Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Aug. 31, 2015 | Sep. 30, 2015 | |
Entity Registrant Name | LENNAR CORP /NEW/ | |
Entity Central Index Key | 920,760 | |
Current Fiscal Year End Date | --11-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Aug. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 179,042,166 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 31,303,195 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ 82,888 | $ 149,768 | ||
ASSETS | ||||
Cash and cash equivalents | 805,294 | 1,281,814 | ||
Inventories: | ||||
Total assets | [1] | 14,169,375 | 12,958,267 | |
LIABILITIES AND EQUITY | ||||
Senior notes and other debts payable | 5,261,862 | 4,690,213 | ||
Total liabilities | [2] | 8,494,678 | 7,706,965 | |
Stockholders' equity: | ||||
Preferred stock | [2] | 0 | 0 | |
Additional paid-in capital | [2] | 2,290,084 | 2,239,574 | |
Retained earnings | [2] | 3,156,560 | 2,660,034 | |
Treasury stock, at cost; August 31, 2015 - 808,221 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 | [2] | (107,699) | (93,440) | |
Accumulated other comprehensive income (loss) | [2] | (187) | 130 | |
Total stockholders' equity | [2] | 5,360,016 | 4,827,020 | |
Noncontrolling interests | [2] | 314,681 | 424,282 | |
Total equity | [2] | 5,674,697 | 5,251,302 | |
Total liabilities and equity | [2] | 14,169,375 | 12,958,267 | |
Lennar Homebuilding [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | [1] | 595,719 | 885,729 | |
Restricted cash | [1] | 12,285 | 9,849 | |
Receivables, net | [1] | 74,604 | 93,444 | |
Inventories: | ||||
Finished homes and construction in progress | [1] | 4,006,800 | 3,082,345 | |
Land and land under development | [1] | 4,887,244 | 4,601,802 | |
Land under purchase options, recorded | [1] | 52,019 | 52,453 | |
Total inventories | [1] | 8,946,063 | 7,736,600 | |
Investments in unconsolidated entities | [1] | 640,908 | 656,837 | |
Other assets | [1] | 608,186 | 672,589 | |
Total assets | [1] | 10,877,765 | 10,055,048 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | [2] | 437,699 | 412,558 | |
Liabilities related to consolidated inventory not owned | [2] | 44,449 | 45,028 | |
Senior notes and other debts payable | [2] | 5,261,862 | 4,690,213 | |
Other liabilities | [2] | 799,529 | 863,236 | |
Total liabilities | [2] | 6,543,539 | 6,011,035 | |
Rialto [Member] | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 13,300 | 21,500 | ||
ASSETS | ||||
Cash and cash equivalents | [1] | 106,731 | 303,889 | |
Restricted cash | [3] | 19,599 | 46,975 | |
Receivables, net | [4] | 0 | 153,773 | |
Inventories: | ||||
Investments in unconsolidated entities | [1] | 211,906 | 175,700 | |
Total assets | [1] | 1,501,440 | 1,458,152 | |
LIABILITIES AND EQUITY | ||||
Senior notes and other debts payable | [2],[5] | 774,244 | 623,246 | |
Other liabilities | [2],[6] | 87,555 | 123,798 | |
Total liabilities | [2] | 861,799 | 747,044 | |
Lennar Financial Services [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 99,305 | 90,010 | ||
Restricted cash | 11,427 | 8,609 | ||
Receivables, net | [7] | 268,639 | 150,858 | |
Inventories: | ||||
Other assets | [8] | 67,918 | 61,595 | |
Total assets | 1,391,835 | 1,177,053 | [1] | |
LIABILITIES AND EQUITY | ||||
Other liabilities | [9] | 213,333 | 192,500 | |
Total liabilities | [2] | 1,031,237 | 896,643 | |
Lennar Multifamily [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 3,539 | 2,186 | ||
Inventories: | ||||
Land and land under development | 141,721 | 120,666 | ||
Land under purchase options, recorded | 5,508 | 5,508 | ||
Investments in unconsolidated entities | 211,503 | 105,674 | ||
Other assets | 35,345 | 18,240 | ||
Total assets | 398,335 | 268,014 | [1] | |
LIABILITIES AND EQUITY | ||||
Liabilities related to consolidated inventory not owned | 4,007 | 4,008 | ||
Total liabilities | 58,103 | 52,243 | ||
Class A Common Stock [Member] | ||||
Stockholders' equity: | ||||
Common stock | [2] | 17,960 | 17,424 | |
Total equity | 17,960 | 17,424 | ||
Class B Common Stock [Member] | ||||
Stockholders' equity: | ||||
Common stock | [2] | 3,298 | 3,298 | |
Total equity | $ 3,298 | $ 3,298 | ||
[1] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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 August 31, 2015, total liabilities include $82.9 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.3 million is included in Lennar Homebuilding accounts payable, $44.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.8 million in Lennar Homebuilding other liabilities, $13.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily 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 included $351.6 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“7.00% Senior Notes”) as of August 31, 2015 and November 30, 2014, respectively, $321.5 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of August 31, 2015 and November 30, 2014, respectively, and $31.4 million and $58.0 million related to the notes issued through a structured note offering as of August 31, 2015 and November 30, 2014, respectively. | |||
[6] | Other liabilities included interest rate swaps and swap futures carried at fair value of $5.7 million and $1.4 million as of August 31, 2015 and November 30, 2014, respectively, and credit default swaps carried at fair value of $2.7 million and $0.8 million as of August 31, 2015 and November 30, 2014, respectively. | |||
[7] | Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2015 and November 30, 2014, respectively. | |||
[8] | As of August 31, 2015 and November 30, 2014, other assets included mortgage loan commitments carried at fair value of $18.5 million and $12.7 million, respectively, and mortgage servicing rights carried at fair value of $16.4 million and $17.4 million, respectively. | |||
[9] | Other liabilities included $66.5 million and $69.3 million as of August 31, 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 $3.3 million and $7.6 million as of August 31, 2015 and November 30, 2014, respectively. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
Stockholders' Equity: | ||
Total consolidated VIEs assets | $ 670,314 | $ 929,076 |
Total consolidated VIEs liabilities | $ 82,888 | $ 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 | 179,594,687 | 174,241,570 |
Treasury stock, shares | 808,221 | 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 | $ 14,528 | $ 11,681 |
Restricted cash | 280 | |
Receivables, net | 773 | 246 |
Finished homes and construction in progress | 1,426 | 156 |
Land and land under development | 163,959 | 208,188 |
Consolidated inventory not owned | 52,019 | 52,453 |
Investments in unconsolidated entities | 35,498 | 23,864 |
Other assets | 22,113 | 104,617 |
Accounts payable | 5,334 | 6,812 |
Liabilities related to consolidated inventory not owned | 44,449 | 45,028 |
Senior notes and other debts payable | 61,551 | |
Other liabilities | 15,785 | 14,828 |
Rialto Consolidated VIEs [Member] | ||
Stockholders' Equity: | ||
Total consolidated VIEs assets | 369,870 | 508,362 |
Total consolidated VIEs liabilities | 13,313 | 21,549 |
Lennar Mutlifamily Consolidated VIEs [Member] | ||
Stockholders' Equity: | ||
Total consolidated VIEs assets | 10,128 | $ 19,229 |
Total consolidated VIEs liabilities | $ 4,007 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | ||
Revenues: | |||||
Total revenues | [1] | $ 2,491,698 | $ 2,014,034 | $ 6,528,441 | $ 5,195,874 |
Cost and expenses: | |||||
Corporate general and administrative | 56,494 | 43,072 | 150,355 | 119,501 | |
Total costs and expenses | 2,199,483 | 1,770,752 | 5,821,641 | 4,636,045 | |
Other interest expense | (2,812) | (8,381) | (10,701) | (31,359) | |
Earnings before income taxes | 320,658 | 262,335 | 777,111 | 591,841 | |
Provision (benefit) for income taxes | 95,621 | 88,895 | 250,573 | 215,819 | |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 225,037 | 173,440 | 526,538 | 376,022 | |
Less: Net earnings (loss) attributable to noncontrolling interests | 1,725 | (4,317) | 5,247 | (17,571) | |
Net earnings attributable to Lennar | 223,312 | 177,757 | 521,291 | 393,593 | |
Other comprehensive earnings (loss), net of tax: | |||||
Net unrealized gain (loss) on securities available-for-sale | (400) | 64 | (317) | 64 | |
Comprehensive income (loss), net of tax, attributable to Lennar | 222,912 | 177,821 | 520,974 | 393,657 | |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | $ 1,725 | $ (4,317) | $ 5,247 | $ (17,571) | |
Basic earnings per share (in dollars per share) | $ 1.07 | $ 0.87 | $ 2.53 | $ 1.92 | |
Diluted earnings per share (in dollars per share) | 0.96 | 0.78 | 2.25 | 1.73 | |
Cash dividends per each Class A and Class B common share | $ 0.04 | $ 0.04 | $ 0.12 | $ 0.12 | |
Lennar Homebuilding [Member] | |||||
Revenues: | |||||
Real estate revenues | $ 2,232,318 | $ 1,830,771 | $ 5,789,788 | $ 4,696,941 | |
Cost and expenses: | |||||
Real estate cost and expenses | 1,913,283 | 1,558,319 | 5,003,940 | 4,015,317 | |
Equity in earnings (loss) from unconsolidated entities | [2] | 13,300 | (2,080) | 48,693 | 3,304 |
Other income (expense), net | 4,189 | (63) | 10,305 | 5,088 | |
Lennar Financial Services [Member] | |||||
Revenues: | |||||
Lennar Financial Services | 168,748 | 128,379 | 463,460 | 316,347 | |
Cost and expenses: | |||||
Lennar Financial Services, Cost and expenses | 129,311 | 101,235 | 369,443 | 266,445 | |
Rialto [Member] | |||||
Revenues: | |||||
Rialto, Revenues | 51,554 | 40,848 | 160,682 | 142,196 | |
Cost and expenses: | |||||
Rialto, Cost and expenses | [3] | 53,323 | 47,644 | 161,610 | 174,824 |
Equity in earnings (loss) from unconsolidated entities | 7,590 | 19,973 | 17,582 | 43,266 | |
Other income (expense), net | 1,172 | (5,342) | 28 | (2,976) | |
Less: Net earnings (loss) attributable to noncontrolling interests | (1,977) | (4,549) | (4,513) | (20,670) | |
Lennar Multifamily [Member] | |||||
Revenues: | |||||
Real estate revenues | 39,078 | 14,036 | 114,511 | 40,390 | |
Cost and expenses: | |||||
Real estate cost and expenses | 47,072 | 20,482 | 136,293 | 59,958 | |
Equity in earnings (loss) from unconsolidated entities | $ 5,004 | $ 14,946 | $ 4,404 | $ 14,689 | |
[1] | Total revenues were net of sales incentives of $130.6 million ($20,700 per home delivered) and $353.1 million ($21,300 per home delivered) for the three and nine months ended August 31, 2015, respectively, compared to $111.0 million ($20,400 per home delivered) and $288.4 million ($20,600 per home delivered) for the three and nine months ended August 31, 2014, respectively. | ||||
[2] | For the three months ended August 31, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $21.5 million of equity in earnings from El Toro due to a gain on debt extinguishment and the sale of homesites to a third party. For the nine months ended August 31, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $64.5 million of equity in earnings from El Toro due to the sale of approximately 700 homesites and a commercial property to third parties and a gain on debt extinguishment. For the nine months ended August 31, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity. | ||||
[3] | Costs and expenses included loan impairments of $4.5 million and $7.3 million for the three and nine months ended August 31, 2015, respectively, and $4.2 million and $44.7 million for the three and nine months ended August 31, 2014, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | |||
Cash flows from operating activities: | ||||
Net earnings (including net earnings attributable to noncontrolling interests) | $ 526,538 | $ 376,022 | ||
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 | 30,450 | 27,161 | ||
Amortization of discount/premium on debt, net | 15,107 | 16,140 | ||
Share based compensation expense | 32,199 | 28,590 | ||
Excess tax benefits from share-based awards | (113) | (3,007) | ||
Deferred income tax (benefit) expense | (3,890) | 76,351 | ||
Gain (Loss) on Disposition of Property Plant Equipment | (5,945) | 0 | ||
Changes in assets and liabilities: | ||||
Decrease (increase) in restricted cash | 21,405 | (5,078) | ||
Decrease (increase) in receivables | 44,145 | 58,522 | ||
Decrease (increase) in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | (1,284,106) | (1,334,703) | ||
Decrease (increase) in other assets | (40,747) | (38,649) | ||
Increase (decrease) in accounts payable and other liabilities | 49,588 | 151,948 | ||
Net cash provided by (used in) operating activities | (1,088,414) | (898,501) | ||
Cash flows from investing activities: | ||||
Increase (decrease) in restricted cash | 717 | 19,012 | ||
Net disposals (additions) of operating properties and equipment | (60,924) | (12,415) | ||
Proceeds from the sale of operating properties and equipment | 73,732 | 0 | ||
Acquisition, net of cash acquired | 0 | 5,489 | ||
Net cash provided by (used in) investing activities | (15,681) | 242,455 | ||
Cash flows from financing activities: | ||||
Net borrowings (repayments) of debt | 575,000 | 70,000 | ||
Debt issuance costs | (7,210) | (7,725) | ||
Redemption of senior notes | (500,000) | 0 | ||
Repayments on convertible senior notes | (168,854) | 0 | ||
Proceeds from other borrowings | 87,905 | 33,103 | ||
Principal payments on other borrowings | (232,925) | (241,339) | ||
Exercise of land option contracts from an unconsolidated land investment venture | 0 | (1,540) | ||
Receipts related to noncontrolling interests | 1,475 | 11,963 | ||
Payments related to noncontrolling interests | (105,830) | (115,001) | ||
Excess tax benefits from share-based awards | 113 | 3,007 | ||
Common stock: | ||||
Issuances | 9,406 | 13,603 | ||
Repurchases | (23,133) | (12,153) | ||
Payments of Ordinary Dividends, Common Stock | (24,765) | (24,565) | ||
Net cash provided by (used in) financing activities | 627,575 | 519,054 | ||
Net (decrease) increase in cash and cash equivalents | (476,520) | (136,992) | ||
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of period | 1,281,814 | 970,505 | ||
Cash and cash equivalents at end of period | 805,294 | 833,513 | ||
Consolidations/deconsolidations of previously unconsolidated/consolidated entities, net: | ||||
Inventories | 0 | 155,021 | ||
Operating properties and equipment | (17,421) | (7,218) | ||
Investments in unconsolidated entities | 2,948 | (30,647) | ||
Other liabilities | 1,220 | 0 | ||
Noncontrolling interests | 13,253 | (117,156) | ||
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 | [1] | (48,693) | (3,304) | |
Distributions of earnings from unconsolidated entities | 26,332 | 4,456 | ||
(Gains) losses on retirement of debt | 3,289 | 0 | ||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | 17,664 | 8,049 | ||
Cash flows from investing activities: | ||||
Investments in and contributions to unconsolidated entities | (50,592) | (74,292) | ||
Distributions of capital from unconsolidated entities | 35,262 | 83,690 | ||
Proceeds from sales of investments available-for-sale | 0 | 46,234 | ||
Purchases of investments available-for-sale | (28,093) | (21,274) | ||
Cash flows from financing activities: | ||||
Proceeds from issuance of senior long-term debt | 750,625 | 500,500 | ||
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of period | [2] | 885,729 | ||
Cash and cash equivalents at end of period | 595,719 | [2] | 542,241 | |
Lennar Homebuilding and Lennar Multifamily: | ||||
Inventory acquired in satisfaction of other assets including investments available-for-sale | 28,093 | 4,774 | ||
Inventory acquired in partner buyout | 64,440 | 0 | ||
Non-cash sale of operating properties and equipment | (59,397) | 0 | ||
Purchases of inventories financed by sellers | 46,521 | 109,560 | ||
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 | (17,582) | (43,266) | ||
Distributions of earnings from unconsolidated entities | 11,588 | 354 | ||
(Gains) losses on retirement of debt | (83) | (4,135) | ||
Unrealized and realized gains on real estate owned | (14,879) | (20,568) | ||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | 16,225 | 55,275 | ||
Changes in assets and liabilities: | ||||
Decrease (increase) in loans-held-for-sale | (408,039) | (120,754) | ||
Cash flows from investing activities: | ||||
Investments in and contributions to unconsolidated entities | (42,335) | (28,175) | ||
Distributions of capital from unconsolidated entities | 12,123 | 41,235 | ||
Receipts of principal payments on loans receivable | 14,225 | 20,827 | ||
Proceeds from sales of real estate owned | 88,565 | 168,946 | ||
Payments to Acquire Investments | 18,000 | 0 | ||
Proceeds from sales of investments available-for-sale | 0 | 9,171 | ||
Purchases of investments available-for-sale | 0 | (8,705) | ||
Improvements in real estate owned | (6,055) | (9,924) | ||
Purchases of investment securities | (22,545) | (7,000) | ||
Cash flows from financing activities: | ||||
Net borrowings (repayments) of debt | 180,254 | (4,596) | ||
Proceeds from issuance of senior long-term debt | 0 | 104,525 | ||
Proceeds from Rialto structured notes | 0 | 73,830 | ||
Principal repayments on Rialto notes payable | (28,247) | (26,512) | ||
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of period | [2] | 303,889 | ||
Cash and cash equivalents at end of period | 106,731 | [2] | 211,030 | |
Rialto: | ||||
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable | 14,683 | 51,545 | ||
Non-cash acquisition of Servicer Provider | 0 | 8,317 | ||
Lennar Financial Services [Member] | ||||
Changes in assets and liabilities: | ||||
Decrease (increase) in loans-held-for-sale | (59,886) | (127,685) | ||
Cash flows from investing activities: | ||||
Purchases of investment securities | (33,702) | (19,025) | ||
(Increase) decrease in Lennar Financial Services loans held-for-investment, net | (4,421) | 1,242 | ||
Proceeds from maturities of Lennar Financial Services investment securities | 17,382 | 11,904 | ||
Cash flows from financing activities: | ||||
Net borrowings (repayments) of debt | 113,761 | 141,954 | ||
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of period | 90,010 | |||
Cash and cash equivalents at end of period | 99,305 | 78,361 | ||
Lennar Financial Services: | ||||
Purchase of mortgage servicing rights financed by seller | 0 | 5,927 | ||
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 | (4,404) | (14,689) | ||
Distributions of earnings from unconsolidated entities | 5,423 | 14,469 | ||
Cash flows from investing activities: | ||||
Investments in and contributions to unconsolidated entities | (23,812) | (25,072) | ||
Distributions of capital from unconsolidated entities | 32,792 | 51,565 | ||
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of period | 2,186 | |||
Cash and cash equivalents at end of period | 3,539 | 1,881 | ||
Lennar Homebuilding and Lennar Multifamily: | ||||
Non-cash contributions to unconsolidated entities | $ 126,411 | $ 72,552 | ||
[1] | For the three months ended August 31, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $21.5 million of equity in earnings from El Toro due to a gain on debt extinguishment and the sale of homesites to a third party. For the nine months ended August 31, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $64.5 million of equity in earnings from El Toro due to the sale of approximately 700 homesites and a commercial property to third parties and a gain on debt extinguishment. For the nine months ended August 31, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity. | |||
[2] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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 | 9 Months Ended |
Aug. 31, 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 15) in which Lennar Corporation is deemed to be the primary beneficiary (the “Company”). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 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 and nine months ended August 31, 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. Reclassifications/Revisions Certain prior year amounts in the supplemental financial information included in Note 18 were revised to conform with the Company’s current guarantor and non-guarantor structure. These revisions did not affect the Company’s condensed consolidated financial statements as they relate solely to transactions between Lennar Corporation and its subsidiaries and only impact the condensed consolidating supplemental financial statements. As such, the supplemental financial information included in Note 18 has been retrospectively adjusted for the three and nine months ended August 31, 2014 and as of November 30, 2014. |
Operating And Reporting Segment
Operating And Reporting Segments | 9 Months Ended |
Aug. 31, 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 (losses) upon foreclosure of real estate owned (“REO”), gains on sale of REO, expenses related to owning and maintaining REO, impairments on REO and other expenses, and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses. Operations of the Lennar Multifamily segment include revenues generated 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) August 31, November 30, Assets: Homebuilding East $ 2,511,295 2,323,978 Homebuilding Central 1,408,755 1,233,991 Homebuilding West 4,001,381 3,454,611 Homebuilding Southeast Florida 754,072 722,706 Homebuilding Houston 504,082 398,538 Homebuilding Other 851,070 880,912 Rialto 1,501,440 1,458,152 Lennar Financial Services 1,391,835 1,177,053 Lennar Multifamily 398,335 268,014 Corporate and unallocated 847,110 1,040,312 Total assets $ 14,169,375 12,958,267 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Revenues: Homebuilding East $ 737,251 570,698 1,858,982 1,497,954 Homebuilding Central 322,242 266,284 835,259 663,986 Homebuilding West 639,593 448,068 1,649,727 1,186,437 Homebuilding Southeast Florida 175,933 167,077 503,120 398,733 Homebuilding Houston 204,948 189,657 525,852 498,943 Homebuilding Other 152,351 188,987 416,848 450,888 Lennar Financial Services 168,748 128,379 463,460 316,347 Rialto 51,554 40,848 160,682 142,196 Lennar Multifamily 39,078 14,036 114,511 40,390 Total revenues (1) $ 2,491,698 2,014,034 6,528,441 5,195,874 Operating earnings (loss): Homebuilding East $ 109,845 83,403 262,675 219,307 Homebuilding Central 32,152 21,531 77,919 56,265 Homebuilding West (2) 114,499 67,887 299,324 186,323 Homebuilding Southeast Florida 37,210 40,579 102,479 87,885 Homebuilding Houston 26,665 27,740 66,418 74,096 Homebuilding Other 13,341 20,788 25,330 34,781 Lennar Financial Services 39,437 27,144 94,017 49,902 Rialto 6,993 7,835 16,682 7,662 Lennar Multifamily (2,990 ) 8,500 (17,378 ) (4,879 ) Total operating earnings 377,152 305,407 927,466 711,342 Corporate general and administrative expenses 56,494 43,072 150,355 119,501 Earnings before income taxes $ 320,658 262,335 777,111 591,841 (1) Total revenues were net of sales incentives of $130.6 million ( $20,700 per home delivered) and $353.1 million ( $21,300 per home delivered) for the three and nine months ended August 31, 2015 , respectively, compared to $111.0 million ( $20,400 per home delivered) and $288.4 million ( $20,600 per home delivered) for the three and nine months ended August 31, 2014 , respectively. (2) For the three and nine months ended August 31, 2015 , operating earnings included $21.5 million and $64.5 million , respectively, of equity in earnings related to transactions by Heritage Fields El Toro, one of the Company's unconsolidated entities ("El Toro"). For the nine months ended August 31, 2015 , operating earnings also included a $6.5 million gain on the sale of an operating property. |
Lennar Homebuilding Investments
Lennar Homebuilding Investments In Unconsolidated Entities | 9 Months Ended |
Aug. 31, 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 Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Revenues $ 141,599 39,021 765,346 214,826 Costs and expenses 127,678 35,401 580,696 246,138 Other income 46,400 — 49,343 — Net earnings (loss) of unconsolidated entities (1) $ 60,321 3,620 233,993 (31,312 ) Lennar Homebuilding equity in earnings (loss) from unconsolidated entities (2) $ 13,300 (2,080 ) 48,693 3,304 (1) For the nine months ended August 31, 2015 , net earnings of unconsolidated entities included the sale of approximately 300 homesites to Lennar by El Toro for $139.6 million , that resulted in $49.3 million of gross profit of which the Company's portion was deferred. (2) For the three months ended August 31, 2015 , Lennar Homebuilding equity in earnings from unconsolidated entities included $21.5 million of equity in earnings from El Toro due to a gain on debt extinguishment and the sale of homesites to a third party. For the nine months ended August 31, 2015 , Lennar Homebuilding equity in earnings from unconsolidated entities included $64.5 million of equity in earnings from El Toro due to the sale of approximately 700 homesites and a commercial property to third parties and a gain on debt extinguishment. For the nine months ended August 31, 2014 , Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity. Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 272,101 243,597 Inventories 2,704,359 2,889,267 Other assets 146,621 155,470 $ 3,123,081 3,288,334 Liabilities and equity: Accounts payable and other liabilities $ 281,388 271,638 Debt 436,973 737,755 Equity 2,404,720 2,278,941 $ 3,123,081 3,288,334 As of August 31, 2015 and November 30, 2014 , the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $640.9 million and $656.8 million , respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of August 31, 2015 and November 30, 2014 was $734.1 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. During the three months ended August 31, 2015 , the Company bought out the partner of one of its unconsolidated entities for approximately $10 million of which $7 million was paid in cash and the remainder was financed with a short-term note. As a result, the Company's $70.1 million investment in the unconsolidated entity was reclassified primarily to inventory. 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) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 55,136 56,573 Non-recourse land seller debt or other debt 3,999 4,022 Non-recourse debt with completion guarantees (1) 98,192 442,854 Non-recourse debt without completion guarantees 257,246 209,825 Non-recourse debt to the Company 414,573 713,274 The Company’s maximum recourse exposure 22,400 24,481 Total debt $ 436,973 737,755 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 El Toro as a result of land sales and debt extinguishment. 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 August 31, 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 August 31, 2015 and November 30, 2014 , the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of August 31, 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 11). |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Aug. 31, 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 nine months ended August 31, 2015 and 2014 : Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Comprehensive Other Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2014 $ 5,251,302 17,424 3,298 2,239,574 (93,440 ) 130 2,660,034 424,282 Net earnings (including net earnings attributable to noncontrolling interests) 526,538 — — — — — 521,291 5,247 Employee stock and directors plans (12,727 ) 121 — 1,411 (14,259 ) — — — Conversions and exchanges of 2.75% convertible senior notes due 2020 — 415 — (415 ) — — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions and exchanges of 2.75% convertible senior notes due 2020 17,419 — — 17,419 — — — — Amortization of restricted stock 32,095 — — 32,095 — — — — Cash dividends (24,765 ) — — — — — (24,765 ) — Receipts related to noncontrolling interests 1,475 — — — — — — 1,475 Payments related to noncontrolling interests (105,830 ) — — — — — — (105,830 ) Non-cash deconsolidations, net (13,253 ) — — — — — — (13,253 ) Non-cash activity related to noncontrolling interests 2,760 — — — — — — 2,760 Other comprehensive loss, net of tax (317 ) — — — — (317 ) — — Balance at August 31, 2015 $ 5,674,697 17,960 3,298 2,290,084 (107,699 ) (187 ) 3,156,560 314,681 Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income Retained Earnings Noncontrolling Interests Balance at November 30, 2013 $ 4,627,470 18,483 3,298 2,721,246 (628,019 ) — 2,053,893 458,569 Net earnings (including net loss attributable to noncontrolling interests) 376,022 — — — — — 393,593 (17,571 ) Employee stock and directors plans 2,112 114 — 1,336 662 — — — Retirement of treasury stock — (1,173 ) — (541,019 ) 542,192 — — — Tax benefit from employee stock plans, vesting of restricted stock and conversion of 2.00% convertible senior notes due 2020 in fiscal 2013 12,892 — — 12,892 — — — — Amortization of restricted stock 28,482 — — 28,482 — — — — Cash dividends (24,565 ) — — — — — (24,565 ) — Receipts related to noncontrolling interests 11,963 — — — — — — 11,963 Payments related to noncontrolling interests (115,001 ) — — — — — — (115,001 ) Non-cash consolidations, net 118,272 — — — — — — 118,272 Non-cash activity related to noncontrolling interests 430 — — — — — — 430 Other comprehensive income, net of tax 64 — — — — 64 — — Balance at August 31, 2014 $ 5,038,141 17,424 3,298 2,222,937 (85,165 ) 64 2,422,921 456,662 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 and nine months ended August 31, 2015 and 2014 , there were no share repurchases of common stock under the stock repurchase program. As of August 31, 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 and nine months ended August 31, 2015 , treasury stock increased by 0.5 million and 0.3 million shares of Class A common stock, respectively, due to activity related to the Company's equity compensation plan. During the three months ended August 31, 2014 , treasury stock increased by 0.3 million shares of Class A common stock due to the activity related to the Company's equity compensation plan. During the nine months ended August 31, 2014 , treasury stock decreased by 11.8 million shares of Class A common stock primarily due to the retirement of 11.7 million shares of Class A common stock authorized by the Company's Board of Directors. |
Income Taxes
Income Taxes | 9 Months Ended |
Aug. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes related to pre-tax earnings and effective tax rate were as follows: Three Months Ended Nine Months Ended August 31, August 31, (Dollars in thousands) 2015 2014 2015 2014 Provision for income taxes $ (95,621 ) (88,895 ) (250,573 ) (215,819 ) Effective tax rate (1) 29.98 % 33.34 % 32.46 % 35.41 % (1) For both the three and nine months ended August 31, 2015 , the effective tax rate included a tax benefit for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense and interest accrued on uncertain tax positions. As of August 31, 2015 and November 30, 2014 , the Company's deferred tax assets, net included in the condensed consolidated balance sheets were $335.2 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 August 31, 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 August 31, 2015 and November 30, 2014 , the Company had federal tax effected NOL carryforwards totaling $1.9 million and $2.0 million , respectively, that may be carried forward up to 20 years to offset future taxable income and begin to expire in 2029 . At August 31, 2015 and November 30, 2014 , the Company had state tax effected NOL carryforwards totaling $88.4 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 August 31, 2015 and November 30, 2014 , the Company had $7.3 million of gross unrecognized tax benefits. At August 31, 2015 , the Company had $32.8 million accrued for interest and penalties, of which $1.4 million was recorded during the nine months ended August 31, 2015 . During the nine months ended August 31, 2015 , the accrual for interest and penalties was reduced by $0.1 million , primarily as a result of interest payments. At November 30, 2014 , the Company had $31.5 million accrued for interest and penalties. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Aug. 31, 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 Nine Months Ended August 31, August 31, (In thousands, except per share amounts) 2015 2014 2015 2014 Numerator: Net earnings attributable to Lennar $ 223,312 177,757 521,291 393,593 Less: distributed earnings allocated to nonvested shares 91 109 271 305 Less: undistributed earnings allocated to nonvested shares 2,313 2,124 5,431 4,486 Numerator for basic earnings per share 220,908 175,524 515,589 388,802 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 1,044 — 2,842 — Plus: interest on 3.25% convertible senior notes due 2021 1,982 1,982 5,946 5,946 Plus: undistributed earnings allocated to convertible shares 2,313 2,124 5,430 4,486 Less: undistributed earnings reallocated to convertible shares 2,093 1,908 4,870 4,047 Numerator for diluted earnings per share $ 222,066 177,722 519,253 395,187 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 206,439 202,354 204,120 202,103 Effect of dilutive securities: Share-based payments 7 5 9 8 Convertible senior notes 24,102 25,869 26,506 25,846 Denominator for diluted earnings per share - weighted average common shares outstanding 230,548 228,228 230,635 227,957 Basic earnings per share $ 1.07 0.87 2.53 1.92 Diluted earnings per share $ 0.96 0.78 2.25 1.73 (1) During the three months ended August 31, 2015 , Rialto adopted a Carried Interest Incentive Plan (“Plan”) which provides participants in the Plan specified percentages of distributions made to a Rialto subsidiary from funds or other investment vehicles managed by the Rialto subsidiary. Some Rialto employees may receive up to 40% of the distributions received by the Rialto subsidiary. The amounts presented above represent the difference between the advanced tax distributions received by Rialto's subsidiary and the amount Lennar, as the parent company, is assumed to own. For both the three and nine months ended August 31, 2015 and 2014 , there were no options to purchase shares of Class A common stock that were outstanding and anti-dilutive. |
