 | ||||||||||||||||||||||||
Allowance on accrual loans, beginning of period | $ | 18,952 | |||||||||||||||||||||||
Provision for loan losses, net of recoveries | 6,637 | ||||||||||||||||||||||||
Charge-offs | (667 | ) | |||||||||||||||||||||||
Allowance on accrual loans, end of period | $ | 24,922 | |||||||||||||||||||||||
Nonaccrual — Loans in which forecasted principal and interest could not be reasonably estimated. The risk of nonaccrual loans relates to a decline in the value of the collateral securing the outstanding obligation and the recognition of an impairment through an allowance for loan losses if the recorded investment in the loan exceeds its fair value. The activity in the Company's allowance rollforward related to nonaccrual loans was as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
Allowance on nonaccrual loans, beginning of period | $ | 58,236 | 1,213 | ||||||||||||||||||||||
Provision for loan losses, net of recoveries | 1,224 | 79 | |||||||||||||||||||||||
Charge-offs | (8,441 | ) | (868 | ) | |||||||||||||||||||||
Allowance on nonaccrual loans, end of period | $ | 51,019 | 424 | ||||||||||||||||||||||
Changes In Real Estate Owned | The following tables represent the activity in REO: | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
REO - held-for-sale, beginning of period | $ | 190,535 | 197,851 | ||||||||||||||||||||||
Improvements | 1,704 | 1,593 | |||||||||||||||||||||||
Sales | (24,925 | ) | (41,233 | ) | |||||||||||||||||||||
Impairments and unrealized losses | (1,418 | ) | (1,791 | ) | |||||||||||||||||||||
Transfers from held-and-used, net (1) | 19,615 | 29,814 | |||||||||||||||||||||||
REO - held-for-sale, end of period | $ | 185,511 | 186,234 | ||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
REO - held-and-used, net, beginning of period | $ | 255,795 | 428,989 | ||||||||||||||||||||||
Additions | 8,912 | 8,034 | |||||||||||||||||||||||
Improvements | 643 | 763 | |||||||||||||||||||||||
Impairments | (1,413 | ) | (904 | ) | |||||||||||||||||||||
Depreciation | (789 | ) | (1,393 | ) | |||||||||||||||||||||
Transfers to held-for-sale (1) | (19,615 | ) | (29,814 | ) | |||||||||||||||||||||
Other | (964 | ) | — | ||||||||||||||||||||||
REO - held-and-used, net, end of period | $ | 242,569 | 405,675 | ||||||||||||||||||||||
-1 | During the three months ended February 28, 2015 and 2014, 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: | ||||||||||||||||||||||||
February 28, | February 28, | November 30, | |||||||||||||||||||||||
2015 | 2015 | 2014 | |||||||||||||||||||||||
(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 | $ | 68,760 | 71,831 | |||||||||||||
Rialto Real Estate Fund II, LP | 2012 | 1,305,000 | 860,058 | 100,000 | 65,905 | 74,632 | 67,652 | ||||||||||||||||||
Rialto Mezzanine Partners Fund, LP | 2013 | 300,000 | 213,536 | 33,799 | 24,058 | 23,674 | 20,226 | ||||||||||||||||||
Other investments | 15,812 | 15,991 | |||||||||||||||||||||||
$ | 182,878 | 175,700 | |||||||||||||||||||||||
Equity in Earnings (Loss) on Investments Related to Rialto Segment [Table Text Block] | Rialto's share of earnings (loss) from unconsolidated entities was as follows: | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
Rialto Real Estate Fund, LP | $ | 746 | 5,059 | ||||||||||||||||||||||
Rialto Real Estate Fund II, LP | 893 | 38 | |||||||||||||||||||||||
Rialto Mezzanine Partners Fund, LP | 475 | 289 | |||||||||||||||||||||||
Other investments | 550 | (32 | ) | ||||||||||||||||||||||
Rialto equity in earnings from unconsolidated entities | $ | 2,664 | 5,354 | ||||||||||||||||||||||
Condensed Financial Information By Equity Method Investment, Balance Sheets | Balance Sheets | ||||||||||||||||||||||||
(In thousands) | February 28, | November 30, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 77,844 | 141,609 | ||||||||||||||||||||||
Loans receivable | 515,229 | 512,034 | |||||||||||||||||||||||
Real estate owned | 442,258 | 378,702 | |||||||||||||||||||||||
Investment securities | 859,117 | 795,306 | |||||||||||||||||||||||
Investments in partnerships | 345,752 | 311,037 | |||||||||||||||||||||||
Other assets | 30,456 | 45,451 | |||||||||||||||||||||||
$ | 2,270,656 | 2,184,139 | |||||||||||||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||
Accounts payable and other liabilities | $ | 15,846 | 20,573 | ||||||||||||||||||||||
Notes payable | 407,446 | 395,654 | |||||||||||||||||||||||
Equity | 1,847,364 | 1,767,912 | |||||||||||||||||||||||
$ | 2,270,656 | 2,184,139 | |||||||||||||||||||||||
Condensed Financial Information By Equity Method Investment, Statements Of Operations | Statements of Operations | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
February 28, | |||||||||||||||||||||||||
(In thousands) | 2015 | 2014 | |||||||||||||||||||||||
Revenues | $ | 41,738 | 31,427 | ||||||||||||||||||||||
Costs and expenses | 23,005 | 26,109 | |||||||||||||||||||||||
Other income, net (1) | 5,874 | 48,170 | |||||||||||||||||||||||
Net earnings of unconsolidated entities | $ | 24,607 | 53,488 | ||||||||||||||||||||||
Rialto equity in earnings from unconsolidated entities | $ | 2,664 | 5,354 | ||||||||||||||||||||||
-1 | Other income, net, for the three months ended February 28, 2015 and 2014 included realized and unrealized gains (losses) on investments |
Lennar_Multifamily_Segment_Tab
Lennar Multifamily Segment (Tables) (Lennar Multifamily [Member]) | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
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) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 3,256 | 2,186 | ||||
Land under development | 121,706 | 120,666 | |||||
Consolidated inventory not owned | 5,508 | 5,508 | |||||
Investments in unconsolidated entities | 123,978 | 105,674 | |||||
Operating properties and equipment | 219 | 15,740 | |||||
Other assets | 25,699 | 18,240 | |||||
$ | 280,366 | 268,014 | |||||
Liabilities: | |||||||
Accounts payable and other liabilities | $ | 41,167 | 48,235 | ||||
Liabilities related to consolidated inventory not owned | 4,008 | 4,008 | |||||
$ | 45,175 | 52,243 | |||||
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) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 21,389 | 25,319 | ||||
Operating properties and equipment | 806,652 | 637,259 | |||||
Other assets | 19,699 | 14,742 | |||||
$ | 847,740 | 677,320 | |||||
Liabilities and equity: | |||||||
Accounts payable and other liabilities | $ | 102,305 | 87,151 | ||||
Notes payable | 244,026 | 163,376 | |||||
Equity | 501,409 | 426,793 | |||||
$ | 847,740 | 677,320 | |||||
Condensed Financial Information By Equity Method Investment, Statements Of Operations | Statements of Operations | ||||||
Three Months Ended | |||||||
February 28, | |||||||
(In thousands) | 2015 | 2014 | |||||
Revenues | $ | 2,094 | — | ||||
Costs and expenses | 2,994 | 143 | |||||
Net loss of unconsolidated entities | $ | (900 | ) | (143 | ) | ||
Lennar Multifamily equity in loss from unconsolidated entities | $ | (178 | ) | (75 | ) |
Lennar_Homebuilding_Senior_Not1
Lennar Homebuilding Senior Notes And Other Debts Payable (Tables) | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Debt Disclosure [Abstract] | |||||||
Schedule Of Senior Notes And Other Debts Payable | |||||||
(Dollars in thousands) | February 28, | November 30, | |||||
2015 | 2014 | ||||||
5.60% senior notes due 2015 | $ | 500,139 | 500,272 | ||||
6.50% senior notes due 2016 | 249,942 | 249,923 | |||||
12.25% senior notes due 2017 | 396,807 | 396,278 | |||||
4.75% senior notes due 2017 | 399,250 | 399,250 | |||||
6.95% senior notes due 2018 | 248,652 | 248,485 | |||||
4.125% senior notes due 2018 | 274,995 | 274,995 | |||||
4.500% senior notes due 2019 | 500,431 | 500,477 | |||||
4.50% senior notes due 2019 | 600,625 | 350,000 | |||||
2.75% convertible senior notes due 2020 | 434,494 | 431,042 | |||||
3.25% convertible senior notes due 2021 | 400,000 | 400,000 | |||||
4.750% senior notes due 2022 | 571,439 | 571,439 | |||||
Unsecured revolving credit facility that matures 2018 | 250,000 | — | |||||
Mortgage notes on land and other debt | 306,344 | 368,052 | |||||
$ | 5,133,118 | 4,690,213 | |||||
Product_Warranty_Tables
Product Warranty (Tables) | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Product Warranties Disclosures [Abstract] | |||||||
Schedule Of Product Warranty Reserve | The activity in the Company’s warranty reserve was as follows: | ||||||
Three Months Ended | |||||||
February 28, | |||||||
(In thousands) | 2015 | 2014 | |||||
Warranty reserve, beginning of period | $ | 115,927 | 102,580 | ||||
Warranties issued | 13,323 | 10,392 | |||||
Adjustments to pre-existing warranties from changes in estimates (1) | 3,661 | 2,120 | |||||
Payments | (16,640 | ) | (13,995 | ) | |||
Warranty reserve, end of period | $ | 116,271 | 101,097 | ||||
-1 | The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 2015 and 2014 primarily related to specific claims related to certain of our homebuilding communities and other adjustments. |
ShareBased_Payment_Tables
Share-Based Payment (Tables) | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
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 | |||||||
February 28, | |||||||
(In thousands) | 2015 | 2014 | |||||
Stock options | $ | 1 | 2 | ||||
Nonvested shares | 10,250 | 8,739 | |||||
Total compensation expense for share-based awards | $ | 10,251 | 8,741 | ||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||
Carrying Amounts And Estimated Fair Value Of Financial Instruments | ||||||||||||||||||||||
February 28, 2015 | November 30, 2014 | |||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | ||||||||||||||||||
(In thousands) | Hierarchy | Amount | Value | Amount | Value | |||||||||||||||||
ASSETS | ||||||||||||||||||||||
Rialto: | ||||||||||||||||||||||
Loans receivable, net | Level 3 | $ | 116,725 | 122,012 | 130,105 | 135,881 | ||||||||||||||||
Investments held-to-maturity | Level 3 | $ | 17,624 | 17,504 | 17,290 | 17,155 | ||||||||||||||||
Lennar Financial Services: | ||||||||||||||||||||||
Loans held-for-investment, net | Level 3 | $ | 26,206 | 25,879 | 26,894 | 26,723 | ||||||||||||||||
Investments held-to-maturity | Level 2 | $ | 47,429 | 47,497 | 45,038 | 45,051 | ||||||||||||||||
LIABILITIES | ||||||||||||||||||||||
Lennar Homebuilding senior notes and other debts | Level 2 | $ | 5,133,118 | 6,361,102 | 4,690,213 | 5,760,075 | ||||||||||||||||
payable | ||||||||||||||||||||||
Rialto notes and other debts payable | Level 2 | $ | 646,082 | 673,669 | 623,246 | 640,335 | ||||||||||||||||
Lennar Financial Services notes and other debts payable | Level 2 | $ | 632,491 | 632,491 | 704,143 | 704,143 | ||||||||||||||||
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 | February 28, | November 30, | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Lennar Financial Services: | ||||||||||||||||||||||
Loans held-for-sale (1) | Level 2 | $ | 708,559 | 738,396 | ||||||||||||||||||
Mortgage loan commitments | Level 2 | $ | 18,966 | 12,687 | ||||||||||||||||||
Forward contracts | Level 2 | $ | (55 | ) | (7,576 | ) | ||||||||||||||||
Mortgage servicing rights | Level 3 | $ | 16,786 | 17,353 | ||||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||||||||
Investments available-for-sale | Level 3 | $ | 28,573 | 480 | ||||||||||||||||||
Rialto: | ||||||||||||||||||||||
Loans held-for-sale (2) | Level 3 | $ | 360,045 | 113,596 | ||||||||||||||||||
-1 | The aggregate fair value of Lennar Financial Services loans held-for-sale of $708.6 million at February 28, 2015 exceeds their aggregate principal balance of $683.5 million by $25.1 million. The aggregate fair value of loans held-for-sale of $738.4 million at November 30, 2014 exceeds their aggregate principal balance of $706.0 million by $32.4 million. | |||||||||||||||||||||
-2 | The aggregate fair value of Rialto loans held-for-sale of $360.0 million at February 28, 2015 exceeds their aggregate principal balance of $358.9 million by $1.1 million. The aggregate fair value of loans held-for-sale of $113.6 million at November 30, 2014 exceeds their aggregate principal balance of $111.8 million by $1.8 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 are shown below by financial instrument and financial statement line item: | |||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
February 28, | ||||||||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||||||||
Changes in fair value included in Lennar Financial Services revenues: | ||||||||||||||||||||||
Loans held-for-sale | $ | (7,300 | ) | (1,240 | ) | |||||||||||||||||
Mortgage loan commitments | $ | 6,279 | 2,794 | |||||||||||||||||||
Forward contracts | $ | 7,521 | (5,721 | ) | ||||||||||||||||||
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements | The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: | |||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
February 28, | ||||||||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||||||||
Mortgage servicing rights, beginning of period | $ | 17,353 | 11,455 | |||||||||||||||||||
Purchases and retention of mortgage servicing rights | 344 | 1,421 | ||||||||||||||||||||
Disposals | (779 | ) | (261 | ) | ||||||||||||||||||
Changes in fair value (1) | (132 | ) | (660 | ) | ||||||||||||||||||
Mortgage servicing rights, end of period | $ | 16,786 | 11,955 | |||||||||||||||||||
-1 | Amount represents changes in fair value included in Lennar Financial Services revenues. | |||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
February 28, | ||||||||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||||||||
Investments available-for-sale, beginning of period | $ | 480 | 40,032 | |||||||||||||||||||
Purchases and other (1) | 28,093 | 15,994 | ||||||||||||||||||||
Changes in fair value (2) | — | 4,928 | ||||||||||||||||||||
Settlements (3) | — | (1,074 | ) | |||||||||||||||||||
Investments available-for-sale, end of period | $ | 28,573 | 59,880 | |||||||||||||||||||
-1 | Represents investments in community development district bonds that mature at various dates between 2015 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 months ended February 28, 2014 related to investments in community development district bonds, which were in default by the borrower and regarding which the Company redeemed the bonds. | |||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
February 28, | ||||||||||||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||||||||||||
Rialto loans held-for-sale, beginning of period | $ | 113,596 | 44,228 | |||||||||||||||||||
Loan originations | 565,515 | 295,508 | ||||||||||||||||||||
Origination loans sold, including those not settled | (318,104 | ) | (253,038 | ) | ||||||||||||||||||
Interest and principal paydowns | (208 | ) | (394 | ) | ||||||||||||||||||
Changes in fair value (1) | (754 | ) | 553 | |||||||||||||||||||
Rialto loans held-for-sale, end of period | $ | 360,045 | 86,857 | |||||||||||||||||||
-1 | Amount represents changes in fair value included in Rialto 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 table below represents only those assets whose carrying value were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: | |||||||||||||||||||||
Three Months Ended February 28, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
(In thousands) | Fair Value | Carrying Value | Fair Value | Total Gains (Losses) (1) | Carrying Value | Fair Value | Total Gains (Losses) (1) | |||||||||||||||
Hierarchy | ||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||
Rialto: | ||||||||||||||||||||||
Impaired loans receivable | Level 3 | $ | 117,949 | 116,725 | (1,224 | ) | 176,122 | 169,405 | (6,717 | ) | ||||||||||||
Non-financial assets | ||||||||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||||||||
Land and land under development (2) | Level 3 | $ | — | — | — | 7,013 | 6,143 | 6 | (870 | ) | ||||||||||||
Rialto: | ||||||||||||||||||||||
REO - held-for-sale (3): | ||||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 4,883 | 4,590 | (293 | ) | 6,433 | 6,047 | (386 | ) | ||||||||||||
Upon management periodic valuations | Level 3 | $ | 5,604 | 4,479 | (1,125 | ) | 19,318 | 17,913 | (1,405 | ) | ||||||||||||
REO - held-and-used, net (4): | ||||||||||||||||||||||
Upon acquisition/transfer | Level 3 | $ | 8,637 | 8,912 | 275 | 7,716 | 8,034 | 318 | ||||||||||||||
