Document And Entity Information
Document And Entity Information | 3 Months Ended |
Feb. 29, 2016shares | |
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 | Feb. 29, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Class A Common Stock [Member] | |
Entity Common Stock, Shares Outstanding | 183,405,590 |
Class B Common Stock [Member] | |
Entity Common Stock, Shares Outstanding | 31,303,195 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 | ||
ASSETS | ||||
Cash and cash equivalents | $ 720,459 | $ 1,158,445 | ||
Inventories: | ||||
Total assets | [1] | 14,195,188 | 14,419,509 | |
LIABILITIES AND EQUITY | ||||
Senior notes and other debts payable | 5,333,981 | 5,025,130 | ||
Total liabilities | [2] | 8,101,739 | 8,469,437 | |
Stockholders' equity: | ||||
Preferred stock | [2] | 0 | 0 | |
Additional paid-in capital | [2] | 2,341,502 | 2,305,560 | |
Retained earnings | [2] | 3,565,264 | 3,429,736 | |
Treasury stock, at cost; February 29, 2016 - 857,333 shares of Class A common stock and 1,679,620 shares of Class B common stock; November 30, 2015 - 815,959 shares of Class A common stock and 1,679,620 shares of Class B common stock | [2] | (107,978) | (107,755) | |
Total stockholders' equity | [2] | 5,820,114 | 5,648,944 | |
Noncontrolling interests | [2] | 273,335 | 301,128 | |
Total equity | [2] | 6,093,449 | 5,950,072 | |
Total liabilities and equity | [2] | 14,195,188 | 14,419,509 | |
Lennar Homebuilding [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | [1] | 510,878 | 893,408 | |
Restricted cash | [1] | 3,255 | 13,505 | |
Receivables, net | [1] | 61,229 | 74,538 | |
Inventories: | ||||
Finished homes and construction in progress | [1] | 4,234,536 | 3,957,167 | |
Land and land under development | [1] | 5,113,493 | 4,724,578 | |
Land under purchase options, recorded | [1] | 20,290 | 58,851 | |
Total inventories | [1] | 9,368,319 | 8,740,596 | |
Investments in unconsolidated entities | [1] | 771,401 | 741,551 | |
Other assets | [1] | 599,915 | 609,222 | |
Total assets | [1] | 11,314,997 | 11,072,820 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | [2] | 442,905 | 475,909 | |
Liabilities related to consolidated inventory not owned | [2] | 19,854 | 51,431 | |
Senior notes and other debts payable | [2] | 5,333,981 | 5,025,130 | |
Other liabilities | [2] | 749,138 | 899,815 | |
Total liabilities | [2] | 6,545,878 | 6,452,285 | |
Rialto [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | [1] | 112,305 | 150,219 | |
Restricted cash | 10,233 | 15,061 | ||
Receivables, net | 0 | 154,948 | ||
Inventories: | ||||
Investments in unconsolidated entities | [1] | 234,039 | 224,869 | |
Total assets | [1] | 1,272,004 | 1,505,500 | |
LIABILITIES AND EQUITY | ||||
Senior notes and other debts payable | [2] | 609,150 | 771,728 | |
Other liabilities | [2] | 47,153 | 94,496 | |
Total liabilities | [2] | 656,303 | 866,224 | |
Lennar Financial Services [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 91,214 | 106,777 | ||
Restricted cash | 9,235 | 13,961 | ||
Receivables, net | 150,214 | 242,808 | ||
Inventories: | ||||
Other assets | 66,900 | 66,186 | ||
Total assets | 1,157,079 | 1,425,837 | [1] | |
LIABILITIES AND EQUITY | ||||
Other liabilities | 212,929 | 225,678 | ||
Total liabilities | [2] | 838,251 | 1,083,978 | |
Stockholders' equity: | ||||
Accumulated other comprehensive income (loss) | [2] | (398) | 39 | |
Lennar Multifamily [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 6,062 | 8,041 | ||
Inventories: | ||||
Land and land under development | 145,917 | 115,982 | ||
Land under purchase options, recorded | 5,508 | 5,508 | ||
Investments in unconsolidated entities | 257,719 | 250,876 | ||
Other assets | 35,902 | 34,945 | ||
Total assets | 451,108 | 415,352 | [1] | |
LIABILITIES AND EQUITY | ||||
Liabilities related to consolidated inventory not owned | 4,007 | 4,007 | ||
Total liabilities | 61,307 | 66,950 | ||
Class A Common Stock [Member] | ||||
Stockholders' equity: | ||||
Common stock | [2] | 18,426 | 18,066 | |
Total equity | 18,426 | 18,066 | ||
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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. | |||
[2] | As of February 29, 2016, total liabilities include $60.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $19.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $21.7 million in Lennar Homebuilding other liabilities, $11.7 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 |