Lennar Financial Services Segme
Lennar Financial Services Segment | 9 Months Ended |
Aug. 31, 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) August 31, November 30, Assets: Cash and cash equivalents $ 99,305 90,010 Restricted cash 11,427 8,609 Receivables, net (1) 268,639 150,858 Loans held-for-sale (2) 798,103 738,396 Loans held-for-investment, net 30,495 26,894 Investments held-to-maturity 34,393 45,038 Investments available-for-sale (3) 42,701 16,799 Goodwill 38,854 38,854 Other (4) 67,918 61,595 $ 1,391,835 1,177,053 Liabilities: Notes and other debts payable $ 817,904 704,143 Other (5) 213,333 192,500 $ 1,031,237 896,643 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2015 and November 30, 2014 , respectively. (2) Loans held-for-sale related to unsold loans carried at fair value. (3) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss). As of August 31, 2015 , investments available-for-sale were in a cumulative unrealized loss, net of tax, of $0.2 million . During the three and nine months ended August 31, 2015 , the Company recorded other comprehensive losses, net of tax, of $0.4 million and $0.3 million , respectively. (4) As of August 31, 2015 and November 30, 2014 , other assets included mortgage loan commitments carried at fair value of $18.5 million and $12.7 million , respectively, and mortgage servicing rights carried at fair value of $16.4 million and $17.4 million , respectively. (5) Other liabilities included $66.5 million and $69.3 million as of August 31, 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 $3.3 million and $7.6 million as of August 31, 2015 and November 30, 2014 , respectively. At August 31, 2015 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures March 2016 (1) $ 300,000 364-day warehouse repurchase facility that matures August 2016 (2) 600,000 364-day warehouse repurchase facility that matures August 2016 300,000 $ 1,200,000 (1) 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. (2) In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment will be decreased to $400 million in the first quarter of fiscal 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 $817.9 million and $698.4 million at August 31, 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 $853.3 million and $732.1 million at August 31, 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 Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Loan origination liabilities, beginning of period $ 13,660 9,774 11,818 9,311 Provision for losses (1) 1,147 918 3,174 1,660 Payments/settlements — (83 ) (185 ) (362 ) Loan origination liabilities, end of period $ 14,807 10,609 14,807 10,609 (1) Provision for losses included adjustments to pre-existing provisions for losses from changes in estimates for the three and nine months ended August 31, 2015 . |
Rialto Segment
Rialto Segment | 9 Months Ended |
Aug. 31, 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) August 31, November 30, Assets: Cash and cash equivalents $ 106,731 303,889 Restricted cash (1) 19,599 46,975 Receivables, net (2) — 153,773 Loans held-for-sale (3) 510,133 113,596 Loans receivable, net 123,544 137,124 Real estate owned - held-for-sale 185,738 190,535 Real estate owned - held-and-used, net 195,866 255,795 Investments in unconsolidated entities 211,906 175,700 Investments held-to-maturity 18,328 17,290 Other (4) 129,595 63,475 $ 1,501,440 1,458,152 Liabilities: Notes and other debts payable (5) $ 774,244 623,246 Other (6) 87,555 123,798 $ 861,799 747,044 (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) Other assets included credit default swaps carried at fair value of $10.0 million and $1.7 million as of August 31, 2015 and November 30, 2014 , respectively, and interest rate swaps and swap futures carried at fair value of $0.3 million as of August 31, 2015 . (5) Notes and other debts payable included $351.6 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“ 7.00% Senior Notes”) as of August 31, 2015 and November 30, 2014 , respectively, $321.5 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of August 31, 2015 and November 30, 2014 , respectively, and $31.4 million and $58.0 million related to the notes issued through a structured note offering as of August 31, 2015 and November 30, 2014, respectively. (6) Other liabilities included interest rate swaps and swap futures carried at fair value of $5.7 million and $1.4 million as of August 31, 2015 and November 30, 2014 , respectively, and credit default swaps carried at fair value of $2.7 million and $0.8 million as of August 31, 2015 and November 30, 2014 , respectively. Rialto’s operating earnings were as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Revenues $ 51,554 40,848 160,682 142,196 Costs and expenses (1) 53,323 47,644 161,610 174,824 Rialto equity in earnings from unconsolidated entities 7,590 19,973 17,582 43,266 Rialto other income (expense), net 1,172 (5,342 ) 28 (2,976 ) Operating earnings (2) $ 6,993 7,835 16,682 7,662 (1) Costs and expenses included loan impairments of $4.5 million and $7.3 million for the three and nine months ended August 31, 2015 , respectively, and $4.2 million and $44.7 million for the three and nine months ended August 31, 2014 , respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). (2) Operating earnings for the three and nine months ended August 31, 2015 included net loss attributable to noncontrolling interests of $2.0 million and $4.5 million , respectively. Operating earnings for the three and nine months ended August 31, 2014 included net loss attributable to noncontrolling interests of $4.5 million and $20.7 million , respectively. The following is a detail of Rialto other income (expense), net: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Realized gains on REO sales, net $ 6,178 4,106 13,852 27,849 Unrealized losses on transfer of loans receivable to REO and impairments, net (3,124 ) (7,165 ) (7,892 ) (17,816 ) REO and other expenses (14,714 ) (13,027 ) (43,123 ) (43,977 ) Rental and other income 12,832 10,744 37,191 30,968 Rialto other income (expense), net $ 1,172 (5,342 ) 28 (2,976 ) 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 nine months ended August 31, 2015 and 2014 , the LLCs distributed $121.5 million and $146.7 million , respectively, of which $72.9 million and $88.0 million , respectively, was distributed to the FDIC and $48.6 million and $57.6 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 August 31, 2015 , these consolidated LLCs had total combined assets and liabilities of $369.9 million and $13.3 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. The remaining balance is due in equal installments in December 2015 and December 2016. As of both August 31, 2015 and November 30, 2014 , the outstanding amount related to the 5-year unsecured note was $60.6 million . In May 2014, the Rialto segment issued $73.8 million principal amount of notes through a structured note offering (the “Structured Notes”) collateralized by certain assets originally acquired in the Bank Portfolios transaction at a price of 100% , with an annual coupon rate of 2.85% . Proceeds from the offering, after payment of expenses and hold backs for a cash reserve, were $69.1 million . In November 2014, the Rialto segment issued an additional $20.8 million of the Structured Notes at a price of 99.5% , with an annual coupon rate of 5.0% . Proceeds from the offering, after payment of expenses, were $20.7 million . The estimated final payment date of the Structured Notes is December 15, 2015. As of August 31, 2015 and November 30, 2014 , the outstanding amount related to Rialto's structured note offering was $31.4 million and $58.0 million , respectively. The loans receivable in the FDIC and Bank 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. As of August 31, 2015 and November 30, 2014 management classified all loans receivable within the FDIC Portfolios and Bank Portfolios as nonaccrual loans as forecasted principal and interest cannot be reasonably estimated and accounted for these assets in accordance with ASC 310-10, Receivables (“ASC 310-10”). Prior to the fourth quarter of 2014, Rialto accounted for the majority of its loans receivable under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality , (“ASC 310-30”). 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 table represents loans receivable, net by type: (In thousands) August 31, November 30, Accrual loans (1) $ 29,654 7,019 Nonaccrual loans: FDIC and Bank Portfolios 93,890 130,105 Loans receivable, net $ 123,544 137,124 (1) As of August 31, 2015 accrual loans included loans originated of which $11.2 million relates to a convertible land loan that matures in July 2016 and $ 18.4 million relates to floating rate commercial property loans that mature between September 2015 and July 2018. The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type: August 31, 2015 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 154,573 62,312 2,771 65,083 Single family homes 46,913 11,178 2,876 14,054 Commercial properties 16,561 2,590 1,102 3,692 Other 58,013 — 11,061 11,061 Loans receivable $ 276,060 76,080 17,810 93,890 November 30, 2014 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded 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 was approximately $112 million and $6 million for the nine months ended August 31, 2015 and 2014 , respectively. 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. With regard to accrual loans that were accounted under ASC 310-30 prior to the fourth quarter of 2014, Rialto estimated the cash flows, at acquisition, it expected to collect on the FDIC Portfolios and Bank Portfolios and 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. During the fourth quarter of 2014, in an effort to better reflect the performance of the FDIC and Bank Portfolios, Rialto changed from recording accretable yield income on a loan pool basis to recording income on a cost recovery basis per loan as the timing and amount of expected cash flows on the remaining loan portfolios could no longer be reasonably estimated. For the nine months ended August 31, 2015 , there was no activity in the accretable yield for the FDIC 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 nine months ended August 31, 2014 the activity in the accretable yield was as follows: Nine Months Ended (In thousands) August 31, 2014 Accretable yield, beginning of period $ 73,144 Additions 8,785 Deletions (25,621 ) Accretions (25,693 ) Accretable yield, end of period $ 30,615 Additions primarily represented reclasses from nonaccretable yield to accretable yield on the portfolios. Deletions represented loan impairments, net of recoveries, and disposal of loans, which included foreclosure of underlying collateral and resulted in the removal of the loans from the accretable yield portfolios. Accrual — Loans in which forecasted cash flows under the loan agreement, as it might be modified from time to time, can be reasonably estimated at the date of acquisition. The risk associated with loans in this category relates to the possible default by the borrower with respect to principal and interest payments and the possible decline in value of the underlying collateral and thus, both could cause a decline in the forecasted cash flows used to determine accretable yield income (under ASC 310-30) and the recognition of an impairment through an allowance for loan losses but can be reversed if conditions improve. For the nine months ended August 31, 2015 , there was no activity in the Company's allowance related to accrual loans. For the three and nine months ended August 31, 2014 , the activity in the Company's allowance rollforward related to accrual loans accounted for under ASC 310-30 was as follows: Three Months Ended Nine Months Ended (In thousands) August 31, 2014 Allowance on accrual loans, beginning of period $ 55,658 18,952 Provision for loan losses, net of recoveries 4,089 44,577 Charge-offs (6,482 ) (10,264 ) Allowance on accrual loans, end of period $ 53,265 53,265 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 Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Allowance on nonaccrual loans, beginning of period $ 40,593 286 58,326 1,213 Provision for loan losses, net of recoveries 4,497 68 7,306 162 Charge-offs (6,707 ) (68 ) (27,249 ) (1,089 ) Allowance on nonaccrual loans, end of period $ 38,383 286 38,383 286 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 Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 REO - held-for-sale, beginning of period $ 195,386 192,829 190,535 197,851 Improvements 1,023 1,994 4,318 4,717 Sales (26,575 ) (52,431 ) (74,713 ) (141,097 ) Impairments and unrealized losses (3,127 ) (6,087 ) (7,499 ) (8,910 ) Transfers from held-and-used, net (1) 19,031 58,034 73,097 141,778 REO - held-for-sale, end of period $ 185,738 194,339 185,738 194,339 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 REO - held-and-used, net, beginning of period $ 213,748 379,069 255,795 428,989 Additions 1,367 14,530 15,710 48,657 Improvements 309 1,736 1,737 5,207 Impairments (7 ) (1,333 ) (1,420 ) (2,836 ) Depreciation (520 ) (496 ) (1,895 ) (2,767 ) Transfers to held-for-sale (1) (19,031 ) (58,034 ) (73,097 ) (141,778 ) Other — — (964 ) — REO - held-and-used, net, end of period $ 195,866 335,472 195,866 335,472 (1) During the three and nine months ended August 31, 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. For the three and nine months ended August 31, 2015 , the Company recorded net losses of $0.3 million and $0.1 million , respectively, from acquisitions of REO through foreclosure. For the three and nine months ended August 31, 2014 , the Company recorded net losses of $0.2 million and $7.3 million , respectively, from acquisitions of REO through foreclosure. Rialto Mortgage Finance ("RMF") During the nine months ended August 31, 2015 , RMF originated loans with a total principal balance of $2.0 billion and sold $1.6 billion of loans into eight separate securitizations. During the nine months ended August 31, 2014 , RMF originated loans with a total principal balance of $1.1 billion and sold $983.6 million of loans into five separate securitizations. As of 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. At August 31, 2015 , RMF warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2015 (1) $ 400,000 364-day warehouse repurchase facility that matures March 2016 250,000 364-day warehouse repurchase facility that matures August 2016 250,000 Warehouse repurchase facility that matures August 2018 (2) 100,000 Totals $ 1,000,000 (1) The facility is expected to be renewed when it matures. (2) In August 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this new facility will be held as accrual loans within loans receivable, net. Borrowings under the facilities that finance RMF's loan origination and securitization activities were $321.5 million and $141.3 million as of August 31, 2015 and November 30, 2014 , respectively and were collateralized by commercial mortgage loans. These warehouse repurchase facilities are non-recourse to the Company. In November 2013, the Rialto segment issued $250 million aggregate principal amount of the 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 August 31, 2015 and November 30, 2014 , the carrying amount of the 7.00% Senior Notes was $351.6 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 Rialto was in compliance with its debt covenants at August 31, 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: August 31, August 31, November 30, (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 $ 68,525 71,831 Rialto Real Estate Fund II, LP 2012 1,305,000 1,150,000 100,000 88,123 95,195 67,652 Rialto Mezzanine Partners Fund, LP 2013 300,000 275,883 33,799 30,982 30,431 20,226 Other investments 17,755 15,991 $ 211,906 175,700 Rialto's share of earnings from unconsolidated entities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Rialto Real Estate Fund, LP $ 4,158 10,291 7,948 22,524 Rialto Real Estate Fund II, LP 2,354 7,084 5,533 9,524 Rialto Mezzanine Partners Fund, LP 637 591 1,563 1,373 Other investments 441 2,007 2,538 9,845 Rialto equity in earnings from unconsolidated entities $ 7,590 19,973 17,582 43,266 During the three and nine months ended August 31, 2015 , the Company received $5.0 million and $16.2 million , respectively, of advance distributions with regard to Rialto's carried interest in the Rialto real estate funds in order to cover income tax obligations resulting from allocations of taxable income to Rialto's carried interests in these funds. These 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) August 31, November 30, Assets: Cash and cash equivalents $ 117,061 141,609 Loans receivable 504,675 512,034 Real estate owned 446,629 378,702 Investment securities 1,084,819 795,306 Investments in partnerships 411,182 311,037 Other assets 40,522 45,451 $ 2,604,888 2,184,139 Liabilities and equity: Accounts payable and other liabilities $ 23,421 20,573 Notes payable 357,556 395,654 Equity 2,223,911 1,767,912 $ 2,604,888 2,184,139 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Revenues $ 41,278 39,401 122,336 104,005 Costs and expenses 24,937 22,552 73,024 71,965 Other income, net (1) 60,106 181,877 121,457 334,915 Net earnings of unconsolidated entities $ 76,447 198,726 170,769 366,955 Rialto equity in earnings from unconsolidated entities $ 7,590 19,973 17,582 43,266 (1) Other income, net, 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 August 31, 2015 and November 30, 2014 was $18.3 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 either the three and nine months ended August 31, 2015 or 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 August 31, 2015 and is included in Rialto's other assets. |
Lennar Multifamily Segment
Lennar Multifamily Segment | 9 Months Ended |
Aug. 31, 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, construction and property management of multifamily rental properties. The Lennar Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 3,539 2,186 Land under development 141,721 120,666 Consolidated inventory not owned 5,508 5,508 Investments in unconsolidated entities 211,503 105,674 Operating properties and equipment 719 15,740 Other assets 35,345 18,240 $ 398,335 268,014 Liabilities: Accounts payable and other liabilities $ 54,096 48,235 Liabilities related to consolidated inventory not owned 4,007 4,008 $ 58,103 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 August 31, 2015 and November 30, 2014 , the fair value of the completion guarantees was immaterial. Additionally, as of August 31, 2015 and November 30, 2014 , the Lennar Multifamily segment had $29.7 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 are included in the disclosure in Note 11 related to the Company's performance and financial letters of credit. As of August 31, 2015 and November 30, 2014 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $394.8 million and $163.4 million , respectively. During the three and nine months ended August 31, 2015 , the Lennar Multifamily segment provided general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has an investment and received fees totaling $34.5 million and $101.6 million , respectively, which are partially offset by costs related to those services of $33.9 million and $99.0 million , respectively. During the three and nine months ended August 31, 2014 , the Lennar Multifamily segment provided the same services described above and received fees totaling $11.2 million and $24.4 million , respectively, which are offset by costs related to those services of $12.0 million and $24.2 million , respectively. In July 2015, the Lennar Multifamily segment completed the closing of the Lennar Multifamily Venture (the "Venture") for the development, construction and property management of class-A multifamily assets. With the first close, the Venture will have approximately $1.1 billion of equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. It will be seeded with 19 undeveloped multifamily assets that were previously purchased or under contract by the Lennar Multifamily segment totaling approximately 6,100 apartments with projected project costs of $2.2 billion as of August 31, 2015 . During the three months ended August 31, 2015 , $156.1 million of the $1.1 billion in equity commitments were called, of which the Company contributed its portion of $78.3 million resulting in a remaining equity commitment of $425.7 million . As of August 31, 2015 , the carrying value of the Company's investment in the Venture was $77.1 million . Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 32,687 25,319 Operating properties and equipment 1,205,331 637,259 Other assets 23,760 14,742 $ 1,261,778 677,320 Liabilities and equity: Accounts payable and other liabilities $ 159,562 87,151 Notes payable 394,841 163,376 Equity 707,375 426,793 $ 1,261,778 677,320 Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Revenues $ 4,067 907 9,236 3,318 Costs and expenses 7,174 1,907 15,249 5,082 Other income, net 13,330 35,068 13,330 35,068 Net earnings of unconsolidated entities $ 10,223 34,068 7,317 33,304 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 5,004 14,946 4,404 14,689 (1) For both the three and nine months ended August 31, 2015 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $5.7 million share of a gain as a result of the sale of an operating property by one of its unconsolidated entities. For both the three and nine months ended August 31, 2014 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $14.7 million share of gains as a result of the sale of two operating properties by its unconsolidated entities. The Company's share of profit and cash distributions from the sales of operating properties could be higher compared to the Company's ownership interest in unconsolidated entities if certain specified internal rate of return milestones are achieved. |
Lennar Homebuilding Cash and Ca
Lennar Homebuilding Cash and Cash Equivalents | 9 Months Ended |
Aug. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Lennar Homebuilding Cash and Cash Equivalents | Lennar Homebuilding Cash and Cash Equivalents Cash and cash equivalents as of August 31, 2015 and November 30, 2014 included $257.5 million and $263.2 million , respectively, of cash held in escrow for approximately three days. |
Lennar Homebuilding Senior Note
Lennar Homebuilding Senior Notes And Other Debts Payable | 9 Months Ended |
Aug. 31, 2015 | |
Debt Disclosure [Abstract] | |
Lennar Homebuilding Senior Notes And Other Debts Payable | Lennar Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) August 31, November 30, Unsecured revolving credit facility $ 575,000 — 6.50% senior notes due 2016 249,962 249,923 12.25% senior notes due 2017 397,370 396,278 4.75% senior notes due 2017 399,250 399,250 6.95% senior notes due 2018 248,825 248,485 4.125% senior notes due 2018 274,996 274,995 4.500% senior notes due 2019 500,383 500,477 4.50% senior notes due 2019 600,597 350,000 2.75% convertible senior notes due 2020 274,280 431,042 3.25% convertible senior notes due 2021 399,990 400,000 4.750% senior notes due 2022 571,656 571,439 4.750% senior notes due 2025 500,000 — 5.60% senior notes due 2015 — 500,272 Mortgage notes on land and other debt 269,553 368,052 $ 5,261,862 4,690,213 During April 2015, the Company amended its unsecured revolving credit facility (the “Credit Facility”) to reduce the interest rate on $1.18 billion of the Credit Facility, increase the maximum potential borrowings from $1.5 billion to $1.6 billion , including a $263 million accordion feature, subject to additional commitments, with certain financial institutions and extend the maturity of $1.18 billion of the Credit Facility from June 2018 to June 2019. 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 August 31, 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 $243.3 million and $234.1 million , respectively, at August 31, 2015 and November 30, 2014 . The Company’s financial letters of credit outstanding were $185.6 million and $190.4 million , respectively, at August 31, 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 August 31, 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 $1.2 billion , which includes $223.4 million related to pending litigation. Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all development and construction activities are completed. As of August 31, 2015 , there were approximately $470.7 million , or 38% , 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 April 2015, the Company issued $500 million aggregate principal amount of 4.750% senior notes due 2025 (the " 4.750% Senior Notes" ) at a price of 100% . Proceeds from the offering, after payment of expenses, were $495.6 million . The Company used the net proceeds from the sales of the 4.750% Senior Notes, together with cash on hand, to retire its 5.60% senior notes due May 2015 for 100% of the $500 million outstanding principal amount, plus accrued and unpaid interest. Interest on the 4.750% Senior Notes is due semi-annually beginning November 30, 2015. The 4.750% Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. 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 $595.8 million . The Company used the net proceeds from the sales of the 4.50% Senior Notes for working capital and general corporate purposes. Interest on the 4.50% Senior Notes is due semi-annually. 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 August 31, 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 August 31, 2015 and 2014 was $50.93 and $39.46 , respectively, which exceeded the conversion price, thus 7.1 million shares and 8.8 million shares, respectively, were included in the calculation of diluted earnings per share. The Company’s volume weighted average stock price for the nine months ended August 31, 2015 and 2014 was $48.20 and $39.35 , respectively, which exceeded the conversion price, thus 9.5 million shares and 8.8 million shares, respectively, were included in the calculation of diluted earnings per share. Holders of the 2.75% Convertible Senior Notes have the right to convert them during any fiscal quarter (and only during such fiscal quarter, except if they are called for redemption or about to mature), if the last reported sale price of the Company’s Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day. During the three and nine months ended August 31, 2015 , the Company exchanged and converted approximately $169 million in aggregate principal amount of the 2.75% Convertible Senior Notes for approximately $169 million in cash and 4.2 million shares of Class A common stock, plus accrued and unpaid interest through the date of completion of the exchanges and conversions. Subsequent to August 31, 2015 , the Company exchanged approximately $25 million in aggregate principal amount of the 2.75% Convertible Senior Notes for approximately $25 million in cash and 0.6 million shares of Class A common stock, plus accrued and unpaid interest through the date of completion of the exchange. As of August 31, 2015 , 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 12,521,290 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 August 31, 2015 and November 30, 2014 , the principal amount of the 2.75% Convertible Senior Notes was $277.1 million and $446.0 million , respectively. At August 31, 2015 and November 30, 2014 , the carrying amount of the equity component included in stockholders’ equity was $2.9 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 $274.3 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 | 9 Months Ended |
Aug. 31, 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 Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Warranty reserve, beginning of period $ 119,610 105,699 115,927 102,580 Warranties issued 21,873 15,958 55,665 40,930 Adjustments to pre-existing warranties from changes in estimates (1) (111 ) (1,221 ) 5,273 4,355 Payments (21,676 ) (15,629 ) (57,169 ) (43,058 ) Warranty reserve, end of period $ 119,696 104,807 119,696 104,807 (1) The adjustments to pre-existing warranties from changes in estimates during both the three and nine months ended August 31, 2015 and 2014 primarily related to specific claims related to certain of our homebuilding communities and other adjustments. |
Share-Based Payment
Share-Based Payment | 9 Months Ended |
Aug. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payment | Share-Based Payments During both the three and nine months ended August 31, 2015 , the Company granted 1.2 million nonvested shares. During both the three and nine months ended August 31, 2014 , the Company granted 1.1 million nonvested shares. During both the nine months ended August 31, 2015 and 2014 , the Company granted an immaterial number of stock options, respectively. Compensation expense related to the Company’s share-based payment awards was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Stock options $ 65 68 104 108 Nonvested shares 11,484 11,231 32,095 28,482 Total compensation expense for share-based awards $ 11,549 11,299 32,199 28,590 |
Financial Instruments
Financial Instruments | 9 Months Ended |