Upon management periodic valuations | Level 3 | $ | 2,689 | 1,276 | (1,413 | ) | 9,549 | 8,645 | (904 | ) | ||||||||||||
-1 | Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended February 28, 2015 and 2014. | |||||||||||||||||||||
-2 | Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three months ended February 28, 2014. | |||||||||||||||||||||
-3 | REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The losses upon the transfer or acquisition of REO and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 28, 2015 and 2014. | |||||||||||||||||||||
-4 | REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains upon acquisition of REO held-and-used, net and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 28, 2015 and 2014. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 3 Months Ended | ||||||
Feb. 28, 2015 | |||||||
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 February 28, 2015 | |||||||
(In thousands) | Investments in | Lennar’s | |||||
Unconsolidated | Maximum | ||||||
VIEs | Exposure | ||||||
to Loss | |||||||
Lennar Homebuilding (1) | $ | 126,595 | 196,812 | ||||
Rialto (2) | 17,624 | 17,624 | |||||
Lennar Multifamily (3) | 41,265 | 64,117 | |||||
$ | 185,484 | 278,553 | |||||
As of November 30, 2014 | |||||||
(In thousands) | Investments in | Lennar’s | |||||
Unconsolidated | Maximum | ||||||
VIEs | Exposure | ||||||
to Loss | |||||||
Lennar Homebuilding (1) | $ | 124,311 | 194,321 | ||||
Rialto (2) | 17,290 | 17,290 | |||||
Lennar Multifamily (3) | 41,600 | 65,810 | |||||
$ | 183,201 | 277,421 | |||||
-1 | At both February 28, 2015 and November 30, 2014, 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 a $70.0 million remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. | ||||||
-2 | At both February 28, 2015 and November 30, 2014, the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. At February 28, 2015 and November 30, 2014, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $17.6 million and $17.3 million, respectively, related to Rialto’s investments held-to-maturity. | ||||||
-3 | At February 28, 2015 and November 30, 2014, the maximum exposure to loss of Lennar Multifamily's investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $22.1 million and $23.4 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) | 3 Months Ended | |||||||||||||||
Feb. 28, 2015 | ||||||||||||||||
Supplemental Financial Information [Abstract] | ||||||||||||||||
Schedule of Condensed Balance Sheet | Supplemental information for the subsidiaries that were guarantor subsidiaries at February 28, 2015 was as follows: | |||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
February 28, 2015 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
ASSETS | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | 371,687 | 277,545 | 14,583 | — | 663,815 | ||||||||||
Inventories | — | 8,211,318 | 195,184 | — | 8,406,502 | |||||||||||
Investments in unconsolidated entities | — | 655,242 | 28,893 | — | 684,135 | |||||||||||
Other assets | 162,364 | 321,648 | 101,774 | 6,240 | 592,026 | |||||||||||
Investments in subsidiaries | 4,063,687 | 286,093 | — | (4,349,780 | ) | — | ||||||||||
Intercompany | 5,556,131 | — | — | (5,556,131 | ) | — | ||||||||||
10,153,869 | 9,751,846 | 340,434 | (9,899,671 | ) | 10,346,478 | |||||||||||
Rialto | — | — | 1,379,841 | — | 1,379,841 | |||||||||||
Lennar Financial Services | — | 72,451 | 1,041,509 | — | 1,113,960 | |||||||||||
Lennar Multifamily | — | 276,335 | 4,031 | — | 280,366 | |||||||||||
Total assets | $ | 10,153,869 | 10,100,632 | 2,765,815 | (9,899,671 | ) | 13,120,645 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Accounts payable and other liabilities | $ | 353,511 | 649,001 | 72,425 | — | 1,074,937 | ||||||||||
Liabilities related to consolidated inventory not owned | — | 43,121 | — | — | 43,121 | |||||||||||
Senior notes and other debts payable | 4,848,024 | 204,824 | 80,270 | — | 5,133,118 | |||||||||||
Intercompany | — | 5,381,156 | 174,975 | (5,556,131 | ) | — | ||||||||||
5,201,535 | 6,278,102 | 327,670 | (5,556,131 | ) | 6,251,176 | |||||||||||
Rialto | — | — | 697,758 | — | 697,758 | |||||||||||
Lennar Financial Services | — | 25,592 | 785,714 | 6,240 | 817,546 | |||||||||||
Lennar Multifamily | — | 45,175 | — | — | 45,175 | |||||||||||
Total liabilities | 5,201,535 | 6,348,869 | 1,811,142 | (5,549,891 | ) | 7,811,655 | ||||||||||
Stockholders’ equity | 4,952,334 | 3,751,763 | 598,017 | (4,349,780 | ) | 4,952,334 | ||||||||||
Noncontrolling interests | — | — | 356,656 | — | 356,656 | |||||||||||
Total equity | 4,952,334 | 3,751,763 | 954,673 | (4,349,780 | ) | 5,308,990 | ||||||||||
Total liabilities and equity | $ | 10,153,869 | 10,100,632 | 2,765,815 | (9,899,671 | ) | 13,120,645 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||
November 30, 2014 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
ASSETS | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Cash and cash equivalents, restricted cash and receivables, net | $ | 653,491 | 323,325 | 12,206 | — | 989,022 | ||||||||||
Inventories | — | 7,528,633 | 207,967 | — | 7,736,600 | |||||||||||
Investments in unconsolidated entities | — | 632,973 | 23,864 | — | 656,837 | |||||||||||
Other assets | 159,564 | 402,076 | 104,619 | 6,330 | 672,589 | |||||||||||
Investments in subsidiaries | 4,073,687 | 299,432 | — | (4,373,119 | ) | — | ||||||||||
Intercompany | 4,709,544 | — | — | (4,709,544 | ) | — | ||||||||||
9,596,286 | 9,186,439 | 348,656 | (9,076,333 | ) | 10,055,048 | |||||||||||
Rialto | — | — | 1,458,152 | — | 1,458,152 | |||||||||||
Lennar Financial Services | — | 76,428 | 1,100,625 | — | 1,177,053 | |||||||||||
Lennar Multifamily | — | 248,784 | 19,230 | — | 268,014 | |||||||||||
Total assets | $ | 9,596,286 | 9,511,651 | 2,926,663 | (9,076,333 | ) | 12,958,267 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Lennar Homebuilding: | ||||||||||||||||
Accounts payable and other liabilities | $ | 447,104 | 756,991 | 71,699 | — | 1,275,794 | ||||||||||
Liabilities related to consolidated inventory not owned | — | 45,028 | — | — | 45,028 | |||||||||||
Senior notes and other debts payable | 4,322,162 | 287,700 | 80,351 | — | 4,690,213 | |||||||||||
Intercompany | — | 4,579,314 | 130,230 | (4,709,544 | ) | — | ||||||||||
4,769,266 | 5,669,033 | 282,280 | (4,709,544 | ) | 6,011,035 | |||||||||||
Rialto | — | — | 747,044 | — | 747,044 | |||||||||||
Lennar Financial Services | — | 28,705 | 861,608 | 6,330 | 896,643 | |||||||||||
Lennar Multifamily | — | 52,150 | 93 | — | 52,243 | |||||||||||
Total liabilities | 4,769,266 | 5,749,888 | 1,891,025 | (4,703,214 | ) | 7,706,965 | ||||||||||
Stockholders’ equity | 4,827,020 | 3,761,763 | 611,356 | (4,373,119 | ) | 4,827,020 | ||||||||||
Noncontrolling interests | — | — | 424,282 | — | 424,282 | |||||||||||
Total equity | 4,827,020 | 3,761,763 | 1,035,638 | (4,373,119 | ) | 5,251,302 | ||||||||||
Total liabilities and equity | $ | 9,596,286 | 9,511,651 | 2,926,663 | (9,076,333 | ) | 12,958,267 | |||||||||
Consolidating Statement Of Operations | Condensed Consolidating Statement of Operations | |||||||||||||||
Three Months Ended February 28, 2015 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 1,441,658 | — | — | 1,441,658 | ||||||||||
Lennar Financial Services | — | 38,149 | 91,659 | (4,981 | ) | 124,827 | ||||||||||
Rialto | — | — | 41,197 | — | 41,197 | |||||||||||
Lennar Multifamily | — | 36,457 | — | — | 36,457 | |||||||||||
Total revenues | — | 1,516,264 | 132,856 | (4,981 | ) | 1,644,139 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 1,269,493 | 519 | (4,837 | ) | 1,265,175 | ||||||||||
Lennar Financial Services | — | 38,226 | 71,276 | (202 | ) | 109,300 | ||||||||||
Rialto | — | — | 40,781 | — | 40,781 | |||||||||||
Lennar Multifamily | — | 41,955 | 6 | — | 41,961 | |||||||||||
Corporate general and administrative | 42,389 | — | — | 1,265 | 43,654 | |||||||||||
Total costs and expenses | 42,389 | 1,349,674 | 112,582 | (3,774 | ) | 1,500,871 | ||||||||||
Lennar Homebuilding equity in earnings from unconsolidated entities | — | 22,495 | 6,404 | — | 28,899 | |||||||||||
Lennar Homebuilding other income, net | 231 | 6,324 | — | (222 | ) | 6,333 | ||||||||||
Other interest expense | (1,429 | ) | (4,071 | ) | — | 1,429 | (4,071 | ) | ||||||||
Rialto equity in earnings from unconsolidated entities | — | — | 2,664 | — | 2,664 | |||||||||||
Rialto other expense, net | — | — | (272 | ) | — | (272 | ) | |||||||||
Lennar Multifamily equity in loss from unconsolidated entities | — | (178 | ) | — | — | (178 | ) | |||||||||
Earnings (loss) before income taxes | (43,587 | ) | 191,160 | 29,070 | — | 176,643 | ||||||||||
Benefit (provision) for income taxes | 14,902 | (64,152 | ) | (10,476 | ) | — | (59,726 | ) | ||||||||
Equity in earnings from subsidiaries | 143,648 | 10,116 | — | (153,764 | ) | — | ||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 114,963 | 137,124 | 18,594 | (153,764 | ) | 116,917 | ||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 1,954 | — | 1,954 | |||||||||||
Net earnings attributable to Lennar | $ | 114,963 | 137,124 | 16,640 | (153,764 | ) | 114,963 | |||||||||
Comprehensive earnings attributable to Lennar | $ | 114,963 | 137,124 | 16,640 | (153,764 | ) | 114,963 | |||||||||
Comprehensive earnings attributable to noncontrolling interests | $ | — | — | 1,954 | — | 1,954 | ||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||
Three Months Ended February 28, 2014 | ||||||||||||||||
(In thousands) | Lennar | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||
Corporation | Subsidiaries | Subsidiaries | ||||||||||||||
Revenues: | ||||||||||||||||
Lennar Homebuilding | $ | — | 1,231,385 | — | — | 1,231,385 | ||||||||||
Lennar Financial Services | — | 30,869 | 51,424 | (5,341 | ) | 76,952 | ||||||||||
Rialto | — | — | 46,955 | — | 46,955 | |||||||||||
Lennar Multifamily | — | 7,803 | — | — | 7,803 | |||||||||||
Total revenues | — | 1,270,057 | 98,379 | (5,341 | ) | 1,363,095 | ||||||||||
Cost and expenses: | ||||||||||||||||
Lennar Homebuilding | — | 1,067,352 | (2,457 | ) | (540 | ) | 1,064,355 | |||||||||
Lennar Financial Services | — | 34,695 | 42,420 | (4,628 | ) | 72,487 | ||||||||||
Rialto | — | — | 47,576 | — | 47,576 | |||||||||||
Lennar Multifamily | — | 13,927 | — | — | 13,927 | |||||||||||
Corporate general and administrative | 36,846 | — | — | 1,266 | 38,112 | |||||||||||
Total costs and expenses | 36,846 | 1,115,974 | 87,539 | (3,902 | ) | 1,236,457 | ||||||||||
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities | — | 5,311 | (321 | ) | — | 4,990 | ||||||||||
Lennar Homebuilding other income, net | — | 2,879 | — | 10 | 2,889 | |||||||||||
Other interest expense | (1,429 | ) | (12,691 | ) | — | 1,429 | (12,691 | ) | ||||||||
Rialto equity in earnings from unconsolidated entities | — | — | 5,354 | — | 5,354 | |||||||||||
Rialto other expense, net | — | — | (1,229 | ) | — | (1,229 | ) | |||||||||
Lennar Multifamily equity in loss from unconsolidated entities | — | (75 | ) | — | — | (75 | ) | |||||||||
Earnings (loss) before income taxes | (38,275 | ) | 149,507 | 14,644 | — | 125,876 | ||||||||||
Benefit (provision) for income taxes | 14,169 | (55,360 | ) | (4,720 | ) | — | (45,911 | ) | ||||||||
Equity in earnings from subsidiaries | 102,223 | 5,566 | — | (107,789 | ) | — | ||||||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 78,117 | 99,713 | 9,924 | (107,789 | ) | 79,965 | ||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | 1,848 | — | 1,848 | |||||||||||
Net earnings attributable to Lennar | $ | 78,117 | 99,713 | 8,076 | (107,789 | ) | 78,117 | |||||||||
Comprehensive earnings attributable to Lennar | $ | 78,117 | 99,713 | 8,076 | (107,789 | ) | 78,117 | |||||||||
Comprehensive earnings attributable to noncontrolling interests | $ | — | — | 1,848 | — | 1,848 | ||||||||||
Consolidating Statement Of Cash Flows | Condensed Consolidating Statement of Cash Flows | |||||||||||||||
Three Months Ended February 28, 2015 | ||||||||||||||||
(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) | $ | 114,963 | 137,124 | 18,594 | (153,764 | ) | 116,917 | |||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | 143,648 | 10,116 | — | (153,764 | ) | — | ||||||||||
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (195,584 | ) | (716,869 | ) | (88,492 | ) | 153,764 | (847,181 | ) | |||||||
Net cash provided by (used in) operating activities | 63,027 | (569,629 | ) | (69,898 | ) | (153,764 | ) | (730,264 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||
Investments in and contributions to Lennar Homebuilding unconsolidated entities, net of distributions of capital | — | (10,668 | ) | — | — | (10,668 | ) | |||||||||
Investments in and contributions to Rialto unconsolidated entities, net of distributions of capital | — | — | (8,440 | ) | — | (8,440 | ) | |||||||||
Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to | — | 1,826 | — | — | 1,826 | |||||||||||
Receipts of principal payments on Rialto loans receivable | — | — | 3,519 | — | 3,519 | |||||||||||
Proceeds from sales of Rialto real estate owned | — | — | 28,055 | — | 28,055 | |||||||||||
Other | (21,439 | ) | (32,916 | ) | (27,131 | ) | — | (81,486 | ) | |||||||
Distributions of capital from guarantor and non-guarantor subsidiaries | 10,000 | 10,000 | — | (20,000 | ) | — | ||||||||||
Intercompany | (845,727 | ) | — | — | 845,727 | — | ||||||||||
Net cash used in investing activities | (857,166 | ) | (31,758 | ) | (3,997 | ) | 825,727 | (67,194 | ) | |||||||
Cash flows from financing activities: | ||||||||||||||||
Net borrowings under unsecured revolving credit facility | 250,000 | — | — | — | 250,000 | |||||||||||
Net repayments under Lennar Financial Services debt | — | — | (71,652 | ) | — | (71,652 | ) | |||||||||
Net borrowings under Rialto warehouse repurchase facilities | — | — | 41,971 | — | 41,971 | |||||||||||
Proceeds from senior notes and debt issue costs | 249,425 | — | (294 | ) | — | 249,131 | ||||||||||
Principal payments on Rialto notes payable | — | — | (17,499 | ) | — | (17,499 | ) | |||||||||
Net proceeds (repayments) on other borrowings | 21,250 | (82,587 | ) | (81 | ) | — | (61,418 | ) | ||||||||
Net payments related to noncontrolling interests | — | — | (56,327 | ) | — | (56,327 | ) | |||||||||
Excess tax benefits from share-based awards | 35 | — | — | — | 35 | |||||||||||
Common stock: | — | |||||||||||||||
Issuances | 8,227 | — | — | — | 8,227 | |||||||||||
Repurchases | (186 | ) | — | — | — | (186 | ) | |||||||||
Dividends | (8,208 | ) | (147,124 | ) | (26,640 | ) | 173,764 | (8,208 | ) | |||||||
Intercompany | — | 800,745 | 44,982 | (845,727 | ) | — | ||||||||||
Net cash provided by (used in) financing activities | 520,543 | 571,034 | (85,540 | ) | (671,963 | ) | 334,074 | |||||||||
Net decrease in cash and cash equivalents | (273,596 | ) | (30,353 | ) | (159,435 | ) | — | (463,384 | ) | |||||||
Cash and cash equivalents at beginning of period | 633,318 | 255,501 | 392,995 | — | 1,281,814 | |||||||||||
Cash and cash equivalents at end of period | $ | 359,722 | 225,148 | 233,560 | — | 818,430 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||
Three Months Ended February 28, 2014 | ||||||||||||||||
(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) | $ | 78,117 | 99,713 | 9,924 | (107,789 | ) | 79,965 | |||||||||
Distributions of earnings from guarantor and non-guarantor subsidiaries | 102,223 | 5,566 | — | (107,789 | ) | — | ||||||||||
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (134,710 | ) | (568,041 | ) | 120,390 | 107,789 | (474,572 | ) | ||||||||
Net cash provided by (used in) operating activities | 45,630 | (462,762 | ) | 130,314 | (107,789 | ) | (394,607 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Distributions of capital from Lennar Homebuilding unconsolidated entities, net of investments in and contributions to | — | 28,767 | 733 | — | 29,500 | |||||||||||
Investments in and contributions to Rialto unconsolidated entities, net of distributions of capital | — | — | (13,124 | ) | — | (13,124 | ) | |||||||||
Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to | — | 26,810 | — | — | 26,810 | |||||||||||
Receipts of principal payments on Rialto loans receivable | — | — | 6,879 | — | 6,879 | |||||||||||