Stockholders' Equity: | ||
Total consolidated VIEs assets | $ 582,074 | $ 652,253 |
Total consolidated VIEs liabilities | $ 60,276 | $ 84,354 |
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 | 184,262,923 | 180,658,550 |
Treasury stock, shares | 857,333 | 815,959 |
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 | 32,982,515 |
Treasury stock, shares | 1,679,620 | 1,679,620 |
Lennar Homebuilding Consolidated VIEs [Member] | ||
Stockholders' Equity: | ||
Cash and cash equivalents | $ 11,017 | $ 9,602 |
Receivables, net | 5,769 | 461 |
Finished homes and construction in progress | 5,524 | 3,904 |
Land and land under development | 162,812 | 154,226 |
Consolidated inventory not owned | 20,290 | 58,850 |
Investments in unconsolidated entities | 34,752 | 35,781 |
Other assets | 22,291 | 22,727 |
Accounts payable | 3,021 | 2,046 |
Liabilities related to consolidated inventory not owned | 19,854 | 51,431 |
Other liabilities | 21,716 | 15,613 |
Rialto Consolidated VIEs [Member] | ||
Stockholders' Equity: | ||
Total consolidated VIEs assets | 307,446 | 355,204 |
Total consolidated VIEs liabilities | 11,678 | 11,257 |
Lennar Mutlifamily Consolidated VIEs [Member] | ||
Stockholders' Equity: | ||
Total consolidated VIEs assets | 12,173 | 11,498 |
Total consolidated VIEs liabilities | $ 4,007 | $ 4,007 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Revenues: | ||
Total revenues | $ 1,993,664 | $ 1,644,139 |
Cost and expenses: | ||
Corporate general and administrative | 47,668 | 43,654 |
Total costs and expenses | 1,814,825 | 1,500,871 |
Equity in earnings (loss) from unconsolidated entities | 24,183 | 31,385 |
Other interest expense | (1,157) | (4,071) |
Earnings before income taxes | 201,693 | 176,643 |
Provision (benefit) for income taxes | 56,241 | 59,726 |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 145,452 | 116,917 |
Less: Net earnings (loss) attributable to noncontrolling interests | 1,372 | 1,954 |
Net earnings attributable to Lennar | 144,080 | 114,963 |
Other comprehensive earnings (loss), net of tax: | ||
Net unrealized gain (loss) on securities available-for-sale | (437) | 200 |
Comprehensive income (loss), net of tax, attributable to Lennar | 143,643 | 115,163 |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | $ 1,372 | $ 1,954 |
Basic earnings per share (in dollars per share) | $ 0.68 | $ 0.56 |
Diluted earnings per share (in dollars per share) | 0.63 | 0.50 |
Cash dividends per each Class A and Class B common share | $ 0.04 | $ 0.04 |
Lennar Homebuilding [Member] | ||
Revenues: | ||
Real estate revenues | $ 1,786,481 | $ 1,441,658 |
Cost and expenses: | ||
Real estate cost and expenses | 1,568,205 | 1,265,175 |
Equity in earnings (loss) from unconsolidated entities | 3,000 | 28,899 |
Other income (expense), net | 519 | 6,333 |
Lennar Financial Services [Member] | ||
Revenues: | ||
Lennar Financial Services | 123,956 | 124,827 |
Cost and expenses: | ||
Lennar Financial Services, Cost and expenses | 109,025 | 109,300 |
Rialto [Member] | ||
Revenues: | ||
Rialto, Revenues | 43,711 | 41,197 |
Cost and expenses: | ||
Rialto, Cost and expenses | 42,907 | 40,781 |
Equity in earnings (loss) from unconsolidated entities | 1,497 | 2,664 |
Other income (expense), net | (691) | (272) |
Less: Net earnings (loss) attributable to noncontrolling interests | (339) | (1,814) |
Lennar Multifamily [Member] | ||
Revenues: | ||
Real estate revenues | 39,516 | 36,457 |
Cost and expenses: | ||
Real estate cost and expenses | 47,020 | 41,961 |
Equity in earnings (loss) from unconsolidated entities | $ 19,686 | $ (178) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |||
Feb. 29, 2016 | Feb. 28, 2015 | |||
Cash flows from operating activities: | ||||
Net earnings (including net earnings attributable to noncontrolling interests) | $ 145,452 | $ 116,917 | ||
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 | 10,077 | 8,306 | ||
Amortization of discount/premium on debt, net | 4,777 | 5,417 | ||
Equity in (earnings) loss from unconsolidated entities | (24,183) | (31,385) | ||
Distributions of earnings from unconsolidated entities | 27,207 | 29,914 | ||
Share based compensation expense | 11,142 | 10,251 | ||
Excess tax benefits from share-based awards | (7,029) | (35) | ||
Deferred income tax (benefit) expense | 43,402 | 27,616 | ||