Aug. 31, 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 August 31, 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. August 31, 2015 November 30, 2014 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Rialto: Loans receivable, net Level 3 $ 123,544 127,933 137,124 142,900 Investments held-to-maturity Level 3 $ 18,328 18,131 17,290 17,155 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 30,495 29,433 26,894 26,723 Investments held-to-maturity Level 2 $ 34,393 34,322 45,038 45,051 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 5,261,862 6,237,165 4,690,213 5,760,075 Rialto notes and other debts payable Level 2 $ 774,244 800,661 623,246 640,335 Lennar Financial Services notes and other debts payable Level 2 $ 817,904 817,904 704,143 704,143 The following methods and assumptions are used by the Company in estimating fair values: Rialto —The fair values for loans receivable, net are based on the fair value of the collateral less estimated cost to sell or discounted cash flows, if estimable. The fair value for investments held-to-maturity is based on discounted cash flows. For notes and other debts payable, the fair value is calculated based on discounted cash flows using the Company’s weighted average borrowing rate and for the warehouse repurchase financing agreements fair values approximate their carrying value due to their short 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. Lennar Homebuilding —For senior notes and other debts payable, the fair value of fixed-rate borrowings is based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates. Fair Value Measurements: GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows: Level 1: Fair value determined based on quoted prices in active markets for identical assets. Level 2: Fair value determined using significant other observable inputs. Level 3: Fair value determined using significant unobservable inputs. The Company’s financial instruments measured at fair value on a recurring basis are summarized below: Financial Instruments Fair Value Hierarchy Fair Value at Fair Value at (In thousands) Lennar Financial Services: Loans held-for-sale (1) Level 2 $ 798,103 738,396 Investments available-for-sale Level 1 $ 42,701 16,799 Mortgage loan commitments Level 2 $ 18,498 12,687 Forward contracts Level 2 $ (3,337 ) 7,576 Mortgage servicing rights Level 3 $ 16,440 17,353 Lennar Homebuilding: Investments available-for-sale Level 3 $ 523 480 Rialto Financial Assets: Loans held-for-sale (2) Level 3 $ 510,133 113,596 Credit default swaps Level 2 $ 10,011 1,694 Interest rate swaps and swap futures Level 1 $ 294 — Rialto Financial Liabilities: Interest rate swaps and swap futures Level 1 $ 5,684 1,376 Credit default swaps Level 2 $ 2,709 766 (1) The aggregate fair value of Lennar Financial Services loans held-for-sale of $798.1 million at August 31, 2015 exceeds their aggregate principal balance of $766.0 million by $32.1 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 $510.1 million at August 31, 2015 exceeds their aggregate principal balance of $509.6 million by $0.6 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 August 31, 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 investments available-for-sale — The fair value of these investments is based on the quoted market prices for similar financial instruments. Lennar Financial Services mortgage loan commitments — Fair value of commitments to originate loans is based upon the difference between the current value of similar loans and the price at which the Lennar Financial Services segment has committed to originate the loans. The fair value of commitments to sell loan contracts is the estimated amount that the Lennar Financial Services segment would receive or pay to terminate the commitments at the reporting date based on market prices for similar financial instruments. In addition, the Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics. The fair value of the mortgage loan commitments and related servicing rights is included in Lennar Financial Services’ other assets. Lennar Financial Services forward contracts — Fair value is based on quoted market prices for similar financial instruments. The fair value of forward contracts is included in the Lennar Financial Services segment's other assets as of August 31, 2015 . The fair value of forward contracts is included in the Lennar Financial Services segment's other liabilities as of November 30, 2014 . Lennar Financial Services mortgage servicing rights — Lennar Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis, at the time of securitization or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates. As of August 31, 2015 , the key assumptions used in determining the fair value include an 11.8% mortgage prepayment rate, a 12.0% discount rate and a 6.4% 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. Rialto interest rate swaps and swap futures — The fair value of interest rate swaps (derivatives) is based on observable values for underlying interest rates and market determined risk premiums. The fair value of interest rate swap futures (derivatives) is based on quoted market prices for identical investments traded in active markets. Rialto credit default swaps — The fair value of credit default swaps (derivatives) is based on quoted market prices for similar investments traded in active markets. 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 Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ 2,836 588 (283 ) 7,740 Mortgage loan commitments $ (384 ) (756 ) 5,811 6,942 Forward contracts $ (3,493 ) 2,262 4,238 (5,497 ) Changes in fair value included in Rialto revenues: Financial Assets: Interest rate swaps and swap futures $ (771 ) — 294 — Credit default swaps $ 3,466 (431 ) 2,641 — Financial Liabilities: Interest rate swaps and swap futures $ (4,740 ) (969 ) (4,308 ) (1,363 ) Credit default swaps $ 821 390 709 62 Changes in fair value included in other comprehensive income (loss): Lennar Financial Services investments available-for-sale $ (400 ) 64 (317 ) 64 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's statement of operations, respectively. The Lennar Financial Services segment uses mandatory mortgage-backed securities (“MBS”) forward commitments, option contracts and investor commitments to hedge its mortgage-related interest rate exposure. These instruments involve, to varying degrees, elements of credit and interest rate risk. Credit risk associated with MBS forward commitments, option contracts and loan sales transactions is managed by limiting the Company’s counterparties to investment banks, federally regulated bank affiliates and other investors meeting the Company’s credit standards. The segment’s risk, in the event of default by the purchaser, is the difference between the contract price and fair value of the MBS forward commitments and option contracts. At August 31, 2015 , the segment had open commitments amounting to $1.1 billion to sell MBS with varying settlement dates through November 2015. The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: Three Months Ended August 31, 2015 2014 Lennar Financial Services Lennar Homebuilding Rialto Lennar Financial Services Lennar Homebuilding Rialto (In thousands) Mortgage servicing rights Investments available-for-sale Loans held-for-sale Mortgage servicing rights Investments available-for-sale Loans held-for-sale Beginning balance $ 16,504 492 318,037 18,242 20,416 45,065 Purchases/loan originations 844 — 719,998 441 — 411,683 Sales/loan originations sold, including those not settled — — (528,518 ) — (1,655 ) (292,099 ) Disposals/settlements (2) (974 ) — — (622 ) (4,125 ) — Changes in fair value (3) 66 31 679 1,326 2,229 1,085 Interest and principal paydowns — — (63 ) — — (811 ) Ending balance $ 16,440 523 510,133 19,387 16,865 164,923 Nine Months Ended August 31, 2015 2014 Lennar Financial Services Lennar Homebuilding Rialto Lennar Financial Services Lennar Homebuilding Rialto (In thousands) Mortgage servicing rights Investments available-for-sale Loans held-for-sale Mortgage servicing rights Investments available-for-sale Loans held-for-sale Beginning balance $ 17,353 480 113,596 11,455 40,032 44,228 Purchases/loan originations (1) 1,840 28,093 1,968,692 8,977 21,274 1,103,839 Sales/loan originations sold, including those not settled — — (1,570,101 ) — (46,234 ) (983,635 ) Disposals/settlements (2) (2,848 ) (28,093 ) — (1,190 ) (5,586 ) — Changes in fair value (3) 95 43 (1,622 ) 145 7,379 1,326 Interest and principal paydowns — — (432 ) — — (835 ) Ending balance $ 16,440 523 510,133 19,387 16,865 164,923 (1) For the nine months ended August 31, 2014 , the Lennar Financial Services mortgage and servicing rights included the $5.9 million acquisition of a portfolio of mortgage servicing rights. Lennar Homebuilding investments available-for-sale represent investments in community development district bonds that mature at various dates between 2015 and 2039. (2) The Lennar Homebuilding investments available-for-sale that were settled related to investments in community development district bonds, which were in default upon purchase and reissued by the municipalities prior to being settled with third parties. (3) Changes in fair value for Rialto loans held-for-sale and Lennar Financial Services mortgage servicing rights are included in Rialto's and Lennar Financial Services' revenues, respectively. The changes in fair value in Lennar Homebuilding investments available-for-sale were not included in other comprehensive income (loss) because the changes in fair value were deferred as a result of the Company's continuing involvement in the underlying real estate collateral. 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 August 31, 2015 2014 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Gains (Losses) (1) Carrying Value Fair Value Total Gains (Losses) (1) Financial assets Rialto: Impaired loans receivable Level 3 $ 76,138 71,641 (4,497 ) 103,732 99,574 (4,158 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ 5,754 4,607 (1,147 ) — — — Land and land under development (2) Level 3 $ 16,482 11,811 (4,671 ) — — — Rialto: REO - held-for-sale (3): Upon acquisition/transfer Level 3 $ 4,767 4,481 (286 ) 7,133 6,705 (428 ) Upon management periodic valuations Level 3 $ 9,146 6,305 (2,841 ) 15,453 9,794 (5,659 ) REO - held-and-used, net (4): Upon acquisition/transfer Level 3 $ 1,357 1,367 10 14,275 14,530 255 Upon management periodic valuations Level 3 $ 14 7 (7 ) 8,056 6,723 (1,333 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended August 31, 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 August 31, 2015 . (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 income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 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 (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 2015 and 2014 . Nine Months Ended August 31, 2015 2014 (In thousands) Fair Value Carrying Value Fair Value Total Gains (Losses) (1) Carrying Value Fair Value Total Losses (1) Financial assets Rialto Investments: Impaired loans receivable Level 3 $ 248,250 240,944 (7,306 ) 191,471 146,731 (44,740 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ 52,093 41,343 (10,750 ) — — — Land and land under development (2) Level 3 $ 16,482 11,811 (4,671 ) 7,013 6,143 (870 ) Rialto Investments: REO - held-for-sale (3): Upon acquisition/transfer Level 3 $ 18,383 17,280 (1,103 ) 20,183 18,972 (1,211 ) Upon management periodic valuations Level 3 $ 26,008 19,612 (6,396 ) 39,193 31,494 (7,699 ) REO - held-and-used, net (4): Upon acquisition/transfer Level 3 $ 14,683 15,710 1,027 54,727 48,657 (6,070 ) Upon management periodic valuations Level 3 $ 2,703 1,283 (1,420 ) 20,489 17,653 (2,836 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the nine months ended August 31, 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 nine months ended August 31, 2015 and 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 income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 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 (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 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 August 31, 2015 and 2014 , there were 670 and 600 active communities, excluding unconsolidated entities, respectively. As of August 31, 2015 , the Company reviewed its communities for potential indicators of impairments and identified 15 communities with 453 homesites and a corresponding carrying value of $74.0 million as having potential indicators of impairment. For the nine months ended August 31, 2015 , the Company recorded a valuation adjustment of $15.4 million on 138 homesites in two communities with a carrying value of $68.6 million . As of August 31, 2014 , the Company reviewed its communities for potential indicators of impairments and identified 46 communities with 2,037 homesites and a corresponding carrying value of $191.8 million as having potential indicators of impairment. The Company recorded no impairments for the nine months ended August 31, 2014 . The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the nine months ended August 31, 2015 : Nine Months Ended August 31, 2015 Unobservable inputs Range Average selling price $486,000 - $1,300,000 Absorption rate per quarter (homes) 9 - 14 Discount rate 12 % - 20% 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 | 9 Months Ended |
Aug. 31, 2015 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract] | |
Variable Interest Entities | Variable Interest Entities The Company evaluated the joint venture agreements of its joint ventures that were formed or that had reconsideration events during the nine months ended August 31, 2015 . Based on the Company's evaluation during the nine months ended August 31, 2015 , there were no VIEs that were consolidated. In addition, during the nine months ended August 31, 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 . The Company’s recorded investments in unconsolidated entities were as follows: (In thousands) August 31, November 30, Lennar Homebuilding $ 640,908 656,837 Rialto $ 211,906 175,700 Lennar Multifamily $ 211,503 105,674 Consolidated VIEs As of August 31, 2015 , the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $670.3 million and $82.9 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 the Company’s senior notes and other debts payable. In addition, the assets held by a VIE usually are collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with a VIE’s banks. Other than debt guarantee agreements with a VIE’s banks, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Unconsolidated VIEs The Company’s recorded investment in unconsolidated VIEs and its estimated maximum exposure to loss were as follows: As of August 31, 2015 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 53,723 80,626 Rialto (2) 18,328 18,328 Lennar Multifamily (3) 123,317 579,458 $ 195,368 678,412 As of November 30, 2014 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum 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 August 31, 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 $26.7 million and $70.0 million , respectively, remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. During the three months ended August 31, 2015 , the Company bought out the partner of one of its unconsolidated entities for approximately $10 million of which $7 million was paid in cash and the remainder was financed with a short-term note. As a result, the Company's $70.1 million investment in the unconsolidated entity was reclassified primarily to inventory, which reduced Lennar's maximum recourse exposure. (2) At both August 31, 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 August 31, 2015 and November 30, 2014 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $18.3 million and $17.3 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of August 31, 2015 , the remaining equity commitment of $425.7 million to fund the Venture for further expenses related to the construction and development of the projects is included in Lennar's maximum exposure to loss. In addition, at August 31, 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 $23.0 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 $425.7 million remaining equity commitment to fund the Venture for further expenses related to the construction and development of the projects and $23.0 million of letters of credit outstanding for certain Lennar Multifamily unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements. In addition, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs, except with regard to a $26.7 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. During the nine months ended August 31, 2015 , consolidated inventory not owned decreased by $0.4 million with a corresponding decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 31, 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 August 31, 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 $86.3 million and $85.6 million at August 31, 2015 and November 30, 2014 , respectively. Additionally, the Company had posted $42.8 million and $34.5 million of letters of credit in lieu of cash deposits under certain option contracts as of August 31, 2015 and November 30, 2014 , respectively. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies | 9 Months Ended |
Aug. 31, 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 an impairment. The amount of interest the Company would be required to pay has been the subject of further proceedings before the court. On June 29, 2015, the court ruled that interest will be calculated as simple interest at the rate of 12% per annum from May 27, 2008 until the date the Company purchases the property. Simple interest on $114 million at 12% per annum will accrue at the rate of $13.7 million per year, totaling approximately $99 million as of August 31, 2015 . In addition, if the Company is required to purchase the property, it will be obligated to reimburse the seller for real estate taxes, which currently total $1.6 million . The Company has not engaged in discovery regarding the amount of the plaintiffs’ attorneys’ fees. If the District Court decision was totally reversed on appeal, the Company would not have to purchase the property or pay interest, real estate taxes or attorneys’ fees. In its June 29, 2015 ruling, the District Court determined that the Company will be permitted to stay the judgment during appeal by posting a bond in the amount of $223.4 million related to pending litigation. The District Court calculated this amount by adding 12% per annum simple interest to the $114 million purchase price for the period beginning May 27, 2008 through May 26, 2016, the date the District Court estimates the appeal of the case will be concluded. The posting of this bond did not have a material impact on the Company's condensed consolidated financial statements. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Aug. 31, 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. In July 2015, the FASB deferred the effective date by one year and permitted early adoption of the standard, but not before the original effective date; therefore, ASU 2014-09 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The Company has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of applying this ASU recognized at the date of initial application. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company's condensed consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 amends the consolidation requirements and significantly changes the consolidation analysis required. ASU 2015-02 requires management to reevaluate all legal entities under a revised consolidation model specifically (i) modify the evaluation of whether limited partnership and similar legal entities are VIEs, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs particularly those that have fee arrangements and related party relationships, and (iv) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Act of 1940 for registered money market funds. ASU 2015-02 will be effective for the Company’s fiscal year beginning December 1, 2016 and subsequent interim periods. The adoption of ASU 2015-02 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30) (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for the Company’s fiscal year beginning December 1, 2016 and subsequent interim periods. Early adoption is permitted. The Company is evaluating the impact that ASU 2015-03 will have on the Company’s condensed consolidated financial statements. |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended |
Aug. 31, 2015 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information The indentures governing the Company’s 6.50% senior notes due 2016, 12.25% senior notes due 2017, 4.75% senior notes due 2017, 6.95% senior notes due 2018, 4.125% senior notes due 2018, 4.500% senior notes due 2019, 4.50% senior notes due 2019, 2.75% convertible senior notes due 2020, 3.25% convertible senior notes due 2021, 4.750% senior notes due 2022 and 4.750% senior notes due 2025 require that, if any of the Company’s 100% owned subsidiaries, other than its finance company subsidiaries and foreign subsidiaries, directly or indirectly guarantee at least $75 million principal amount of debt of Lennar Corporation, those subsidiaries must also guarantee Lennar Corporation’s obligations with regard to its senior notes. The entities referred to as “guarantors” in the following tables are subsidiaries that are not finance company subsidiaries or foreign subsidiaries and were guaranteeing the senior notes because at August 31, 2015 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 11. The guarantees are full, unconditional and joint and several and the guarantor subsidiaries are 100% directly or indirectly owned by Lennar Corporation. A subsidiary's guarantee will be suspended at any time when it is not directly or indirectly guaranteeing at least $75 million principal amount of debt of Lennar Corporation, and a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of. For purposes of the condensed consolidating statement of cash flows included in the following supplemental financial information, the Company's accounting policy is to treat cash received by Lennar Corporation (“the Parent”) from its subsidiaries, to the extent of net earnings from such subsidiaries as a dividend and accordingly a return on investment within cash flows from operating activities. Distributions of capital received by the Parent from its subsidiaries are reflected as cash flows from investing activities. The cash outflows associated with the return on investment dividends and distributions of capital received by the Parent are reflected by the Guarantor and Non-Guarantor subsidiaries in the Dividends line item within cash flows from financing activities. All other cash flows between the Parent and its subsidiaries represent the settlement of receivables and payables between such entities in conjunction with the Parent's centralized cash management arrangement with its subsidiaries, which operates with the characteristics of a revolving credit facility, and are accordingly reflected net in the Intercompany line item within cash flows from investing activities for the Parent and net in the Intercompany line item within cash flows from financing activities for the Guarantor and Non-Guarantor subsidiaries. During the nine months ended August 31, 2015, certain subsidiaries that were Guarantor subsidiaries became Non-guarantor subsidiaries. For comparative purposes, the condensed consolidating supplemental financial information for the three and nine months ended August 31, 2014 and as of November 30, 2014 has been retrospectively adjusted to reflect the aforementioned activity. This activity did not affect the Company’s condensed consolidated financial statements. Supplemental information for the subsidiaries that were guarantor subsidiaries at August 31, 2015 was as follows: Condensed Consolidating Balance Sheet August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 405,803 257,364 19,441 — 682,608 Inventories — 8,770,103 175,960 — 8,946,063 Investments in unconsolidated entities — 597,437 43,471 — 640,908 Other assets 222,681 309,535 60,503 15,467 608,186 Investments in subsidiaries 3,998,687 220,527 — (4,219,214 ) — Intercompany 6,181,597 — — (6,181,597 ) — 10,808,768 10,154,966 299,375 (10,385,344 ) 10,877,765 Rialto — — 1,501,440 — 1,501,440 Lennar Financial Services — 83,395 1,308,440 — 1,391,835 Lennar Multifamily — — 408,098 (9,763 ) 398,335 Total assets $ 10,808,768 10,238,361 3,517,353 (10,395,107 ) 14,169,375 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 435,697 714,344 87,187 — 1,237,228 Liabilities related to consolidated inventory not owned — 44,449 — — 44,449 Senior notes and other debts payable 5,013,055 237,957 10,850 — 5,261,862 Intercompany — 5,522,017 659,580 (6,181,597 ) — 5,448,752 6,518,767 757,617 (6,181,597 ) 6,543,539 Rialto — — 861,799 — 861,799 Lennar Financial Services — 32,828 992,705 5,704 1,031,237 Lennar Multifamily — — 58,103 — 58,103 Total liabilities 5,448,752 6,551,595 2,670,224 (6,175,893 ) 8,494,678 Stockholders’ equity 5,360,016 3,686,766 532,448 (4,219,214 ) 5,360,016 Noncontrolling interests — — 314,681 — 314,681 Total equity 5,360,016 3,686,766 847,129 (4,219,214 ) 5,674,697 Total liabilities and equity $ 10,808,768 10,238,361 3,517,353 (10,395,107 ) 14,169,375 Condensed Consolidating Balance Sheet November 30, 2014 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 653,491 321,765 13,766 — 989,022 Inventories — 7,517,261 219,339 — 7,736,600 Investments in unconsolidated entities — 622,663 34,174 — 656,837 Other assets 159,564 385,143 120,591 7,291 672,589 Investments in subsidiaries 4,073,687 299,432 — (4,373,119 ) — Intercompany 4,709,544 — — (4,709,544 ) — 9,596,286 9,146,264 387,870 (9,075,372 ) 10,055,048 Rialto — — 1,458,152 — 1,458,152 Lennar Financial Services — 76,428 1,100,625 — 1,177,053 Lennar Multifamily — — 268,975 (961 ) 268,014 Total assets $ 9,596,286 9,222,692 3,215,622 (9,076,333 ) 12,958,267 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 447,104 748,991 79,699 — 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 — 4,350,505 359,039 (4,709,544 ) — 4,769,266 5,432,224 519,089 (4,709,544 ) 6,011,035 Rialto — — 747,044 — 747,044 Lennar Financial Services — 28,705 861,608 6,330 896,643 Lennar Multifamily — — 52,243 — 52,243 Total liabilities 4,769,266 5,460,929 2,179,984 (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 9,222,692 3,215,622 (9,076,333 ) 12,958,267 Condensed Consolidating Statement of Operations Three Months Ended August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,232,318 — — 2,232,318 Lennar Financial Services — 54,415 119,345 (5,012 ) 168,748 Rialto — — 51,554 — 51,554 Lennar Multifamily — — 39,091 (13 ) 39,078 Total revenues — 2,286,733 209,990 (5,025 ) 2,491,698 Cost and expenses: Lennar Homebuilding — 1,897,755 21,080 (5,552 ) 1,913,283 Lennar Financial Services — 47,514 81,762 35 129,311 Rialto — — 53,732 (409 ) 53,323 Lennar Multifamily — — 47,072 — 47,072 Corporate general and administrative 55,229 — — 1,265 56,494 Total costs and expenses 55,229 1,945,269 203,646 (4,661 ) 2,199,483 Lennar Homebuilding equity in earnings from unconsolidated entities — 8,633 4,667 — 13,300 Lennar Homebuilding other income (expense), net 1,674 (12,495 ) 16,106 (1,096 ) 4,189 Other interest expense (1,460 ) (2,812 ) — 1,460 (2,812 ) Rialto equity in earnings from unconsolidated entities — — 7,590 — 7,590 Rialto other income, net — — 1,172 — 1,172 Lennar Multifamily equity in earnings from unconsolidated entities — — 5,004 — 5,004 Earnings (loss) before income taxes (55,015 ) 334,790 40,883 — 320,658 Benefit (provision) for income taxes 16,215 (96,069 ) (15,767 ) — (95,621 ) Equity in earnings from subsidiaries 262,112 17,947 — (280,059 ) — Net earnings (including net earnings attributable to noncontrolling interests) 223,312 256,668 25,116 (280,059 ) 225,037 Less: Net earnings attributable to noncontrolling interests — — 1,725 — 1,725 Net earnings attributable to Lennar $ 223,312 256,668 23,391 (280,059 ) 223,312 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (400 ) — (400 ) Other comprehensive income attributable to Lennar $ 223,312 256,668 22,991 (280,059 ) 222,912 Other comprehensive income attributable to noncontrolling interests $ — — 1,725 — 1,725 Condensed Consolidating Statement of Operations Three Months Ended August 31, 2014 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 1,830,771 — — 1,830,771 Lennar Financial Services — 44,872 89,047 (5,540 ) 128,379 Rialto — — 40,848 — 40,848 Lennar Multifamily — — 14,036 — 14,036 Total revenues — 1,875,643 143,931 (5,540 ) 2,014,034 Cost and expenses: Lennar Homebuilding — 1,556,855 4,413 (2,949 ) 1,558,319 Lennar Financial Services — 39,604 64,152 (2,521 ) 101,235 Rialto — — 47,644 — 47,644 Lennar Multifamily — — 20,482 — 20,482 Corporate general and administrative 41,807 — — 1,265 43,072 Total costs and expenses 41,807 1,596,459 136,691 (4,205 ) 1,770,752 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (2,346 ) 266 — (2,080 ) Lennar Homebuilding other income (expense), net 251 (1,161 ) 972 (125 ) (63 ) Other interest expense (1,460 ) (8,381 ) — 1,460 (8,381 ) Rialto equity in earnings from unconsolidated entities — — 19,973 — 19,973 Rialto other expense, net — — (5,342 ) — (5,342 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 14,946 — 14,946 Earnings (loss) before income taxes (43,016 ) 267,296 38,055 — 262,335 Benefit (provision) for income taxes 13,988 (87,643 ) (15,240 ) — (88,895 ) Equity in earnings from subsidiaries 206,785 12,846 — (219,631 ) — Net earnings (including net loss attributable to noncontrolling interests) 177,757 192,499 22,815 (219,631 ) 173,440 Less: Net loss attributable to noncontrolling interests — — (4,317 ) — (4,317 ) Net earnings attributable to Lennar $ 177,757 192,499 27,132 (219,631 ) 177,757 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 64 — 64 Other comprehensive income attributable to Lennar $ 177,757 192,499 27,196 (219,631 ) 177,821 Other comprehensive loss attributable to noncontrolling interests $ — — (4,317 ) — (4,317 ) Condensed Consolidating Statement of Operations Nine Months Ended August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 5,789,788 — — 5,789,788 Lennar Financial Services — 145,386 333,079 (15,005 ) 463,460 Rialto — — 160,682 — 160,682 Lennar Multifamily — — 114,529 (18 ) 114,511 Total revenues — 5,935,174 608,290 (15,023 ) 6,528,441 Cost and expenses: Lennar Homebuilding — 4,974,687 41,110 (11,857 ) 5,003,940 Lennar Financial Services — 135,264 237,854 (3,675 ) 369,443 Rialto — — 162,019 (409 ) 161,610 Lennar Multifamily — — 136,293 — 136,293 Corporate general and administrative 146,559 — — 3,796 150,355 Total costs and expenses 146,559 5,109,951 577,276 (12,145 ) 5,821,641 Lennar Homebuilding equity in earnings from unconsolidated entities — 35,020 13,673 — 48,693 Lennar Homebuilding other income (expense), net 2,068 (4,894 ) 14,602 (1,471 ) 10,305 Other interest expense (4,349 ) (10,701 ) — 4,349 (10,701 ) Rialto equity in earnings from unconsolidated entities — — 17,582 — 17,582 Rialto other income, net — — 28 — 28 Lennar Multifamily equity in earnings from unconsolidated entities — — 4,404 — 4,404 Earnings (loss) before income taxes (148,840 ) 844,648 81,303 — 777,111 Benefit (provision) for income taxes 48,313 (267,715 ) (31,171 ) — (250,573 ) Equity in earnings from subsidiaries 621,818 38,033 — (659,851 ) — Net earnings (including net earnings attributable to noncontrolling interests) 521,291 614,966 50,132 (659,851 ) 526,538 Less: Net earnings attributable to noncontrolling interests — — 5,247 — 5,247 Net earnings attributable to Lennar $ 521,291 614,966 44,885 (659,851 ) 521,291 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (317 ) — (317 ) Other comprehensive income attributable to Lennar $ 521,291 614,966 44,568 (659,851 ) 520,974 Other comprehensive income attributable to noncontrolling interests $ — — 5,247 — 5,247 Condensed Consolidating Statement of Operations Nine Months Ended August 31, 2014 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 4,696,941 — — 4,696,941 Lennar Financial Services — 115,343 217,358 (16,354 ) 316,347 Rialto — — 142,196 — 142,196 Lennar Multifamily — — 40,390 — 40,390 Total revenues — 4,812,284 399,944 (16,354 ) 5,195,874 Cost and expenses: Lennar Homebuilding — 4,013,685 5,761 (4,129 ) 4,015,317 Lennar Financial Services — 112,670 165,669 (11,894 ) 266,445 Rialto — — 174,824 — 174,824 Lennar Multifamily — — 59,958 — 59,958 Corporate general and administrative 115,705 — — 3,796 119,501 Total costs and expenses 115,705 4,126,355 406,212 (12,227 ) 4,636,045 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (101 ) 3,405 — 3,304 Lennar Homebuilding other income, net 251 3,504 1,555 (222 ) 5,088 Other interest expense (4,349 ) (31,359 ) — 4,349 (31,359 ) Rialto equity in earnings from unconsolidated entities — — 43,266 — 43,266 Rialto other expense, net — — (2,976 ) — (2,976 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 14,689 — 14,689 Earnings (loss) before income taxes (119,803 ) 657,973 53,671 — 591,841 Benefit (provision) for income taxes 42,422 (232,204 ) (26,037 ) — (215,819 ) Equity in earnings from subsidiaries 470,974 28,938 — (499,912 ) — Net earnings (including net loss attributable to noncontrolling interests) 393,593 454,707 27,634 (499,912 ) 376,022 Less: Net loss attributable to noncontrolling interests — — (17,571 ) — (17,571 ) Net earnings attributable to Lennar $ 393,593 454,707 45,205 (499,912 ) 393,593 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 64 — 64 Other comprehensive income attributable to Lennar $ 393,593 454,707 45,269 (499,912 ) 393,657 Other comprehensive loss attributable to noncontrolling interests $ — — (17,571 ) — (17,571 ) Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net earnings attributable to noncontrolling interests) $ 521,291 614,966 50,132 (659,851 ) 526,538 Distributions of earnings from guarantor and non-guarantor subsidiaries 621,818 38,033 — (659,851 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (594,735 ) (1,090,481 ) (589,587 ) 659,851 (1,614,952 ) Net cash provided by (used in) operating activities 548,374 (437,482 ) (539,455 ) (659,851 ) (1,088,414 ) Cash flows from investing activities: Proceeds from sale of operating properties — — 73,732 — 73,732 (Investments in and contributions to) and distributions of capital from Lennar Homebuilding unconsolidated entities — (17,833 ) 2,503 — (15,330 ) Investments in and contributions to Rialto unconsolidated entities, net of distributions of capital — — (30,212 ) — (30,212 ) Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to — — 8,980 — 8,980 Receipts of principal payments on Rialto loans receivable — — 14,225 — 14,225 Proceeds from sales of Rialto real estate owned — — 88,565 — 88,565 Other (26,189 ) (47,141 ) (82,311 ) — (155,641 ) Distributions of capital from guarantor and non-guarantor subsidiaries 75,000 75,050 — (150,050 ) — Intercompany (1,470,225 ) — — 1,470,225 — Net cash provided by (used in) investing activities (1,421,414 ) 10,076 75,482 1,320,175 (15,681 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 575,000 — — — 575,000 Net borrowings under Lennar Financial Services warehouse facilities — — 113,761 — 113,761 Net borrowings under Rialto warehouse repurchase facilities — — 180,254 — 180,254 Proceeds from senior notes and debt issue costs 744,409 — (994 ) — 743,415 Redemption of senior notes and conversions and exchanges of convertible senior notes (668,854 ) — — — (668,854 ) Principal payments on Rialto notes payable including structured notes — — (28,247 ) — (28,247 ) Net proceeds (repayments) on other borrowings 20,746 (96,265 ) (69,501 ) — (145,020 ) Net payments related to noncontrolling interests — — (104,355 ) — (104,355 ) Excess tax benefits from share-based awards 113 — — — 113 Common stock: Issuances 9,406 — — — 9,406 Repurchases (23,133 ) — — — (23,133 ) Dividends (24,765 ) (689,966 ) (119,935 ) 809,901 (24,765 ) Intercompany — 1,169,960 300,265 (1,470,225 ) — Net cash provided by financing activities 632,922 383,729 271,248 (660,324 ) 627,575 Net decrease in cash and cash equivalents (240,118 ) (43,677 ) (192,725 ) — (476,520 ) Cash and cash equivalents at beginning of period 633,318 252,914 395,582 — 1,281,814 Cash and cash equivalents at end of period $ 393,200 209,237 202,857 — 805,294 Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2014 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 393,593 454,707 27,634 (499,912 ) 376,022 Distributions of earnings from guarantor and non-guarantor subsidiaries 470,974 28,938 — (499,912 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (398,881 ) (1,159,840 ) (215,714 ) 499,912 (1,274,523 ) Net cash provided by (used in) operating activities 465,686 (676,195 ) (188,080 ) (499,912 ) (898,501 ) Cash flows from investing activities: Distributions of capital from Lennar Homebuilding unconsolidated entities and (investments in and contributions to) — 20,954 (11,556 ) — 9,398 Distributions of capital from Rialto unconsolidated entities, net of investments in and contributions to — — 13,060 — 13,060 Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to — — 26,493 — 26,493 Receipts of principal payments on Rialto loans receivable — — 20,827 — 20,827 Proceeds from sales of Rialto real estate owned — — 168,946 — 168,946 Other (1,644 ) 40,951 (35,576 ) — 3,731 Distribution of capital from guarantor and non-guarantor subsidiaries 210,000 — — (210,000 ) — Intercompany (1,411,095 ) — — 1,411,095 — Net cash provided by (used in) investing activities (1,202,739 ) 61,905 182,194 1,201,095 242,455 Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 70,000 — — — 70,000 Net borrowings under Lennar Financial Services warehouse facilities — — 141,954 — 141,954 Net repayments under Rialto warehouse repurchase facilities — — (4,596 ) — (4,596 ) Net proceeds from senior notes and structured notes 495,725 — 175,405 — 671,130 Principal payments on Rialto notes payable — — (26,512 ) — (26,512 ) Net payments on other borrowings — (184,565 ) (23,671 ) — (208,236 ) Exercise of land option contracts from an unconsolidated land investment venture — (1,540 ) — — (1,540 ) Net payments related to noncontrolling interests — — (103,038 ) — (103,038 ) Excess tax benefit from share-based awards 3,007 — — — 3,007 Common stock: Issuances 13,603 — — — 13,603 Repurchases (12,153 ) — — — (12,153 ) Dividends (24,565 ) (454,707 ) (255,205 ) 709,912 (24,565 ) Intercompany — 1,286,393 124,702 (1,411,095 ) — Net cash provided by financing activities 545,617 645,581 29,039 (701,183 ) 519,054 Net (decrease) increase in cash and cash equivalents (191,436 ) 31,291 23,153 — (136,992 ) Cash and cash equivalents at beginning of period 547,101 151,992 271,412 — 970,505 Cash and cash equivalents at end of period $ 355,665 183,283 294,565 — 833,513 |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 9 Months Ended |