Proceeds from sales of Rialto real estate owned | — | — | 50,742 | — | 50,742 | |||||||||||
Other | (157 | ) | (16,229 | ) | (9,151 | ) | — | (25,537 | ) | |||||||
Distribution of capital from guarantor subsidiaries | 60,000 | — | — | (60,000 | ) | — | ||||||||||
Intercompany | (672,239 | ) | — | — | 672,239 | — | ||||||||||
Net cash provided by (used in) investing activities | (612,396 | ) | 39,348 | 36,079 | 612,239 | 75,270 | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Net repayments under Lennar Financial Services debt | — | — | (151,048 | ) | — | (151,048 | ) | |||||||||
Net repayments under Rialto warehouse repurchase facilities | — | — | (18,169 | ) | — | (18,169 | ) | |||||||||
Net proceeds from senior notes | 496,600 | — | (295 | ) | — | 496,305 | ||||||||||
Principal repayments on Rialto notes payable | — | — | (2,101 | ) | — | (2,101 | ) | |||||||||
Net repayments on other borrowings | — | (72,097 | ) | (73 | ) | — | (72,170 | ) | ||||||||
Exercise of land option contracts from an unconsolidated land investment venture | — | (1,540 | ) | — | — | (1,540 | ) | |||||||||
Net payments related to noncontrolling interests | — | — | (32,535 | ) | — | (32,535 | ) | |||||||||
Excess tax benefit from share-based awards | 137 | — | — | — | 137 | |||||||||||
Common stock: | — | |||||||||||||||
Issuances | 12,420 | — | — | — | 12,420 | |||||||||||
Dividends | (8,169 | ) | (99,713 | ) | (68,076 | ) | 167,789 | (8,169 | ) | |||||||
Intercompany | — | 609,943 | 62,296 | (672,239 | ) | — | ||||||||||
Net cash provided by (used in) financing activities | 500,988 | 436,593 | (210,001 | ) | (504,450 | ) | 223,130 | |||||||||
Net (decrease) increase in cash and cash equivalents | (65,778 | ) | 13,179 | (43,608 | ) | — | (96,207 | ) | ||||||||
Cash and cash equivalents at beginning of period | 547,101 | 152,753 | 270,651 | — | 970,505 | |||||||||||
Cash and cash equivalents at end of period | $ | 481,323 | 165,932 | 227,043 | — | 874,298 | ||||||||||
Operating_And_Reporting_Segmen2
Operating And Reporting Segments (Disclosure Of Financial Information Relating To Company's Operations) (Details) (USD $) | 3 Months Ended | |||||
Feb. 28, 2015 | Feb. 28, 2014 | Nov. 30, 2014 | ||||
Segment Reporting Information [Line Items] | ||||||
Assets | $13,120,645,000 | [1] | $12,958,267,000 | [1] | ||
Revenues: | ||||||
Total revenues | 1,644,139,000 | [2] | 1,363,095,000 | [2] | ||
Operating Income (Loss) [Abstract] | ||||||
Total operating earnings | 220,297,000 | 163,988,000 | ||||
Corporate general and administrative | 43,654,000 | 38,112,000 | ||||
Earnings before income taxes | 176,643,000 | 125,876,000 | ||||
Sales incentives | 93,600,000 | 76,500,000 | ||||
Sales incentives per home delivered | 21,800 | 21,300 | ||||
Homebuilding East [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 2,410,301,000 | 2,323,978,000 | ||||
Revenues: | ||||||
Real estate revenues | 468,335,000 | 390,508,000 | ||||
Operating Income (Loss) [Abstract] | ||||||
Total operating earnings | 58,247,000 | 50,652,000 | ||||
Homebuilding Central [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 1,343,019,000 | 1,233,991,000 | ||||
Revenues: | ||||||
Real estate revenues | 210,508,000 | 162,494,000 | ||||
Operating Income (Loss) [Abstract] | ||||||
Total operating earnings | 15,052,000 | 10,660,000 | ||||
Homebuilding West [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 3,733,950,000 | 3,454,611,000 | ||||
Revenues: | ||||||
Real estate revenues | 382,773,000 | 315,015,000 | ||||
Operating Income (Loss) [Abstract] | ||||||
Total operating earnings | 82,493,000 | [3] | 53,793,000 | |||
Homebuilding Southeast Florida [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 737,586,000 | 722,706,000 | ||||
Revenues: | ||||||
Real estate revenues | 142,348,000 | 102,164,000 | ||||
Operating Income (Loss) [Abstract] | ||||||
Total operating earnings | 28,286,000 | 20,558,000 | ||||
Homebuilding Houston [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 458,554,000 | 398,538,000 | ||||
Revenues: | ||||||
Real estate revenues | 131,257,000 | 130,623,000 | ||||
Operating Income (Loss) [Abstract] | ||||||
Total operating earnings | 17,015,000 | 21,671,000 | ||||
Homebuilding Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 913,372,000 | 880,912,000 | ||||
Revenues: | ||||||
Real estate revenues | 106,437,000 | 130,581,000 | ||||
Operating Income (Loss) [Abstract] | ||||||
Total operating earnings | 6,551,000 | 4,884,000 | [4] | |||
Write offs of option deposits and preacquisition costs | 1,000,000 | |||||
Lennar Financial Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 1,113,960,000 | 1,177,053,000 | [1] | |||
Revenues: | ||||||
Financial Services, Revenues | 124,827,000 | 76,952,000 | ||||
Operating Income (Loss) [Abstract] | ||||||
Total operating earnings | 15,527,000 | 4,465,000 | ||||
Rialto [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 1,379,841,000 | [1] | 1,458,152,000 | [1] | ||
Revenues: | ||||||
Rialto, Revenues | 41,197,000 | 46,955,000 | ||||
Operating Income (Loss) [Abstract] | ||||||
Total operating earnings | 2,808,000 | [5] | 3,504,000 | [5] | ||
Equity in earnings (loss) from unconsolidated entities | 2,664,000 | 5,354,000 | ||||
Lennar Multifamily [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 280,366,000 | 268,014,000 | [1] | |||
Revenues: | ||||||
Real estate revenues | 36,457,000 | 7,803,000 | ||||
Operating Income (Loss) [Abstract] | ||||||
Total operating earnings | -5,682,000 | -6,199,000 | ||||
Equity in earnings (loss) from unconsolidated entities | -178,000 | -75,000 | ||||
Homebuilding West Joint Venture [Member] | ||||||
Operating Income (Loss) [Abstract] | ||||||
Equity in earnings (loss) from unconsolidated entities | 31,300,000 | 4,500,000 | ||||
Corporate And Unallocated [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | $749,696,000 | $1,040,312,000 | ||||
[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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. | |||||
[2] | Total revenues were net of sales incentives of $93.6 million ($21,800 per home delivered) for the three months ended February 28, 2015 and $76.5 million ($21,300 per home delivered) for the three months ended February 28, 2014. | |||||
[3] | For the three months ended February 28, 2015, operating earnings included Lennar Homebuilding equity in earnings from unconsolidated entities of $31.3 million primarily related to the sale of approximately 600 homesites to third parties by Heritage Fields El Toro, one of the Company's unconsolidated entities. | |||||
[4] | For the three months ended February 28, 2014, operating earnings included $1.0 million in write-offs of option deposits and pre-acquisition costs. | |||||
[5] | Operating earnings for the three months ended February 28, 2015 and 2014 included net earnings (loss) attributable to noncontrolling interests of ($1.8) million and $0.9 million, respectively. |
Lennar_Homebuilding_Investment2
Lennar Homebuilding Investments In Unconsolidated Entities (Narrative) (Details) (Lennar Homebuilding [Member], USD $) | Feb. 28, 2015 | Nov. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
Lennar Homebuilding [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in unconsolidated entities | $684,135 | [1] | $656,837 | [1] |
Underlying equity in unconsolidated partners' net assets | $745,917 | $722,643 | ||
[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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. |
Lennar_Homebuilding_Investment3
Lennar Homebuilding Investments In Unconsolidated Entities (Statements Of Operations) (Details) (USD $) | 3 Months Ended | |||
Feb. 28, 2015 | Feb. 28, 2014 | |||
Lennar Homebuilding [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenues | $442,957,000 | $143,694,000 | ||
Costs and expenses | 298,879,000 | 145,639,000 | ||
Other income, net | 2,943,000 | 0 | ||
Net earnings (loss) of unconsolidated entities | 147,021,000 | -1,945,000 | ||
Equity in earnings (loss) from unconsolidated entities | 28,899,000 | [1] | 4,990,000 | [1] |
Related Party Transaction [Domain] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenues | 126,400,000 | |||
Homesites sold | 300 | |||
Gross Profit | 44,600,000 | |||
Homebuilding West Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Homesites sold | 600 | |||
Equity in earnings (loss) from unconsolidated entities | $31,300,000 | $4,500,000 | ||
[1] | For the three months ended February 28, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.5 million of equity in earnings primarily as a result of a third-party land sale by one unconsolidated entity. |
Lennar_Homebuilding_Investment4
Lennar Homebuilding Investments In Unconsolidated Entities (Balance Sheets) (Details) (Lennar Homebuilding [Member], USD $) | Feb. 28, 2015 | Nov. 30, 2014 |
In Thousands, unless otherwise specified | ||
Lennar Homebuilding [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash and cash equivalents | $229,004 | $243,597 |
Inventories | 2,739,595 | 2,889,267 |
Other assets | 145,833 | 155,470 |
Total assets | 3,114,432 | 3,288,334 |
Accounts payable and other liabilities | 287,794 | 271,638 |
Debt | 487,387 | 737,755 |
Equity | 2,339,251 | 2,278,941 |
Total liabilities and equity | $3,114,432 | $3,288,334 |
Lennar_Homebuilding_Investment5
Lennar Homebuilding Investments In Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details) (Lennar Homebuilding [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Nov. 30, 2014 |
Lennar Homebuilding [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Non-recourse bank debt and other debt (partner's share of several recourse) | $55,767 | $56,573 |
Non-recourse land seller debt or other debt | 4,022 | 4,022 |
Non-recourse debt with completion guarantees | 180,032 | 442,854 |
Non-recourse debt without completion guarantees | 224,796 | 209,825 |
Non-recourse debt to the Company | 464,617 | 713,274 |
The Company's maximum recourse exposure | 22,770 | 24,481 |
Total debt | $487,387 | $737,755 |
The Company's maximum recourse exposure as a % of total JV debt | 5.00% | 3.00% |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) | 3 Months Ended | |
Feb. 28, 2015 | Feb. 28, 2014 | |
Maximum number of shares to repurchase | 20,000,000 | |
Repurchases of common stock | 0 | 0 |
Common stock that can be repurchased in the future | 6,200,000 | |
Stock issued during period, shares, period increase (decrease) | -200,000 | -300,000 |
Stockholders_Equity_Schedule_O
Stockholders' Equity (Schedule Of Changes In Equity) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | $5,251,302 | [1] | $4,627,470 |
Net earnings (including net earnings attributable to noncontrolling interests) | 116,917 | 79,965 | |
Employee stock and directors plans | 8,274 | 12,433 | |
Tax benefit from employee stock plans and vesting of restricted stock | 35 | 137 | |
Amortization of restricted stock | 10,250 | 8,739 | |
Cash dividends | -8,208 | -8,169 | |
Receipts related to noncontrolling interests | 1,302 | 74 | |
Payments related to noncontrolling interests | -57,629 | -32,609 | |
Non-cash deconsolidations, net | -13,253 | 13,117 | |
Balance, ending | 5,308,990 | [1] | 4,701,157 |
Additional Paid-in Capital [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | 2,239,704 | 2,721,246 | |
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | |
Employee stock and directors plans | 247 | 525 | |
Tax benefit from employee stock plans and vesting of restricted stock | 35 | 137 | |
Amortization of restricted stock | 10,250 | 8,739 | |
Cash dividends | 0 | 0 | |
Receipts related to noncontrolling interests | 0 | 0 | |
Payments related to noncontrolling interests | 0 | 0 | |
Non-cash deconsolidations, net | 0 | 0 | |
Balance, ending | 2,250,236 | 2,730,647 | |
Treasury Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | -93,440 | -628,019 | |
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | |
Employee stock and directors plans | 8,026 | 11,907 | |
Tax benefit from employee stock plans and vesting of restricted stock | 0 | 0 | |
Amortization of restricted stock | 0 | 0 | |
Cash dividends | 0 | 0 | |
Receipts related to noncontrolling interests | 0 | 0 | |
Payments related to noncontrolling interests | 0 | 0 | |
Non-cash deconsolidations, net | 0 | 0 | |
Balance, ending | -85,414 | -616,112 | |
Retained Earnings [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | 2,660,034 | 2,053,893 | |
Net earnings (including net earnings attributable to noncontrolling interests) | 114,963 | 78,117 | |
Employee stock and directors plans | 0 | 0 | |
Tax benefit from employee stock plans and vesting of restricted stock | 0 | 0 | |
Amortization of restricted stock | 0 | 0 | |
Cash dividends | -8,208 | -8,169 | |
Receipts related to noncontrolling interests | 0 | 0 | |
Payments related to noncontrolling interests | 0 | 0 | |
Non-cash deconsolidations, net | 0 | 0 | |
Balance, ending | 2,766,789 | 2,123,841 | |
Noncontrolling Interests [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | 424,282 | 458,569 | |
Net earnings (including net earnings attributable to noncontrolling interests) | 1,954 | 1,848 | |
Employee stock and directors plans | 0 | 0 | |
Tax benefit from employee stock plans and vesting of restricted stock | 0 | 0 | |
Amortization of restricted stock | 0 | 0 | |
Cash dividends | 0 | 0 | |
Receipts related to noncontrolling interests | 1,302 | 74 | |
Payments related to noncontrolling interests | -57,629 | -32,609 | |
Non-cash deconsolidations, net | -13,253 | 13,117 | |
Balance, ending | 356,656 | 440,999 | |
Class A Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | 17,424 | 18,483 | |
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | |
Employee stock and directors plans | 1 | 1 | |
Tax benefit from employee stock plans and vesting of restricted stock | 0 | 0 | |
Amortization of restricted stock | 0 | 0 | |
Cash dividends | 0 | 0 | |
Receipts related to noncontrolling interests | 0 | 0 | |
Payments related to noncontrolling interests | 0 | 0 | |
Non-cash deconsolidations, net | 0 | 0 | |
Balance, ending | 17,425 | 18,484 | |
Class B Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | 3,298 | 3,298 | |
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | |
Employee stock and directors plans | 0 | 0 | |
Tax benefit from employee stock plans and vesting of restricted stock | 0 | 0 | |
Amortization of restricted stock | 0 | 0 | |
Cash dividends | 0 | 0 | |
Receipts related to noncontrolling interests | 0 | 0 | |
Payments related to noncontrolling interests | 0 | 0 | |
Non-cash deconsolidations, net | 0 | 0 | |
Balance, ending | $3,298 | $3,298 | |
[1] | As of February 28, 2015, total liabilities include $140.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $7.4 million is included in Lennar Homebuilding accounts payable, $43.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.5 million in Lennar Homebuilding senior notes and other debts payable, $14.9 million in Lennar Homebuilding other liabilities and $13.8 million in Rialto liabilities.As of November 30, 2014, total liabilities include $149.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.8 million is included in Lennar Homebuilding accounts payable, $45.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $14.8 million in Lennar Homebuilding other liabilities and $21.5 million in Rialto liabilities. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Nov. 30, 2014 | |
Valuation Allowance [Line Items] | |||
Provision (benefit) for income taxes | $59,726,000 | $45,911,000 | |
Effective Income Tax Rate, Continuing Operations | 34.19% | 37.02% | |
Deferred tax assets, net of valuation allowance | 286,100,000 | 313,800,000 | |
Deferred tax assets, valuation allowance | 8,000,000 | 8,029,000 | |
Deferred tax assets, operating loss carryforwards | 2,000,000 | 2,007,000 | |
Deferred tax assets, operating loss carryforwards, state and local | 111,000,000 | 113,800,000 | |
Unrecognized tax benefits | 7,300,000 | 7,257,000 | |
Income tax penalties and interest accrued | 31,900,000 | 31,500,000 | |
Income tax penalties and interest accrued recorded during the period | $400,000 | ||
Federal Net Operating Loss Carryforwards [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 | ||
State Net Operating Loss Carryforwards High End Range [Member] | |||
Valuation Allowance [Line Items] | |||