(Gains) losses on retirement of debt | 0 | (608) | ||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | (6,472) | ||
Unrealized and realized gains on real estate owned | (7,230) | (3,405) | ||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | 5,976 | 4,055 | ||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs and other assets | 1,164 | 519 | ||
Changes in assets and liabilities: | ||||
Decrease (increase) in restricted cash | 19,958 | 27,014 | ||
Decrease (increase) in receivables | 262,453 | 210,670 | ||
Decrease (increase) in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | (677,078) | (721,222) | ||
Decrease (increase) in other assets | (9,825) | 18,524 | ||
Decrease (increase) in loans-held-for-sale | 228,316 | (216,669) | ||
Increase (decrease) in accounts payable and other liabilities | (250,466) | (209,671) | ||
Net cash provided by (used in) operating activities | (215,887) | (730,264) | ||
Cash flows from investing activities: | ||||
Increase (decrease) in restricted cash | 0 | 64 | ||
Net disposals (additions) of operating properties and equipment | (18,453) | (28,946) | ||
Investments in and contributions to unconsolidated entities | (103,971) | (35,456) | ||
Distributions of capital from unconsolidated entities | 69,356 | 18,174 | ||
Proceeds from sales of real estate owned | 20,256 | 28,055 | ||
Improvements in real estate owned | (1,194) | (2,347) | ||
Receipts of principal payments on loans receivable | 2,725 | 3,519 | ||
Originations of loans receivable | 10,046 | 0 | ||
Payments to Acquire Investments | 0 | 18,000 | ||
Purchases of commercial mortgage-backed securities bond | 23,078 | 0 | ||
Acquisition, net of cash acquired | 600 | 0 | ||
Purchases of investments available-for-sale | 0 | (28,093) | ||
(Increase) decrease in Lennar Financial Services loans held-for-investment, net | 766 | 606 | ||
Purchases of Lennar Financial Services investment securities | 6,968 | 18,886 | ||
Proceeds from maturities of Lennar Financial Services investment securities | 4,621 | 14,116 | ||
Net cash provided by (used in) investing activities | (66,586) | (67,194) | ||
Cash flows from financing activities: | ||||
Net borrowings under unsecured revolving credit facility | 500,000 | 250,000 | ||
Net repayments under warehouse facilities | (395,233) | (29,681) | ||
Proceeds from issuance of senior long-term debt | 0 | 250,625 | ||
Debt issuance costs | (684) | (1,494) | ||
Repayments on convertible senior notes | (162,852) | 0 | ||
Principal repayments on Rialto notes payable | (669) | (17,499) | ||
Proceeds from other borrowings | 6,763 | 46,630 | ||
Principal payments on other borrowings | (59,146) | (108,048) | ||
Receipts related to noncontrolling interests | 65 | 1,302 | ||
Payments related to noncontrolling interests | (42,015) | (57,629) | ||
Excess tax benefits from share-based awards | 7,029 | 35 | ||
Common stock: | ||||
Issuances | 0 | 8,227 | ||
Repurchases | (219) | (186) | ||
Dividends | (8,552) | (8,208) | ||
Net cash provided by (used in) financing activities | (155,513) | 334,074 | ||
Net (decrease) increase in cash and cash equivalents | (437,986) | (463,384) | ||
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of period | 1,158,445 | 1,281,814 | ||
Cash and cash equivalents at end of period | 720,459 | 818,430 | ||
Lennar Homebuilding and Lennar Multifamily: | ||||
Non-cash sale of operating properties and equipment | 0 | (59,397) | ||
Purchases of inventories financed by sellers | 20,714 | 290 | ||
Non-cash contributions to unconsolidated entities | 19,248 | 26,594 | ||
Rialto: | ||||
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable | 5,183 | 8,637 | ||
Consolidations/deconsolidations of previously unconsolidated/consolidated entities, net: | ||||
Inventories | 14,923 | 0 | ||
Operating properties and equipment | 0 | (17,421) | ||
Investments in unconsolidated entities | (2,445) | 2,948 | ||
Other liabilities | 0 | 1,220 | ||
Noncontrolling interests | (12,478) | 13,253 | ||
Lennar Homebuilding [Member] | ||||
Adjustments to reconcile net earnings (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities: | ||||
Equity in (earnings) loss from unconsolidated entities | (3,000) | (28,899) | ||
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of period | [1] | 893,408 | ||
Cash and cash equivalents at end of period | 510,878 | [1] | 583,754 | |