Aug. 31, 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 15) in which Lennar Corporation is deemed to be the primary beneficiary (the “Company”). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 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 and nine months ended August 31, 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. |
Reclassification, Policy [Policy Text Block] | Reclassifications/Revisions Certain prior year amounts in the supplemental financial information included in Note 18 were revised to conform with the Company’s current guarantor and non-guarantor structure. These revisions did not affect the Company’s condensed consolidated financial statements as they relate solely to transactions between Lennar Corporation and its subsidiaries and only impact the condensed consolidating supplemental financial statements. As such, the supplemental financial information included in Note 18 has been retrospectively adjusted for the three and nine months ended August 31, 2014 and as of November 30, 2014. |
Operating And Reporting Segme25
Operating And Reporting Segments (Tables) | 9 Months Ended |
Aug. 31, 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) August 31, November 30, Assets: Homebuilding East $ 2,511,295 2,323,978 Homebuilding Central 1,408,755 1,233,991 Homebuilding West 4,001,381 3,454,611 Homebuilding Southeast Florida 754,072 722,706 Homebuilding Houston 504,082 398,538 Homebuilding Other 851,070 880,912 Rialto 1,501,440 1,458,152 Lennar Financial Services 1,391,835 1,177,053 Lennar Multifamily 398,335 268,014 Corporate and unallocated 847,110 1,040,312 Total assets $ 14,169,375 12,958,267 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Revenues: Homebuilding East $ 737,251 570,698 1,858,982 1,497,954 Homebuilding Central 322,242 266,284 835,259 663,986 Homebuilding West 639,593 448,068 1,649,727 1,186,437 Homebuilding Southeast Florida 175,933 167,077 503,120 398,733 Homebuilding Houston 204,948 189,657 525,852 498,943 Homebuilding Other 152,351 188,987 416,848 450,888 Lennar Financial Services 168,748 128,379 463,460 316,347 Rialto 51,554 40,848 160,682 142,196 Lennar Multifamily 39,078 14,036 114,511 40,390 Total revenues (1) $ 2,491,698 2,014,034 6,528,441 5,195,874 Operating earnings (loss): Homebuilding East $ 109,845 83,403 262,675 219,307 Homebuilding Central 32,152 21,531 77,919 56,265 Homebuilding West (2) 114,499 67,887 299,324 186,323 Homebuilding Southeast Florida 37,210 40,579 102,479 87,885 Homebuilding Houston 26,665 27,740 66,418 74,096 Homebuilding Other 13,341 20,788 25,330 34,781 Lennar Financial Services 39,437 27,144 94,017 49,902 Rialto 6,993 7,835 16,682 7,662 Lennar Multifamily (2,990 ) 8,500 (17,378 ) (4,879 ) Total operating earnings 377,152 305,407 927,466 711,342 Corporate general and administrative expenses 56,494 43,072 150,355 119,501 Earnings before income taxes $ 320,658 262,335 777,111 591,841 (1) Total revenues were net of sales incentives of $130.6 million ( $20,700 per home delivered) and $353.1 million ( $21,300 per home delivered) for the three and nine months ended August 31, 2015 , respectively, compared to $111.0 million ( $20,400 per home delivered) and $288.4 million ( $20,600 per home delivered) for the three and nine months ended August 31, 2014 , respectively. (2) For the three and nine months ended August 31, 2015 , operating earnings included $21.5 million and $64.5 million , respectively, of equity in earnings related to transactions by Heritage Fields El Toro, one of the Company's unconsolidated entities ("El Toro"). For the nine months ended August 31, 2015 , operating earnings also included a $6.5 million gain on the sale of an operating property. |
Lennar Homebuilding Investmen26
Lennar Homebuilding Investments In Unconsolidated Entities (Tables) - Lennar Homebuilding [Member] | 9 Months Ended |
Aug. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |
Condensed Financial Information By Equity Method Investment, Statements Of Operations | Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows: Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Revenues $ 141,599 39,021 765,346 214,826 Costs and expenses 127,678 35,401 580,696 246,138 Other income 46,400 — 49,343 — Net earnings (loss) of unconsolidated entities (1) $ 60,321 3,620 233,993 (31,312 ) Lennar Homebuilding equity in earnings (loss) from unconsolidated entities (2) $ 13,300 (2,080 ) 48,693 3,304 (1) For the nine months ended August 31, 2015 , net earnings of unconsolidated entities included the sale of approximately 300 homesites to Lennar by El Toro for $139.6 million , that resulted in $49.3 million of gross profit of which the Company's portion was deferred. (2) For the three months ended August 31, 2015 , Lennar Homebuilding equity in earnings from unconsolidated entities included $21.5 million of equity in earnings from El Toro due to a gain on debt extinguishment and the sale of homesites to a third party. For the nine months ended August 31, 2015 , Lennar Homebuilding equity in earnings from unconsolidated entities included $64.5 million of equity in earnings from El Toro due to the sale of approximately 700 homesites and a commercial property to third parties and a gain on debt extinguishment. For the nine months ended August 31, 2014 , Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity. |
Balance Sheets | Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 272,101 243,597 Inventories 2,704,359 2,889,267 Other assets 146,621 155,470 $ 3,123,081 3,288,334 Liabilities and equity: Accounts payable and other liabilities $ 281,388 271,638 Debt 436,973 737,755 Equity 2,404,720 2,278,941 $ 3,123,081 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) August 31, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 55,136 56,573 Non-recourse land seller debt or other debt 3,999 4,022 Non-recourse debt with completion guarantees (1) 98,192 442,854 Non-recourse debt without completion guarantees 257,246 209,825 Non-recourse debt to the Company 414,573 713,274 The Company’s maximum recourse exposure 22,400 24,481 Total debt $ 436,973 737,755 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 El Toro as a result of land sales and debt extinguishment. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Aug. 31, 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 nine months ended August 31, 2015 and 2014 : Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Comprehensive Other Income (Loss) Retained Earnings Noncontrolling Interests Balance at November 30, 2014 $ 5,251,302 17,424 3,298 2,239,574 (93,440 ) 130 2,660,034 424,282 Net earnings (including net earnings attributable to noncontrolling interests) 526,538 — — — — — 521,291 5,247 Employee stock and directors plans (12,727 ) 121 — 1,411 (14,259 ) — — — Conversions and exchanges of 2.75% convertible senior notes due 2020 — 415 — (415 ) — — — — Tax benefit from employee stock plans, vesting of restricted stock and conversions and exchanges of 2.75% convertible senior notes due 2020 17,419 — — 17,419 — — — — Amortization of restricted stock 32,095 — — 32,095 — — — — Cash dividends (24,765 ) — — — — — (24,765 ) — Receipts related to noncontrolling interests 1,475 — — — — — — 1,475 Payments related to noncontrolling interests (105,830 ) — — — — — — (105,830 ) Non-cash deconsolidations, net (13,253 ) — — — — — — (13,253 ) Non-cash activity related to noncontrolling interests 2,760 — — — — — — 2,760 Other comprehensive loss, net of tax (317 ) — — — — (317 ) — — Balance at August 31, 2015 $ 5,674,697 17,960 3,298 2,290,084 (107,699 ) (187 ) 3,156,560 314,681 Stockholders’ Equity (In thousands) Total Equity Class A Class B Additional Treasury Stock Accumulated Other Comprehensive Income Retained Earnings Noncontrolling Interests Balance at November 30, 2013 $ 4,627,470 18,483 3,298 2,721,246 (628,019 ) — 2,053,893 458,569 Net earnings (including net loss attributable to noncontrolling interests) 376,022 — — — — — 393,593 (17,571 ) Employee stock and directors plans 2,112 114 — 1,336 662 — — — Retirement of treasury stock — (1,173 ) — (541,019 ) 542,192 — — — Tax benefit from employee stock plans, vesting of restricted stock and conversion of 2.00% convertible senior notes due 2020 in fiscal 2013 12,892 — — 12,892 — — — — Amortization of restricted stock 28,482 — — 28,482 — — — — Cash dividends (24,565 ) — — — — — (24,565 ) — Receipts related to noncontrolling interests 11,963 — — — — — — 11,963 Payments related to noncontrolling interests (115,001 ) — — — — — — (115,001 ) Non-cash consolidations, net 118,272 — — — — — — 118,272 Non-cash activity related to noncontrolling interests 430 — — — — — — 430 Other comprehensive income, net of tax 64 — — — — 64 — — Balance at August 31, 2014 $ 5,038,141 17,424 3,298 2,222,937 (85,165 ) 64 2,422,921 456,662 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Benefit (Provision) [Table Text Block] | The provision for income taxes related to pre-tax earnings and effective tax rate were as follows: Three Months Ended Nine Months Ended August 31, August 31, (Dollars in thousands) 2015 2014 2015 2014 Provision for income taxes $ (95,621 ) (88,895 ) (250,573 ) (215,819 ) Effective tax rate (1) 29.98 % 33.34 % 32.46 % 35.41 % (1) For both the three and nine months ended August 31, 2015 , the effective tax rate included a tax benefit for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense and interest accrued on uncertain tax positions. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Aug. 31, 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 Nine Months Ended August 31, August 31, (In thousands, except per share amounts) 2015 2014 2015 2014 Numerator: Net earnings attributable to Lennar $ 223,312 177,757 521,291 393,593 Less: distributed earnings allocated to nonvested shares 91 109 271 305 Less: undistributed earnings allocated to nonvested shares 2,313 2,124 5,431 4,486 Numerator for basic earnings per share 220,908 175,524 515,589 388,802 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 1,044 — 2,842 — Plus: interest on 3.25% convertible senior notes due 2021 1,982 1,982 5,946 5,946 Plus: undistributed earnings allocated to convertible shares 2,313 2,124 5,430 4,486 Less: undistributed earnings reallocated to convertible shares 2,093 1,908 4,870 4,047 Numerator for diluted earnings per share $ 222,066 177,722 519,253 395,187 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 206,439 202,354 204,120 202,103 Effect of dilutive securities: Share-based payments 7 5 9 8 Convertible senior notes 24,102 25,869 26,506 25,846 Denominator for diluted earnings per share - weighted average common shares outstanding 230,548 228,228 230,635 227,957 Basic earnings per share $ 1.07 0.87 2.53 1.92 Diluted earnings per share $ 0.96 0.78 2.25 1.73 (1) During the three months ended August 31, 2015 , Rialto adopted a Carried Interest Incentive Plan (“Plan”) which provides participants in the Plan specified percentages of distributions made to a Rialto subsidiary from funds or other investment vehicles managed by the Rialto subsidiary. Some Rialto employees may receive up to 40% of the distributions received by the Rialto subsidiary. The amounts presented above represent the difference between the advanced tax distributions received by Rialto's subsidiary and the amount Lennar, as the parent company, is assumed to own. |
Lennar Financial Services Seg30
Lennar Financial Services Segment (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Segment Reporting Information [Line Items] | |
Schedule of Assets and Liabilities | The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 99,305 90,010 Restricted cash 11,427 8,609 Receivables, net (1) 268,639 150,858 Loans held-for-sale (2) 798,103 738,396 Loans held-for-investment, net 30,495 26,894 Investments held-to-maturity 34,393 45,038 Investments available-for-sale (3) 42,701 16,799 Goodwill 38,854 38,854 Other (4) 67,918 61,595 $ 1,391,835 1,177,053 Liabilities: Notes and other debts payable $ 817,904 704,143 Other (5) 213,333 192,500 $ 1,031,237 896,643 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2015 and November 30, 2014 , respectively. (2) Loans held-for-sale related to unsold loans carried at fair value. (3) Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss). As of August 31, 2015 , investments available-for-sale were in a cumulative unrealized loss, net of tax, of $0.2 million . During the three and nine months ended August 31, 2015 , the Company recorded other comprehensive losses, net of tax, of $0.4 million and $0.3 million , respectively. (4) As of August 31, 2015 and November 30, 2014 , other assets included mortgage loan commitments carried at fair value of $18.5 million and $12.7 million , respectively, and mortgage servicing rights carried at fair value of $16.4 million and $17.4 million , respectively. (5) Other liabilities included $66.5 million and $69.3 million as of August 31, 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 $3.3 million and $7.6 million as of August 31, 2015 and November 30, 2014 , respectively. |
Schedule Of Loan Origination Liabilities | The activity in the Company’s loan origination liabilities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Loan origination liabilities, beginning of period $ 13,660 9,774 11,818 9,311 Provision for losses (1) 1,147 918 3,174 1,660 Payments/settlements — (83 ) (185 ) (362 ) Loan origination liabilities, end of period $ 14,807 10,609 14,807 10,609 (1) Provision for losses included adjustments to pre-existing provisions for losses from changes in estimates for the three and nine months ended August 31, 2015 . |
Lennar Financial Services [Member] | |
Segment Reporting Information [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | At August 31, 2015 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures March 2016 (1) $ 300,000 364-day warehouse repurchase facility that matures August 2016 (2) 600,000 364-day warehouse repurchase facility that matures August 2016 300,000 $ 1,200,000 (1) 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. (2) In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment will be decreased to $400 million in the first quarter of fiscal 2016. |
Rialto Segment (Tables)
Rialto Segment (Tables) - Rialto [Member] | 9 Months Ended |
Aug. 31, 2015 | |
Segment Reporting Information [Line Items] | |
Schedule Of Assets and Liabilities By Segment | The assets and liabilities related to the Rialto segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 106,731 303,889 Restricted cash (1) 19,599 46,975 Receivables, net (2) — 153,773 Loans held-for-sale (3) 510,133 113,596 Loans receivable, net 123,544 137,124 Real estate owned - held-for-sale 185,738 190,535 Real estate owned - held-and-used, net 195,866 255,795 Investments in unconsolidated entities 211,906 175,700 Investments held-to-maturity 18,328 17,290 Other (4) 129,595 63,475 $ 1,501,440 1,458,152 Liabilities: Notes and other debts payable (5) $ 774,244 623,246 Other (6) 87,555 123,798 $ 861,799 747,044 (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) Other assets included credit default swaps carried at fair value of $10.0 million and $1.7 million as of August 31, 2015 and November 30, 2014 , respectively, and interest rate swaps and swap futures carried at fair value of $0.3 million as of August 31, 2015 . (5) Notes and other debts payable included $351.6 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“ 7.00% Senior Notes”) as of August 31, 2015 and November 30, 2014 , respectively, $321.5 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of August 31, 2015 and November 30, 2014 , respectively, and $31.4 million and $58.0 million related to the notes issued through a structured note offering as of August 31, 2015 and November 30, 2014, respectively. (6) Other liabilities included interest rate swaps and swap futures carried at fair value of $5.7 million and $1.4 million as of August 31, 2015 and November 30, 2014 , respectively, and credit default swaps carried at fair value of $2.7 million and $0.8 million as of August 31, 2015 and November 30, 2014 , respectively. |
Operating Earnings By Segment | Rialto’s operating earnings were as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Revenues $ 51,554 40,848 160,682 142,196 Costs and expenses (1) 53,323 47,644 161,610 174,824 Rialto equity in earnings from unconsolidated entities 7,590 19,973 17,582 43,266 Rialto other income (expense), net 1,172 (5,342 ) 28 (2,976 ) Operating earnings (2) $ 6,993 7,835 16,682 7,662 (1) Costs and expenses included loan impairments of $4.5 million and $7.3 million for the three and nine months ended August 31, 2015 , respectively, and $4.2 million and $44.7 million for the three and nine months ended August 31, 2014 , respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). (2) Operating earnings for the three and nine months ended August 31, 2015 included net loss attributable to noncontrolling interests of $2.0 million and $4.5 million , respectively. Operating earnings for the three and nine months ended August 31, 2014 included net loss attributable to noncontrolling interests of $4.5 million and $20.7 million , respectively. |
Other Income (Expense), Net Related By Segment | The following is a detail of Rialto other income (expense), net: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Realized gains on REO sales, net $ 6,178 4,106 13,852 27,849 Unrealized losses on transfer of loans receivable to REO and impairments, net (3,124 ) (7,165 ) (7,892 ) (17,816 ) REO and other expenses (14,714 ) (13,027 ) (43,123 ) (43,977 ) Rental and other income 12,832 10,744 37,191 30,968 Rialto other income (expense), net $ 1,172 (5,342 ) 28 (2,976 ) |
Loans Receivable, Net by Type | The following table represents loans receivable, net by type: (In thousands) August 31, November 30, Accrual loans (1) $ 29,654 7,019 Nonaccrual loans: FDIC and Bank Portfolios 93,890 130,105 Loans receivable, net $ 123,544 137,124 (1) As of August 31, 2015 accrual loans included loans originated of which $11.2 million relates to a convertible land loan that matures in July 2016 and $ 18.4 million relates to floating rate commercial property loans that mature between September 2015 and July 2018. |
Nonaccrual Loans | The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type: August 31, 2015 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 154,573 62,312 2,771 65,083 Single family homes 46,913 11,178 2,876 14,054 Commercial properties 16,561 2,590 1,102 3,692 Other 58,013 — 11,061 11,061 Loans receivable $ 276,060 76,080 17,810 93,890 November 30, 2014 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded 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 |
Accretable Yield For The FDIC Portfolios And Bank Portfolios | For the nine months ended August 31, 2014 the activity in the accretable yield was as follows: Nine Months Ended (In thousands) August 31, 2014 Accretable yield, beginning of period $ 73,144 Additions 8,785 Deletions (25,621 ) Accretions (25,693 ) Accretable yield, end of period $ 30,615 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | For the three and nine months ended August 31, 2014 , the activity in the Company's allowance rollforward related to accrual loans accounted for under ASC 310-30 was as follows: Three Months Ended Nine Months Ended (In thousands) August 31, 2014 Allowance on accrual loans, beginning of period $ 55,658 18,952 Provision for loan losses, net of recoveries 4,089 44,577 Charge-offs (6,482 ) (10,264 ) Allowance on accrual loans, end of period $ 53,265 53,265 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 Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Allowance on nonaccrual loans, beginning of period $ 40,593 286 58,326 1,213 Provision for loan losses, net of recoveries 4,497 68 7,306 162 Charge-offs (6,707 ) (68 ) (27,249 ) (1,089 ) Allowance on nonaccrual loans, end of period $ 38,383 286 38,383 286 |
Changes In Real Estate Owned | The following tables represent the activity in REO : Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 REO - held-for-sale, beginning of period $ 195,386 192,829 190,535 197,851 Improvements 1,023 1,994 4,318 4,717 Sales (26,575 ) (52,431 ) (74,713 ) (141,097 ) Impairments and unrealized losses (3,127 ) (6,087 ) (7,499 ) (8,910 ) Transfers from held-and-used, net (1) 19,031 58,034 73,097 141,778 REO - held-for-sale, end of period $ 185,738 194,339 185,738 194,339 Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 REO - held-and-used, net, beginning of period $ 213,748 379,069 255,795 428,989 Additions 1,367 14,530 15,710 48,657 Improvements 309 1,736 1,737 5,207 Impairments (7 ) (1,333 ) (1,420 ) (2,836 ) Depreciation (520 ) (496 ) (1,895 ) (2,767 ) Transfers to held-for-sale (1) (19,031 ) (58,034 ) (73,097 ) (141,778 ) Other — — (964 ) — REO - held-and-used, net, end of period $ 195,866 335,472 195,866 335,472 (1) During the three and nine months ended August 31, 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. |
Schedule of Line of Credit Facilities [Table Text Block] | At August 31, 2015 , RMF warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures October 2015 (1) $ 400,000 364-day warehouse repurchase facility that matures March 2016 250,000 364-day warehouse repurchase facility that matures August 2016 250,000 Warehouse repurchase facility that matures August 2018 (2) 100,000 Totals $ 1,000,000 (1) The facility is expected to be renewed when it matures. (2) In August 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this new facility will be held as accrual loans within loans receivable, net. |
Private Equity Funds Related to Rialto Segment | The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: August 31, August 31, November 30, (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 $ 68,525 71,831 Rialto Real Estate Fund II, LP 2012 1,305,000 1,150,000 100,000 88,123 95,195 67,652 Rialto Mezzanine Partners Fund, LP 2013 300,000 275,883 33,799 30,982 30,431 20,226 Other investments 17,755 15,991 $ 211,906 175,700 |
Equity in Earnings (Loss) on Investments Related to Rialto Segment [Table Text Block] | Rialto's share of earnings from unconsolidated entities was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Rialto Real Estate Fund, LP $ 4,158 10,291 7,948 22,524 Rialto Real Estate Fund II, LP 2,354 7,084 5,533 9,524 Rialto Mezzanine Partners Fund, LP 637 591 1,563 1,373 Other investments 441 2,007 2,538 9,845 Rialto equity in earnings from unconsolidated entities $ 7,590 19,973 17,582 43,266 |
Condensed Financial Information By Equity Method Investment, Balance Sheets | Balance Sheets (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 117,061 141,609 Loans receivable 504,675 512,034 Real estate owned 446,629 378,702 Investment securities 1,084,819 795,306 Investments in partnerships 411,182 311,037 Other assets 40,522 45,451 $ 2,604,888 2,184,139 Liabilities and equity: Accounts payable and other liabilities $ 23,421 20,573 Notes payable 357,556 395,654 Equity 2,223,911 1,767,912 $ 2,604,888 2,184,139 |
Condensed Financial Information By Equity Method Investment, Statements Of Operations | Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Revenues $ 41,278 39,401 122,336 104,005 Costs and expenses 24,937 22,552 73,024 71,965 Other income, net (1) 60,106 181,877 121,457 334,915 Net earnings of unconsolidated entities $ 76,447 198,726 170,769 366,955 Rialto equity in earnings from unconsolidated entities $ 7,590 19,973 17,582 43,266 (1) Other income, net, included realized and unrealized gains (losses) on investments |
Lennar Multifamily Segment (Tab
Lennar Multifamily Segment (Tables) - Lennar Multifamily [Member] | 9 Months Ended |
Aug. 31, 2015 | |
Segment Reporting Information [Line Items] | |
Schedule Of Assets and Liabilities By Segment | The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) August 31, November 30, Assets: Cash and cash equivalents $ 3,539 2,186 Land under development 141,721 120,666 Consolidated inventory not owned 5,508 5,508 Investments in unconsolidated entities 211,503 105,674 Operating properties and equipment 719 15,740 Other assets 35,345 18,240 $ 398,335 268,014 Liabilities: Accounts payable and other liabilities $ 54,096 48,235 Liabilities related to consolidated inventory not owned 4,007 4,008 $ 58,103 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) August 31, November 30, Assets: Cash and cash equivalents $ 32,687 25,319 Operating properties and equipment 1,205,331 637,259 Other assets 23,760 14,742 $ 1,261,778 677,320 Liabilities and equity: Accounts payable and other liabilities $ 159,562 87,151 Notes payable 394,841 163,376 Equity 707,375 426,793 $ 1,261,778 677,320 |
Condensed Financial Information By Equity Method Investment, Statements Of Operations | Statements of Operations Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Revenues $ 4,067 907 9,236 3,318 Costs and expenses 7,174 1,907 15,249 5,082 Other income, net 13,330 35,068 13,330 35,068 Net earnings of unconsolidated entities $ 10,223 34,068 7,317 33,304 Lennar Multifamily equity in earnings from unconsolidated entities (1) $ 5,004 14,946 4,404 14,689 (1) For both the three and nine months ended August 31, 2015 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $5.7 million share of a gain as a result of the sale of an operating property by one of its unconsolidated entities. For both the three and nine months ended August 31, 2014 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $14.7 million share of gains as a result of the sale of two operating properties by its unconsolidated entities. The Company's share of profit and cash distributions from the sales of operating properties could be higher compared to the Company's ownership interest in unconsolidated entities if certain specified internal rate of return milestones are achieved. |
Lennar Homebuilding Senior No33
Lennar Homebuilding Senior Notes And Other Debts Payable (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Senior Notes And Other Debts Payable | (Dollars in thousands) August 31, November 30, Unsecured revolving credit facility $ 575,000 — 6.50% senior notes due 2016 249,962 249,923 12.25% senior notes due 2017 397,370 396,278 4.75% senior notes due 2017 399,250 399,250 6.95% senior notes due 2018 248,825 248,485 4.125% senior notes due 2018 274,996 274,995 4.500% senior notes due 2019 500,383 500,477 4.50% senior notes due 2019 600,597 350,000 2.75% convertible senior notes due 2020 274,280 431,042 3.25% convertible senior notes due 2021 399,990 400,000 4.750% senior notes due 2022 571,656 571,439 4.750% senior notes due 2025 500,000 — 5.60% senior notes due 2015 — 500,272 Mortgage notes on land and other debt 269,553 368,052 $ 5,261,862 4,690,213 |
Product Warranty (Tables)
Product Warranty (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Product Warranties Disclosures [Abstract] | |
Schedule Of Product Warranty Reserve | The activity in the Company’s warranty reserve was as follows: Three Months Ended Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Warranty reserve, beginning of period $ 119,610 105,699 115,927 102,580 Warranties issued 21,873 15,958 55,665 40,930 Adjustments to pre-existing warranties from changes in estimates (1) (111 ) (1,221 ) 5,273 4,355 Payments (21,676 ) (15,629 ) (57,169 ) (43,058 ) Warranty reserve, end of period $ 119,696 104,807 119,696 104,807 (1) The adjustments to pre-existing warranties from changes in estimates during both the three and nine months ended August 31, 2015 and 2014 primarily related to specific claims related to certain of our homebuilding communities and other adjustments. |
Share-Based Payment (Tables)
Share-Based Payment (Tables) | 9 Months Ended |
Aug. 31, 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 Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Stock options $ 65 68 104 108 Nonvested shares 11,484 11,231 32,095 28,482 Total compensation expense for share-based awards $ 11,549 11,299 32,199 28,590 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts And Estimated Fair Value Of Financial Instruments | August 31, 2015 November 30, 2014 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Rialto: Loans receivable, net Level 3 $ 123,544 127,933 137,124 142,900 Investments held-to-maturity Level 3 $ 18,328 18,131 17,290 17,155 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 30,495 29,433 26,894 26,723 Investments held-to-maturity Level 2 $ 34,393 34,322 45,038 45,051 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 5,261,862 6,237,165 4,690,213 5,760,075 Rialto notes and other debts payable Level 2 $ 774,244 800,661 623,246 640,335 Lennar Financial Services notes and other debts payable Level 2 $ 817,904 817,904 704,143 704,143 |
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 Hierarchy Fair Value at Fair Value at (In thousands) Lennar Financial Services: Loans held-for-sale (1) Level 2 $ 798,103 738,396 Investments available-for-sale Level 1 $ 42,701 16,799 Mortgage loan commitments Level 2 $ 18,498 12,687 Forward contracts Level 2 $ (3,337 ) 7,576 Mortgage servicing rights Level 3 $ 16,440 17,353 Lennar Homebuilding: Investments available-for-sale Level 3 $ 523 480 Rialto Financial Assets: Loans held-for-sale (2) Level 3 $ 510,133 113,596 Credit default swaps Level 2 $ 10,011 1,694 Interest rate swaps and swap futures Level 1 $ 294 — Rialto Financial Liabilities: Interest rate swaps and swap futures Level 1 $ 5,684 1,376 Credit default swaps Level 2 $ 2,709 766 (1) The aggregate fair value of Lennar Financial Services loans held-for-sale of $798.1 million at August 31, 2015 exceeds their aggregate principal balance of $766.0 million by $32.1 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 $510.1 million at August 31, 2015 exceeds their aggregate principal balance of $509.6 million by $0.6 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 Nine Months Ended August 31, August 31, (In thousands) 2015 2014 2015 2014 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ 2,836 588 (283 ) 7,740 Mortgage loan commitments $ (384 ) (756 ) 5,811 6,942 Forward contracts $ (3,493 ) 2,262 4,238 (5,497 ) Changes in fair value included in Rialto revenues: Financial Assets: Interest rate swaps and swap futures $ (771 ) — 294 — Credit default swaps $ 3,466 (431 ) 2,641 — Financial Liabilities: Interest rate swaps and swap futures $ (4,740 ) (969 ) (4,308 ) (1,363 ) Credit default swaps $ 821 390 709 62 Changes in fair value included in other comprehensive income (loss): Lennar Financial Services investments available-for-sale $ (400 ) 64 (317 ) 64 |
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 August 31, 2015 2014 Lennar Financial Services Lennar Homebuilding Rialto Lennar Financial Services Lennar Homebuilding Rialto (In thousands) Mortgage servicing rights Investments available-for-sale Loans held-for-sale Mortgage servicing rights Investments available-for-sale Loans held-for-sale Beginning balance $ 16,504 492 318,037 18,242 20,416 45,065 Purchases/loan originations 844 — 719,998 441 — 411,683 Sales/loan originations sold, including those not settled — — (528,518 ) — (1,655 ) (292,099 ) Disposals/settlements (2) (974 ) — — (622 ) (4,125 ) — Changes in fair value (3) 66 31 679 1,326 2,229 1,085 Interest and principal paydowns — — (63 ) — — (811 ) Ending balance $ 16,440 523 510,133 19,387 16,865 164,923 Nine Months Ended August 31, 2015 2014 Lennar Financial Services Lennar Homebuilding Rialto Lennar Financial Services Lennar Homebuilding Rialto (In thousands) Mortgage servicing rights Investments available-for-sale Loans held-for-sale Mortgage servicing rights Investments available-for-sale Loans held-for-sale Beginning balance $ 17,353 480 113,596 11,455 40,032 44,228 Purchases/loan originations (1) 1,840 28,093 1,968,692 8,977 21,274 1,103,839 Sales/loan originations sold, including those not settled — — (1,570,101 ) — (46,234 ) (983,635 ) Disposals/settlements (2) (2,848 ) (28,093 ) — (1,190 ) (5,586 ) — Changes in fair value (3) 95 43 (1,622 ) 145 7,379 1,326 Interest and principal paydowns — — (432 ) — — (835 ) Ending balance $ 16,440 523 510,133 19,387 16,865 164,923 (1) For the nine months ended August 31, 2014 , the Lennar Financial Services mortgage and servicing rights included the $5.9 million acquisition of a portfolio of mortgage servicing rights. Lennar Homebuilding investments available-for-sale represent investments in community development district bonds that mature at various dates between 2015 and 2039. (2) The Lennar Homebuilding investments available-for-sale that were settled related to investments in community development district bonds, which were in default upon purchase and reissued by the municipalities prior to being settled with third parties. (3) Changes in fair value for Rialto loans held-for-sale and Lennar Financial Services mortgage servicing rights are included in Rialto's and Lennar Financial Services' revenues, respectively. The changes in fair value in Lennar Homebuilding investments available-for-sale were not included in other comprehensive income (loss) because the changes in fair value were deferred as a result of the Company's continuing involvement in the underlying real estate collateral. |