Net Operating Loss Carryforward, Term | 20 years |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Nov. 30, 2011 |
Earnings Per Share [Line Items] | |||
Net earnings attributable to Lennar | $114,963 | $78,117 | |
Participating securities, distributed and undistributed earnings (loss), basic | 91 | 98 | |
Undistributed earnings (loss) allocated to participating securities, basic | 1,184 | 842 | |
Numerator for basic earnings per share | 113,688 | 77,177 | |
Plus: interest on 3.25% convertible senior notes due 2021 and 2.00% convertible senior notes due 2020 | 1,982 | 1,982 | |
Plus: undistributed earnings allocated to convertible shares | 1,184 | 842 | |
Less: undistributed earnings reallocated to convertible shares | 1,064 | 770 | |
Numerator for diluted earnings per share | $115,790 | $79,231 | |
Denominator for basic earnings per share-weighted average common shares outstanding | 202,930 | 201,955 | |
Shared based payments | 11 | 10 | |
Convertible senior notes | 27,375 | 25,670 | |
Denominator for diluted earnings per share-weighted average common shares outstanding | 230,316 | 227,635 | |
Basic earnings per share | $0.56 | $0.38 | |
Diluted earnings per share | $0.50 | $0.35 | |
Options to purchase outstanding and anti-dilutive shares | 0 | 0 | |
3.25% Convertible Senior Notes Due 2021 [Member] | |||
Earnings Per Share [Line Items] | |||
Interest rate | 3.25% | 3.25% |
Lennar_Financial_Services_Segm2
Lennar Financial Services Segment (Narrative) (Details) (Lennar Financial Services [Member], USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Nov. 30, 2014 |
Lennar Financial Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Borrowings under the facilities | $632,492 | $698,448 | |
Collateralized mortgage loans and receivable loans sold to investors but not yet paid, principal balances | 658,653 | 732,134 | |
Impaired financing receivable, average recorded investment | $3,984 | $3,890 |
Lennar_Financial_Services_Segm3
Lennar Financial Services Segment (Schedule Of Assets And Liabilities) (Details) (USD $) | Feb. 28, 2015 | Nov. 30, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | ||
In Thousands, unless otherwise specified | |||||||
Segment Reporting Information [Line Items] | |||||||
Cash and cash equivalents | $818,430 | $1,281,814 | $874,298 | $970,505 | $970,505 | ||
Total assets | 13,120,645 | [1] | 12,958,267 | [1] | |||
Total liabilities | 7,811,655 | [2] | 7,706,965 | [2] | |||
Lennar Financial Services [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Cash and cash equivalents | 84,201 | 90,010 | 56,707 | ||||
Restricted cash | 8,347 | 8,609 | |||||
Receivables, net | 113,625 | [3] | 150,858 | [3] | |||
Loans held-for-sale | 708,559 | [4] | 738,396 | [4] | |||
Loans held-for-investment, net | 26,206 | 26,894 | |||||
Investments held-to-maturity | 47,429 | 45,038 | |||||
Goodwill | 38,854 | 38,854 | |||||
Other assets | 86,739 | [5] | 78,394 | [5] | |||
Total assets | 1,113,960 | 1,177,053 | [1] | ||||
Notes and loans payable | 632,491 | 704,143 | |||||
Other liabilities | 185,055 | [6] | 192,500 | [6] | |||
Total liabilities | 817,546 | [2] | 896,643 | [2] | |||
Marketable Securities, Equity Securities | 19,277 | 16,799 | |||||
Self-insurance reserves | 68,923 | 69,263 | |||||
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Other assets (mortgage loan commitments) | 18,966 | 12,687 | |||||
Forward Contracts [Member] | Lennar Financial Services [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Other Liabilities, Fair Value Disclosure | 7,576 | ||||||
Fair Value, Inputs, Level 3 [Member] | Servicing Contracts [Member] | Lennar Financial Services [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Servicing asset at fair value, amount | $16,786 | $17,353 | |||||
[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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. | ||||||
[2] | As of February 28, 2015, total liabilities include $140.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $7.4 million is included in Lennar Homebuilding accounts payable, $43.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.5 million in Lennar Homebuilding senior notes and other debts payable, $14.9 million in Lennar Homebuilding other liabilities and $13.8 million in Rialto liabilities.As of November 30, 2014, total liabilities include $149.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.8 million is included in Lennar Homebuilding accounts payable, $45.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $14.8 million in Lennar Homebuilding other liabilities and $21.5 million in Rialto liabilities. | ||||||
[3] | Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2015 and November 30, 2014, respectively. | ||||||
[4] | Loans held-for-sale related to unsold loans carried at fair value. | ||||||
[5] | Other assets included mortgage loan commitments carried at fair value of $19.0 million and $12.7 million as of February 28, 2015 and November 30, 2014, respectively. As of February 28, 2015 and November 30, 2014, other assets also included mortgage servicing rights carried at fair value of $16.8 million and $17.4 million, respectively, and other investment securities of $19.3 million and $16.8 million, respectively. | ||||||
[6] | Other liabilities included $68.9 million and $69.3 million as of February 28, 2015 and November 30, 2014, respectively, of certain of the Company’s self-insurance reserves related to general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $7.6 million as of November 30, 2014. |
Lennar_Financial_Services_Segm4
Lennar Financial Services Segment (Schedule of Credit Facilities) (Details) (Lennar Financial Services [Member], USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Nov. 30, 2014 | Jun. 30, 2015 | |
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $800,000 | |||
Warehouse Repurchase Facility One [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 350,000 | [1] | 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 | [2] | ||
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 | [3] | ||
Additional committed borrowing capacity under the credit facility | 50,000 | |||
Line of Credit Facility, Term | 364 days | |||
Subsequent event [Member] | Warehouse Repurchase Facility One [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $450,000 | |||
[1] | In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment was increased from $325 million to $350 million through the second quarter of fiscal 2015 and will be increased to $450 million for the third and fourth quarter of fiscal 2015. | |||
[2] | Maximum aggregate commitment includes a $100 million accordion feature that is available 10 days prior to the end of each fiscal quarter through 20 days after each fiscal quarter end. At February 28, 2015 the facility was on a rolling termination date through March 19, 2015 extending the final maturity date to March 2016. | |||
[3] | Maximum aggregate commitment includes a $50 million accordion feature that is available beginning the tenth (10th) calendar day immediately preceding the first day of a fiscal quarter-through 20 days after fiscal quarter-end. |
Lennar_Financial_Services_Segm5
Lennar Financial Services Segment (Schedule Of Loan Origination Liabilities) (Details) (Lennar Financial Services [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 |
Lennar Financial Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Loan origination liabilities, beginning of period | $11,818 | $9,311 |
Provision for losses | 802 | 293 |
Payments/settlements | -144 | -19 |
Loan origination liabilities, end of period | $12,476 | $9,585 |
Lennar_Financial_Services_Segm6
Lennar Financial Services Segment Lennar Financial Services Segment (Schedule of Impaired Loans) (Details) (Lennar Financial Services [Member], USD $) | Feb. 28, 2015 | Nov. 30, 2014 |
In Thousands, unless otherwise specified | ||
Lennar Financial Services [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans unpaid principal balance | $7,912 | $7,576 |
Valuation allowance | -3,789 | -3,730 |
Investment in impaired loans | $4,123 | $3,846 |
Rialto_Investments_Segment_Nar
Rialto Investments Segment (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 6 Months Ended | 1 Months Ended | ||||||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2010 | Sep. 30, 2010 | Nov. 30, 2010 | Mar. 31, 2014 | Nov. 30, 2013 | 31-May-14 | Nov. 30, 2014 | Jul. 31, 2013 | Mar. 01, 2015 | |||
Segment Reporting Information [Line Items] | |||||||||||||
Payments related to noncontrolling interests | $57,629,000 | $32,609,000 | |||||||||||
Total consolidated VIEs assets | 818,892,000 | 929,076,000 | |||||||||||
Total consolidated VIEs liabilities | 140,625,000 | 149,768,000 | |||||||||||
Notes payable | 5,133,118,000 | 4,690,213,000 | |||||||||||
FDIC [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 | 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 | 73,500,000 | 53,100,000 | |||||||||||
Payments related to noncontrolling interests | 44,100,000 | 31,900,000 | |||||||||||
Payments of distributions to affiliates | 29,400,000 | 21,200,000 | |||||||||||
Bank Portfolios [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Payments for distressed real estate and real estate related assets | 310,000,000 | ||||||||||||
Number of distressed residential and commercial real estate loans | 400 | ||||||||||||
Number of real estate owned properties | 300 | ||||||||||||
Notes payable | 60,600,000 | 124,000,000 | 60,622,000 | ||||||||||
Debt instrument, maturity period | 5 years | ||||||||||||
Commercial Mortgage-Backed Securities [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Discount on investment percentage | 55.00% | ||||||||||||
Investments interest rate | 4.00% | ||||||||||||
Other than temporary impairment on investment securities | 0 | 0 | |||||||||||
Real Estate Investment Fund [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue From Accretable Interest Income And Other Services | 6,500,000 | ||||||||||||
Rialto [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total consolidated VIEs assets | 423,800,000 | 508,400,000 | |||||||||||
Total consolidated VIEs liabilities | 13,800,000 | 21,500,000 | |||||||||||
Notes payable | 646,082,000 | [1],[2] | 623,246,000 | [1],[2] | |||||||||
Average recorded investment in loans | 123,000,000 | 7,000,000 | |||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 0 | 24,922,000 | 18,952,000 | ||||||||||
Principal amount outstanding on loans held-for-sale or securitization or asset-backed financing arrangement | 358,922,000 | 111,775,000 | |||||||||||
Accounts Receivable from Securitization | 147,200,000 | ||||||||||||
Number of warehouse repurchase financing agreements | 2 | ||||||||||||
Line of credit facility, maximum borrowing capacity | 650,000,000 | 650,000,000 | 250,000,000 | ||||||||||
Line of credit facility, amount outstanding | 183,242,000 | 141,272,000 | |||||||||||
Revenue From Accretable Interest Income And Other Services | 41,197,000 | 46,955,000 | |||||||||||
Investments held-to-maturity | 17,624,000 | [3] | 17,290,000 | [3] | |||||||||
Other Investments and Securities, at Cost | 18,000,000 | ||||||||||||
Minimum [Member] | Rialto [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Principal amount outstanding on loans held-for-sale or securitization or asset-backed financing arrangement | 2,000,000 | ||||||||||||
Maximum [Member] | Rialto [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Principal amount outstanding on loans held-for-sale or securitization or asset-backed financing arrangement | 75,000,000 | ||||||||||||
7% Senior Notes due 2018 [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Debt instrument, face amount | 100,000,000 | 250,000,000 | |||||||||||
Rate Premium Discount Senior Debt | 102.25% | 100.00% | |||||||||||
Interest rate | 7.00% | ||||||||||||
Proceeds from issuance of senior long-term debt | 102,000,000 | 245,000,000 | |||||||||||
7% Senior Notes due 2018 [Member] | Rialto [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Proceeds from (repayments of) related party debt | -100,000,000 | ||||||||||||
Senior notes | 351,832,000 | 351,939,000 | |||||||||||
2.85% Notes [Member] | Rialto [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Notes payable | 40,362,000 | 57,950,000 | |||||||||||
Debt instrument, face amount | 73,800,000 | ||||||||||||
Rate Premium Discount Senior Debt | 100.00% | ||||||||||||
Interest rate | 2.85% | ||||||||||||
Proceeds from issuance of senior long-term debt | 69,100,000 | ||||||||||||
5.0% Notes Payable [Member] | Rialto [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Debt instrument, face amount | 20,800,000 | ||||||||||||
Rate Premium Discount Senior Debt | 99.50% | ||||||||||||
Interest rate | 5.00% | ||||||||||||
Proceeds from issuance of senior long-term debt | 20,700,000 | ||||||||||||
Loans Held-For-Sale [Member] | Rialto [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Payments for origination and purchases of loans held-for-sale | 565,500,000 | 295,500,000 | |||||||||||
Proceeds from sale of loans held-for-sale | $318,100,000 | $253,000,000 | |||||||||||
Loans Held-For-Sale [Member] | Rialto [Member] | Commercial First Mortgage Loan Securitizations, Term 1 [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Investment term | 5 years | ||||||||||||
Loans Held-For-Sale [Member] | Rialto [Member] | Commercial First Mortgage Loan Securitizations, Term 2 [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Investment term | 7 years | ||||||||||||
Loans Held-For-Sale [Member] | Rialto [Member] | Commercial First Mortgage Loan Securitizations, Term 3 [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Investment term | 10 years | ||||||||||||
[1] | Notes and other debts payable include $351.8 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“7.00% Senior Notesâ€) as of February 28, 2015 and November 30, 2014, respectively, $183.2 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of February 28, 2015 and November 30, 2014, respectively, and $40.4 million and $58.0 million related to the notes issued through a structured note offering as of February 28, 2015 and November 30, 2014, respectively. | ||||||||||||
[2] | As of February 28, 2015, total liabilities include $140.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $7.4 million is included in Lennar Homebuilding accounts payable, $43.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.5 million in Lennar Homebuilding senior notes and other debts payable, $14.9 million in Lennar Homebuilding other liabilities and $13.8 million in Rialto liabilities.As of November 30, 2014, total liabilities include $149.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.8 million is included in Lennar Homebuilding accounts payable, $45.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $14.8 million in Lennar Homebuilding other liabilities and $21.5 million in Rialto liabilities. | ||||||||||||
[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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. |
Rialto_Investments_Segment_Ass
Rialto Investments Segment (Assets And Liabilities By Segment) (Details) (USD $) | Feb. 28, 2015 | Nov. 30, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | 31-May-14 | ||
In Thousands, unless otherwise specified | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Cash and cash equivalents | $818,430 | $1,281,814 | $874,298 | $970,505 | $970,505 | |||
Total assets | 13,120,645 | [1] | 12,958,267 | [1] | ||||
Notes payable | 5,133,118 | 4,690,213 | ||||||
Total liabilities | 7,811,655 | [2] | 7,706,965 | [2] | ||||
7% Senior Notes due 2018 [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Interest rate | 7.00% | |||||||
Rialto [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Cash and cash equivalents | 147,219 | [1] | 303,889 | [1] | 169,404 | |||
Restricted cash | 19,488 | [3] | 46,975 | [3] | ||||
Receivables, net | 0 | [4] | 153,773 | [4] | ||||
Loans receivable, net | 116,725 | [1] | 130,105 | [1] | ||||
Loans held-for-sale | 360,045 | [1],[5] | 113,596 | [1],[5] | ||||
Real estate owned - held-for-sale | 185,511 | [1] | 190,535 | [1] | ||||
Real estate owned - held-and-used, net | 242,569 | [1] | 255,795 | [1] | ||||
Investments in unconsolidated entities | 182,878 | [1] | 175,700 | [1] | ||||
Investments held-to-maturity | 17,624 | [1] | 17,290 | [1] | ||||
Other assets | 107,782 | [1] | 70,494 | [1] | ||||
Total assets | 1,379,841 | [1] | 1,458,152 | [1] | ||||
Notes payable | 646,082 | [2],[6] | 623,246 | [2],[6] | ||||
Other liabilities | 51,676 | [2] | 123,798 | [2] | ||||
Total liabilities | 697,758 | [2] | 747,044 | [2] | ||||
Line of credit facility, amount outstanding | 183,242 | 141,272 | ||||||
Rialto [Member] | 7% Senior Notes due 2018 [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Senior notes | 351,832 | 351,939 | ||||||
Rialto [Member] | 2.85% Notes [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Notes payable | $40,362 | $57,950 | ||||||
Interest rate | 2.85% | |||||||
[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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. | |||||||
[2] | As of February 28, 2015, total liabilities include $140.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $7.4 million is included in Lennar Homebuilding accounts payable, $43.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.5 million in Lennar Homebuilding senior notes and other debts payable, $14.9 million in Lennar Homebuilding other liabilities and $13.8 million in Rialto liabilities.As of November 30, 2014, total liabilities include $149.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.8 million is included in Lennar Homebuilding accounts payable, $45.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $14.8 million in Lennar Homebuilding other liabilities and $21.5 million in Rialto 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, 2014. | |||||||
[5] | Loans held-for-sale related to unsold loans carried at fair value. | |||||||
[6] | Notes and other debts payable include $351.8 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“7.00% Senior Notesâ€) as of February 28, 2015 and November 30, 2014, respectively, $183.2 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of February 28, 2015 and November 30, 2014, respectively, and $40.4 million and $58.0 million related to the notes issued through a structured note offering as of February 28, 2015 and November 30, 2014, respectively. |
Rialto_Investments_Segment_Ope
Rialto Investments Segment (Operating Earnings By Segment) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Operating earnings (loss) | $220,297 | $163,988 | ||
Noncontrolling interest income (loss) | 1,954 | 1,848 | ||
Rialto [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Rialto, Revenues | 41,197 | 46,955 | ||
Rialto, Cost and expenses | 40,781 | [1] | 47,576 | [1] |
Equity in earnings (loss) from unconsolidated entities | 2,664 | 5,354 | ||
Rialto other income (expense), net | -272 | -1,229 | ||
Operating earnings (loss) | 2,808 | [2] | 3,504 | [2] |
Loan impairments | 1,224 | 6,717 | ||
Noncontrolling interest income (loss) | ($1,814) | $935 | ||
[1] | Costs and expenses for the three months ended February 28, 2015 and 2014 included loan impairments of $1.2 million and $6.7 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). | |||
[2] | Operating earnings for the three months ended February 28, 2015 and 2014 included net earnings (loss) attributable to noncontrolling interests of ($1.8) million and $0.9 million, respectively. |
Rialto_Investments_Segment_Oth
Rialto Investments Segment (Other Income Expense) (Details) (Rialto [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 |
Rialto [Member] | ||
Component of Operating Other Cost and Expense [Line Items] | ||
Gains (losses) on sales of investment real estate | $3,130 | $9,509 |
Unrealized losses on transfer of loans receivable to REO and impairments, net | -2,556 | -2,377 |
REO and other expenses | -13,242 | -31,172 |
Rental and other income | 12,396 | 22,811 |
Rialto other expense, net | ($272) | ($1,229) |
Rialto_Investments_Segment_Loa
Rialto Investments Segment (Loans Receivable By Aggregate Collateral Type) (Details) (USD $) | Feb. 28, 2015 | Nov. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
Rialto [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans receivable, net | $116,725 | [1] | $130,105 | [1] |
Land [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans receivable, net | 78,397 | 89,603 | ||
Single Family Homes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans receivable, net | 19,092 | 20,402 | ||
Commercial Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans receivable, net | 7,118 | 7,286 | ||
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans receivable, net | $12,118 | $12,814 | ||
[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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. |
Rialto_Investments_Segment_Acc
Rialto Investments Segment (Accretable Yield For The FDIC Portfolios And Bank Portfolios) (Details) (Rialto [Member], FDIC Portfolios And Bank Portfolios [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2014 |
Rialto [Member] | FDIC Portfolios And Bank Portfolios [Member] | |
Segment Reporting Information [Line Items] | |
Accretable yield, beginning of period | $73,144 |
Additions | 1,352 |
Deletions | -8,704 |
Accretions | -9,795 |
Accretable yield, end of period | $55,997 |
Rialto_Investments_Segment_Non
Rialto Investments Segment (Nonaccrual Loans) (Details) (USD $) | Feb. 28, 2015 | Nov. 30, 2014 |
In Thousands, unless otherwise specified | ||
Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | $199,367 | $228,245 |
Recorded investment, with allowance | 76,354 | 85,912 |
Recorded investment, without allowance | 2,043 | 3,691 |
Investment in impaired loans | 78,397 | 89,603 |
Single Family Homes [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 60,723 | 66,183 |
Recorded investment, with allowance | 14,514 | 18,096 |
Recorded investment, without allowance | 4,578 | 2,306 |
Investment in impaired loans | 19,092 | 20,402 |
Commercial Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 21,425 | 34,048 |
Recorded investment, with allowance | 6,983 | 3,368 |
Recorded investment, without allowance | 135 | 3,918 |
Investment in impaired loans | 7,118 | 7,286 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 61,787 | 64,284 |
Recorded investment, with allowance | 0 | 5 |
Recorded investment, without allowance | 12,118 | 12,809 |
Investment in impaired loans | 12,118 | 12,814 |
Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 343,302 | 392,760 |
Recorded investment, with allowance | 97,851 | 107,381 |
Recorded investment, without allowance | 18,874 | 22,724 |
Investment in impaired loans | $116,725 | $130,105 |
Rialto_Investments_Segment_All
Rialto Investments Segment (Allowance on Loans Receivable) (Details) (Rialto [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 |
Rialto [Member] | ||
Accrual [Roll Forward] | ||
Allowance on accrual loans, beginning of period | $18,952 | |
Accrual loans, provision for loan losses | 6,637 | |
Accrual loans, write-downs | -667 | |
Allowance on accrual loans, end of period | 0 | 24,922 |
Nonaccrual [Roll Forward] | ||
Impaired Financing Receivable, Related Allowance, beginning period | 58,236 | 1,213 |
Provision for Loan and Lease Losses | 1,224 | 79 |
Financing Receivable, Allowance for Credit Losses, Write-downs | -8,441 | -868 |
Impaired Financing Receivable, Related Allowance, end of period | $51,019 | $424 |
Rialto_Investments_Segment_Cha
Rialto Investments Segment (Changes In Real Estate Owned) (Details) (Rialto [Member], USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Nov. 30, 2014 | |||
REO Property [Roll Forward] | ||||||
REO - held-for-sale, beginning of period | $190,535 | [1] | ||||
REO - held-for-sale, net, end of period | 185,511 | [1] | 190,535 | [1] | ||
REO Held And Used [Roll Forward] | ||||||
REO - held-and-used, net, beginning of period | 255,795 | [1] | ||||
REO - held-and-used, net, end of period | 242,569 | [1] | 255,795 | [1] | ||
Real Estate Owned [Member] | ||||||
REO Property [Roll Forward] | ||||||
REO - held-for-sale, beginning of period | 190,535 | 197,851 | ||||
REO - held-for-sale, improvements | 1,704 | 1,593 | ||||
REO - held-for-sale, sales | -24,925 | -41,233 | ||||
REO - held-for-sale, impairments | -1,418 | -1,791 | ||||
REO - held-for-sale, transfers to from held-and-used, net | 19,615 | [2] | 29,814 | [2] | ||
REO - held-for-sale, net, end of period | 185,511 | 186,234 | ||||
REO Held And Used [Roll Forward] | ||||||
REO - held-and-used, net, beginning of period | 255,795 | 428,989 | ||||
REO - held-and-used, additions | 8,912 | 8,034 | ||||
REO - held-and-used, improvements | 643 | 763 | ||||
REO - held-and-used, impairments | -1,413 | -904 | ||||
REO - held-and-used, depreciation | -789 | -1,393 | ||||
REO - held-and-used, transfers to from held-for-sale | -19,615 | [2] | -29,814 | [2] | ||
REO - held-and-use, net, other | -964 | 0 | ||||
REO - held-and-used, net, end of period | $242,569 | $405,675 | ||||
[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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. | |||||
[2] | During the three months ended February 28, 2015 and 2014, 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 $) | Feb. 28, 2015 | Nov. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
Rialto [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $182,878 | [1] | $175,700 | [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 | 68,760 | 71,831 | ||
Real Estate Investment Fund II [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Commitment | 1,305,000 | |||
Total Equity Commitment Called | 860,058 | |||
Investment Commitment | 100,000 | |||
Total amount invested | 65,905 | |||
Equity method investments | 74,632 | 67,652 | ||
Real Estate Mezanine Fund [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Commitment | 300,000 | |||
Total Equity Commitment Called | 213,536 | |||
Investment Commitment | 33,799 | |||
Total amount invested | 24,058 | |||
Equity method investments | 23,674 | 20,226 | ||
Other equity method investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $15,812 | $15,991 | ||
[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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. |
Rialto_Investments_Segment_Ria
Rialto Investments Segment Rialto Investments Segment (Equity in Earnings (Loss) on Investments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 |
Real Estate Investment Fund [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | $746 | $5,059 |
Real Estate Investment Fund II [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | 893 | 38 |
Real Estate Mezanine Fund [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | 475 | 289 |
Other equity method investments [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | 550 | -32 |
Rialto [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | $2,664 | $5,354 |
Rialto_Investments_Segment_Con
Rialto Investments Segment (Condensed Financial Information By Equity Method Investment) (Details) (Rialto [Member], USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Nov. 30, 2014 | ||
Rialto [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cash and cash equivalents | $77,844 | $141,609 | |||
Loans receivable | 515,229 | 512,034 | |||
Real estate owned | 442,258 | 378,702 | |||
Investment securities | 859,117 | 795,306 | |||
Investments in partnerships | 345,752 | 311,037 | |||
Other assets | 30,456 | 45,451 | |||
Total assets | 2,270,656 | 2,184,139 | |||
Accounts payable and other liabilities | 15,846 | 20,573 | |||
Notes payable | 407,446 | 395,654 | |||
Equity | 1,847,364 | 1,767,912 | |||
Total liabilities and equity | 2,270,656 | 2,184,139 | |||
Revenues | 41,738 | 31,427 | |||
Costs and expenses | 23,005 | 26,109 | |||
Other income, net | 5,874 | [1] | 48,170 | [1] | |
Net earnings (loss) of unconsolidated entities | 24,607 | 53,488 | |||
Equity in earnings (loss) from unconsolidated entities | $2,664 | $5,354 | |||
[1] | (1)Other income, net, for the three months ended February 28, 2015 and 2014 included realized and unrealized gains (losses) 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 February 28, 2015 and November 30, 2014 was $17.6 million and $17.3 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 months ended February 28, 2015 and 2014. The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity.In December 2014, the Rialto segment invested in a private commercial real estate services company at a price of $18.0 million. The investment is carried at cost at February 28, 2015 and is included in Rialto's other assets. |
Lennar_Multifamily_Narrative_D
Lennar Multifamily (Narrative) (Details) (Lennar Multifamily [Member], USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Nov. 30, 2014 |
Segment Reporting Information [Line Items] | |||
Non-recourse debt with completion guarantees | $244,026 | $163,376 | |
General Contractor Revenue | 31,935 | 6,151 | |
General Contractor Costs | 31,329 | 6,015 | |
Financial Letters of Credit [Member] | |||
Segment Reporting Information [Line Items] | |||
Letters of credit outstanding, amount | $22,171 | $23,498 |
Lennar_Multifamily_Segment_Ass
Lennar Multifamily Segment (Assets and Liabilities related to Multifamily Segment) (Details) (USD $) | Feb. 28, 2015 | Nov. 30, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | ||
In Thousands, unless otherwise specified | |||||||
Segment Reporting Information [Line Items] | |||||||
Cash and cash equivalents | $818,430 | $1,281,814 | $874,298 | $970,505 | $970,505 | ||
Total assets | 13,120,645 | [1] | 12,958,267 | [1] | |||
Total liabilities | 7,811,655 | [2] | 7,706,965 | [2] | |||
Lennar Multifamily [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Cash and cash equivalents | 3,256 | 2,186 | 2,496 | ||||
Land and land under development | 121,706 | 120,666 | |||||
Land under purchase options, recorded | 5,508 | 5,508 | |||||
Investments in unconsolidated entities | 123,978 | 105,674 | |||||
Property, Plant and Equipment, Net | 219 | 15,740 | |||||
Other assets | 25,699 | 18,240 | |||||
Total assets | 280,366 | 268,014 | [1] | ||||
Accounts payable | 41,167 | 48,235 | |||||
Liabilities related to consolidated inventory not owned | 4,008 | 4,008 | |||||
Total liabilities | $45,175 | $52,243 | |||||
[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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. | ||||||
[2] | As of February 28, 2015, total liabilities include $140.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $7.4 million is included in Lennar Homebuilding accounts payable, $43.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.5 million in Lennar Homebuilding senior notes and other debts payable, $14.9 million in Lennar Homebuilding other liabilities and $13.8 million in Rialto liabilities.As of November 30, 2014, total liabilities include $149.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.8 million is included in Lennar Homebuilding accounts payable, $45.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $14.8 million in Lennar Homebuilding other liabilities and $21.5 million in Rialto liabilities. |
Lennar_Multifamily_Segment_Con
Lennar Multifamily Segment (Condensed Financial Information by Equity Method Investments) (Details) (Lennar Multifamily [Member], USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Nov. 30, 2014 |
Lennar Multifamily [Member] | |||
Segment Reporting Information [Line Items] | |||
Cash and cash equivalents | $21,389 | $25,319 | |
Operating properties and equipment | 806,652 | 637,259 | |
Other assets | 19,699 | 14,742 | |
Total assets | 847,740 | 677,320 | |
Accounts payable and other liabilities | 102,305 | 87,151 | |
Debt | 244,026 | 163,376 | |
Equity | 501,409 | 426,793 | |
Total liabilities and equity | 847,740 | 677,320 | |
Revenues | 2,094 | 0 | |
Costs and expenses | 2,994 | 143 | |
Net earnings (loss) of unconsolidated entities | -900 | -143 | |
Equity in earnings (loss) from unconsolidated entities | ($178) | ($75) |
Lennar_Homebuilding_Cash_And_C1
Lennar Homebuilding Cash And Cash Equivalents (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2015 | Nov. 30, 2014 |
Cash and Cash Equivalents [Abstract] | ||
Cash held in escrow | $278.20 | $263.20 |
Escrow Deposit Period | 3 days |
Lennar_Homebuilding_Senior_Not2
Lennar Homebuilding Senior Notes And Other Debts Payable (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||||