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 August 31, 2015 2014 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total Gains (Losses) (1) Carrying Value Fair Value Total Gains (Losses) (1) Financial assets Rialto: Impaired loans receivable Level 3 $ 76,138 71,641 (4,497 ) 103,732 99,574 (4,158 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ 5,754 4,607 (1,147 ) — — — Land and land under development (2) Level 3 $ 16,482 11,811 (4,671 ) — — — Rialto: REO - held-for-sale (3): Upon acquisition/transfer Level 3 $ 4,767 4,481 (286 ) 7,133 6,705 (428 ) Upon management periodic valuations Level 3 $ 9,146 6,305 (2,841 ) 15,453 9,794 (5,659 ) REO - held-and-used, net (4): Upon acquisition/transfer Level 3 $ 1,357 1,367 10 14,275 14,530 255 Upon management periodic valuations Level 3 $ 14 7 (7 ) 8,056 6,723 (1,333 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended August 31, 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 August 31, 2015 . (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 income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 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 (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 2015 and 2014 . Nine Months Ended August 31, 2015 2014 (In thousands) Fair Value Carrying Value Fair Value Total Gains (Losses) (1) Carrying Value Fair Value Total Losses (1) Financial assets Rialto Investments: Impaired loans receivable Level 3 $ 248,250 240,944 (7,306 ) 191,471 146,731 (44,740 ) Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ 52,093 41,343 (10,750 ) — — — Land and land under development (2) Level 3 $ 16,482 11,811 (4,671 ) 7,013 6,143 (870 ) Rialto Investments: REO - held-for-sale (3): Upon acquisition/transfer Level 3 $ 18,383 17,280 (1,103 ) 20,183 18,972 (1,211 ) Upon management periodic valuations Level 3 $ 26,008 19,612 (6,396 ) 39,193 31,494 (7,699 ) REO - held-and-used, net (4): Upon acquisition/transfer Level 3 $ 14,683 15,710 1,027 54,727 48,657 (6,070 ) Upon management periodic valuations Level 3 $ 2,703 1,283 (1,420 ) 20,489 17,653 (2,836 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the nine months ended August 31, 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 nine months ended August 31, 2015 and 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 income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 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 (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 2015 and 2014 . |
Fair Value Measurements, Communities, Unobservabe Inputs Schedule [Table Text Block] | The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the nine months ended August 31, 2015 : Nine Months Ended August 31, 2015 Unobservable inputs Range Average selling price $486,000 - $1,300,000 Absorption rate per quarter (homes) 9 - 14 Discount rate 12 % - 20% |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract] | |
Investments in Unconsolidated Entities | The Company’s recorded investments in unconsolidated entities were as follows: (In thousands) August 31, November 30, Lennar Homebuilding $ 640,908 656,837 Rialto $ 211,906 175,700 Lennar Multifamily $ 211,503 105,674 |
Estimated Maximum Exposure To Loss | The Company’s recorded investment in unconsolidated VIEs and its estimated maximum exposure to loss were as follows: As of August 31, 2015 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 53,723 80,626 Rialto (2) 18,328 18,328 Lennar Multifamily (3) 123,317 579,458 $ 195,368 678,412 As of November 30, 2014 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum 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 August 31, 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 $26.7 million and $70.0 million , respectively, remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. During the three months ended August 31, 2015 , the Company bought out the partner of one of its unconsolidated entities for approximately $10 million of which $7 million was paid in cash and the remainder was financed with a short-term note. As a result, the Company's $70.1 million investment in the unconsolidated entity was reclassified primarily to inventory, which reduced Lennar's maximum recourse exposure. (2) At both August 31, 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 August 31, 2015 and November 30, 2014 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $18.3 million and $17.3 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of August 31, 2015 , the remaining equity commitment of $425.7 million to fund the Venture for further expenses related to the construction and development of the projects is included in Lennar's maximum exposure to loss. In addition, at August 31, 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 $23.0 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 Inform38
Supplemental Financial Information (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Supplemental Financial Information [Abstract] | |
Schedule of Condensed Balance Sheet | Supplemental information for the subsidiaries that were guarantor subsidiaries at August 31, 2015 was as follows: Condensed Consolidating Balance Sheet August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 405,803 257,364 19,441 — 682,608 Inventories — 8,770,103 175,960 — 8,946,063 Investments in unconsolidated entities — 597,437 43,471 — 640,908 Other assets 222,681 309,535 60,503 15,467 608,186 Investments in subsidiaries 3,998,687 220,527 — (4,219,214 ) — Intercompany 6,181,597 — — (6,181,597 ) — 10,808,768 10,154,966 299,375 (10,385,344 ) 10,877,765 Rialto — — 1,501,440 — 1,501,440 Lennar Financial Services — 83,395 1,308,440 — 1,391,835 Lennar Multifamily — — 408,098 (9,763 ) 398,335 Total assets $ 10,808,768 10,238,361 3,517,353 (10,395,107 ) 14,169,375 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 435,697 714,344 87,187 — 1,237,228 Liabilities related to consolidated inventory not owned — 44,449 — — 44,449 Senior notes and other debts payable 5,013,055 237,957 10,850 — 5,261,862 Intercompany — 5,522,017 659,580 (6,181,597 ) — 5,448,752 6,518,767 757,617 (6,181,597 ) 6,543,539 Rialto — — 861,799 — 861,799 Lennar Financial Services — 32,828 992,705 5,704 1,031,237 Lennar Multifamily — — 58,103 — 58,103 Total liabilities 5,448,752 6,551,595 2,670,224 (6,175,893 ) 8,494,678 Stockholders’ equity 5,360,016 3,686,766 532,448 (4,219,214 ) 5,360,016 Noncontrolling interests — — 314,681 — 314,681 Total equity 5,360,016 3,686,766 847,129 (4,219,214 ) 5,674,697 Total liabilities and equity $ 10,808,768 10,238,361 3,517,353 (10,395,107 ) 14,169,375 Condensed Consolidating Balance Sheet November 30, 2014 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 653,491 321,765 13,766 — 989,022 Inventories — 7,517,261 219,339 — 7,736,600 Investments in unconsolidated entities — 622,663 34,174 — 656,837 Other assets 159,564 385,143 120,591 7,291 672,589 Investments in subsidiaries 4,073,687 299,432 — (4,373,119 ) — Intercompany 4,709,544 — — (4,709,544 ) — 9,596,286 9,146,264 387,870 (9,075,372 ) 10,055,048 Rialto — — 1,458,152 — 1,458,152 Lennar Financial Services — 76,428 1,100,625 — 1,177,053 Lennar Multifamily — — 268,975 (961 ) 268,014 Total assets $ 9,596,286 9,222,692 3,215,622 (9,076,333 ) 12,958,267 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 447,104 748,991 79,699 — 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 — 4,350,505 359,039 (4,709,544 ) — 4,769,266 5,432,224 519,089 (4,709,544 ) 6,011,035 Rialto — — 747,044 — 747,044 Lennar Financial Services — 28,705 861,608 6,330 896,643 Lennar Multifamily — — 52,243 — 52,243 Total liabilities 4,769,266 5,460,929 2,179,984 (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 9,222,692 3,215,622 (9,076,333 ) 12,958,267 |
Consolidating Statement Of Operations | Condensed Consolidating Statement of Operations Three Months Ended August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 2,232,318 — — 2,232,318 Lennar Financial Services — 54,415 119,345 (5,012 ) 168,748 Rialto — — 51,554 — 51,554 Lennar Multifamily — — 39,091 (13 ) 39,078 Total revenues — 2,286,733 209,990 (5,025 ) 2,491,698 Cost and expenses: Lennar Homebuilding — 1,897,755 21,080 (5,552 ) 1,913,283 Lennar Financial Services — 47,514 81,762 35 129,311 Rialto — — 53,732 (409 ) 53,323 Lennar Multifamily — — 47,072 — 47,072 Corporate general and administrative 55,229 — — 1,265 56,494 Total costs and expenses 55,229 1,945,269 203,646 (4,661 ) 2,199,483 Lennar Homebuilding equity in earnings from unconsolidated entities — 8,633 4,667 — 13,300 Lennar Homebuilding other income (expense), net 1,674 (12,495 ) 16,106 (1,096 ) 4,189 Other interest expense (1,460 ) (2,812 ) — 1,460 (2,812 ) Rialto equity in earnings from unconsolidated entities — — 7,590 — 7,590 Rialto other income, net — — 1,172 — 1,172 Lennar Multifamily equity in earnings from unconsolidated entities — — 5,004 — 5,004 Earnings (loss) before income taxes (55,015 ) 334,790 40,883 — 320,658 Benefit (provision) for income taxes 16,215 (96,069 ) (15,767 ) — (95,621 ) Equity in earnings from subsidiaries 262,112 17,947 — (280,059 ) — Net earnings (including net earnings attributable to noncontrolling interests) 223,312 256,668 25,116 (280,059 ) 225,037 Less: Net earnings attributable to noncontrolling interests — — 1,725 — 1,725 Net earnings attributable to Lennar $ 223,312 256,668 23,391 (280,059 ) 223,312 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (400 ) — (400 ) Other comprehensive income attributable to Lennar $ 223,312 256,668 22,991 (280,059 ) 222,912 Other comprehensive income attributable to noncontrolling interests $ — — 1,725 — 1,725 Condensed Consolidating Statement of Operations Three Months Ended August 31, 2014 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 1,830,771 — — 1,830,771 Lennar Financial Services — 44,872 89,047 (5,540 ) 128,379 Rialto — — 40,848 — 40,848 Lennar Multifamily — — 14,036 — 14,036 Total revenues — 1,875,643 143,931 (5,540 ) 2,014,034 Cost and expenses: Lennar Homebuilding — 1,556,855 4,413 (2,949 ) 1,558,319 Lennar Financial Services — 39,604 64,152 (2,521 ) 101,235 Rialto — — 47,644 — 47,644 Lennar Multifamily — — 20,482 — 20,482 Corporate general and administrative 41,807 — — 1,265 43,072 Total costs and expenses 41,807 1,596,459 136,691 (4,205 ) 1,770,752 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (2,346 ) 266 — (2,080 ) Lennar Homebuilding other income (expense), net 251 (1,161 ) 972 (125 ) (63 ) Other interest expense (1,460 ) (8,381 ) — 1,460 (8,381 ) Rialto equity in earnings from unconsolidated entities — — 19,973 — 19,973 Rialto other expense, net — — (5,342 ) — (5,342 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 14,946 — 14,946 Earnings (loss) before income taxes (43,016 ) 267,296 38,055 — 262,335 Benefit (provision) for income taxes 13,988 (87,643 ) (15,240 ) — (88,895 ) Equity in earnings from subsidiaries 206,785 12,846 — (219,631 ) — Net earnings (including net loss attributable to noncontrolling interests) 177,757 192,499 22,815 (219,631 ) 173,440 Less: Net loss attributable to noncontrolling interests — — (4,317 ) — (4,317 ) Net earnings attributable to Lennar $ 177,757 192,499 27,132 (219,631 ) 177,757 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 64 — 64 Other comprehensive income attributable to Lennar $ 177,757 192,499 27,196 (219,631 ) 177,821 Other comprehensive loss attributable to noncontrolling interests $ — — (4,317 ) — (4,317 ) Condensed Consolidating Statement of Operations Nine Months Ended August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 5,789,788 — — 5,789,788 Lennar Financial Services — 145,386 333,079 (15,005 ) 463,460 Rialto — — 160,682 — 160,682 Lennar Multifamily — — 114,529 (18 ) 114,511 Total revenues — 5,935,174 608,290 (15,023 ) 6,528,441 Cost and expenses: Lennar Homebuilding — 4,974,687 41,110 (11,857 ) 5,003,940 Lennar Financial Services — 135,264 237,854 (3,675 ) 369,443 Rialto — — 162,019 (409 ) 161,610 Lennar Multifamily — — 136,293 — 136,293 Corporate general and administrative 146,559 — — 3,796 150,355 Total costs and expenses 146,559 5,109,951 577,276 (12,145 ) 5,821,641 Lennar Homebuilding equity in earnings from unconsolidated entities — 35,020 13,673 — 48,693 Lennar Homebuilding other income (expense), net 2,068 (4,894 ) 14,602 (1,471 ) 10,305 Other interest expense (4,349 ) (10,701 ) — 4,349 (10,701 ) Rialto equity in earnings from unconsolidated entities — — 17,582 — 17,582 Rialto other income, net — — 28 — 28 Lennar Multifamily equity in earnings from unconsolidated entities — — 4,404 — 4,404 Earnings (loss) before income taxes (148,840 ) 844,648 81,303 — 777,111 Benefit (provision) for income taxes 48,313 (267,715 ) (31,171 ) — (250,573 ) Equity in earnings from subsidiaries 621,818 38,033 — (659,851 ) — Net earnings (including net earnings attributable to noncontrolling interests) 521,291 614,966 50,132 (659,851 ) 526,538 Less: Net earnings attributable to noncontrolling interests — — 5,247 — 5,247 Net earnings attributable to Lennar $ 521,291 614,966 44,885 (659,851 ) 521,291 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (317 ) — (317 ) Other comprehensive income attributable to Lennar $ 521,291 614,966 44,568 (659,851 ) 520,974 Other comprehensive income attributable to noncontrolling interests $ — — 5,247 — 5,247 Condensed Consolidating Statement of Operations Nine Months Ended August 31, 2014 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 4,696,941 — — 4,696,941 Lennar Financial Services — 115,343 217,358 (16,354 ) 316,347 Rialto — — 142,196 — 142,196 Lennar Multifamily — — 40,390 — 40,390 Total revenues — 4,812,284 399,944 (16,354 ) 5,195,874 Cost and expenses: Lennar Homebuilding — 4,013,685 5,761 (4,129 ) 4,015,317 Lennar Financial Services — 112,670 165,669 (11,894 ) 266,445 Rialto — — 174,824 — 174,824 Lennar Multifamily — — 59,958 — 59,958 Corporate general and administrative 115,705 — — 3,796 119,501 Total costs and expenses 115,705 4,126,355 406,212 (12,227 ) 4,636,045 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (101 ) 3,405 — 3,304 Lennar Homebuilding other income, net 251 3,504 1,555 (222 ) 5,088 Other interest expense (4,349 ) (31,359 ) — 4,349 (31,359 ) Rialto equity in earnings from unconsolidated entities — — 43,266 — 43,266 Rialto other expense, net — — (2,976 ) — (2,976 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 14,689 — 14,689 Earnings (loss) before income taxes (119,803 ) 657,973 53,671 — 591,841 Benefit (provision) for income taxes 42,422 (232,204 ) (26,037 ) — (215,819 ) Equity in earnings from subsidiaries 470,974 28,938 — (499,912 ) — Net earnings (including net loss attributable to noncontrolling interests) 393,593 454,707 27,634 (499,912 ) 376,022 Less: Net loss attributable to noncontrolling interests — — (17,571 ) — (17,571 ) Net earnings attributable to Lennar $ 393,593 454,707 45,205 (499,912 ) 393,593 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 64 — 64 Other comprehensive income attributable to Lennar $ 393,593 454,707 45,269 (499,912 ) 393,657 Other comprehensive loss attributable to noncontrolling interests $ — — (17,571 ) — (17,571 ) |
Consolidating Statement Of Cash Flows | Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net earnings attributable to noncontrolling interests) $ 521,291 614,966 50,132 (659,851 ) 526,538 Distributions of earnings from guarantor and non-guarantor subsidiaries 621,818 38,033 — (659,851 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (594,735 ) (1,090,481 ) (589,587 ) 659,851 (1,614,952 ) Net cash provided by (used in) operating activities 548,374 (437,482 ) (539,455 ) (659,851 ) (1,088,414 ) Cash flows from investing activities: Proceeds from sale of operating properties — — 73,732 — 73,732 (Investments in and contributions to) and distributions of capital from Lennar Homebuilding unconsolidated entities — (17,833 ) 2,503 — (15,330 ) Investments in and contributions to Rialto unconsolidated entities, net of distributions of capital — — (30,212 ) — (30,212 ) Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to — — 8,980 — 8,980 Receipts of principal payments on Rialto loans receivable — — 14,225 — 14,225 Proceeds from sales of Rialto real estate owned — — 88,565 — 88,565 Other (26,189 ) (47,141 ) (82,311 ) — (155,641 ) Distributions of capital from guarantor and non-guarantor subsidiaries 75,000 75,050 — (150,050 ) — Intercompany (1,470,225 ) — — 1,470,225 — Net cash provided by (used in) investing activities (1,421,414 ) 10,076 75,482 1,320,175 (15,681 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 575,000 — — — 575,000 Net borrowings under Lennar Financial Services warehouse facilities — — 113,761 — 113,761 Net borrowings under Rialto warehouse repurchase facilities — — 180,254 — 180,254 Proceeds from senior notes and debt issue costs 744,409 — (994 ) — 743,415 Redemption of senior notes and conversions and exchanges of convertible senior notes (668,854 ) — — — (668,854 ) Principal payments on Rialto notes payable including structured notes — — (28,247 ) — (28,247 ) Net proceeds (repayments) on other borrowings 20,746 (96,265 ) (69,501 ) — (145,020 ) Net payments related to noncontrolling interests — — (104,355 ) — (104,355 ) Excess tax benefits from share-based awards 113 — — — 113 Common stock: Issuances 9,406 — — — 9,406 Repurchases (23,133 ) — — — (23,133 ) Dividends (24,765 ) (689,966 ) (119,935 ) 809,901 (24,765 ) Intercompany — 1,169,960 300,265 (1,470,225 ) — Net cash provided by financing activities 632,922 383,729 271,248 (660,324 ) 627,575 Net decrease in cash and cash equivalents (240,118 ) (43,677 ) (192,725 ) — (476,520 ) Cash and cash equivalents at beginning of period 633,318 252,914 395,582 — 1,281,814 Cash and cash equivalents at end of period $ 393,200 209,237 202,857 — 805,294 Condensed Consolidating Statement of Cash Flows Nine Months Ended August 31, 2014 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 393,593 454,707 27,634 (499,912 ) 376,022 Distributions of earnings from guarantor and non-guarantor subsidiaries 470,974 28,938 — (499,912 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities (398,881 ) (1,159,840 ) (215,714 ) 499,912 (1,274,523 ) Net cash provided by (used in) operating activities 465,686 (676,195 ) (188,080 ) (499,912 ) (898,501 ) Cash flows from investing activities: Distributions of capital from Lennar Homebuilding unconsolidated entities and (investments in and contributions to) — 20,954 (11,556 ) — 9,398 Distributions of capital from Rialto unconsolidated entities, net of investments in and contributions to — — 13,060 — 13,060 Distributions of capital from Lennar Multifamily unconsolidated entities, net of investments in and contributions to — — 26,493 — 26,493 Receipts of principal payments on Rialto loans receivable — — 20,827 — 20,827 Proceeds from sales of Rialto real estate owned — — 168,946 — 168,946 Other (1,644 ) 40,951 (35,576 ) — 3,731 Distribution of capital from guarantor and non-guarantor subsidiaries 210,000 — — (210,000 ) — Intercompany (1,411,095 ) — — 1,411,095 — Net cash provided by (used in) investing activities (1,202,739 ) 61,905 182,194 1,201,095 242,455 Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 70,000 — — — 70,000 Net borrowings under Lennar Financial Services warehouse facilities — — 141,954 — 141,954 Net repayments under Rialto warehouse repurchase facilities — — (4,596 ) — (4,596 ) Net proceeds from senior notes and structured notes 495,725 — 175,405 — 671,130 Principal payments on Rialto notes payable — — (26,512 ) — (26,512 ) Net payments on other borrowings — (184,565 ) (23,671 ) — (208,236 ) Exercise of land option contracts from an unconsolidated land investment venture — (1,540 ) — — (1,540 ) Net payments related to noncontrolling interests — — (103,038 ) — (103,038 ) Excess tax benefit from share-based awards 3,007 — — — 3,007 Common stock: Issuances 13,603 — — — 13,603 Repurchases (12,153 ) — — — (12,153 ) Dividends (24,565 ) (454,707 ) (255,205 ) 709,912 (24,565 ) Intercompany — 1,286,393 124,702 (1,411,095 ) — Net cash provided by financing activities 545,617 645,581 29,039 (701,183 ) 519,054 Net (decrease) increase in cash and cash equivalents (191,436 ) 31,291 23,153 — (136,992 ) Cash and cash equivalents at beginning of period 547,101 151,992 271,412 — 970,505 Cash and cash equivalents at end of period $ 355,665 183,283 294,565 — 833,513 |
Operating And Reporting Segme39
Operating And Reporting Segments (Disclosure Of Financial Information Relating To Company's Operations) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | |||||
Segment Reporting Information [Line Items] | |||||||||
Assets | [1] | $ 14,169,375,000 | $ 14,169,375,000 | $ 12,958,267,000 | |||||
Revenues: | |||||||||
Total revenues | [2] | 2,491,698,000 | $ 2,014,034,000 | 6,528,441,000 | $ 5,195,874,000 | ||||
Operating Income (Loss) [Abstract] | |||||||||
Total operating earnings | 377,152,000 | 305,407,000 | 927,466,000 | 711,342,000 | |||||
Corporate general and administrative | 56,494,000 | 43,072,000 | 150,355,000 | 119,501,000 | |||||
Earnings before income taxes | 320,658,000 | 262,335,000 | 777,111,000 | 591,841,000 | |||||
Sales incentives | 130,584,000 | 111,031,000 | 353,071,000 | 288,401,000 | |||||
Sales incentives per home delivered | 20,700 | 20,400 | 21,300 | 20,600 | |||||
Gain (Loss) on Disposition of Property Plant Equipment | (5,945,000) | 0 | |||||||
Homebuilding East [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Assets | 2,511,295,000 | 2,511,295,000 | 2,323,978,000 | ||||||
Revenues: | |||||||||
Real estate revenues | 737,251,000 | 570,698,000 | 1,858,982,000 | 1,497,954,000 | |||||
Operating Income (Loss) [Abstract] | |||||||||
Total operating earnings | 109,845,000 | 83,403,000 | 262,675,000 | 219,307,000 | |||||
Homebuilding Central [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Assets | 1,408,755,000 | 1,408,755,000 | 1,233,991,000 | ||||||
Revenues: | |||||||||
Real estate revenues | 322,242,000 | 266,284,000 | 835,259,000 | 663,986,000 | |||||
Operating Income (Loss) [Abstract] | |||||||||
Total operating earnings | 32,152,000 | 21,531,000 | 77,919,000 | 56,265,000 | |||||
Homebuilding West [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Assets | 4,001,381,000 | 4,001,381,000 | 3,454,611,000 | ||||||
Revenues: | |||||||||
Real estate revenues | 639,593,000 | 448,068,000 | 1,649,727,000 | 1,186,437,000 | |||||
Operating Income (Loss) [Abstract] | |||||||||
Total operating earnings | 114,499,000 | [3] | 67,887,000 | 299,324,000 | [3] | 186,323,000 | |||
Homebuilding Southeast Florida [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Assets | 754,072,000 | 754,072,000 | 722,706,000 | ||||||
Revenues: | |||||||||
Real estate revenues | 175,933,000 | 167,077,000 | 503,120,000 | 398,733,000 | |||||
Operating Income (Loss) [Abstract] | |||||||||
Total operating earnings | 37,210,000 | 40,579,000 | 102,479,000 | 87,885,000 | |||||
Homebuilding Houston [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Assets | 504,082,000 | 504,082,000 | 398,538,000 | ||||||
Revenues: | |||||||||
Real estate revenues | 204,948,000 | 189,657,000 | 525,852,000 | 498,943,000 | |||||
Operating Income (Loss) [Abstract] | |||||||||
Total operating earnings | 26,665,000 | 27,740,000 | 66,418,000 | 74,096,000 | |||||
Homebuilding Other [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Assets | 851,070,000 | 851,070,000 | 880,912,000 | ||||||
Revenues: | |||||||||
Real estate revenues | 152,351,000 | 188,987,000 | 416,848,000 | 450,888,000 | |||||
Operating Income (Loss) [Abstract] | |||||||||
Total operating earnings | 13,341,000 | 20,788,000 | 25,330,000 | 34,781,000 | |||||
Lennar Financial Services [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Assets | 1,391,835,000 | 1,391,835,000 | 1,177,053,000 | [1] | |||||
Revenues: | |||||||||
Financial Services, Revenues | 168,748,000 | 128,379,000 | 463,460,000 | 316,347,000 | |||||
Operating Income (Loss) [Abstract] | |||||||||
Total operating earnings | 39,437,000 | 27,144,000 | 94,017,000 | 49,902,000 | |||||
Rialto [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Assets | [1] | 1,501,440,000 | 1,501,440,000 | 1,458,152,000 | |||||
Revenues: | |||||||||
Rialto, Revenues | 51,554,000 | 40,848,000 | 160,682,000 | 142,196,000 | |||||
Operating Income (Loss) [Abstract] | |||||||||
Total operating earnings | [4] | 6,993,000 | 7,835,000 | 16,682,000 | 7,662,000 | ||||
Equity in earnings (loss) from unconsolidated entities | 7,590,000 | 19,973,000 | 17,582,000 | 43,266,000 | |||||
Lennar Multifamily [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Assets | 398,335,000 | 398,335,000 | 268,014,000 | [1] | |||||
Revenues: | |||||||||
Real estate revenues | 39,078,000 | 14,036,000 | 114,511,000 | 40,390,000 | |||||
Operating Income (Loss) [Abstract] | |||||||||
Total operating earnings | (2,990,000) | 8,500,000 | (17,378,000) | (4,879,000) | |||||
Equity in earnings (loss) from unconsolidated entities | 5,004,000 | $ 14,946,000 | 4,404,000 | 14,689,000 | |||||
Corporate And Unallocated [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Assets | 847,110,000 | 847,110,000 | $ 1,040,312,000 | ||||||
Homebuilding West Joint Venture [Member] | |||||||||
Operating Income (Loss) [Abstract] | |||||||||
Equity in earnings (loss) from unconsolidated entities | $ 21,522,000 | 64,482,000 | $ 4,700,000 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 6,500,000 | ||||||||
[1] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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 $130.6 million ($20,700 per home delivered) and $353.1 million ($21,300 per home delivered) for the three and nine months ended August 31, 2015, respectively, compared to $111.0 million ($20,400 per home delivered) and $288.4 million ($20,600 per home delivered) for the three and nine months ended August 31, 2014, respectively. | ||||||||
[3] | For the three and nine months ended August 31, 2015, operating earnings included $21.5 million and $64.5 million, respectively, of equity in earnings related to transactions by Heritage Fields El Toro, one of the Company's unconsolidated entities ("El Toro"). For the nine months ended August 31, 2015, operating earnings also included a $6.5 million gain on the sale of an operating property. | ||||||||
[4] | Operating earnings for the three and nine months ended August 31, 2015 included net loss attributable to noncontrolling interests of $2.0 million and $4.5 million, respectively. Operating earnings for the three and nine months ended August 31, 2014 included net loss attributable to noncontrolling interests of $4.5 million and $20.7 million, respectively. |
Lennar Homebuilding Investmen40
Lennar Homebuilding Investments In Unconsolidated Entities (Narrative) (Details) - Lennar Homebuilding [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2015 | Nov. 30, 2014 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in unconsolidated entities | [1] | $ 640,908 | $ 640,908 | $ 656,837 |
Underlying equity in unconsolidated partners' net assets | 734,143 | 734,143 | $ 722,643 | |
Lennar Homebuilding Investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in unconsolidated entities | [1] | 70,092 | 70,092 | |
Purchase of Interests | 10,000 | |||
Payments to Acquire Equity Method Investments | $ 7,000 | $ 7,000 | ||
[1] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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 Investmen41
Lennar Homebuilding Investments In Unconsolidated Entities (Statements Of Operations) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015USD ($) | Aug. 31, 2014USD ($) | Aug. 31, 2015USD ($)homes | Aug. 31, 2014USD ($) | ||
Lennar Homebuilding [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total revenues | $ 141,599 | $ 39,021 | $ 765,346 | $ 214,826 | |
Costs and expenses | 127,678 | 35,401 | 580,696 | 246,138 | |
Other income, net | 46,400 | 0 | 49,343 | 0 | |
Net earnings (loss) of unconsolidated entities | [1] | 60,321 | 3,620 | 233,993 | (31,312) |
Equity in earnings (loss) from unconsolidated entities | [2] | 13,300 | $ (2,080) | 48,693 | 3,304 |
Related Party Transaction [Domain] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total revenues | $ 139,600 | ||||
Homesites sold | homes | 300 | ||||
Gross Profit | $ 49,300 | ||||
Homebuilding West Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in earnings (loss) from unconsolidated entities | $ 21,522 | $ 64,482 | $ 4,700 | ||
Homesites sold | homes | 700 | ||||
[1] | For the nine months ended August 31, 2015, net earnings of unconsolidated entities included the sale of approximately 300 homesites to Lennar by El Toro for $139.6 million, that resulted in $49.3 million of gross profit of which the Company's portion was deferred. | ||||
[2] | For the three months ended August 31, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $21.5 million of equity in earnings from El Toro due to a gain on debt extinguishment and the sale of homesites to a third party. For the nine months ended August 31, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $64.5 million of equity in earnings from El Toro due to the sale of approximately 700 homesites and a commercial property to third parties and a gain on debt extinguishment. For the nine months ended August 31, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity. |
Lennar Homebuilding Investmen42
Lennar Homebuilding Investments In Unconsolidated Entities (Balance Sheets) (Details) - Lennar Homebuilding [Member] - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 272,101 | $ 243,597 |
Inventories | 2,704,359 | 2,889,267 |
Other assets | 146,621 | 155,470 |
Total assets | 3,123,081 | 3,288,334 |
LIABILITIES AND EQUITY | ||
Accounts payable and other liabilities | 281,388 | 271,638 |
Debt | 436,973 | 737,755 |
Equity | 2,404,720 | 2,278,941 |
Total liabilities and equity | $ 3,123,081 | $ 3,288,334 |
Lennar Homebuilding Investmen43
Lennar Homebuilding Investments In Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details) - Lennar Homebuilding [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Aug. 31, 2015 | Nov. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||
Non-recourse bank debt and other debt (partner's share of several recourse) | $ 55,136 | $ 56,573 |
Non-recourse land seller debt or other debt | 3,999 | 4,022 |
Non-recourse debt with completion guarantees | 98,192 | 442,854 |
Non-recourse debt without completion guarantees | 257,246 | 209,825 |
Non-recourse debt to the Company | 414,573 | 713,274 |
The Company's maximum recourse exposure | 22,400 | 24,481 |
Total debt | $ 436,973 | $ 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) - shares | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Maximum number of shares to repurchase | 20,000,000 | 20,000,000 | ||
Repurchases of common stock | 0 | 0 | 0 | 0 |
Common stock that can be repurchased in the future | 6,200,000 | 6,200,000 | ||
Stock issued during period, shares, period increase (decrease) | 500,000 | 300,000 | 300,000 | (11,800,000) |
Treasury stock, retired (shares) | 11,700,000 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | Nov. 30, 2010 | |||
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) | $ 225,037 | $ 173,440 | 526,538 | 376,022 | ||||
Employee stock and directors plans | (12,727) | 2,112 | ||||||
Retirement of treasury stock | 0 | |||||||
Conversions and exchanges of 2.75% convertible senior notes due 2020 | 0 | |||||||
Tax benefit from employee stock plans, vesting of restricted stock and conversions and exchanges of 2.75% convertible senior notes due 2020 | 17,419 | 12,892 | ||||||
Amortization of restricted stock | 32,095 | 28,482 | ||||||
Cash dividends | (24,765) | (24,565) | ||||||
Receipts related to noncontrolling interests | 1,475 | 11,963 | ||||||
Payments related to noncontrolling interests | (105,830) | (115,001) | ||||||
Non-cash deconsolidations, net | (13,253) | |||||||
Non-cash consolidations, net | 118,272 | |||||||
Non-cash activity related to noncontrolling interests | 2,760 | 430 | ||||||
Other comprehensive income (loss), net of tax | (317) | 64 | ||||||
Balance, ending | $ 5,674,697 | [1] | 5,038,141 | $ 5,674,697 | [1] | 5,038,141 | ||
2.75% Convertible Senior Notes Due 2020 [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Interest rate | 2.75% | 2.75% | 2.75% | |||||
Additional Paid-in Capital [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance, beginning | $ 2,239,574 | 2,721,246 | ||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | ||||||
Employee stock and directors plans | 1,411 | 1,336 | ||||||
Retirement of treasury stock | (541,019) | |||||||
Conversions and exchanges of 2.75% convertible senior notes due 2020 | (415) | |||||||
Tax benefit from employee stock plans, vesting of restricted stock and conversions and exchanges of 2.75% convertible senior notes due 2020 | 17,419 | 12,892 | ||||||
Amortization of restricted stock | 32,095 | 28,482 | ||||||
Cash dividends | 0 | 0 | ||||||
Receipts related to noncontrolling interests | 0 | 0 | ||||||
Payments related to noncontrolling interests | 0 | 0 | ||||||
Non-cash deconsolidations, net | 0 | |||||||
Non-cash consolidations, net | 0 | |||||||
Non-cash activity related to noncontrolling interests | 0 | 0 | ||||||
Other comprehensive income (loss), net of tax | 0 | 0 | ||||||
Balance, ending | $ 2,290,084 | 2,222,937 | 2,290,084 | 2,222,937 | ||||
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 | (14,259) | 662 | ||||||
Retirement of treasury stock | 542,192 | |||||||
Conversions and exchanges of 2.75% convertible senior notes due 2020 | 0 | |||||||
Tax benefit from employee stock plans, vesting of restricted stock and conversions and exchanges of 2.75% convertible senior notes due 2020 | 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 | |||||||
Non-cash consolidations, net | 0 | |||||||
Non-cash activity related to noncontrolling interests | 0 | 0 | ||||||
Other comprehensive income (loss), net of tax | 0 | 0 | ||||||
Balance, ending | (107,699) | (85,165) | (107,699) | (85,165) | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance, beginning | 130 | 0 | ||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | ||||||
Employee stock and directors plans | 0 | 0 | ||||||
Retirement of treasury stock | 0 | |||||||
Conversions and exchanges of 2.75% convertible senior notes due 2020 | 0 | |||||||
Tax benefit from employee stock plans, vesting of restricted stock and conversions and exchanges of 2.75% convertible senior notes due 2020 | 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 | |||||||
Non-cash consolidations, net | 0 | |||||||
Non-cash activity related to noncontrolling interests | 0 | 0 | ||||||
Other comprehensive income (loss), net of tax | (317) | 64 | ||||||
Balance, ending | (187) | 64 | (187) | 64 | ||||
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) | 521,291 | 393,593 | ||||||
Employee stock and directors plans | 0 | 0 | ||||||
Retirement of treasury stock | 0 | |||||||
Conversions and exchanges of 2.75% convertible senior notes due 2020 | 0 | |||||||
Tax benefit from employee stock plans, vesting of restricted stock and conversions and exchanges of 2.75% convertible senior notes due 2020 | 0 | 0 | ||||||
Amortization of restricted stock | 0 | 0 | ||||||
Cash dividends | (24,765) | (24,565) | ||||||
Receipts related to noncontrolling interests | 0 | 0 | ||||||
Payments related to noncontrolling interests | 0 | 0 | ||||||
Non-cash deconsolidations, net | 0 | |||||||
Non-cash consolidations, net | 0 | |||||||
Non-cash activity related to noncontrolling interests | 0 | 0 | ||||||
Other comprehensive income (loss), net of tax | 0 | 0 | ||||||
Balance, ending | 3,156,560 | 2,422,921 | 3,156,560 | 2,422,921 | ||||
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) | 5,247 | (17,571) | ||||||
Employee stock and directors plans | 0 | 0 | ||||||
Retirement of treasury stock | 0 | |||||||
Conversions and exchanges of 2.75% convertible senior notes due 2020 | 0 | |||||||
Tax benefit from employee stock plans, vesting of restricted stock and conversions and exchanges of 2.75% convertible senior notes due 2020 | 0 | 0 | ||||||
Amortization of restricted stock | 0 | 0 | ||||||
Cash dividends | 0 | 0 | ||||||
Receipts related to noncontrolling interests | 1,475 | 11,963 | ||||||
Payments related to noncontrolling interests | (105,830) | (115,001) | ||||||
Non-cash deconsolidations, net | (13,253) | |||||||
Non-cash consolidations, net | 118,272 | |||||||
Non-cash activity related to noncontrolling interests | 2,760 | 430 | ||||||
Other comprehensive income (loss), net of tax | 0 | 0 | ||||||
Balance, ending | 314,681 | 456,662 | 314,681 | 456,662 | ||||
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 | 121 | 114 | ||||||
Retirement of treasury stock | (1,173) | |||||||
Conversions and exchanges of 2.75% convertible senior notes due 2020 | 415 | |||||||
Tax benefit from employee stock plans, vesting of restricted stock and conversions and exchanges of 2.75% convertible senior notes due 2020 | 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 | |||||||
Non-cash consolidations, net | 0 | |||||||
Non-cash activity related to noncontrolling interests | 0 | 0 | ||||||
Other comprehensive income (loss), net of tax | 0 | 0 | ||||||
Balance, ending | 17,960 | 17,424 | 17,960 | 17,424 | ||||
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 | ||||||
Retirement of treasury stock | 0 | |||||||
Conversions and exchanges of 2.75% convertible senior notes due 2020 | 0 | |||||||
Tax benefit from employee stock plans, vesting of restricted stock and conversions and exchanges of 2.75% convertible senior notes due 2020 | 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 | |||||||
Non-cash consolidations, net | 0 | |||||||
Non-cash activity related to noncontrolling interests | 0 | 0 | ||||||
Other comprehensive income (loss), net of tax | 0 | 0 | ||||||
Balance, ending | $ 3,298 | $ 3,298 | $ 3,298 | $ 3,298 | ||||
Lennar Homebuilding [Member] | Two Percent Convertible Senior Notes Due Two Thousand Twenty [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Interest rate | 2.00% | 2.00% | ||||||
Lennar Homebuilding [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Interest rate | 2.75% | 2.75% | 2.75% | |||||
[1] | As of August 31, 2015, total liabilities include $82.9 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.3 million is included in Lennar Homebuilding accounts payable, $44.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.8 million in Lennar Homebuilding other liabilities, $13.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily 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 $21.5 million in Rialto liabilities. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Aug. 31, 2015 | Nov. 30, 2014 | |
Valuation Allowance [Line Items] | ||
Deferred tax assets, net of valuation allowance | $ 335,200 | $ 313,800 |
Deferred tax assets, valuation allowance | 8,000 | 8,029 |
Deferred tax assets, operating loss carryforwards | 1,900 | 2,000 |
Deferred tax assets, operating loss carryforwards, state and local | 88,400 | 113,800 |
Unrecognized tax benefits | 7,300 | 7,257 |
Income tax penalties and interest accrued | 32,800 | $ 31,500 |
Income tax penalties and interest accrued recorded during the period | 1,400 | |
Decreases In Accrued Interest And Penalties | $ 94 | |
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 |
Income Taxes (Income Tax Benefi
Income Taxes (Income Tax Benefit (Provision)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | ||
Income Tax Benefit (Provision) [Abstract] | |||||
Provision (benefit) for income taxes | $ 95,621 | $ 88,895 | $ 250,573 | $ 215,819 | |
Effective Income Tax Rate, Continuing Operations | [1] | 29.98% | 33.34% | 32.46% | 35.41% |
[1] | For both the three and nine months ended August 31, 2015, the effective tax rate included a tax benefit for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense and interest accrued on uncertain tax positions. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2011 | |||
Earnings Per Share [Line Items] | |||||||
Net earnings attributable to Lennar | $ 223,312 | $ 177,757 | $ 521,291 | $ 393,593 | |||
Less: distributed earnings allocated to nonvested shares | 91 | 109 | 271 | 305 | |||
Less: undistributed earnings allocated to nonvested shares | 2,313 | 2,124 | 5,431 | 4,486 | |||
Numerator for basic earnings per share | 220,908 | 175,524 | 515,589 | 388,802 | |||
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan | 1,044 | [1] | 0 | 2,842 | [1] | 0 | |
Plus: interest on 3.25% convertible senior notes due 2021 | 1,982 | 1,982 | 5,946 | 5,946 | |||
Plus: undistributed earnings allocated to convertible shares | 2,313 | 2,124 | 5,430 | 4,486 | |||
Less: undistributed earnings reallocated to convertible shares | 2,093 | 1,908 | 4,870 | 4,047 | |||
Numerator for diluted earnings per share | $ 222,066 | $ 177,722 | $ 519,253 | $ 395,187 | |||
Denominator for basic earnings per share-weighted average common shares outstanding (shares) | 206,439 | 202,354 | 204,120 | 202,103 | |||
Shared based payments (shares) | 7 | 5 | 9 | 8 | |||
Convertible senior notes (shares) | 24,102 | 25,869 | 26,506 | 25,846 | |||
Denominator for diluted earnings per share-weighted average common shares outstanding (shares) | 230,548 | 228,228 | 230,635 | 227,957 | |||
Basic earnings per share (in dollars per share) | $ 1.07 | $ 0.87 | $ 2.53 | $ 1.92 | |||
Diluted earnings per share (in dollars per share) | $ 0.96 | $ 0.78 | $ 2.25 | $ 1.73 | |||
Carried Interest Incentive Plan, maximum employee distribution percentage | 40.00% | ||||||
Options to purchase outstanding and anti-dilutive shares | 0 | 0 | 0 | 0 | |||
3.25% Convertible Senior Notes Due 2021 [Member] | |||||||
Earnings Per Share [Line Items] | |||||||
Interest rate | 3.25% | 3.25% | 3.25% | ||||
[1] | During the three months ended August 31, 2015, Rialto adopted a Carried Interest Incentive Plan (“Plan”) which provides participants in the Plan specified percentages of distributions made to a Rialto subsidiary from funds or other investment vehicles managed by the Rialto subsidiary. Some Rialto employees may receive up to 40% of the distributions received by the Rialto subsidiary. The amounts presented above represent the difference between the advanced tax distributions received by Rialto's subsidiary and the amount Lennar, as the parent company, is assumed to own. |
Lennar Financial Services Seg49
Lennar Financial Services Segment (Narrative) (Details) - Lennar Financial Services [Member] - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
Segment Reporting Information [Line Items] | ||
Borrowings under the facilities | $ 817,904 | $ 698,448 |
Collateralized mortgage loans and receivable loans sold to investors but not yet paid, principal balances | $ 853,251 | $ 732,134 |
Lennar Financial Services Seg50
Lennar Financial Services Segment (Schedule Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | Nov. 30, 2013 | |||||
Segment Reporting Information [Line Items] | ||||||||||
Cash and cash equivalents | $ 805,294 | $ 833,513 | $ 805,294 | $ 833,513 | $ 1,281,814 | $ 970,505 | ||||
Total assets | [1] | 14,169,375 | 14,169,375 | 12,958,267 | ||||||
Total liabilities | [2] | 8,494,678 | 8,494,678 | 7,706,965 | ||||||
Accumulated other comprehensive income (loss) | [2] | (187) | (187) | 130 | ||||||
Net unrealized gain (loss) on securities available-for-sale | (400) | 64 | (317) | 64 | ||||||
Lennar Financial Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Cash and cash equivalents | 99,305 | 78,361 | 99,305 | 78,361 | 90,010 | |||||
Restricted cash | 11,427 | 11,427 | 8,609 | |||||||
Receivables, net | [3] | 268,639 | 268,639 | 150,858 | ||||||
Loans held-for-sale | [4] | 798,103 | 798,103 | 738,396 | ||||||
Loans held-for-investment, net | 30,495 | 30,495 | 26,894 | |||||||
Investments held-to-maturity | 34,393 | 34,393 | 45,038 | |||||||
Available-for-sale Securities | 42,701 | [5] | 42,701 | [5] | 16,799 | |||||
Goodwill | 38,854 | 38,854 | 38,854 | |||||||
Other assets | [6] | 67,918 | 67,918 | 61,595 | ||||||
Total assets | 1,391,835 | 1,391,835 | 1,177,053 | [1] | ||||||
Notes and loans payable | 817,904 | 817,904 | 704,143 | |||||||
Other liabilities | [7] | 213,333 | 213,333 | 192,500 | ||||||
Total liabilities | [2] | 1,031,237 | 1,031,237 | 896,643 | ||||||
Self-insurance reserves | 66,537 | 66,537 | 69,263 | |||||||
Available-for-sale Securities [Member] | Lennar Financial Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Accumulated other comprehensive income (loss) | (187) | (187) | ||||||||
Net unrealized gain (loss) on securities available-for-sale | (400) | $ 64 | (317) | $ 64 | ||||||
Servicing Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Lennar Financial Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Mortgage servicing rights | 16,440 | 16,440 | 17,353 | |||||||
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Other assets (mortgage loan commitments) | 18,498 | 18,498 | 12,687 | |||||||
Forward Contracts [Member] | Lennar Financial Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Other Liabilities, Fair Value Disclosure | $ (3,337) | $ (3,337) | $ (7,576) | |||||||
[1] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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 August 31, 2015, total liabilities include $82.9 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.3 million is included in Lennar Homebuilding accounts payable, $44.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.8 million in Lennar Homebuilding other liabilities, $13.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily 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 August 31, 2015 and November 30, 2014, respectively. | |||||||||
[4] | Loans held-for-sale related to unsold loans carried at fair value. | |||||||||
[5] | Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss). As of August 31, 2015, investments available-for-sale were in a cumulative unrealized loss, net of tax, of $0.2 million. During the three and nine months ended August 31, 2015, the Company recorded other comprehensive losses, net of tax, of $0.4 million and $0.3 million, respectively. | |||||||||
[6] | As of August 31, 2015 and November 30, 2014, other assets included mortgage loan commitments carried at fair value of $18.5 million and $12.7 million, respectively, and mortgage servicing rights carried at fair value of $16.4 million and $17.4 million, respectively. | |||||||||
[7] | Other liabilities included $66.5 million and $69.3 million as of August 31, 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 $3.3 million and $7.6 million as of August 31, 2015 and November 30, 2014, respectively. |
Lennar Financial Services Seg51
Lennar Financial Services Segment (Schedule of Credit Facilities) (Details) - Lennar Financial Services [Member] - USD ($) $ in Thousands | 9 Months Ended | ||
Aug. 31, 2015 | Feb. 29, 2016 | ||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 1,200,000 | ||
Warehouse Repurchase Facility One [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | [1] | $ 600,000 | |
Line of credit facility, term | 364 days | ||
Warehouse Repurchase Facility One [Member] | Forecast [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 400,000 | ||
Warehouse Repurchase Facility Two [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 300,000 | ||
Additional committed borrowing capacity under the credit facility | $ 100,000 | ||
Line of credit facility, term | 364 days | ||
Line of credit facility, accordion feature, period of availability prior to fiscal quarter end | 10 days | ||
Line of credit facility, accordion feature, period of availability after fiscal quarter end | 20 days | ||
Warehouse Repurchase Facility Three [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | [2] | $ 300,000 | |
Line of credit facility, term | 364 days | ||
[1] | In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment will be decreased to $400 million in the first quarter of fiscal 2016. | ||
[2] | Maximum aggregate commitment includes a $100 million accordion feature that is available 10 days prior to the end of each fiscal quarter through 20 days after each fiscal quarter end. |
Lennar Financial Services Seg52
Lennar Financial Services Segment (Schedule Of Loan Origination Liabilities) (Details) - Lennar Financial Services [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||
Loan origination liabilities, beginning of period | $ 13,660 | $ 9,774 | $ 11,818 | $ 9,311 |
Provision for losses | 1,147 | 918 | 3,174 | 1,660 |
Payments/settlements | 0 | (83) | (185) | (362) |
Loan origination liabilities, end of period | $ 14,807 | $ 10,609 | $ 14,807 | $ 10,609 |
Lennar Financial Services Seg53
Lennar Financial Services Segment Lennar Financial Services Segment (Schedule of Impaired Loans) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Investment in impaired loans | $ 93,890 | $ 130,105 |
Rialto Segment (Narrative) (Det
Rialto Segment (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Nov. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2010USD ($) | Feb. 28, 2010USD ($)limited_liability_company | Aug. 31, 2015USD ($) | Aug. 31, 2014USD ($) | May. 31, 2014USD ($) | Aug. 31, 2015USD ($) | Aug. 31, 2014USD ($) | Nov. 30, 2013USD ($) | Nov. 30, 2010 | Dec. 31, 2014USD ($) | ||
Segment Reporting Information [Line Items] | |||||||||||||
Payments related to noncontrolling interests | $ 105,830,000 | $ 115,001,000 | |||||||||||
Total consolidated VIEs assets | $ 929,076,000 | $ 670,314,000 | 670,314,000 | ||||||||||
Total consolidated VIEs liabilities | 149,768,000 | 82,888,000 | 82,888,000 | ||||||||||
Notes payable | 4,690,213,000 | 5,261,862,000 | 5,261,862,000 | ||||||||||
FDIC [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Managing member equity interests acquired | 40.00% | ||||||||||||
Number of limited liability companies | limited_liability_company | 2 | ||||||||||||
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 | 121,500,000 | 146,700,000 | |||||||||||
Payments related to noncontrolling interests | 72,900,000 | 88,000,000 | |||||||||||
Payments of distributions to affiliates | 48,600,000 | 57,600,000 | |||||||||||
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 | 60,622,000 | $ 124,000,000 | 60,600,000 | 60,600,000 | |||||||||
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 | 0 | 0 | |||||||||
Real Estate Funds [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue From Accretable Interest Income And Other Services | 5,000,000 | 16,200,000 | |||||||||||
Rialto [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total consolidated VIEs assets | 508,400,000 | 369,900,000 | 369,900,000 | ||||||||||
Total consolidated VIEs liabilities | 21,500,000 | 13,300,000 | 13,300,000 | ||||||||||
Notes payable | [1],[2] | 623,246,000 | 774,244,000 | 774,244,000 | |||||||||
Proceeds from issuance of senior long-term debt | 0 | 104,525,000 | |||||||||||
Average recorded investment in loans | 112,000,000 | 6,000,000 | |||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 0 | 53,265,000 | $ 55,658,000 | 0 | 53,265,000 | $ 18,952,000 | |||||||
Gains (losses) upon acquisition of REO | (276,000) | (173,000) | (76,000) | (7,281,000) | |||||||||
Accounts Receivable from Securitization | 147,200,000 | ||||||||||||
Line of credit facility, amount outstanding | 141,272,000 | 321,525,000 | 321,525,000 | ||||||||||
Revenue From Accretable Interest Income And Other Services | 51,554,000 | $ 40,848,000 | 160,682,000 | 142,196,000 | |||||||||
Investments held-to-maturity | [3] | 17,290,000 | 18,328,000 | 18,328,000 | |||||||||
Other Investments and Securities, at Cost | $ 18,000,000 | ||||||||||||
7% Senior Notes due 2018 [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Debt instrument, face amount | $ 100,000,000 | $ 250,000,000 | |||||||||||
Rate Premium Discount Senior Debt | 102.25% | 100.00% | |||||||||||
Interest rate | 7.00% | ||||||||||||
Proceeds from issuance of senior long-term debt | $ 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 | 351,939,000 | 351,612,000 | 351,612,000 | ||||||||||
2.85% Notes [Member] | Rialto [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Notes payable | 57,950,000 | $ 31,384,000 | 31,384,000 | ||||||||||
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 | 1,968,700,000 | 1,110,800,000 | |||||||||||
Proceeds from sale of loans held-for-sale | $ 1,558,200,000 | $ 983,600,000 | |||||||||||
[1] | As of August 31, 2015, total liabilities include $82.9 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.3 million is included in Lennar Homebuilding accounts payable, $44.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.8 million in Lennar Homebuilding other liabilities, $13.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily 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. | ||||||||||||
[2] | Notes and other debts payable included $351.6 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“7.00% Senior Notes”) as of August 31, 2015 and November 30, 2014, respectively, $321.5 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of August 31, 2015 and November 30, 2014, respectively, and $31.4 million and $58.0 million related to the notes issued through a structured note offering as of August 31, 2015 and November 30, 2014, respectively. | ||||||||||||
[3] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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 $19.2 million in Lennar Multifamily assets. |
Rialto Segment (Assets And Liab
Rialto Segment (Assets And Liabilities By Segment) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | May. 31, 2014 | Nov. 30, 2013 | |||
Segment Reporting Information [Line Items] | ||||||||
Cash and cash equivalents | $ 805,294 | $ 1,281,814 | $ 833,513 | $ 970,505 | ||||
Loans receivable, net | 123,544 | 137,124 | ||||||
Total assets | [1] | 14,169,375 | 12,958,267 | |||||
Notes payable | 5,261,862 | 4,690,213 | ||||||
Total liabilities | [2] | 8,494,678 | 7,706,965 | |||||
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 | 106,731 | [1] | 303,889 | [1] | $ 211,030 | |||
Restricted cash | [3] | 19,599 | 46,975 | |||||
Receivables, net | [4] | 0 | 153,773 | |||||
Loans held-for-sale | [1],[5] | 510,133 | 113,596 | |||||
Loans receivable, net | [1] | 123,544 | 137,124 | |||||
Real estate owned - held-for-sale | [1] | 185,738 | 190,535 | |||||
Real estate owned - held-and-used, net | [1] | 195,866 | 255,795 | |||||
Investments in unconsolidated entities | [1] | 211,906 | 175,700 | |||||
Investments held-to-maturity | [1] | 18,328 | 17,290 | |||||
Other Assets | [1],[6] | 129,595 | 63,475 | |||||
Total assets | [1] | 1,501,440 | 1,458,152 | |||||
Notes payable | [2],[7] | 774,244 | 623,246 | |||||
Other liabilities | [2],[8] | 87,555 | 123,798 | |||||
Total liabilities | [2] | 861,799 | 747,044 | |||||
Line of credit facility, amount outstanding | 321,525 | 141,272 | ||||||
Rialto [Member] | 7% Senior Notes due 2018 [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Senior notes | 351,612 | 351,939 | ||||||
Rialto [Member] | 2.85% Notes [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Notes payable | 31,384 | 57,950 | ||||||
Interest rate | 2.85% | |||||||
Fair Value, Inputs, Level 2 [Member] | Rialto [Member] | Credit Default Swap [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Forward contracts/Credit default swaps, derivative asset | 10,011 | 1,694 | ||||||
Credit default swaps, derivative liability | 2,709 | 766 | ||||||
Fair Value, Inputs, Level 1 [Member] | Rialto [Member] | Interest Rate Swaps and Swap Futures [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Interest rate swaps and swap futures, derivative asset | 294 | 0 | ||||||
Interest rate swaps and swap futures, derivative liability | $ 5,684 | $ 1,376 | ||||||
[1] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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 August 31, 2015, total liabilities include $82.9 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.3 million is included in Lennar Homebuilding accounts payable, $44.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.8 million in Lennar Homebuilding other liabilities, $13.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily 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] | Other assets included credit default swaps carried at fair value of $10.0 million and $1.7 million as of August 31, 2015 and November 30, 2014, respectively, and interest rate swaps and swap futures carried at fair value of $0.3 million as of August 31, 2015. | |||||||
[7] | Notes and other debts payable included $351.6 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“7.00% Senior Notes”) as of August 31, 2015 and November 30, 2014, respectively, $321.5 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of August 31, 2015 and November 30, 2014, respectively, and $31.4 million and $58.0 million related to the notes issued through a structured note offering as of August 31, 2015 and November 30, 2014, respectively. | |||||||
[8] | Other liabilities included interest rate swaps and swap futures carried at fair value of $5.7 million and $1.4 million as of August 31, 2015 and November 30, 2014, respectively, and credit default swaps carried at fair value of $2.7 million and $0.8 million as of August 31, 2015 and November 30, 2014, respectively. |
Rialto Segment (Operating Earni
Rialto Segment (Operating Earnings By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Operating earnings (loss) | $ 377,152 | $ 305,407 | $ 927,466 | $ 711,342 | |
Noncontrolling interest income (loss) | 1,725 | (4,317) | 5,247 | (17,571) | |
Rialto [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Rialto, Revenues | 51,554 | 40,848 | 160,682 | 142,196 | |
Rialto, Cost and expenses | [1] | 53,323 | 47,644 | 161,610 | 174,824 |
Equity in earnings (loss) from unconsolidated entities | 7,590 | 19,973 | 17,582 | 43,266 | |
Rialto other income (expense), net | 1,172 | (5,342) | 28 | (2,976) | |
Operating earnings (loss) | [2] | 6,993 | 7,835 | 16,682 | 7,662 |
Loan impairments | 4,497 | 4,158 | 7,306 | 44,740 | |
Noncontrolling interest income (loss) | $ (1,977) | $ (4,549) | $ (4,513) | $ (20,670) | |
[1] | Costs and expenses included loan impairments of $4.5 million and $7.3 million for the three and nine months ended August 31, 2015, respectively, and $4.2 million and $44.7 million for the three and nine months ended August 31, 2014, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). | ||||
[2] | Operating earnings for the three and nine months ended August 31, 2015 included net loss attributable to noncontrolling interests of $2.0 million and $4.5 million, respectively. Operating earnings for the three and nine months ended August 31, 2014 included net loss attributable to noncontrolling interests of $4.5 million and $20.7 million, respectively. |
Rialto Segment (Other Income Ex
Rialto Segment (Other Income Expense) (Details) - Rialto [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Component of Operating Other Cost and Expense [Line Items] | ||||
Gains (losses) on sales of investment real estate | $ 6,178 | $ 4,106 | $ 13,852 | $ 27,849 |
Unrealized losses on transfer of loans receivable to REO and impairments, net | (3,124) | (7,165) | (7,892) | (17,816) |
REO and other expenses | (14,714) | (13,027) | (43,123) | (43,977) |
Rental and other income | 12,832 | 10,744 | 37,191 | 30,968 |
Rialto other income (expense), net | $ 1,172 | $ (5,342) | $ 28 | $ (2,976) |
Rialto Segment (Loans, Net) (De
Rialto Segment (Loans, Net) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual loans | $ 29,654 | $ 7,019 |
Impaired Financing Receivable, Recorded Investment | 93,890 | 130,105 |
Loans receivable, net | 123,544 | $ 137,124 |
Convertible Land Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual loans | 11,239 | |
Floating Rate Commercial Property Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrual loans | $ 18,415 |
Rialto Segment (Nonaccrual Loan
Rialto Segment (Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investment in impaired loans | $ 93,890 | $ 130,105 |
Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 154,573 | 228,245 |
Recorded investment, with allowance | 62,312 | 85,912 |
Recorded investment, without allowance | 2,771 | 3,691 |
Investment in impaired loans | 65,083 | 89,603 |
Single Family Homes [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 46,913 | 66,183 |
Recorded investment, with allowance | 11,178 | 18,096 |
Recorded investment, without allowance | 2,876 | 2,306 |
Investment in impaired loans | 14,054 | 20,402 |
Commercial Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 16,561 | 34,048 |
Recorded investment, with allowance | 2,590 | 3,368 |
Recorded investment, without allowance | 1,102 | 3,918 |
Investment in impaired loans | 3,692 | 7,286 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 58,013 | 64,284 |
Recorded investment, with allowance | 0 | 5 |
Recorded investment, without allowance | 11,061 | 12,809 |
Investment in impaired loans | 11,061 | 12,814 |
Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 276,060 | 392,760 |
Recorded investment, with allowance | 76,080 | 107,381 |
Recorded investment, without allowance | 17,810 | 22,724 |
Investment in impaired loans | $ 93,890 | $ 130,105 |
Rialto Segment (Accretable Yiel
Rialto Segment (Accretable Yield For The FDIC Portfolios And Bank Portfolios) (Details) - Rialto [Member] - FDIC Portfolios And Bank Portfolios [Member] $ in Thousands | 9 Months Ended |
Aug. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |
Accretable yield, beginning of period | $ 73,144 |
Additions | 8,785 |
Deletions | (25,621) |
Accretions | (25,693) |
Accretable yield, end of period | $ 30,615 |
Rialto Segment (Allowance on Lo
Rialto Segment (Allowance on Loans Receivable) (Details) - Rialto [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Accrual [Roll Forward] | ||||
Allowance on accrual loans, beginning of period | $ 55,658 | $ 18,952 | ||
Accrual loans, provision for loan losses | 4,089 | 44,577 | ||
Accrual loans, write-downs | (6,482) | (10,264) | ||
Allowance on accrual loans, end of period | $ 0 | 53,265 | $ 0 | 53,265 |
Nonaccrual [Roll Forward] | ||||
Impaired Financing Receivable, Related Allowance, beginning period | 40,593 | 286 | 58,326 | 1,213 |
Provision for Loan and Lease Losses | 4,497 | 68 | 7,306 | 162 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (6,707) | (68) | (27,249) | (1,089) |
Impaired Financing Receivable, Related Allowance, end of period | $ 38,383 | $ 286 | $ 38,383 | $ 286 |
Rialto Segment (Changes In Real
Rialto Segment (Changes In Real Estate Owned) (Details) - Rialto [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | ||
REO Property [Roll Forward] | |||||
REO - held-for-sale, beginning of period | [1] | $ 190,535 | |||
REO - held-for-sale, net, end of period | [1] | $ 185,738 | 185,738 | ||
REO Held And Used [Roll Forward] | |||||
REO - held-and-used, net, beginning of period | [1] | 255,795 | |||
REO - held-and-used, net, end of period | [1] | 195,866 | 195,866 | ||
Real Estate Owned [Member] | |||||
REO Property [Roll Forward] | |||||
REO - held-for-sale, beginning of period | 195,386 | $ 192,829 | 190,535 | $ 197,851 | |
REO - held-for-sale, improvements | 1,023 | 1,994 | 4,318 | 4,717 | |
REO - held-for-sale, sales | (26,575) | (52,431) | (74,713) | (141,097) | |
REO - held-for-sale, impairments | (3,127) | (6,087) | (7,499) | (8,910) | |
REO - held-for-sale, transfers to from held-and-used, net | [2] | 19,031 | 58,034 | 73,097 | 141,778 |
REO - held-for-sale, net, end of period | 185,738 | 194,339 | 185,738 | 194,339 | |
REO Held And Used [Roll Forward] | |||||
REO - held-and-used, net, beginning of period | 213,748 | 379,069 | 255,795 | 428,989 | |
REO - held-and-used, additions | 1,367 | 14,530 | 15,710 | 48,657 | |
REO - held-and-used, improvements | 309 | 1,736 | 1,737 | 5,207 | |
REO - held-and-used, impairments | (7) | (1,333) | (1,420) | (2,836) | |
REO - held-and-used, depreciation | (520) | (496) | (1,895) | (2,767) | |
REO - held-and-used, transfers to from held-for-sale | [2] | (19,031) | (58,034) | (73,097) | (141,778) |
REO - held-and-use, net, other | 0 | 0 | (964) | 0 | |
REO - held-and-used, net, end of period | $ 195,866 | $ 335,472 | $ 195,866 | $ 335,472 | |
[1] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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 and nine months ended August 31, 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 Segment (Schedule of Cre
Rialto Segment (Schedule of Credit Facilities) (Details) - Rialto [Member] $ in Thousands | 9 Months Ended |
Aug. 31, 2015USD ($) | |
Line of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 1,000,000 |
Warehouse Repurchase Facility One [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 400,000 |
Line of credit facility, term | 364 days |
Warehouse Repurchase Facility Two [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 250,000 |
Line of credit facility, term | 364 days |
Warehouse Repurchase Facility Three [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 250,000 |
Line of credit facility, term | 364 days |
Warehouse Repurchase Facility Four [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 100,000 |
Rialto Segment (Equity Funds Re
Rialto Segment (Equity Funds Related to Rialto Segment) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 | |
Rialto [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | [1] | $ 211,906 | $ 175,700 |
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 | 68,525 | 71,831 | |
Real Estate Investment Fund II [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Commitment | 1,305,000 | ||
Total equity commitment called | 1,150,000 | ||
Investment Commitment | 100,000 | ||
Total amount invested | 88,123 | ||
Equity method investments | 95,195 | 67,652 | |
Real Estate Mezanine Fund [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Commitment | 300,000 | ||
Total equity commitment called | 275,883 | ||
Investment Commitment | 33,799 | ||
Total amount invested | 30,982 | ||
Equity method investments | 30,431 | 20,226 | |
Other equity method investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 17,755 | $ 15,991 | |
[1] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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 $19.2 million in Lennar Multifamily assets. |
Rialto Segment Rialto Segment (
Rialto Segment Rialto Segment (Equity in Earnings (Loss) on Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Real Estate Investment Fund [Member] | ||||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||||
Equity in earnings (loss) from unconsolidated entities | $ 4,158 | $ 10,291 | $ 7,948 | $ 22,524 |
Real Estate Investment Fund II [Member] | ||||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||||
Equity in earnings (loss) from unconsolidated entities | 2,354 | 7,084 | 5,533 | 9,524 |
Real Estate Mezanine Fund [Member] | ||||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||||
Equity in earnings (loss) from unconsolidated entities | 637 | 591 | 1,563 | 1,373 |
Other equity method investments [Member] | ||||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||||
Equity in earnings (loss) from unconsolidated entities | 441 | 2,007 | 2,538 | 9,845 |
Rialto [Member] | ||||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||||
Equity in earnings (loss) from unconsolidated entities | $ 7,590 | $ 19,973 | $ 17,582 | $ 43,266 |
Rialto Segment (Condensed Finan
Rialto Segment (Condensed Financial Information By Equity Method Investment) (Details) - Rialto [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | ||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | $ 117,061 | $ 117,061 | $ 141,609 | |||
Loans receivable | 504,675 | 504,675 | 512,034 | |||
Real estate owned | 446,629 | 446,629 | 378,702 | |||
Investment securities | 1,084,819 | 1,084,819 | 795,306 | |||
Investments in partnerships | 411,182 | 411,182 | 311,037 | |||
Other assets | 40,522 | 40,522 | 45,451 | |||