Feb. 28, 2015 | Feb. 28, 2014 | Nov. 30, 2011 | Nov. 30, 2010 | Feb. 11, 2015 | Nov. 30, 2014 | |
Debt Instrument [Line Items] | ||||||
Net proceeds from senior notes | $249,131,000 | $496,305,000 | ||||
Shares included in the calculation of diluted earnings per share | 27,375,000 | 25,670,000 | ||||
Guarantee by subsidiaries | 75,000,000 | |||||
4.50% Senior Notes Due 2019 Issued in 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, principal amount | 250,000,000 | 350,000,000 | ||||
Interest rate | 4.50% | |||||
Rate Premium Discount Senior Debt | 100.25% | 100.00% | ||||
Net proceeds from senior notes | 596,400,000 | |||||
Senior notes | 600,625,000 | 350,000,000 | ||||
3.25% Convertible Senior Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, principal amount | 400,000,000 | 400,000,000 | ||||
Interest rate | 3.25% | 3.25% | ||||
Senior notes | 400,000,000 | 400,000,000 | ||||
Debt instrument, convertible, conversion ratio | 42.5555 | |||||
Debt conversion, converted instrument, per principal amount | 1,000 | |||||
Debt conversion, converted instrument, shares issued | 17,022,200 | |||||
Debt instrument, convertible, conversion price | $23.50 | |||||
2.75% Convertible Senior Notes Due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, principal amount | 446,000,000 | 446,000,000 | ||||
Interest rate | 2.75% | 2.75% | ||||
Senior notes | 434,494,000 | 431,042,000 | ||||
Debt instrument, convertible, conversion ratio | 45.1794 | |||||
Debt conversion, converted instrument, per principal amount | 1,000 | |||||
Debt conversion, converted instrument, shares issued | 20,150,012 | |||||
Debt instrument, convertible, conversion price | $22.13 | |||||
Volume weighted average stock price | $45.52 | $38.78 | ||||
Shares included in the calculation of diluted earnings per share | 10,400,000 | 8,600,000 | ||||
Debt instrument, unamortized discount | 11,500,000 | 15,000,000 | ||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 1,500,000,000 | |||||
Additional committed borrowing capacity under the credit facility | 248,000,000 | |||||
Line of credit facility, capacity available for specific purpose other than for trade purchases | 500,000,000 | |||||
Letter of Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility current borrowing capacity | 315,000,000 | |||||
Lennar Homebuilding [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding performance and surety bonds | 934,200,000 | |||||
Uncompleted site improvements amount | 472,400,000 | |||||
Uncompleted site improvements percent | 50.57% | |||||
Lennar Homebuilding [Member] | 4.50% Senior Notes Due 2019 Issued in 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.50% | 4.50% | ||||
Lennar Homebuilding [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.25% | 3.25% | ||||
Lennar Homebuilding [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 2.75% | 2.75% | ||||
Lennar Homebuilding [Member] | Performance Letters of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding, amount | 239,000,000 | 234,100,000 | ||||
Lennar Homebuilding [Member] | Financial Letters of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding, amount | $186,600,000 | $190,400,000 |
Lennar_Homebuilding_Senior_Not3
Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule Of Senior Notes And Other Debts Payable) (Details) (USD $) | Feb. 28, 2015 | Nov. 30, 2014 | Nov. 30, 2010 | Nov. 30, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage notes on land and other debt | $306,344 | $368,052 | ||||
Notes payable | 5,133,118 | 4,690,213 | ||||
5.60% Senior Notes Due 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 500,139 | 500,272 | ||||
Interest rate | 5.60% | |||||
6.50% Senior Notes Due 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 249,942 | 249,923 | ||||
Interest rate | 6.50% | |||||
12.25% Senior Notes Due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 396,807 | 396,278 | ||||
Interest rate | 12.25% | |||||
4.75% Senior Notes Due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 399,250 | 399,250 | ||||
Interest rate | 4.75% | |||||
6.95% Senior Notes Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 248,652 | 248,485 | ||||
Interest rate | 6.95% | |||||
4.125% Senior Notes Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 274,995 | 274,995 | ||||
Interest rate | 4.13% | |||||
4.500% Senior Notes Due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 500,431 | 500,477 | ||||
Interest rate | 4.50% | |||||
4.50% Senior Notes Due 2019 Issued in 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 600,625 | 350,000 | ||||
Interest rate | 4.50% | |||||
2.75% Convertible Senior Notes Due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 434,494 | 431,042 | ||||
Interest rate | 2.75% | 2.75% | ||||
3.25% Convertible Senior Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 400,000 | 400,000 | ||||
Interest rate | 3.25% | 3.25% | ||||
4.750% Senior Notes Due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 571,439 | 571,439 | ||||
Interest rate | 4.75% | |||||
Lennar Homebuilding [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | 5,133,118 | [1] | 4,690,213 | [1] | ||
Lennar Homebuilding [Member] | 5.60% Senior Notes Due 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.60% | 5.60% | ||||
Lennar Homebuilding [Member] | 6.50% Senior Notes Due 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.50% | 6.50% | ||||
Lennar Homebuilding [Member] | 12.25% Senior Notes Due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 12.25% | 12.25% | ||||
Lennar Homebuilding [Member] | 4.75% Senior Notes Due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.75% | 4.75% | ||||
Lennar Homebuilding [Member] | 6.95% Senior Notes Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.95% | 6.95% | ||||
Lennar Homebuilding [Member] | 4.125% Senior Notes Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.13% | 4.13% | ||||
Lennar Homebuilding [Member] | 4.500% Senior Notes Due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.50% | 4.50% | ||||
Lennar Homebuilding [Member] | 4.50% Senior Notes Due 2019 Issued in 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.50% | 4.50% | ||||
Lennar Homebuilding [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 2.75% | 2.75% | ||||
Lennar Homebuilding [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.25% | 3.25% | ||||
Lennar Homebuilding [Member] | 4.750% Senior Notes Due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.75% | 4.75% | ||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured revolving credit facility | $250,000 | $0 | ||||
[1] | As of February 28, 2015, total liabilities include $140.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $7.4 million is included in Lennar Homebuilding accounts payable, $43.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.5 million in Lennar Homebuilding senior notes and other debts payable, $14.9 million in Lennar Homebuilding other liabilities and $13.8 million in Rialto liabilities.As of November 30, 2014, total liabilities include $149.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.8 million is included in Lennar Homebuilding accounts payable, $45.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $14.8 million in Lennar Homebuilding other liabilities and $21.5 million in Rialto liabilities. |
Product_Warranty_Schedule_Of_P
Product Warranty (Schedule Of Product Warranty Reserve) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | ||
Product Warranties Disclosures [Abstract] | ||||
Warranty reserve, beginning of period | $115,927 | $102,580 | ||
Warranties issued during the period | 13,323 | 10,392 | ||
Adjustments to pre-existing warranties from changes in estimates | 3,661 | [1] | 2,120 | [1] |
Payments | -16,640 | -13,995 | ||
Warranty reserve, end of period | $116,271 | $101,097 | ||
[1] | The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 2015 and 2014 primarily related 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 | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock options | $1 | $2 |
Nonvested shares | 10,250 | 8,739 |
Total compensation expense for share-based awards | $10,251 | $8,741 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 |
homes | communities | |
communities | homes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 20.00% | |
Active communities | 625 | 546 |
Number of communities assessed for impairment | 19 | 26 |
Number of homesites assessed for impairment | 600 | 1,071 |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Cap Rate | 8.00% | |
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 Financial Services [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Open Commitments To Sell MBS | 956,000 | |
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 | 120,505 | 89,314 |
Servicing Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Lennar Financial Services [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Prepayment Rate | 12.40% | |
Fair Value Inputs, Discount Rate | 12.00% | |
Fair Value Input, Delinquency Rate | 6.70% |
Financial_Instruments_Carrying
Financial Instruments (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) (USD $) | Feb. 28, 2015 | Nov. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable, Carrying Amount | $5,133,118 | $4,690,213 |
Rialto [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net | 116,725 | 130,105 |
Loans receivable, Fair Value | 122,012 | 135,881 |
Investments held-to-maturity, Carrying Amount | 17,624 | 17,290 |
Investments held-to-maturity, Fair Value | 17,504 | 17,155 |
Notes payable, Carrying Amount | 646,082 | 623,246 |
Notes payable, Fair Value | 673,669 | 640,335 |
Lennar Financial Services [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments held-to-maturity, Carrying Amount | 47,429 | 45,038 |
Investments held-to-maturity, Fair Value | 47,497 | 45,051 |
Loans held-for-investment, net, Carrying Amount | 26,206 | 26,894 |
Loans held-for-investment, net, Fair Value | 25,879 | 26,723 |
Notes and other debts payable, Carrying Amount | 632,491 | 704,143 |
Notes and other debts payable, Fair Value | 632,491 | 704,143 |
Lennar Homebuilding [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable, Carrying Amount | 5,133,118 | 4,690,213 |
Notes payable, Fair Value | $6,361,102 | $5,760,075 |
Financial_Instruments_Fair_Val
Financial Instruments (Fair Value Measured On Recurring Basis) (Details) (USD $) | Feb. 28, 2015 | Nov. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
Lennar Financial Services [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans held-for-sale | $708,559 | [1] | $738,396 | [1] |
Aggregate Principal Balance Of Loans Held For Sale | 683,474 | 706,011 | ||
Fair Value, Option, Aggregate Differences, Loans held-for-sale | 25,085 | 32,385 | ||
Lennar Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans held-for-sale | 708,559 | 738,396 | ||
Lennar Financial Services [Member] | Loans Held-For-Sale [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans held-for-sale | 708,559 | [2] | 738,396 | [2] |
Lennar Financial Services [Member] | Mortgage Loan Commitments [Member] | ||||
Financial Instruments [Line Items] | ||||
Mortgage loan commitments | 18,966 | 12,687 | ||
Lennar Financial Services [Member] | Mortgage Loan Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial Instruments [Line Items] | ||||
Mortgage loan commitments | 18,966 | 12,687 | ||
Lennar Financial Services [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial Instruments [Line Items] | ||||
Derivative liabilities | -55 | -7,576 | ||
Lennar Financial Services [Member] | Servicing Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial Instruments [Line Items] | ||||
Servicing asset at fair value, amount | 16,786 | 17,353 | ||
Lennar Homebuilding [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial Instruments [Line Items] | ||||
Investments available-for-sale | 28,573 | 480 | ||
Rialto [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans held-for-sale | 360,045 | [1],[3] | 113,596 | [1],[3] |
Aggregate Principal Balance Of Loans Held For Sale | 358,922 | 111,775 | ||
Fair Value, Option, Aggregate Differences, Loans held-for-sale | 1,123 | 1,821 | ||
Rialto [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans held-for-sale | 360,045 | 113,596 | ||
Rialto [Member] | Loans Held-For-Sale [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans held-for-sale | $360,045 | [4] | $113,596 | [4] |
[1] | Loans held-for-sale related to unsold loans carried at fair value. | |||
[2] | The aggregate fair value of Lennar Financial Services loans held-for-sale of $708.6 million at February 28, 2015 exceeds their aggregate principal balance of $683.5 million by $25.1 million. The aggregate fair value of loans held-for-sale of $738.4 million at November 30, 2014 exceeds their aggregate principal balance of $706.0 million by $32.4 million. | |||
[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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. | |||
[4] | The aggregate fair value of Rialto loans held-for-sale of $360.0 million at February 28, 2015 exceeds their aggregate principal balance of $358.9 million by $1.1 million. The aggregate fair value of loans held-for-sale of $113.6 million at November 30, 2014 exceeds their aggregate principal balance of $111.8 million by $1.8 million. |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Lennar Financial Services [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 |
Loans Held-For-Sale [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Loans held-for-sale | ($7,300) | ($1,240) |
Mortgage Loan Commitments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Mortgage loan commitments | 6,279 | 2,794 |
Forward Contracts [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Derivative instruments | $7,521 | ($5,721) |
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 | |||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | ||
Available-for-sale Securities [Member] | Lennar Homebuilding [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning of period | $480 | $40,032 | ||
Purchases and other | 28,093 | [1] | 15,994 | [1] |
Available-for-Sale Securities Change in Fair Value | 0 | [2] | 4,928 | [2] |
Settlements | 0 | [3] | -1,074 | [3] |
End of period | 28,573 | 59,880 | ||
Servicing Contracts [Member] | Lennar Financial Services [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning of period | 17,353 | 11,455 | ||
Purchases and other | 344 | 1,421 | ||
Changes in fair value included in earnings | -132 | [4] | -660 | [4] |
Settlements | -779 | -261 | ||
End of period | 16,786 | 11,955 | ||
Loans Held-For-Sale [Member] | Rialto [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning of period | 113,596 | 44,228 | ||
Purchases and other | 565,515 | 295,508 | ||
Sales | -318,104 | -253,038 | ||
Interest accrued | -208 | -394 | ||
Changes in fair value included in earnings | -754 | [5] | 553 | |
End of period | $360,045 | $86,857 | ||
[1] | Represents investments in community development district bonds that mature at various dates between 2015 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 months ended February 28, 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] | Amount represents changes in fair value included in Lennar Financial Services revenues. | |||
[5] | Amount represents changes in fair value included in Rialto revenues. |
Financial_Instruments_Fair_Val1
Financial Instruments (Fair Value Assets Measured On Nonrecurring Basis) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | ||
Lennar Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Land and land under development carrying value before impairments | $0 | $7,013 | ||
Land and land under development fair value | 0 | 6,143 | ||
Valuation adjustments to land and land under development | 0 | -870 | ||
Rialto [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loan impairments | -1,224 | -6,717 | ||
Rialto [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Receivable Value Before Impairments | 117,949 | 176,122 | ||
Loans Receivable Fair Value | 116,725 | 169,405 | ||
Loan impairments | -1,224 | -6,717 | ||
REO held-for-sale carrying value before gains (losses) | 4,883 | [1] | 6,433 | [1] |