Total assets | 2,604,888 | 2,604,888 | 2,184,139 | |||
Accounts payable and other liabilities | 23,421 | 23,421 | 20,573 | |||
Notes payable | 357,556 | 357,556 | 395,654 | |||
Equity | 2,223,911 | 2,223,911 | 1,767,912 | |||
Total liabilities and equity | 2,604,888 | 2,604,888 | $ 2,184,139 | |||
Revenues | 41,278 | $ 39,401 | 122,336 | $ 104,005 | ||
Costs and expenses | 24,937 | 22,552 | 73,024 | 71,965 | ||
Other income, net | [1] | 60,106 | 181,877 | 121,457 | 334,915 | |
Net earnings (loss) of unconsolidated entities | 76,447 | 198,726 | 170,769 | 366,955 | ||
Equity in earnings (loss) from unconsolidated entities | $ 7,590 | $ 19,973 | $ 17,582 | $ 43,266 | ||
[1] | (1)Other income, net, 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 August 31, 2015 and November 30, 2014 was $18.3 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 either the three and nine months ended August 31, 2015 or 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 August 31, 2015 and is included in Rialto's other assets. |
Lennar Multifamily (Narrative)
Lennar Multifamily (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2015USD ($)property | Aug. 31, 2014USD ($)property | Aug. 31, 2015USD ($)apartmentundeveloped_multifamily_assetproperty | Aug. 31, 2014USD ($)property | Jul. 31, 2015USD ($) | Nov. 30, 2014USD ($) | |
Lennar Multifamily unconsolidated entity [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of operating properties sold | property | 1 | 2 | 1 | 2 | ||
Lennar Multifamily [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Letters of credit outstanding, amount | $ 29,710 | $ 29,710 | ||||
Non-recourse debt with completion guarantees | 394,841 | 394,841 | $ 163,376 | |||
General contractor revenue | 34,515 | $ 11,159 | 101,551 | $ 24,381 | ||
General Contractor Costs | 33,925 | $ 11,951 | 98,985 | $ 24,150 | ||
Investments in unconsolidated entities | 211,503 | 211,503 | 105,674 | |||
Lennar Multifamily Venture [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Equity Commitment | $ 1,100,000 | |||||
Investment Commitment | 425,700 | $ 425,700 | $ 504,000 | |||
Number of undeveloped multifamily assets | undeveloped_multifamily_asset | 19 | |||||
Number of apartments | apartment | 6,100 | |||||
Projected Development Costs | $ 2,200,000 | |||||
Total equity commitment called | 156,121 | 156,121 | ||||
Total amount invested | 78,300 | 78,300 | ||||
Investments in unconsolidated entities | $ 77,100 | $ 77,100 | ||||
Financial Letters Of Credit [Member] | Lennar Multifamily [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Letters of credit outstanding, amount | $ 23,498 |
Lennar Multifamily Segment (Ass
Lennar Multifamily Segment (Assets and Liabilities related to Multifamily Segment) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | ||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | $ 805,294 | $ 1,281,814 | $ 833,513 | $ 970,505 | ||
Total assets | [1] | 14,169,375 | 12,958,267 | |||
Total liabilities | [2] | 8,494,678 | 7,706,965 | |||
Lennar Multifamily [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | 3,539 | 2,186 | $ 1,881 | |||
Land and land under development | 141,721 | 120,666 | ||||
Land under purchase options, recorded | 5,508 | 5,508 | ||||
Investments in unconsolidated entities | 211,503 | 105,674 | ||||
Property, Plant and Equipment, Net | 719 | 15,740 | ||||
Other assets | 35,345 | 18,240 | ||||
Total assets | 398,335 | 268,014 | [1] | |||
Accounts payable | 54,096 | 48,235 | ||||
Liabilities related to consolidated inventory not owned | 4,007 | 4,008 | ||||
Total liabilities | $ 58,103 | $ 52,243 | ||||
[1] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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 August 31, 2015, total liabilities include $82.9 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.3 million is included in Lennar Homebuilding accounts payable, $44.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.8 million in Lennar Homebuilding other liabilities, $13.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily 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) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015USD ($)property | Aug. 31, 2014USD ($)property | Aug. 31, 2015USD ($)property | Aug. 31, 2014USD ($)property | Nov. 30, 2014USD ($) | |
Lennar Multifamily [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cash and cash equivalents | $ 32,687 | $ 32,687 | $ 25,319 | ||
Operating properties and equipment | 1,205,331 | 1,205,331 | 637,259 | ||
Other assets | 23,760 | 23,760 | 14,742 | ||
Total assets | 1,261,778 | 1,261,778 | 677,320 | ||
Accounts payable and other liabilities | 159,562 | 159,562 | 87,151 | ||
Debt | 394,841 | 394,841 | 163,376 | ||
Equity | 707,375 | 707,375 | 426,793 | ||
Total liabilities and equity | 1,261,778 | 1,261,778 | $ 677,320 | ||
Revenues | 4,067 | $ 907 | 9,236 | $ 3,318 | |
Costs and expenses | 7,174 | 1,907 | 15,249 | 5,082 | |
Other income, net | 13,330 | 35,068 | 13,330 | 35,068 | |
Net earnings (loss) of unconsolidated entities | 10,223 | 34,068 | 7,317 | 33,304 | |
Equity in earnings (loss) from unconsolidated entities | 5,004 | 14,946 | 4,404 | 14,689 | |
Lennar Multifamily unconsolidated entity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Equity in earnings (loss) from unconsolidated entities | $ 5,682 | $ 14,683 | $ 5,682 | $ 14,683 | |
Number of operating properties sold | property | 1 | 2 | 1 | 2 |
Lennar Homebuilding Cash and 70
Lennar Homebuilding Cash and Cash Equivalents (Details) - USD ($) $ in Millions | 9 Months Ended | |
Aug. 31, 2015 | Nov. 30, 2014 | |
Cash and Cash Equivalents [Abstract] | ||
Cash held in escrow | $ 257.5 | $ 263.2 |
Escrow Deposit Period | 3 days |
Lennar Homebuilding Senior No71
Lennar Homebuilding Senior Notes And Other Debts Payable (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Apr. 30, 2015USD ($) | Nov. 30, 2011USD ($)$ / sharesshares | Nov. 30, 2010USD ($)$ / shares | Nov. 30, 2015USD ($)shares | Aug. 31, 2015USD ($)$ / sharesshares | Aug. 31, 2014$ / sharesshares | Aug. 31, 2015USD ($)$ / sharesshares | Aug. 31, 2014USD ($)$ / sharesshares | Jun. 29, 2015USD ($) | Apr. 21, 2015USD ($) | Feb. 28, 2015USD ($) | Feb. 11, 2015USD ($) | Nov. 30, 2014USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Net proceeds from senior notes | $ 743,415,000 | $ 671,130,000 | |||||||||||
Shares included in the calculation of diluted earnings per share | shares | 24,102,000 | 25,869,000 | 26,506,000 | 25,846,000 | |||||||||
Guarantee by subsidiaries | $ 75,000,000 | ||||||||||||
4.750% Senior Notes Due 2025 [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, principal amount | $ 500,000,000 | ||||||||||||
Interest rate | 4.75% | 4.75% | 4.75% | ||||||||||
Rate Premium Discount Senior Debt | 100.00% | ||||||||||||
Net proceeds from senior notes | $ 495,600,000 | ||||||||||||
Senior notes | $ 500,000,000 | $ 500,000,000 | $ 0 | ||||||||||
5.60% Senior Notes Due 2015 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior notes | 0 | 0 | 500,272,000 | ||||||||||
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 | 595,800,000 | ||||||||||||
Senior notes | 600,597,000 | 600,597,000 | $ 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 | 400,000,000 | ||||||||||
Interest rate | 3.25% | 3.25% | 3.25% | ||||||||||
Senior notes | $ 399,990,000 | $ 399,990,000 | 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 | shares | 17,022,200 | ||||||||||||
Debt instrument, convertible, conversion price | $ / shares | $ 23.50 | ||||||||||||
2.75% Convertible Senior Notes Due 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, principal amount | $ 277,100,000 | $ 277,100,000 | 446,000,000 | ||||||||||
Interest rate | 2.75% | 2.75% | 2.75% | ||||||||||
Senior notes | $ 274,280,000 | $ 274,280,000 | 431,042,000 | ||||||||||
Debt instrument, convertible, conversion ratio | 45.1794 | ||||||||||||
Debt conversion, converted instrument, per principal amount | $ 1,000 | ||||||||||||
Debt Conversion, convertible, shares required for conversion at period end | shares | 12,521,290 | 12,521,290 | |||||||||||
Debt conversion, converted instrument, shares issued | shares | 4,200,000 | 4,200,000 | |||||||||||
Debt instrument, convertible, conversion price | $ / shares | $ 22.13 | ||||||||||||
Volume weighted average stock price | $ / shares | $ 50.93 | $ 39.46 | $ 48.20 | $ 39.35 | |||||||||
Shares included in the calculation of diluted earnings per share | shares | 7,100,000 | 8,800,000 | 9,500,000 | 8,800,000 | |||||||||
Minimum Number of Trading Days Out of 30 Over Stock Conversion Price Percentage, Threshold for Conversion | 20 days | ||||||||||||
Minimum Number of Consecutive Trading Days Over Stock Conversion Price Percentage, Threshold for Conversion | 30 days | ||||||||||||
Debt Conversion, Original Debt, Amount | $ 168,800,000 | $ 168,900,000 | |||||||||||
Debt Conversion, Converted Instrument, Amount | 168,800,000 | 168,900,000 | |||||||||||
Debt instrument, unamortized discount | 2,900,000 | 2,900,000 | $ 15,000,000 | ||||||||||
2.75% Convertible Senior Notes Due 2020 [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt conversion, converted instrument, shares issued | shares | 600,000 | ||||||||||||
Debt Conversion, Original Debt, Amount | $ 24,700,000 | ||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 24,700,000 | ||||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | 1,600,000,000 | $ 1,500,000,000 | |||||||||||
Additional committed borrowing capacity under the credit facility | 263,000,000 | ||||||||||||
Line of credit facility, capacity available for specific purpose other than for trade purchases | 500,000,000 | 500,000,000 | |||||||||||
Debt instrument, principal amount | $ 1,180,000,000 | ||||||||||||
Letter of Credit Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility current borrowing capacity | 315,000,000 | 315,000,000 | |||||||||||
Lennar Homebuilding [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding performance and surety bonds | 1,243,800,000 | 1,243,800,000 | |||||||||||
Uncompleted site improvements amount | $ 470,700,000 | $ 470,700,000 | |||||||||||
Uncompleted site improvements percent | 37.84407% | ||||||||||||
Lennar Homebuilding [Member] | 4.750% Senior Notes Due 2025 [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 4.75% | 4.75% | |||||||||||
Lennar Homebuilding [Member] | 5.60% Senior Notes Due 2015 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 5.60% | 5.60% | 5.60% | ||||||||||
Lennar Homebuilding [Member] | 4.50% Senior Notes Due 2019 Issued in 2014 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 4.50% | 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% | 3.25% | ||||||||||
Lennar Homebuilding [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 2.75% | 2.75% | 2.75% | ||||||||||
Lennar Homebuilding [Member] | Performance Letters of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Letters of credit outstanding, amount | $ 243,300,000 | $ 243,300,000 | $ 234,100,000 | ||||||||||
Lennar Homebuilding [Member] | Financial Letters Of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Letters of credit outstanding, amount | $ 185,600,000 | $ 185,600,000 | $ 190,400,000 | ||||||||||
Lennar Homebuilding [Member] | Bonds [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Legal Claims, Letters of Credit and Surety Bonds | $ 223,400,000 | ||||||||||||
Holders Of Debt Instrument [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stock Conversion Price, Minimum Threshold for Conversion | 130.00% |
Lennar Homebuilding Senior No72
Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule Of Senior Notes And Other Debts Payable) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Apr. 21, 2015 | Nov. 30, 2014 | Nov. 30, 2011 | Nov. 30, 2010 | |
Debt Instrument [Line Items] | ||||||
Mortgage notes on land and other debt | $ 269,553 | $ 368,052 | ||||
Notes payable | 5,261,862 | 4,690,213 | ||||
6.50% Senior Notes Due 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 249,962 | 249,923 | ||||
Interest rate | 6.50% | |||||
12.25% Senior Notes Due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 397,370 | 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 | $ 248,825 | 248,485 | ||||
Interest rate | 6.95% | |||||
4.125% Senior Notes Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 274,996 | 274,995 | ||||
Interest rate | 4.125% | |||||
4.500% Senior Notes Due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 500,383 | 500,477 | ||||
Interest rate | 4.50% | |||||
4.50% Senior Notes Due 2019 Issued in 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 600,597 | $ 350,000 | ||||
Interest rate | 4.50% | |||||
2.75% Convertible Senior Notes Due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 274,280 | $ 431,042 | ||||
Interest rate | 2.75% | 2.75% | ||||
3.25% Convertible Senior Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 399,990 | 400,000 | ||||
Interest rate | 3.25% | 3.25% | ||||
4.750% Senior Notes Due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 571,656 | 571,439 | ||||
Interest rate | 4.75% | |||||
4.750% Senior Notes Due 2025 [Member] [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 500,000 | 0 | ||||
Interest rate | 4.75% | 4.75% | ||||
5.60% Senior Notes Due 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 0 | 500,272 | ||||
Lennar Homebuilding [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | [1] | $ 5,261,862 | $ 4,690,213 | |||
Lennar Homebuilding [Member] | 6.50% Senior Notes Due 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.50% | 6.50% | ||||
Lennar Homebuilding [Member] | 12.25% Senior Notes Due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 12.25% | 12.25% | ||||
Lennar Homebuilding [Member] | 4.75% Senior Notes Due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.75% | 4.75% | ||||
Lennar Homebuilding [Member] | 6.95% Senior Notes Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.95% | 6.95% | ||||
Lennar Homebuilding [Member] | 4.125% Senior Notes Due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.125% | 4.125% | ||||
Lennar Homebuilding [Member] | 4.500% Senior Notes Due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.50% | 4.50% | ||||
Lennar Homebuilding [Member] | 4.50% Senior Notes Due 2019 Issued in 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.50% | 4.50% | ||||
Lennar Homebuilding [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 2.75% | 2.75% | ||||
Lennar Homebuilding [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.25% | 3.25% | ||||
Lennar Homebuilding [Member] | 4.750% Senior Notes Due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.75% | 4.75% | ||||
Lennar Homebuilding [Member] | 4.750% Senior Notes Due 2025 [Member] [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.75% | |||||
Lennar Homebuilding [Member] | 5.60% Senior Notes Due 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.60% | 5.60% | ||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured revolving credit facility | $ 575,000 | $ 0 | ||||
[1] | As of August 31, 2015, total liabilities include $82.9 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.3 million is included in Lennar Homebuilding accounts payable, $44.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.8 million in Lennar Homebuilding other liabilities, $13.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily 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 $21.5 million in Rialto liabilities. |
Product Warranty (Schedule Of P
Product Warranty (Schedule Of Product Warranty Reserve) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | ||
Product Warranties Disclosures [Abstract] | |||||
Warranty reserve, beginning of period | $ 119,610 | $ 105,699 | $ 115,927 | $ 102,580 | |
Warranties issued during the period | 21,873 | 15,958 | 55,665 | 40,930 | |
Adjustments to pre-existing warranties from changes in estimates | [1] | (111) | (1,221) | 5,273 | 4,355 |
Payments | (21,676) | (15,629) | (57,169) | (43,058) | |
Warranty reserve, end of period | $ 119,696 | $ 104,807 | $ 119,696 | $ 104,807 | |
[1] | The adjustments to pre-existing warranties from changes in estimates during both the three and nine months ended August 31, 2015 and 2014 primarily related to specific claims related to certain of our homebuilding communities and other adjustments. |
Share-Based Payment (Compensati
Share-Based Payment (Compensation Expense, Share-Based Payment Awards) (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock options | $ 65 | $ 68 | $ 104 | $ 108 |
Nonvested shares | 11,484 | 11,231 | 32,095 | 28,482 |
Total compensation expense for share-based awards | $ 11,549 | $ 11,299 | $ 32,199 | $ 28,590 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1.2 | 1.1 | 1.2 | 1.1 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2015USD ($)communities | Aug. 31, 2014USD ($)communities | Aug. 31, 2015USD ($)homescommunities | Aug. 31, 2014USD ($)homescommunities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Fair Value Inputs, Discount Rate | 20.00% | |||||
Active communities | communities | 670 | 600 | 670 | 600 | ||
Number of communities assessed for impairment | communities | 15 | 46 | ||||
Number of homesites assessed for impairment | homes | 453 | 2,037 | ||||
Number of homesites impaired | homes | 138 | |||||
Number of communities impaired | communities | 2 | |||||
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 | $ 1,145,000 | $ 1,145,000 | ||||
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 | 74,024 | $ 191,776 | ||||
Valuation Adjustments To Finished Homes And CIP | $ 15,420 | |||||
Lennar Homebuilding [Member] | Minimum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Fair Value Inputs, Discount Rate | 12.00% | |||||
Lennar Homebuilding [Member] | Maximum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Fair Value Inputs, Discount Rate | 20.00% | |||||
Fair Value, Inputs, Level 3 [Member] | Lennar Homebuilding [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Finished homes and construction in progress carrying value before impairments | 5,754 | [1] | $ 0 | $ 52,093 | [2] | 0 |
Valuation Adjustments To Finished Homes And CIP | $ 1,147 | [1] | $ 0 | 10,750 | [2] | $ 0 |
inventory value before impairment | $ 68,574 | |||||
Fair Value, Inputs, Level 3 [Member] | Servicing Contracts [Member] | Lennar Financial Services [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||
Fair Value Inputs, Prepayment Rate | 11.80% | |||||
Fair Value Inputs, Discount Rate | 12.00% | |||||
Fair Value Input, Delinquency Rate | 6.40% | |||||
[1] | Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three months ended August 31, 2015. | |||||
[2] | Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the nine months ended August 31, 2015 and 2014. |
Financial Instruments (Carrying
Financial Instruments (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net, carrying amount | $ 123,544 | $ 137,124 |
Notes payable, Carrying Amount | 5,261,862 | 4,690,213 |
Rialto [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net, carrying amount | 123,544 | 137,124 |
Loans receivable, Fair Value | 127,933 | 142,900 |
Investments held-to-maturity, Carrying Amount | 18,328 | 17,290 |
Investments held-to-maturity, Fair Value | 18,131 | 17,155 |
Notes payable, Carrying Amount | 774,244 | 623,246 |
Notes payable, Fair Value | 800,661 | 640,335 |
Lennar Financial Services [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments held-to-maturity, Carrying Amount | 34,393 | 45,038 |
Investments held-to-maturity, Fair Value | 34,322 | 45,051 |
Loans held-for-investment, net, Carrying Amount | 30,495 | 26,894 |
Loans held-for-investment, net, Fair Value | 29,433 | 26,723 |
Notes and other debts payable, Carrying Amount | 817,904 | 704,143 |
Notes and other debts payable, Fair Value | 817,904 | 704,143 |
Lennar Homebuilding [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable, Carrying Amount | 5,261,862 | 4,690,213 |
Notes payable, Fair Value | $ 6,237,165 | $ 5,760,075 |
Financial Instruments (Fair Val
Financial Instruments (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 | |
Lennar Financial Services [Member] | |||
Financial Instruments [Line Items] | |||
Loans held-for-sale | [1] | $ 798,103 | $ 738,396 |
Aggregate Principal Balance Of Loans Held For Sale | 766,001 | 706,011 | |
Fair Value, Option, Aggregate Differences, Loans held-for-sale | 32,102 | 32,385 | |
Lennar Financial Services [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Instruments [Line Items] | |||
Investments available-for-sale | 42,701 | 16,799 | |
Lennar Homebuilding [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Financial Instruments [Line Items] | |||
Investments available-for-sale | 523 | 480 | |
Rialto [Member] | |||
Financial Instruments [Line Items] | |||
Loans held-for-sale | [1],[2] | 510,133 | 113,596 |
Aggregate Principal Balance Of Loans Held For Sale | 509,561 | 111,775 | |
Fair Value, Option, Aggregate Differences, Loans held-for-sale | 572 | 1,821 | |
Loans Held-For-Sale [Member] | Lennar Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Financial Instruments [Line Items] | |||
Loans held-for-sale | [3] | 798,103 | 738,396 |
Loans Held-For-Sale [Member] | Rialto [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Financial Instruments [Line Items] | |||
Loans held-for-sale | [4] | 510,133 | 113,596 |
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | |||
Financial Instruments [Line Items] | |||
Mortgage loan commitments | 18,498 | 12,687 | |
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Financial Instruments [Line Items] | |||
Mortgage loan commitments | 18,498 | 12,687 | |
Forward Contracts [Member] | Lennar Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Financial Instruments [Line Items] | |||
Forward contracts/Credit default swaps, derivative asset | 7,576 | ||
Credit default swaps, derivative liability | (3,337) | ||
Servicing Contracts [Member] | Lennar Financial Services [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Financial Instruments [Line Items] | |||
Mortgage servicing rights | 16,440 | 17,353 | |
Credit Default Swap [Member] | Rialto [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Financial Instruments [Line Items] | |||
Forward contracts/Credit default swaps, derivative asset | 10,011 | 1,694 | |
Credit default swaps, derivative liability | (2,709) | (766) | |
Interest Rate Swaps and Swap Futures [Member] | Rialto [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Instruments [Line Items] | |||
Interest rate swaps and swap futures, derivative asset | 294 | 0 | |
Interest rate swaps and swap futures, derivative liability | $ 5,684 | $ 1,376 | |
[1] | Loans held-for-sale related to unsold loans carried at fair value. | ||
[2] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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. | ||
[3] | The aggregate fair value of Lennar Financial Services loans held-for-sale of $798.1 million at August 31, 2015 exceeds their aggregate principal balance of $766.0 million by $32.1 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. | ||
[4] | The aggregate fair value of Rialto loans held-for-sale of $510.1 million at August 31, 2015 exceeds their aggregate principal balance of $509.6 million by $0.6 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 $1.8 million. |
Financial Instruments (Schedule
Financial Instruments (Schedule Of Gains And Losses Of Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Net unrealized gain (loss) on securities available-for-sale | $ (400) | $ 64 | $ (317) | $ 64 |
Lennar Financial Services [Member] | Available-for-sale Securities [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Net unrealized gain (loss) on securities available-for-sale | (400) | 64 | (317) | 64 |
Loans Held-For-Sale [Member] | Lennar Financial Services [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Loans held-for-sale | 2,836 | 588 | (283) | 7,740 |
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Mortgage loan commitments | (384) | (756) | 5,811 | 6,942 |
Forward Contracts [Member] | Lennar Financial Services [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Derivative instruments | (3,493) | 2,262 | 4,238 | (5,497) |
Interest Rate Swaps and Swap Futures [Member] | Liability [Member] | Rialto [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Derivative instruments | (4,740) | (969) | (4,308) | (1,363) |
Interest Rate Swaps and Swap Futures [Member] | Assets [Member] | Rialto [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Derivative instruments | (771) | 0 | 294 | 0 |
Credit Default Swap [Member] | Liability [Member] | Rialto [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Derivative instruments | 821 | 390 | 709 | 62 |
Credit Default Swap [Member] | Assets [Member] | Rialto [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Derivative instruments | $ 3,466 | $ (431) | $ 2,641 | $ 0 |
Financial Instruments (Reconcil
Financial Instruments (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | ||||
Servicing Contracts [Member] | Lennar Financial Services [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Beginning of period | $ 16,504 | $ 18,242 | $ 17,353 | $ 11,455 | |||
Purchases and other | 844 | 441 | 1,840 | 8,977 | |||
Sales | 0 | 0 | 0 | 0 | |||
Settlements | (974) | (622) | (2,848) | (1,190) | |||
Changes in fair value included in earnings | [1] | 66 | 1,326 | 95 | 145 | ||
Interest accrued | 0 | 0 | 0 | 0 | |||
End of period | 16,440 | 19,387 | 16,440 | 19,387 | |||
Available-for-sale Securities [Member] | Lennar Homebuilding [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Beginning of period | 492 | 20,416 | 480 | 40,032 | |||
Purchases and other | 0 | 0 | 28,093 | [2] | 21,274 | ||
Sales | 0 | (1,655) | 0 | (46,234) | |||
Settlements | 0 | (4,125) | (28,093) | [3] | (5,586) | [3] | |
Changes in fair value included in earnings | [1] | 31 | 2,229 | 43 | 7,379 | ||
Interest accrued | 0 | 0 | 0 | 0 | |||
End of period | 523 | 16,865 | 523 | 16,865 | |||
Loans Held-For-Sale [Member] | Rialto [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Beginning of period | 318,037 | 45,065 | 113,596 | 44,228 | |||
Purchases and other | 719,998 | 411,683 | 1,968,692 | [2] | 1,103,839 | [2] | |
Sales | (528,518) | (292,099) | (1,570,101) | (983,635) | |||
Settlements | 0 | 0 | 0 | [3] | 0 | [3] | |
Changes in fair value included in earnings | [1] | 679 | 1,085 | (1,622) | 1,326 | ||
Interest accrued | (63) | (811) | (432) | (835) | |||
End of period | $ 510,133 | $ 164,923 | $ 510,133 | 164,923 | |||
Lennar Financial Services Acquisition [Member] | Servicing Contracts [Member] | Lennar Financial Services [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Purchases and other | $ 5,927 | ||||||
[1] | Changes in fair value for Rialto loans held-for-sale and Lennar Financial Services mortgage servicing rights are included in Rialto's and Lennar Financial Services' revenues, respectively. The changes in fair value in Lennar Homebuilding investments available-for-sale were not included in other comprehensive income (loss) because the changes in fair value were deferred as a result of the Company's continuing involvement in the underlying real estate collateral. | ||||||
[2] | For the nine months ended August 31, 2014, the Lennar Financial Services mortgage and servicing rights included the $5.9 million acquisition of a portfolio of mortgage servicing rights. Lennar Homebuilding investments available-for-sale represent investments in community development district bonds that mature at various dates between 2015 and 2039. | ||||||
[3] | The Lennar Homebuilding investments available-for-sale that were settled related to investments in community development district bonds, which were in default upon purchase and reissued by the municipalities prior to being settled with third parties. |
Financial Instruments (Fair V80
Financial Instruments (Fair Value Assets Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |||||
Lennar Homebuilding [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Finished homes and construction in progress carrying value before impairments | $ 74,024 | $ 191,776 | ||||||
Valuation Adjustments To Finished Homes And CIP | (15,420) | |||||||
Lennar Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Finished homes and construction in progress carrying value before impairments | $ 5,754 | [1] | $ 0 | 52,093 | [2] | 0 | ||
Inventory Finished Homes And Construction In Progress Fair Value | 4,607 | [1] | 0 | 41,343 | [2] | 0 | ||
Valuation Adjustments To Finished Homes And CIP | (1,147) | [1] | 0 | (10,750) | [2] | 0 | ||
Land and land under development carrying value before impairments | 16,482 | 0 | 16,482 | 7,013 | [2] | |||
Land and land under development fair value | 11,811 | 0 | 11,811 | 6,143 | [2] | |||
Valuation adjustments to land and land under development | 4,671 | 0 | (4,671) | (870) | [2] | |||
Rialto [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Loan impairments | (4,497) | (4,158) | (7,306) | (44,740) | ||||
Rialto [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Loans Receivable Value Before Impairments | 76,138 | 103,732 | 248,250 | 191,471 | ||||
Loans Receivable Fair Value | 71,641 | 99,574 | 240,944 | 146,731 | ||||
Loan impairments | (4,497) | (4,158) | (7,306) | (44,740) | ||||
REO held-for-sale carrying value before gains (losses) | 4,767 | [3] | 7,133 | [3] | 18,383 | [4] | 20,183 | [4] |
REO held-for-sale fair value after gains (losses) | 4,481 | [3] | 6,705 | [3] | 17,280 | [4] | 18,972 | [4] |
Gains (Losses) on REO held-for-sale | (286) | [3] | (428) | [3] | (1,103) | [4] | (1,211) | [4] |
REO held-for-sale carrying value before impairments | 9,146 | [3] | 15,453 | [3] | 26,008 | [4] | 39,193 | [4] |
REO held-for-sale fair value after impairments | 6,305 | [3] | 9,794 | [3] | 19,612 | [4] | 31,494 | [4] |
REO - held-for-sale, impairments | (2,841) | [3] | (5,659) | [3] | (6,396) | [4] | (7,699) | [4] |
REO held-and-used carrying value before gains (losses) | 1,357 | [5] | 14,275 | [5] | 14,683 | [6] | 54,727 | [6] |
REO held-and-used fair value after gains (losses) | 1,367 | [5] | 14,530 | [5] | 15,710 | [6] | 48,657 | [6] |
Gains (losses) On REO held-and-used | 10 | [5] | 255 | [5] | 1,027 | [6] | (6,070) | [6] |
REO held-and-used carrying value before impairments | 14 | [5] | 8,056 | [5] | 2,703 | [6] | 20,489 | [6] |
REO held-and-used fair value after impairments | 7 | [5] | 6,723 | [5] | 1,283 | [6] | 17,653 | [6] |
REO - held-and-used, impairments | $ (7) | [5] | $ (1,333) | [5] | $ (1,420) | [6] | $ (2,836) | [6] |
[1] | Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three months ended August 31, 2015. | |||||||
[2] | Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the nine months ended August 31, 2015 and 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 income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 2015 and 2014. | |||||||
[4] | REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The losses upon the transfer or acquisition of REO and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 2015 and 2014. | |||||||
[5] | REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 2015 and 2014. | |||||||
[6] | REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 2015 and 2014. |
Financial Instruments (Unobserv
Financial Instruments (Unobservable Inputs) (Details) $ in Thousands | 9 Months Ended |
Aug. 31, 2015USD ($)homes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Fair Value Inputs, Discount Rate | 20.00% |
Lennar Homebuilding [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Average selling price | $ 486,000 |
Absorption rate | homes | 9 |
Fair Value Inputs, Discount Rate | 12.00% |
Lennar Homebuilding [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Average selling price | $ 1,300,000 |
Absorption rate | homes | 14 |
Fair Value Inputs, Discount Rate | 20.00% |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Aug. 31, 2015 | Nov. 30, 2014 | |
Variable Interest Entity [Line Items] | ||
Consolidated VIEs assets | $ 670,314 | $ 929,076 |
Total consolidated VIEs liabilities | 82,888 | 149,768 |
Decrease in consolidated inventory and related liabilities | 424 | |
Non-refundable option deposits and pre-acquisition costs | 86,255 | 85,624 |
Rialto [Member] | ||
Variable Interest Entity [Line Items] | ||
Consolidated VIEs assets | 369,900 | 508,400 |
Total consolidated VIEs liabilities | 13,300 | 21,500 |
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 | |
Letters of credit outstanding, amount | 29,710 | |
Commitments [Member] | Lennar Homebuilding [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 26,713 | 70,000 |
Commitments [Member] | Lennar Multifamily [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 425,721 | |
Lennar Multifamily Unconsolidated VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Letters of credit outstanding, amount | 22,960 | 23,391 |
Variable interest entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Letters of credit outstanding, amount | $ 42,827 | $ 34,535 |
Variable Interest Entities (Inv
Variable Interest Entities (Investments in Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 | |
Lennar Homebuilding [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated entities | [1] | $ 640,908 | $ 656,837 |
Rialto [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated entities | [1] | 211,906 | 175,700 |
Lennar Multifamily [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated entities | $ 211,503 | $ 105,674 | |
[1] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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 $19.2 million in Lennar Multifamily assets. |
Variable Interest Entities (Est
Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2015 | Nov. 30, 2014 | ||
Lennar Homebuilding [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | [1] | $ 640,908 | $ 640,908 | $ 656,837 |
Rialto [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | [1] | 211,906 | 211,906 | 175,700 |