REO held-for-sale fair value after gains (losses) | 4,590 | [1] | 6,047 | [1] |
Gains (Losses) on REO held-for-sale | -293 | [1] | -386 | [1] |
REO held-for-sale carrying value before impairments | 5,604 | [1] | 19,318 | [1] |
REO held-for-sale fair value after impairments | 4,479 | [1] | 17,913 | [1] |
REO - held-for-sale, impairments | -1,125 | [1] | -1,405 | [1] |
REO held-and-used carrying value before gains (losses) | 8,637 | [2] | 7,716 | [2] |
REO held-and-used fair value after gains (losses) | 8,912 | [2] | 8,034 | [2] |
Gains (losses) On REO held-and-used | 275 | [2] | 318 | [2] |
REO held-and-used carrying value before impairments | 2,689 | [2] | 9,549 | [2] |
REO held-and-used fair value after impairments | 1,276 | [2] | 8,645 | [2] |
REO - held-and-used, impairments | ($1,413) | [2] | ($904) | [2] |
[1] | REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The losses upon the transfer or acquisition of REO and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 28, 2015 and 2014. | |||
[2] | REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains upon acquisition of REO held-and-used, net and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 28, 2015 and 2014. |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Nov. 30, 2014 | ||
Variable Interest Entity [Line Items] | ||||
Consolidated VIEs assets | $818,892 | $929,076 | ||
Consolidated VIEs non-recourse liabilities | 140,625 | 149,768 | ||
Decrease in consolidated inventory and related liabilities | 2,210 | |||
Non-refundable option deposits and pre-acquisition costs | 82,508 | 85,624 | ||
Lennar Multifamily [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 17,422 | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 1,220 | |||
Investments in unconsolidated entities | 123,978 | 105,674 | ||
Lennar Homebuilding [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Investments in unconsolidated entities | 684,135 | [1] | 656,837 | [1] |
Rialto [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Investments in unconsolidated entities | 182,878 | [1] | 175,700 | [1] |
Consolidated VIEs assets | 423,800 | 508,400 | ||
Consolidated VIEs non-recourse liabilities | 13,800 | 21,500 | ||
Commitments [Member] | Lennar Homebuilding [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum Exposure to Loss | 70,000 | 70,000 | ||
Lennar Multifamily Unconsolidated VIE [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Letters of credit outstanding, amount | 22,064 | 23,391 | ||
Variable interest entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Letters of credit outstanding, amount | $37,261 | $34,535 | ||
[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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. |
Variable_Interest_Entities_Est
Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) (USD $) | Feb. 28, 2015 | Nov. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
Lennar Homebuilding [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | $684,135 | [1] | $656,837 | [1] |
Rialto [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | 182,878 | [1] | 175,700 | [1] |
Investments held-to-maturity | 17,624 | [1] | 17,290 | [1] |
Lennar Multifamily [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | 123,978 | 105,674 | ||
Commitments [Member] | Lennar Homebuilding [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum Exposure to Loss | 70,000 | 70,000 | ||
Lennar Multifamily Unconsolidated VIE [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Letters of credit outstanding, amount | 22,064 | 23,391 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | 185,484 | 183,201 | ||
Maximum Exposure to Loss | 278,553 | 277,421 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Lennar Homebuilding [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | 126,595 | [2] | 124,311 | [2] |
Maximum Exposure to Loss | 196,812 | [2] | 194,321 | [2] |
Variable Interest Entity, Primary Beneficiary [Member] | Rialto [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | 17,624 | [3] | 17,290 | [3] |
Maximum Exposure to Loss | 17,624 | [3] | 17,290 | [3] |
Variable Interest Entity, Primary Beneficiary [Member] | Lennar Multifamily [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | 41,265 | [4] | 41,600 | [4] |
Maximum Exposure to Loss | $64,117 | [4] | $65,810 | [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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. | |||
[2] | At both February 28, 2015 and November 30, 2014, 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 a $70.0 million remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. | |||
[3] | At both February 28, 2015 and November 30, 2014, the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. At February 28, 2015 and November 30, 2014, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $17.6 million and $17.3 million, respectively, related to Rialto’s investments held-to-maturity. | |||
[4] | At February 28, 2015 and November 30, 2014, the maximum exposure to loss of Lennar Multifamily's investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $22.1 million and $23.4 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], USD $) | 3 Months Ended | 80 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Jan. 22, 2015 | Nov. 30, 2008 | Nov. 30, 2005 |
Land [Member] | ||||
Loss Contingencies [Line Items] | ||||
Land purchase commitment | $114,000 | $134,000 | $200,000 | |
Land purchase commitment, deposit | 20,000 | |||
Loss Contingency, Damages Sought, Interest Rate | 12.00% | |||
Interest Expense [Domain] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value | 91,100 | |||
Loss Contingency, Annual Interest Amount | 13,680 | |||
Real estate property taxes [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value | $1,600 |
Supplemental_Financial_Informa2
Supplemental Financial Information (Narrative) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Feb. 28, 2015 | Nov. 30, 2014 | Nov. 30, 2010 | Nov. 30, 2011 |
Condensed Financial Statements, Captions [Line Items] | ||||
Guarantee by subsidiaries | $75 | |||
5.60% Senior Notes Due 2015 [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 5.60% | |||
6.50% Senior Notes Due 2016 [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 6.50% | |||
12.25% Senior Notes Due 2017 [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 12.25% | |||
4.75% Senior Notes Due 2017 [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 4.75% | |||
6.95% Senior Notes Due 2018 [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 6.95% | |||
4.125% Senior Notes Due 2018 [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 4.13% | |||
4.500% Senior Notes Due 2019 [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 4.50% | |||
4.50% Senior Notes Due 2019 Issued in 2014 [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 4.50% | |||
2.75% Convertible Senior Notes Due 2020 [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 2.75% | 2.75% | ||
3.25% Convertible Senior Notes Due 2021 [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 3.25% | 3.25% | ||
4.750% Senior Notes Due 2022 [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest rate | 4.75% |
Supplemental_Financial_Informa3
Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) (USD $) | Feb. 28, 2015 | Nov. 30, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | $13,120,645 | [1] | $12,958,267 | [1] | ||
Senior notes and other debts payable | 5,133,118 | 4,690,213 | ||||
Total liabilities | 7,811,655 | [2] | 7,706,965 | [2] | ||
Stockholders' equity | 4,952,334 | [2] | 4,827,020 | [2] | ||
Noncontrolling interests | 356,656 | [2] | 424,282 | [2] | ||
Total equity | 5,308,990 | [2] | 5,251,302 | [2] | 4,701,157 | 4,627,470 |
Total liabilities and equity | 13,120,645 | [2] | 12,958,267 | [2] | ||
Parent Company [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 10,153,869 | 9,596,286 | ||||
Total liabilities | 5,201,535 | 4,769,266 | ||||
Stockholders' equity | 4,952,334 | 4,827,020 | ||||
Total equity | 4,952,334 | 4,827,020 | ||||
Total liabilities and equity | 10,153,869 | 9,596,286 | ||||
Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 10,100,632 | 9,511,651 | ||||
Total liabilities | 6,348,869 | 5,749,888 | ||||
Stockholders' equity | 3,751,763 | 3,761,763 | ||||
Total equity | 3,751,763 | 3,761,763 | ||||
Total liabilities and equity | 10,100,632 | 9,511,651 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 2,765,815 | 2,926,663 | ||||
Total liabilities | 1,811,142 | 1,891,025 | ||||
Stockholders' equity | 598,017 | 611,356 | ||||
Noncontrolling interests | 356,656 | 424,282 | ||||
Total equity | 954,673 | 1,035,638 | ||||
Total liabilities and equity | 2,765,815 | 2,926,663 | ||||
Consolidation, Eliminations [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | -9,899,671 | -9,076,333 | ||||
Total liabilities | -5,549,891 | -4,703,214 | ||||
Stockholders' equity | -4,349,780 | -4,373,119 | ||||
Total equity | -4,349,780 | -4,373,119 | ||||
Total liabilities and equity | -9,899,671 | -9,076,333 | ||||
Lennar Homebuilding [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 663,815 | 989,022 | ||||
Inventories | 8,406,502 | [1] | 7,736,600 | [1] | ||
Investments in unconsolidated entities | 684,135 | [1] | 656,837 | [1] | ||
Other assets | 592,026 | [1] | 672,589 | [1] | ||
Total assets | 10,346,478 | [1] | 10,055,048 | [1] | ||
Accounts payable and other accrued liabilities | 1,074,937 | 1,275,794 | ||||
Liabilities related to consolidated inventory not owned | 43,121 | [2] | 45,028 | [2] | ||
Senior notes and other debts payable | 5,133,118 | [2] | 4,690,213 | [2] | ||
Total liabilities | 6,251,176 | [2] | 6,011,035 | [2] | ||
Lennar Homebuilding [Member] | Parent Company [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 371,687 | 653,491 | ||||
Other assets | 162,364 | 159,564 | ||||
Investments in subsidiaries | 4,063,687 | 4,073,687 | ||||
Advances to Affiliate | 5,556,131 | 4,709,544 | ||||
Total assets | 10,153,869 | 9,596,286 | ||||
Accounts payable and other accrued liabilities | 353,511 | 447,104 | ||||
Senior notes and other debts payable | 4,848,024 | 4,322,162 | ||||
Total liabilities | 5,201,535 | 4,769,266 | ||||
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 277,545 | 323,325 | ||||
Inventories | 8,211,318 | 7,528,633 | ||||
Investments in unconsolidated entities | 655,242 | 632,973 | ||||
Other assets | 321,648 | 402,076 | ||||
Investments in subsidiaries | 286,093 | 299,432 | ||||
Total assets | 9,751,846 | 9,186,439 | ||||
Accounts payable and other accrued liabilities | 649,001 | 756,991 | ||||
Liabilities related to consolidated inventory not owned | 43,121 | 45,028 | ||||
Senior notes and other debts payable | 204,824 | 287,700 | ||||
Intercompany | 5,381,156 | 4,579,314 | ||||
Total liabilities | 6,278,102 | 5,669,033 | ||||
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 14,583 | 12,206 | ||||
Inventories | 195,184 | 207,967 | ||||
Investments in unconsolidated entities | 28,893 | 23,864 | ||||
Other assets | 101,774 | 104,619 | ||||
Total assets | 340,434 | 348,656 | ||||
Accounts payable and other accrued liabilities | 72,425 | 71,699 | ||||
Senior notes and other debts payable | 80,270 | 80,351 | ||||
Intercompany | 174,975 | 130,230 | ||||
Total liabilities | 327,670 | 282,280 | ||||
Lennar Homebuilding [Member] | Consolidation, Eliminations [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Other assets | 6,240 | 6,330 | ||||
Investments in subsidiaries | -4,349,780 | -4,373,119 | ||||
Advances to Affiliate | -5,556,131 | -4,709,544 | ||||
Total assets | -9,899,671 | -9,076,333 | ||||
Accounts payable and other accrued liabilities | 0 | |||||
Intercompany | -5,556,131 | -4,709,544 | ||||
Total liabilities | -5,556,131 | -4,709,544 | ||||
Rialto [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Investments in unconsolidated entities | 182,878 | [1] | 175,700 | [1] | ||
Total assets | 1,379,841 | [1] | 1,458,152 | [1] | ||
Senior notes and other debts payable | 646,082 | [2],[3] | 623,246 | [2],[3] | ||
Total liabilities | 697,758 | [2] | 747,044 | [2] | ||
Rialto [Member] | Parent Company [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 0 | 0 | ||||
Rialto [Member] | Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 0 | 0 | ||||
Rialto [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 1,379,841 | 1,458,152 | ||||
Total liabilities | 697,758 | 747,044 | ||||
Rialto [Member] | Consolidation, Eliminations [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 0 | 0 | ||||
Lennar Financial Services [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Other assets | 86,739 | [4] | 78,394 | [4] | ||
Total assets | 1,113,960 | 1,177,053 | [1] | |||
Total liabilities | 817,546 | [2] | 896,643 | [2] | ||
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 72,451 | 76,428 | ||||
Total liabilities | 25,592 | 28,705 | ||||
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 1,041,509 | 1,100,625 | ||||
Total liabilities | 785,714 | 861,608 | ||||
Lennar Financial Services [Member] | Consolidation, Eliminations [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total liabilities | 6,240 | 6,330 | ||||
Lennar Multifamily [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Investments in unconsolidated entities | 123,978 | 105,674 | ||||
Other assets | 25,699 | 18,240 | ||||
Total assets | 280,366 | 268,014 | [1] | |||
Liabilities related to consolidated inventory not owned | 4,008 | 4,008 | ||||
Total liabilities | 45,175 | 52,243 | ||||
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 | 276,335 | 248,784 | ||||
Total liabilities | 45,175 | 52,150 | ||||
Lennar Multifamily [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Total assets | 4,031 | 19,230 | ||||
Total liabilities | 0 | 93 | ||||
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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. | |||||
[2] | As of February 28, 2015, total liabilities include $140.6 million related to consolidated VIEs as to which there was no recourse against the Company, of which $7.4 million is included in Lennar Homebuilding accounts payable, $43.1 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.5 million in Lennar Homebuilding senior notes and other debts payable, $14.9 million in Lennar Homebuilding other liabilities and $13.8 million in Rialto liabilities.As of November 30, 2014, total liabilities include $149.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $6.8 million is included in Lennar Homebuilding accounts payable, $45.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $61.6 million in Lennar Homebuilding senior notes and other debts payable, $14.8 million in Lennar Homebuilding other liabilities and $21.5 million in Rialto liabilities. | |||||
[3] | Notes and other debts payable include $351.8 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“7.00% Senior Notesâ€) as of February 28, 2015 and November 30, 2014, respectively, $183.2 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of February 28, 2015 and November 30, 2014, respectively, and $40.4 million and $58.0 million related to the notes issued through a structured note offering as of February 28, 2015 and November 30, 2014, respectively. | |||||
[4] | Other assets included mortgage loan commitments carried at fair value of $19.0 million and $12.7 million as of February 28, 2015 and November 30, 2014, respectively. As of February 28, 2015 and November 30, 2014, other assets also included mortgage servicing rights carried at fair value of $16.8 million and $17.4 million, respectively, and other investment securities of $19.3 million and $16.8 million, respectively. |
Supplemental_Financial_Informa4
Supplemental Financial Information (Condensed Consolidating Statement Of Operations) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | ||
Condensed Financial Statements, Captions [Line Items] | ||||
Total revenues | $1,644,139 | [1] | $1,363,095 | [1] |
Corporate general and administrative | 43,654 | 38,112 | ||
Total costs and expenses | 1,500,871 | 1,236,457 | ||
Other interest expense | -4,071 | -12,691 | ||
Earnings (loss) before income taxes | 176,643 | 125,876 | ||
Provision (benefit) for income taxes | -59,726 | -45,911 | ||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 116,917 | 79,965 | ||
Less: Net earnings (loss) attributable to noncontrolling interests | 1,954 | 1,848 | ||
Net earnings attributable to Lennar | 114,963 | 78,117 | ||
Comprehensive income (loss), net of tax, attributable to Lennar | 114,963 | 78,117 | ||
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 1,954 | 1,848 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Corporate general and administrative | 42,389 | 36,846 | ||
Total costs and expenses | 42,389 | 36,846 | ||
Other interest expense | -1,429 | -1,429 | ||
Earnings (loss) before income taxes | -43,587 | -38,275 | ||
Provision (benefit) for income taxes | 14,902 | 14,169 | ||
Equity in income (loss) from subsidiaries | 143,648 | 102,223 | ||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 114,963 | 78,117 | ||
Net earnings attributable to Lennar | 114,963 | 78,117 | ||
Comprehensive income (loss), net of tax, attributable to Lennar | 114,963 | 78,117 | ||
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 0 | 0 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total revenues | 1,516,264 | 1,270,057 | ||
Total costs and expenses | 1,349,674 | 1,115,974 | ||
Other interest expense | -4,071 | -12,691 | ||
Earnings (loss) before income taxes | 191,160 | 149,507 | ||
Provision (benefit) for income taxes | -64,152 | -55,360 | ||
Equity in income (loss) from subsidiaries | 10,116 | 5,566 | ||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 137,124 | 99,713 | ||
Net earnings attributable to Lennar | 137,124 | 99,713 | ||
Comprehensive income (loss), net of tax, attributable to Lennar | 137,124 | 99,713 | ||
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 0 | 0 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total revenues | 132,856 | 98,379 | ||
Total costs and expenses | 112,582 | 87,539 | ||
Earnings (loss) before income taxes | 29,070 | 14,644 | ||
Provision (benefit) for income taxes | -10,476 | -4,720 | ||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 18,594 | 9,924 | ||
Less: Net earnings (loss) attributable to noncontrolling interests | 1,954 | 1,848 | ||
Net earnings attributable to Lennar | 16,640 | 8,076 | ||
Comprehensive income (loss), net of tax, attributable to Lennar | 16,640 | 8,076 | ||
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 1,954 | 1,848 | ||
Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total revenues | -4,981 | -5,341 | ||
Corporate general and administrative | 1,265 | 1,266 | ||
Total costs and expenses | -3,774 | -3,902 | ||
Other interest expense | 1,429 | 1,429 | ||
Equity in income (loss) from subsidiaries | -153,764 | -107,789 | ||
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | -153,764 | -107,789 | ||
Net earnings attributable to Lennar | -153,764 | -107,789 | ||
Comprehensive income (loss), net of tax, attributable to Lennar | -153,764 | -107,789 | ||
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 0 | 0 | ||
Lennar Homebuilding [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Real estate revenues | 1,441,658 | 1,231,385 | ||
Real estate cost and expenses | 1,265,175 | 1,064,355 | ||
Equity in earnings (loss) from unconsolidated entities | 28,899 | [2] | 4,990 | [2] |
Other income (expense), net | 6,333 | 2,889 | ||
Lennar Homebuilding [Member] | Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Real estate revenues | ||||
Other income (expense), net | 231 | |||
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Real estate revenues | 1,441,658 | 1,231,385 | ||
Real estate cost and expenses | 1,269,493 | 1,067,352 | ||
Equity in earnings (loss) from unconsolidated entities | 22,495 | 5,311 | ||
Other income (expense), net | 6,324 | 2,879 | ||
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Real estate revenues | 0 | 0 | ||
Real estate cost and expenses | 519 | -2,457 | ||
Equity in earnings (loss) from unconsolidated entities | 6,404 | -321 | ||
Lennar Homebuilding [Member] | Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Real estate cost and expenses | -4,837 | -540 | ||
Other income (expense), net | -222 | 10 | ||
Lennar Financial Services [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Financial Services, Revenues | 124,827 | 76,952 | ||
Lennar Financial Services, Cost and expenses | 109,300 | 72,487 | ||
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Financial Services, Revenues | 38,149 | 30,869 | ||
Lennar Financial Services, Cost and expenses | 38,226 | 34,695 | ||
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Financial Services, Revenues | 91,659 | 51,424 | ||
Lennar Financial Services, Cost and expenses | 71,276 | 42,420 | ||
Lennar Financial Services [Member] | Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Financial Services, Revenues | -4,981 | -5,341 | ||
Lennar Financial Services, Cost and expenses | -202 | -4,628 | ||
Rialto [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Rialto, Revenues | 41,197 | 46,955 | ||
Rialto, Cost and expenses | 40,781 | [3] | 47,576 | [3] |
Equity in earnings (loss) from unconsolidated entities | 2,664 | 5,354 | ||
Other income (expense), net | -272 | -1,229 | ||
Less: Net earnings (loss) attributable to noncontrolling interests | -1,814 | 935 | ||
Rialto [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Rialto, Cost and expenses | 0 | |||
Rialto [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Rialto, Revenues | 41,197 | 46,955 | ||
Rialto, Cost and expenses | 40,781 | 47,576 | ||
Equity in earnings (loss) from unconsolidated entities | 2,664 | 5,354 | ||
Other income (expense), net | -272 | -1,229 | ||
Rialto [Member] | Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Rialto, Cost and expenses | 0 | |||
Other income (expense), net | ||||
Lennar Multifamily [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Real estate revenues | 36,457 | 7,803 | ||
Real estate cost and expenses | 41,961 | 13,927 | ||
Equity in earnings (loss) from unconsolidated entities | -178 | -75 | ||
Lennar Multifamily [Member] | Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Real estate revenues | 0 | 0 | ||
Real estate cost and expenses | 0 | 0 | ||
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | ||
Lennar Multifamily [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Real estate revenues | 36,457 | 7,803 | ||
Real estate cost and expenses | 41,955 | 13,927 | ||
Equity in earnings (loss) from unconsolidated entities | -178 | -75 | ||
Lennar Multifamily [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Real estate revenues | 0 | 0 | ||
Real estate cost and expenses | 6 | 0 | ||
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | ||
Lennar Multifamily [Member] | Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Real estate revenues | 0 | 0 | ||
Real estate cost and expenses | 0 | 0 | ||
Equity in earnings (loss) from unconsolidated entities | $0 | $0 | ||
[1] | Total revenues were net of sales incentives of $93.6 million ($21,800 per home delivered) for the three months ended February 28, 2015 and $76.5 million ($21,300 per home delivered) for the three months ended February 28, 2014. | |||
[2] | For the three months ended February 28, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.5 million of equity in earnings primarily as a result of a third-party land sale by one unconsolidated entity. | |||
[3] | Costs and expenses for the three months ended February 28, 2015 and 2014 included loan impairments of $1.2 million and $6.7 million, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). |
Supplemental_Financial_Informa5
Supplemental Financial Information (Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (including net earnings attributable to noncontrolling interests) | $116,917 | $79,965 | |
Distributions of earnings from subsidiaries | 0 | 0 | |
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | -847,181 | -474,572 | |
Net cash provided by (used in) operating activities | -730,264 | -394,607 | |
Other | -81,486 | -25,537 | |
Distributions of capital from subsidiaries | 0 | 0 | |
Intercompany investing | 0 | 0 | |
Net cash provided by (used in) investing activities | -67,194 | 75,270 | |
Net borrowings (repayments) of debt | 250,000 | 0 | |
Net proceeds from senior notes | 249,131 | 496,305 | |
Proceeds from (repayments of) other debt | -61,418 | -72,170 | |
Exercise of land option contracts from an unconsolidated land investment venture | 0 | -1,540 | |
Net payments related to noncontrolling interests | -56,327 | -32,535 | |
Excess tax benefits from share-based awards | 35 | 137 | |
Issuances | 8,227 | 12,420 | |
Repurchases | -186 | 0 | |
Dividends | -8,208 | -8,169 | |
Intercompany financing | 0 | 0 | |
Net cash provided by (used in) financing activities | 334,074 | 223,130 | |
Net (decrease) increase in cash and cash equivalents | -463,384 | -96,207 | |
Cash and cash equivalents at beginning of period | 1,281,814 | 970,505 | |
Cash and cash equivalents at end of period | 818,430 | 874,298 | |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 114,963 | 78,117 | |
Distributions of earnings from subsidiaries | 143,648 | 102,223 | |
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | -195,584 | -134,710 | |
Net cash provided by (used in) operating activities | 63,027 | 45,630 | |
Other | -21,439 | -157 | |
Distributions of capital from subsidiaries | 10,000 | 60,000 | |
Intercompany investing | -845,727 | -672,239 | |
Net cash provided by (used in) investing activities | -857,166 | -612,396 | |
Net borrowings (repayments) of debt | 250,000 | ||
Net proceeds from senior notes | 249,425 | 496,600 | |
Proceeds from (repayments of) other debt | 21,250 | ||
Excess tax benefits from share-based awards | 35 | 137 | |
Issuances | 8,227 | 12,420 | |
Repurchases | -186 | ||
Dividends | -8,208 | -8,169 | |
Net cash provided by (used in) financing activities | 520,543 | 500,988 | |
Net (decrease) increase in cash and cash equivalents | -273,596 | -65,778 | |
Cash and cash equivalents at beginning of period | 633,318 | 547,101 | |
Cash and cash equivalents at end of period | 359,722 | 481,323 | |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 137,124 | 99,713 | |
Distributions of earnings from subsidiaries | 10,116 | 5,566 | |
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | -716,869 | -568,041 | |
Net cash provided by (used in) operating activities | -569,629 | -462,762 | |
Other | -32,916 | -16,229 | |
Distributions of capital from subsidiaries | 10,000 | 0 | |
Intercompany investing | 0 | 0 | |
Net cash provided by (used in) investing activities | -31,758 | 39,348 | |
Net proceeds from senior notes | 0 | ||
Proceeds from (repayments of) other debt | -82,587 | -72,097 | |
Exercise of land option contracts from an unconsolidated land investment venture | -1,540 | ||
Excess tax benefits from share-based awards | 0 | 0 | |
Repurchases | 0 | ||
Dividends | -147,124 | -99,713 | |
Intercompany financing | 800,745 | 609,943 | |
Net cash provided by (used in) financing activities | 571,034 | 436,593 | |
Net (decrease) increase in cash and cash equivalents | -30,353 | 13,179 | |
Cash and cash equivalents at beginning of period | 255,501 | 152,753 | |
Cash and cash equivalents at end of period | 225,148 | 165,932 | |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 18,594 | 9,924 | |
Distributions of earnings from subsidiaries | 0 | 0 | |
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | -88,492 | 120,390 | |
Net cash provided by (used in) operating activities | -69,898 | 130,314 | |
Other | -27,131 | -9,151 | |
Distributions of capital from subsidiaries | 0 | 0 | |
Intercompany investing | 0 | 0 | |
Net cash provided by (used in) investing activities | -3,997 | 36,079 | |
Net proceeds from senior notes | -294 | -295 | |
Proceeds from (repayments of) other debt | -81 | -73 | |
Net payments related to noncontrolling interests | -56,327 | -32,535 | |
Excess tax benefits from share-based awards | 0 | 0 | |
Repurchases | 0 | ||
Dividends | -26,640 | -68,076 | |
Intercompany financing | 44,982 | 62,296 | |
Net cash provided by (used in) financing activities | -85,540 | -210,001 | |
Net (decrease) increase in cash and cash equivalents | -159,435 | -43,608 | |
Cash and cash equivalents at beginning of period | 392,995 | 270,651 | |
Cash and cash equivalents at end of period | 233,560 | 227,043 | |
Consolidation, Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net earnings (including net earnings attributable to noncontrolling interests) | -153,764 | -107,789 | |
Distributions of earnings from subsidiaries | -153,764 | -107,789 | |
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | 153,764 | 107,789 | |
Net cash provided by (used in) operating activities | -153,764 | -107,789 | |
Distributions of capital from subsidiaries | -20,000 | -60,000 | |
Intercompany investing | 845,727 | 672,239 | |
Net cash provided by (used in) investing activities | 825,727 | 612,239 | |
Net proceeds from senior notes | 0 | ||
Excess tax benefits from share-based awards | 0 | 0 | |
Repurchases | 0 | ||
Dividends | 173,764 | 167,789 | |
Intercompany financing | -845,727 | -672,239 | |
Net cash provided by (used in) financing activities | -671,963 | -504,450 | |
Lennar Homebuilding [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | -10,668 | 29,500 | |
Cash and cash equivalents at beginning of period | 885,729 | [1] | |
Cash and cash equivalents at end of period | 583,754 | [1] | 645,691 |
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 | -10,668 | 28,767 | |
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 | 733 | ||
Rialto [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | -8,440 | -13,124 | |
Receipts of principal payments on loans receivable | 3,519 | 6,879 | |
Proceeds from sales of real estate owned | 28,055 | 50,742 | |
Net borrowings (repayments) of debt | 41,971 | -18,169 | |
Principal repayments on Rialto notes payable | -17,499 | -2,101 | |
Cash and cash equivalents at beginning of period | 303,889 | [1] | |
Cash and cash equivalents at end of period | 147,219 | [1] | 169,404 |
Rialto [Member] | Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | -8,440 | -13,124 | |
Receipts of principal payments on loans receivable | 3,519 | 6,879 | |
Proceeds from sales of real estate owned | 28,055 | 50,742 | |
Net borrowings (repayments) of debt | 41,971 | -18,169 | |
Principal repayments on Rialto notes payable | -17,499 | -2,101 | |
Lennar Multifamily [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | 1,826 | 26,810 | |
Cash and cash equivalents at beginning of period | 2,186 | ||
Cash and cash equivalents at end of period | 3,256 | 2,496 | |
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 | 1,826 | 26,810 | |
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 | -71,652 | -151,048 | |
Cash and cash equivalents at beginning of period | 90,010 | ||
Cash and cash equivalents at end of period | 84,201 | 56,707 | |
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net borrowings (repayments) of debt | ($71,652) | ($151,048) | |
[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 February 28, 2015, total assets include $818.9 million related to consolidated VIEs of which $13.9 million is included in Lennar Homebuilding cash and cash equivalents, $0.3 million in Lennar Homebuilding restricted cash, $0.4 million in Lennar Homebuilding receivables, net, $0.3 million in Lennar Homebuilding finished homes and construction in progress, $195.3 million in Lennar Homebuilding land and land under development, $50.2 million in Lennar Homebuilding consolidated inventory not owned, $28.9 million in Lennar Homebuilding investments in unconsolidated entities, $101.8 million in Lennar Homebuilding other assets, $423.8 million in Rialto assets and $4.0 million in Lennar Multifamily assets.As of November 30, 2014, total assets include $929.1 million related to consolidated VIEs of which $11.7 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, $0.2 million in Lennar Homebuilding finished homes and construction in progress, $208.2 million in Lennar Homebuilding land and land under development, $52.5 million in Lennar Homebuilding consolidated inventory not owned, $23.9 million in Lennar Homebuilding investments in unconsolidated entities, $104.6 million in Lennar Homebuilding other assets, $508.4 million in Rialto assets and $19.2 million in Lennar Multifamily assets. |