Investments held-to-maturity | [1] | 18,328 | 18,328 | 17,290 |
Lennar Multifamily [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | 211,503 | 211,503 | 105,674 | |
Letters of credit outstanding, amount | 29,710 | 29,710 | ||
Commitments [Member] | Lennar Homebuilding [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum Exposure to Loss | 26,713 | 26,713 | 70,000 | |
Commitments [Member] | Lennar Multifamily [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum Exposure to Loss | 425,721 | 425,721 | ||
Lennar Multifamily Unconsolidated VIE [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Letters of credit outstanding, amount | 22,960 | 22,960 | 23,391 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | 195,368 | 195,368 | 183,201 | |
Maximum Exposure to Loss | 678,412 | 678,412 | 277,421 | |
Variable Interest Entity, Primary Beneficiary [Member] | Lennar Homebuilding [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | [2] | 53,723 | 53,723 | 124,311 |
Maximum Exposure to Loss | [2] | 80,626 | 80,626 | 194,321 |
Variable Interest Entity, Primary Beneficiary [Member] | Rialto [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | [3] | 18,328 | 18,328 | 17,290 |
Maximum Exposure to Loss | [3] | 18,328 | 18,328 | 17,290 |
Variable Interest Entity, Primary Beneficiary [Member] | Lennar Multifamily [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | [4] | 123,317 | 123,317 | 41,600 |
Maximum Exposure to Loss | [4] | 579,458 | 579,458 | $ 65,810 |
Lennar Homebuilding Investments [Member] | Lennar Homebuilding [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investments | [1] | 70,092 | 70,092 | |
Purchase of Interests | 10,000 | |||
Payments to Acquire Equity Method Investments | $ 7,000 | $ 7,000 | ||
[1] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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 August 31, 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 $26.7 million and $70.0 million, respectively, remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. During the three months ended August 31, 2015, the Company bought out the partner of one of its unconsolidated entities for approximately $10 million of which $7 million was paid in cash and the remainder was financed with a short-term note. As a result, the Company's $70.1 million investment in the unconsolidated entity was reclassified primarily to inventory, which reduced Lennar's maximum recourse exposure. | |||
[3] | At both August 31, 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 August 31, 2015 and November 30, 2014, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $18.3 million and $17.3 million, respectively, related to Rialto’s investments held-to-maturity. | |||
[4] | t August 31, 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 $23.0 million and $23.4 million, respectively, of letters of credit outstanding for certain of the unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements. |
Commitments and Contingencies85
Commitments and Contingencies Commitments and Contingencies (Narrative) (Details) - District of Maryland [Member] - USD ($) $ in Thousands | 9 Months Ended | 87 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2015 | Jan. 22, 2015 | Nov. 30, 2008 | Nov. 30, 2005 | |
Land [Member] | |||||
Loss Contingencies [Line Items] | |||||
Land purchase commitment | $ 114,000 | $ 114,000 | $ 134,000 | $ 200,000 | |
Land purchase commitment, deposit | $ 20,000 | ||||
Loss contingency, damages sought, interest rate (percent) | 12.00% | ||||
Interest Expense [Domain] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, annual interest amount | $ 13,680 | ||||
Litigation Settlement Interest | 99,000 | ||||
Real estate property taxes [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, damages sought, value | $ 1,600 |
Supplemental Financial Inform86
Supplemental Financial Information (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | ||||
Aug. 31, 2015 | Apr. 21, 2015 | Nov. 30, 2014 | Nov. 30, 2011 | Nov. 30, 2010 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Guarantee by subsidiaries | $ 75 | ||||
6.50% Senior Notes Due 2016 [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Interest rate | 6.50% | ||||
12.25% Senior Notes Due 2017 [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Interest rate | 12.25% | ||||
4.75% Senior Notes Due 2017 [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Interest rate | 4.75% | ||||
6.95% Senior Notes Due 2018 [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Interest rate | 6.95% | ||||
4.125% Senior Notes Due 2018 [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Interest rate | 4.125% | ||||
4.500% Senior Notes Due 2019 [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Interest rate | 4.50% | ||||
4.50% Senior Notes Due 2019 Issued in 2014 [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Interest rate | 4.50% | ||||
2.75% Convertible Senior Notes Due 2020 [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Interest rate | 2.75% | 2.75% | |||
3.25% Convertible Senior Notes Due 2021 [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Interest rate | 3.25% | 3.25% | |||
4.750% Senior Notes Due 2022 [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Interest rate | 4.75% | ||||
4.750% Senior Notes Due 2025 [Member] [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Interest rate | 4.75% | 4.75% |
Supplemental Financial Inform87
Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | |||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | [1] | $ 14,169,375 | $ 12,958,267 | ||||
Senior notes and other debts payable | 5,261,862 | 4,690,213 | |||||
Total liabilities | [2] | 8,494,678 | 7,706,965 | ||||
Stockholders' equity | [2] | 5,360,016 | 4,827,020 | ||||
Noncontrolling interests | [2] | 314,681 | 424,282 | ||||
Total equity | 5,674,697 | [2] | 5,251,302 | [2] | $ 5,038,141 | $ 4,627,470 | |
Total liabilities and equity | [2] | 14,169,375 | 12,958,267 | ||||
Parent Company [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | 10,808,768 | 9,596,286 | |||||
Total liabilities | 5,448,752 | 4,769,266 | |||||
Stockholders' equity | 5,360,016 | 4,827,020 | |||||
Total equity | 5,360,016 | 4,827,020 | |||||
Total liabilities and equity | 10,808,768 | 9,596,286 | |||||
Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | 10,238,361 | 9,222,692 | |||||
Total liabilities | 6,551,595 | 5,460,929 | |||||
Stockholders' equity | 3,686,766 | 3,761,763 | |||||
Total equity | 3,686,766 | 3,761,763 | |||||
Total liabilities and equity | 10,238,361 | 9,222,692 | |||||
Non-Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | 3,517,353 | 3,215,622 | |||||
Total liabilities | 2,670,224 | 2,179,984 | |||||
Stockholders' equity | 532,448 | 611,356 | |||||
Noncontrolling interests | 314,681 | 424,282 | |||||
Total equity | 847,129 | 1,035,638 | |||||
Total liabilities and equity | 3,517,353 | 3,215,622 | |||||
Consolidation, Eliminations [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | (10,395,107) | (9,076,333) | |||||
Total liabilities | (6,175,893) | (4,703,214) | |||||
Stockholders' equity | (4,219,214) | (4,373,119) | |||||
Total equity | (4,219,214) | (4,373,119) | |||||
Total liabilities and equity | (10,395,107) | (9,076,333) | |||||
Lennar Homebuilding [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, restricted cash and receivables, net | 682,608 | 989,022 | |||||
Inventories | [1] | 8,946,063 | 7,736,600 | ||||
Investments in unconsolidated entities | [1] | 640,908 | 656,837 | ||||
Other assets | [1] | 608,186 | 672,589 | ||||
Total assets | [1] | 10,877,765 | 10,055,048 | ||||
Accounts payable and other accrued liabilities | 1,237,228 | 1,275,794 | |||||
Liabilities related to consolidated inventory not owned | [2] | 44,449 | 45,028 | ||||
Senior notes and other debts payable | [2] | 5,261,862 | 4,690,213 | ||||
Total liabilities | [2] | 6,543,539 | 6,011,035 | ||||
Lennar Homebuilding [Member] | Parent Company [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, restricted cash and receivables, net | 405,803 | 653,491 | |||||
Other assets | 222,681 | 159,564 | |||||
Investments in subsidiaries | 3,998,687 | 4,073,687 | |||||
Advances to Affiliate | 6,181,597 | 4,709,544 | |||||
Total assets | 10,808,768 | 9,596,286 | |||||
Accounts payable and other accrued liabilities | 435,697 | 447,104 | |||||
Senior notes and other debts payable | 5,013,055 | 4,322,162 | |||||
Total liabilities | 5,448,752 | 4,769,266 | |||||
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, restricted cash and receivables, net | 257,364 | 321,765 | |||||
Inventories | 8,770,103 | 7,517,261 | |||||
Investments in unconsolidated entities | 597,437 | 622,663 | |||||
Other assets | 309,535 | 385,143 | |||||
Investments in subsidiaries | 220,527 | 299,432 | |||||
Total assets | 10,154,966 | 9,146,264 | |||||
Accounts payable and other accrued liabilities | 714,344 | 748,991 | |||||
Liabilities related to consolidated inventory not owned | 44,449 | 45,028 | |||||
Senior notes and other debts payable | 237,957 | 287,700 | |||||
Intercompany | 5,522,017 | 4,350,505 | |||||
Total liabilities | 6,518,767 | 5,432,224 | |||||
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, restricted cash and receivables, net | 19,441 | 13,766 | |||||
Inventories | 175,960 | 219,339 | |||||
Investments in unconsolidated entities | 43,471 | 34,174 | |||||
Other assets | 60,503 | 120,591 | |||||
Total assets | 299,375 | 387,870 | |||||
Accounts payable and other accrued liabilities | 87,187 | 79,699 | |||||
Senior notes and other debts payable | 10,850 | 80,351 | |||||
Intercompany | 659,580 | 359,039 | |||||
Total liabilities | 757,617 | 519,089 | |||||
Lennar Homebuilding [Member] | Consolidation, Eliminations [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Other assets | 15,467 | 7,291 | |||||
Investments in subsidiaries | (4,219,214) | (4,373,119) | |||||
Advances to Affiliate | (6,181,597) | (4,709,544) | |||||
Total assets | (10,385,344) | (9,075,372) | |||||
Accounts payable and other accrued liabilities | 0 | ||||||
Intercompany | (6,181,597) | (4,709,544) | |||||
Total liabilities | (6,181,597) | (4,709,544) | |||||
Rialto [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Investments in unconsolidated entities | [1] | 211,906 | 175,700 | ||||
Total assets | [1] | 1,501,440 | 1,458,152 | ||||
Senior notes and other debts payable | [2],[3] | 774,244 | 623,246 | ||||
Total liabilities | [2] | 861,799 | 747,044 | ||||
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 | 1,501,440 | 1,458,152 | |||||
Total liabilities | 861,799 | 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 | [4] | 67,918 | 61,595 | ||||
Total assets | 1,391,835 | 1,177,053 | [1] | ||||
Total liabilities | [2] | 1,031,237 | 896,643 | ||||
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | 83,395 | 76,428 | |||||
Total liabilities | 32,828 | 28,705 | |||||
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | 1,308,440 | 1,100,625 | |||||
Total liabilities | 992,705 | 861,608 | |||||
Lennar Financial Services [Member] | Consolidation, Eliminations [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total liabilities | 5,704 | 6,330 | |||||
Lennar Multifamily [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Investments in unconsolidated entities | 211,503 | 105,674 | |||||
Other assets | 35,345 | 18,240 | |||||
Total assets | 398,335 | 268,014 | [1] | ||||
Liabilities related to consolidated inventory not owned | 4,007 | 4,008 | |||||
Total liabilities | 58,103 | 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 | 0 | 0 | |||||
Total liabilities | 0 | 0 | |||||
Lennar Multifamily [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | 408,098 | 268,975 | |||||
Total liabilities | 58,103 | 52,243 | |||||
Lennar Multifamily [Member] | Consolidation, Eliminations [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | (9,763) | (961) | |||||
Total liabilities | $ 0 | $ 0 | |||||
[1] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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 August 31, 2015, total liabilities include $82.9 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.3 million is included in Lennar Homebuilding accounts payable, $44.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.8 million in Lennar Homebuilding other liabilities, $13.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily 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 included $351.6 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“7.00% Senior Notes”) as of August 31, 2015 and November 30, 2014, respectively, $321.5 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of August 31, 2015 and November 30, 2014, respectively, and $31.4 million and $58.0 million related to the notes issued through a structured note offering as of August 31, 2015 and November 30, 2014, respectively. | ||||||
[4] | As of August 31, 2015 and November 30, 2014, other assets included mortgage loan commitments carried at fair value of $18.5 million and $12.7 million, respectively, and mortgage servicing rights carried at fair value of $16.4 million and $17.4 million, respectively. |
Supplemental Financial Inform88
Supplemental Financial Information (Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | ||
Condensed Financial Statements, Captions [Line Items] | |||||
Total revenues | [1] | $ 2,491,698 | $ 2,014,034 | $ 6,528,441 | $ 5,195,874 |
Corporate general and administrative | 56,494 | 43,072 | 150,355 | 119,501 | |
Total costs and expenses | 2,199,483 | 1,770,752 | 5,821,641 | 4,636,045 | |
Other interest expense | (2,812) | (8,381) | (10,701) | (31,359) | |
Earnings (loss) before income taxes | 320,658 | 262,335 | 777,111 | 591,841 | |
Provision (benefit) for income taxes | (95,621) | (88,895) | (250,573) | (215,819) | |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 225,037 | 173,440 | 526,538 | 376,022 | |
Less: Net earnings (loss) attributable to noncontrolling interests | 1,725 | (4,317) | 5,247 | (17,571) | |
Net earnings attributable to Lennar | 223,312 | 177,757 | 521,291 | 393,593 | |
Net unrealized gain (loss) on securities available-for-sale | (400) | 64 | (317) | 64 | |
Comprehensive income (loss), net of tax, attributable to Lennar | 222,912 | 177,821 | 520,974 | 393,657 | |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 1,725 | (4,317) | 5,247 | (17,571) | |
Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Corporate general and administrative | 55,229 | 41,807 | 146,559 | 115,705 | |
Total costs and expenses | 55,229 | 41,807 | 146,559 | 115,705 | |
Other interest expense | (1,460) | (1,460) | (4,349) | (4,349) | |
Earnings (loss) before income taxes | (55,015) | (43,016) | (148,840) | (119,803) | |
Provision (benefit) for income taxes | 16,215 | 13,988 | 48,313 | 42,422 | |
Equity in income (loss) from subsidiaries | 262,112 | 206,785 | 621,818 | 470,974 | |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 223,312 | 177,757 | 521,291 | 393,593 | |
Net earnings attributable to Lennar | 223,312 | 177,757 | 521,291 | 393,593 | |
Net unrealized gain (loss) on securities available-for-sale | 0 | 0 | 0 | 0 | |
Comprehensive income (loss), net of tax, attributable to Lennar | 223,312 | 177,757 | 521,291 | 393,593 | |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Total revenues | 2,286,733 | 1,875,643 | 5,935,174 | 4,812,284 | |
Total costs and expenses | 1,945,269 | 1,596,459 | 5,109,951 | 4,126,355 | |
Other interest expense | (2,812) | (8,381) | (10,701) | (31,359) | |
Earnings (loss) before income taxes | 334,790 | 267,296 | 844,648 | 657,973 | |
Provision (benefit) for income taxes | (96,069) | (87,643) | (267,715) | (232,204) | |
Equity in income (loss) from subsidiaries | 17,947 | 12,846 | 38,033 | 28,938 | |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 256,668 | 192,499 | 614,966 | 454,707 | |
Net earnings attributable to Lennar | 256,668 | 192,499 | 614,966 | 454,707 | |
Net unrealized gain (loss) on securities available-for-sale | 0 | 0 | 0 | 0 | |
Comprehensive income (loss), net of tax, attributable to Lennar | 256,668 | 192,499 | 614,966 | 454,707 | |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Total revenues | 209,990 | 143,931 | 608,290 | 399,944 | |
Total costs and expenses | 203,646 | 136,691 | 577,276 | 406,212 | |
Earnings (loss) before income taxes | 40,883 | 38,055 | 81,303 | 53,671 | |
Provision (benefit) for income taxes | (15,767) | (15,240) | (31,171) | (26,037) | |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 25,116 | 22,815 | 50,132 | 27,634 | |
Less: Net earnings (loss) attributable to noncontrolling interests | 1,725 | (4,317) | 5,247 | (17,571) | |
Net earnings attributable to Lennar | 23,391 | 27,132 | 44,885 | 45,205 | |
Net unrealized gain (loss) on securities available-for-sale | (400) | 64 | (317) | 64 | |
Comprehensive income (loss), net of tax, attributable to Lennar | 22,991 | 27,196 | 44,568 | 45,269 | |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 1,725 | (4,317) | 5,247 | (17,571) | |
Consolidation, Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Total revenues | (5,025) | (5,540) | (15,023) | (16,354) | |
Corporate general and administrative | 1,265 | 1,265 | 3,796 | 3,796 | |
Total costs and expenses | (4,661) | (4,205) | (12,145) | (12,227) | |
Other interest expense | 1,460 | 1,460 | 4,349 | 4,349 | |
Equity in income (loss) from subsidiaries | (280,059) | (219,631) | (659,851) | (499,912) | |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | (280,059) | (219,631) | (659,851) | (499,912) | |
Net earnings attributable to Lennar | (280,059) | (219,631) | (659,851) | (499,912) | |
Net unrealized gain (loss) on securities available-for-sale | 0 | 0 | 0 | 0 | |
Comprehensive income (loss), net of tax, attributable to Lennar | (280,059) | (219,631) | (659,851) | (499,912) | |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Lennar Homebuilding [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Real estate revenues | 2,232,318 | 1,830,771 | 5,789,788 | 4,696,941 | |
Real estate cost and expenses | 1,913,283 | 1,558,319 | 5,003,940 | 4,015,317 | |
Equity in earnings (loss) from unconsolidated entities | [2] | 13,300 | (2,080) | 48,693 | 3,304 |
Other income (expense), net | 4,189 | $ (63) | 10,305 | 5,088 | |
Lennar Homebuilding [Member] | Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Real estate revenues | |||||
Other income (expense), net | 1,674 | $ 251 | 2,068 | 251 | |
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Real estate revenues | 2,232,318 | 1,830,771 | 5,789,788 | 4,696,941 | |
Real estate cost and expenses | 1,897,755 | 1,556,855 | 4,974,687 | 4,013,685 | |
Equity in earnings (loss) from unconsolidated entities | 8,633 | (2,346) | 35,020 | (101) | |
Other income (expense), net | (12,495) | (1,161) | (4,894) | 3,504 | |
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Real estate revenues | 0 | 0 | 0 | 0 | |
Real estate cost and expenses | 21,080 | 4,413 | 41,110 | 5,761 | |
Equity in earnings (loss) from unconsolidated entities | 4,667 | 266 | 13,673 | 3,405 | |
Other income (expense), net | 16,106 | 972 | 14,602 | 1,555 | |
Lennar Homebuilding [Member] | Consolidation, Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Real estate cost and expenses | (5,552) | (2,949) | (11,857) | (4,129) | |
Other income (expense), net | (1,096) | (125) | (1,471) | (222) | |
Lennar Financial Services [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Financial Services, Revenues | 168,748 | 128,379 | 463,460 | 316,347 | |
Lennar Financial Services, Cost and expenses | 129,311 | 101,235 | 369,443 | 266,445 | |
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Financial Services, Revenues | 54,415 | 44,872 | 145,386 | 115,343 | |
Lennar Financial Services, Cost and expenses | 47,514 | 39,604 | 135,264 | 112,670 | |
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Financial Services, Revenues | 119,345 | 89,047 | 333,079 | 217,358 | |
Lennar Financial Services, Cost and expenses | 81,762 | 64,152 | 237,854 | 165,669 | |
Lennar Financial Services [Member] | Consolidation, Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Financial Services, Revenues | (5,012) | (5,540) | (15,005) | (16,354) | |
Lennar Financial Services, Cost and expenses | 35 | (2,521) | (3,675) | (11,894) | |
Rialto [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Rialto, Revenues | 51,554 | 40,848 | 160,682 | 142,196 | |
Rialto, Cost and expenses | [3] | 53,323 | 47,644 | 161,610 | 174,824 |
Equity in earnings (loss) from unconsolidated entities | 7,590 | 19,973 | 17,582 | 43,266 | |
Other income (expense), net | 1,172 | (5,342) | 28 | (2,976) | |
Less: Net earnings (loss) attributable to noncontrolling interests | (1,977) | (4,549) | (4,513) | (20,670) | |
Rialto [Member] | Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Rialto, Cost and expenses | 0 | 0 | |||
Rialto [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Rialto, Revenues | 51,554 | 40,848 | 160,682 | 142,196 | |
Rialto, Cost and expenses | 53,732 | 47,644 | 162,019 | 174,824 | |
Equity in earnings (loss) from unconsolidated entities | 7,590 | 19,973 | 17,582 | 43,266 | |
Other income (expense), net | 1,172 | $ (5,342) | 28 | (2,976) | |
Rialto [Member] | Consolidation, Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Rialto, Cost and expenses | $ (409) | (409) | |||
Other income (expense), net | |||||
Lennar Multifamily [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Real estate revenues | $ 39,078 | $ 14,036 | 114,511 | 40,390 | |
Real estate cost and expenses | 47,072 | 20,482 | 136,293 | 59,958 | |
Equity in earnings (loss) from unconsolidated entities | 5,004 | 14,946 | 4,404 | 14,689 | |
Lennar Multifamily [Member] | Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Real estate revenues | 0 | 0 | 0 | 0 | |
Real estate cost and expenses | 0 | 0 | 0 | 0 | |
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | 0 | |
Lennar Multifamily [Member] | Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Real estate revenues | 0 | 0 | 0 | 0 | |
Real estate cost and expenses | 0 | 0 | 0 | 0 | |
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | 0 | |
Lennar Multifamily [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Real estate revenues | 39,091 | 14,036 | 114,529 | 40,390 | |
Real estate cost and expenses | 47,072 | 20,482 | 136,293 | 59,958 | |
Equity in earnings (loss) from unconsolidated entities | 5,004 | 14,946 | 4,404 | 14,689 | |
Lennar Multifamily [Member] | Consolidation, Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Real estate revenues | (13) | 0 | (18) | 0 | |
Real estate cost and expenses | 0 | 0 | 0 | 0 | |
Equity in earnings (loss) from unconsolidated entities | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | Total revenues were net of sales incentives of $130.6 million ($20,700 per home delivered) and $353.1 million ($21,300 per home delivered) for the three and nine months ended August 31, 2015, respectively, compared to $111.0 million ($20,400 per home delivered) and $288.4 million ($20,600 per home delivered) for the three and nine months ended August 31, 2014, respectively. | ||||
[2] | For the three months ended August 31, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $21.5 million of equity in earnings from El Toro due to a gain on debt extinguishment and the sale of homesites to a third party. For the nine months ended August 31, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $64.5 million of equity in earnings from El Toro due to the sale of approximately 700 homesites and a commercial property to third parties and a gain on debt extinguishment. For the nine months ended August 31, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity. | ||||
[3] | Costs and expenses included loan impairments of $4.5 million and $7.3 million for the three and nine months ended August 31, 2015, respectively, and $4.2 million and $44.7 million for the three and nine months ended August 31, 2014, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). |
Supplemental Financial Inform89
Supplemental Financial Information (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | ||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Net earnings (including net earnings attributable to noncontrolling interests) | $ 225,037 | $ 173,440 | $ 526,538 | $ 376,022 | |||
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 | (1,614,952) | (1,274,523) | |||||
Net cash provided by (used in) operating activities | (1,088,414) | (898,501) | |||||
Proceeds from the sale of operating properties and equipment | 73,732 | 0 | |||||
Other | (155,641) | 3,731 | |||||
Distributions of capital from subsidiaries | 0 | 0 | |||||
Intercompany investing | 0 | 0 | |||||
Net cash provided by (used in) investing activities | (15,681) | 242,455 | |||||
Net borrowings (repayments) of debt | 575,000 | 70,000 | |||||
Net proceeds from senior notes | 743,415 | 671,130 | |||||
Repayment of convertible senior notes and debt | (668,854) | ||||||
Proceeds from (repayments of) other debt | (145,020) | (208,236) | |||||
Exercise of land option contracts from an unconsolidated land investment venture | 0 | (1,540) | |||||
Net borrowings (payments) related to noncontrolling interests | (104,355) | (103,038) | |||||
Excess tax benefits from share-based awards | 113 | 3,007 | |||||
Issuances | 9,406 | 13,603 | |||||
Repurchases | (23,133) | (12,153) | |||||
Dividends | (24,765) | (24,565) | |||||
Intercompany financing | 0 | 0 | |||||
Net cash provided by (used in) financing activities | 627,575 | 519,054 | |||||
Net (decrease) increase in cash and cash equivalents | (476,520) | (136,992) | |||||
Cash and cash equivalents at beginning of period | 1,281,814 | 970,505 | |||||
Cash and cash equivalents at end of period | 805,294 | 833,513 | 805,294 | 833,513 | |||
Parent Company [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 223,312 | 177,757 | 521,291 | 393,593 | |||
Distributions of earnings from subsidiaries | 621,818 | 470,974 | |||||
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (594,735) | (398,881) | |||||
Net cash provided by (used in) operating activities | 548,374 | 465,686 | |||||
Proceeds from the sale of operating properties and equipment | 0 | ||||||
Other | (26,189) | (1,644) | |||||
Distributions of capital from subsidiaries | 75,000 | 210,000 | |||||
Intercompany investing | (1,470,225) | (1,411,095) | |||||
Net cash provided by (used in) investing activities | (1,421,414) | (1,202,739) | |||||
Net borrowings (repayments) of debt | 575,000 | 70,000 | |||||
Net proceeds from senior notes | 744,409 | 495,725 | |||||
Repayment of convertible senior notes and debt | (668,854) | ||||||
Proceeds from (repayments of) other debt | 20,746 | ||||||
Excess tax benefits from share-based awards | 113 | 3,007 | |||||
Issuances | 9,406 | 13,603 | |||||
Repurchases | (23,133) | (12,153) | |||||
Dividends | (24,765) | (24,565) | |||||
Net cash provided by (used in) financing activities | 632,922 | 545,617 | |||||
Net (decrease) increase in cash and cash equivalents | (240,118) | (191,436) | |||||
Cash and cash equivalents at beginning of period | 633,318 | 547,101 | |||||
Cash and cash equivalents at end of period | 393,200 | 355,665 | 393,200 | 355,665 | |||
Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 256,668 | 192,499 | 614,966 | 454,707 | |||
Distributions of earnings from subsidiaries | 38,033 | 28,938 | |||||
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (1,090,481) | (1,159,840) | |||||
Net cash provided by (used in) operating activities | (437,482) | (676,195) | |||||
Proceeds from the sale of operating properties and equipment | 0 | ||||||
Other | (47,141) | 40,951 | |||||
Distributions of capital from subsidiaries | 75,050 | 0 | |||||
Intercompany investing | 0 | 0 | |||||
Net cash provided by (used in) investing activities | 10,076 | 61,905 | |||||
Net proceeds from senior notes | 0 | ||||||
Proceeds from (repayments of) other debt | (96,265) | (184,565) | |||||
Exercise of land option contracts from an unconsolidated land investment venture | (1,540) | ||||||
Excess tax benefits from share-based awards | 0 | 0 | |||||
Repurchases | 0 | 0 | |||||
Dividends | (689,966) | (454,707) | |||||
Intercompany financing | 1,169,960 | 1,286,393 | |||||
Net cash provided by (used in) financing activities | 383,729 | 645,581 | |||||
Net (decrease) increase in cash and cash equivalents | (43,677) | 31,291 | |||||
Cash and cash equivalents at beginning of period | 252,914 | 151,992 | |||||
Cash and cash equivalents at end of period | 209,237 | 183,283 | 209,237 | 183,283 | |||
Non-Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Net earnings (including net earnings attributable to noncontrolling interests) | 25,116 | 22,815 | 50,132 | 27,634 | |||
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 | (589,587) | (215,714) | |||||
Net cash provided by (used in) operating activities | (539,455) | (188,080) | |||||
Proceeds from the sale of operating properties and equipment | 73,732 | ||||||
Other | (82,311) | (35,576) | |||||
Distributions of capital from subsidiaries | 0 | 0 | |||||
Intercompany investing | 0 | 0 | |||||
Net cash provided by (used in) investing activities | 75,482 | 182,194 | |||||
Net proceeds from senior notes | (994) | 175,405 | |||||
Proceeds from (repayments of) other debt | (69,501) | (23,671) | |||||
Net borrowings (payments) related to noncontrolling interests | (104,355) | (103,038) | |||||
Excess tax benefits from share-based awards | 0 | 0 | |||||
Repurchases | 0 | 0 | |||||
Dividends | (119,935) | (255,205) | |||||
Intercompany financing | 300,265 | 124,702 | |||||
Net cash provided by (used in) financing activities | 271,248 | 29,039 | |||||
Net (decrease) increase in cash and cash equivalents | (192,725) | 23,153 | |||||
Cash and cash equivalents at beginning of period | 395,582 | 271,412 | |||||
Cash and cash equivalents at end of period | 202,857 | 294,565 | 202,857 | 294,565 | |||
Consolidation, Eliminations [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Net earnings (including net earnings attributable to noncontrolling interests) | (280,059) | (219,631) | (659,851) | (499,912) | |||
Distributions of earnings from subsidiaries | (659,851) | (499,912) | |||||
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | 659,851 | 499,912 | |||||
Net cash provided by (used in) operating activities | (659,851) | (499,912) | |||||
Proceeds from the sale of operating properties and equipment | 0 | ||||||
Distributions of capital from subsidiaries | (150,050) | (210,000) | |||||
Intercompany investing | 1,470,225 | 1,411,095 | |||||
Net cash provided by (used in) investing activities | 1,320,175 | 1,201,095 | |||||
Net proceeds from senior notes | 0 | ||||||
Excess tax benefits from share-based awards | 0 | 0 | |||||
Repurchases | 0 | 0 | |||||
Dividends | 809,901 | 709,912 | |||||
Intercompany financing | (1,470,225) | (1,411,095) | |||||
Net cash provided by (used in) financing activities | (660,324) | (701,183) | |||||
Lennar Homebuilding [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | (15,330) | 9,398 | |||||
Cash and cash equivalents at beginning of period | [1] | 885,729 | |||||
Cash and cash equivalents at end of period | 595,719 | [1] | 542,241 | 595,719 | [1] | 542,241 | |
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 | (17,833) | 20,954 | |||||
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | 2,503 | (11,556) | |||||
Rialto [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | (30,212) | 13,060 | |||||
Receipts of principal payments on loans receivable | 14,225 | 20,827 | |||||
Proceeds from sales of real estate owned | 88,565 | 168,946 | |||||
Net borrowings (repayments) of debt | 180,254 | (4,596) | |||||
Principal repayments on Rialto notes payable | (28,247) | (26,512) | |||||
Cash and cash equivalents at beginning of period | [1] | 303,889 | |||||
Cash and cash equivalents at end of period | 106,731 | [1] | 211,030 | 106,731 | [1] | 211,030 | |
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 | (30,212) | 13,060 | |||||
Receipts of principal payments on loans receivable | 14,225 | 20,827 | |||||
Proceeds from sales of real estate owned | 88,565 | 168,946 | |||||
Net borrowings (repayments) of debt | 180,254 | (4,596) | |||||
Principal repayments on Rialto notes payable | (28,247) | (26,512) | |||||
Lennar Multifamily [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | 8,980 | 26,493 | |||||
Cash and cash equivalents at beginning of period | 2,186 | ||||||
Cash and cash equivalents at end of period | 3,539 | 1,881 | 3,539 | 1,881 | |||
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 | 0 | ||||||
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 | 8,980 | 26,493 | |||||
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 | 113,761 | 141,954 | |||||
Cash and cash equivalents at beginning of period | 90,010 | ||||||
Cash and cash equivalents at end of period | $ 99,305 | $ 78,361 | 99,305 | 78,361 | |||
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Net borrowings (repayments) of debt | $ 113,761 | $ 141,954 | |||||
[1] | Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations, (“ASC 810”) the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.As of August 31, 2015, total assets include $670.3 million related to consolidated VIEs of which $14.5 million is included in Lennar Homebuilding cash and cash equivalents, $0.8 million in Lennar Homebuilding receivables, net, $1.4 million in Lennar Homebuilding finished homes and construction in progress, $164.0 million in Lennar Homebuilding land and land under development, $52.0 million in Lennar Homebuilding consolidated inventory not owned, $35.5 million in Lennar Homebuilding investments in unconsolidated entities, $22.1 million in Lennar Homebuilding other assets, $369.9 million in Rialto assets and $10.1 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. |