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 | (1,497) | (2,664) | ||
Cash flows from investing activities: | ||||
Originations of loans receivable | 315,285 | |||
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of period | [1] | 150,219 | ||
Cash and cash equivalents at end of period | 112,305 | [1] | 147,219 | |
Lennar Financial Services [Member] | ||||
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of period | 106,777 | |||
Cash and cash equivalents at end of period | 91,214 | 84,201 | ||
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 | (19,686) | 178 | ||
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of period | 8,041 | |||
Cash and cash equivalents at end of period | $ 6,062 | $ 3,256 | ||
[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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Feb. 29, 2016 | |
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, 2015 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 29, 2016 are not necessarily indicative of the results to be expected for the full year. 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 condensed consolidated financial statements have been reclassified to conform with the 2016 presentation. These reclassifications had no impact on the Company's results of operations. As a result of the Company's change in reportable segments, the Company restated certain prior year amounts in the condensed consolidated financial statements to conform with the 2016 presentation (See Note 2). In addition, 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 financial statements. As such, the supplemental financial information included in Note 18 has been retrospectively adjusted for the three months ended February 28, 2015. |
Operating And Reporting Segment
Operating And Reporting Segments | 3 Months Ended |
Feb. 29, 2016 | |
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 Houston (5) Lennar Financial Services (6) Rialto (7) Lennar Multifamily In the first quarter of 2016, the Company made the decision to divide the Southeast Florida operating division into two operating segments to maximize operational efficiencies given the continued growth of the division. As a result of this change in management structure, the Company re-evaluated its reportable segments and determined that neither operating segment met the reportable criteria set forth in Accounting Standards Codification ("ASC") 280, Segment Reporting . The Company aggregated these operating segments into the Homebuilding East reportable segment as these divisions exhibit similar economic characteristics, geography and product type as the other divisions in Homebuilding East. All prior year segment information has been restated to conform with the 2016 presentation. The change in the reportable segments has no effect on the Company's condensed consolidated financial position, results of operations or cash flows for the periods presented. 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 homebuilding divisions located in: East: Florida, Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia Central: Arizona, Colorado and Texas (1) West: California and Nevada Houston: Houston, Texas Other: Illinois, Minnesota, Oregon, Tennessee and Washington (1) 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 real estate related 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 and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net 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 from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land, expenses related to construction activities and general and administrative expenses. Each reportable segment follows the same accounting policies described in Note 1 – “Summary of Significant Accounting Policies” to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2015 . Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented. Financial information relating to the Company’s operations was as follows: (In thousands) February 29, November 30, Assets: Homebuilding East $ 3,519,242 3,140,604 Homebuilding Central 1,488,437 1,421,195 Homebuilding West 4,248,352 4,157,616 Homebuilding Houston 541,449 481,386 Homebuilding Other 825,145 858,000 Rialto 1,272,004 1,505,500 Lennar Financial Services 1,157,079 1,425,837 Lennar Multifamily 451,108 415,352 Corporate and unallocated 692,372 1,014,019 Total assets $ 14,195,188 14,419,509 Three Months Ended February 29, February 28, (In thousands) 2016 2015 Revenues: Homebuilding East $ 659,054 610,683 Homebuilding Central 275,219 210,508 Homebuilding West 551,339 382,773 Homebuilding Houston 138,621 131,257 Homebuilding Other 162,248 106,437 Lennar Financial Services 123,956 124,827 Rialto 43,711 41,197 Lennar Multifamily 39,516 36,457 Total revenues (1) $ 1,993,664 1,644,139 Operating earnings (loss): Homebuilding East $ 84,706 86,533 Homebuilding Central 20,323 15,052 Homebuilding West (2) 88,834 82,493 Homebuilding Houston 12,872 17,015 Homebuilding Other 13,903 6,551 Lennar Financial Services 14,931 15,527 Rialto 1,610 2,808 Lennar Multifamily 12,182 (5,682 ) Total operating earnings 249,361 220,297 Corporate general and administrative expenses 47,668 43,654 Earnings before income taxes $ 201,693 176,643 (1) Total revenues were net of sales incentives of $103.7 million ( $21,600 per home delivered) for the three months ended February 29, 2016 , and $93.6 million ( $21,800 per home delivered) for the three months ended February 28, 2015 . (2) For the three months ended February 29, 2016 and February 28, 2015 , operating earnings included $6.0 million and $31.3 million , respectively, of equity in earnings from Heritage Fields El Toro, one of the Company's unconsolidated entities ("El Toro"), for details refer to Note 3. |
Lennar Homebuilding Investments
Lennar Homebuilding Investments In Unconsolidated Entities | 3 Months Ended |
Feb. 29, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Lennar Homebuilding Investments In Unconsolidated Entities | Lennar Homebuilding Investments in Unconsolidated Entities Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows: Statements of Operations Three Months Ended February 29, February 28, (In thousands) 2016 2015 Revenues $ 99,726 442,957 Costs and expenses 97,200 298,879 Other income — 2,943 Net earnings of unconsolidated entities $ 2,526 147,021 Lennar Homebuilding equity in earnings from unconsolidated entities $ 3,000 28,899 For the three months ended February 29, 2016 , net earnings of unconsolidated entities included sales of approximately 220 homesites by El Toro to third parties for $62.1 million that resulted in $20.7 million of gross profit. This transaction resulted primarily in the recognition of $6.0 million of Lennar Homebuilding equity in earnings. For the three months ended February 28, 2015 , net earnings of unconsolidated entities included sales of approximately 900 homesites by El Toro for $412.2 million that resulted in $145.5 million of gross profit, of which (1) approximately 300 homesites were sold to Lennar for $126.4 million that resulted in $44.6 million of gross profit of which the Company's portion was deferred, and (2) approximately 600 homesites were sold to third parties. These transactions resulted primarily in the recognition of $31.3 million of Lennar homebuilding equity in earnings for the three months ended February 28, 2015 . Balance Sheets (In thousands) February 29, November 30, Assets: Cash and cash equivalents $ 242,573 248,980 Inventories 3,126,810 3,059,054 Other assets 501,077 465,404 $ 3,870,460 3,773,438 Liabilities and equity: Accounts payable and other liabilities $ 279,893 288,192 Debt 836,483 792,886 Equity 2,754,084 2,692,360 $ 3,870,460 3,773,438 As of February 29, 2016 and November 30, 2015 , the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $771.4 million and $741.6 million , respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of February 29, 2016 and November 30, 2015 was $873.3 million and $839.5 million , respectively. The basis difference is primarily as a result of the Company buying an interest in a partner's equity in a Lennar Homebuilding unconsolidated entity at a discount to book value, contributing non-monetary assets to an unconsolidated entity with a higher fair value than book value and deferring equity in earnings on land sales. The Lennar Homebuilding unconsolidated entities in which the Company has investments usually finance their activities with a combination of partner equity and debt financing. In some instances, the Company and its partners have guaranteed debt of certain unconsolidated entities. The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) February 29, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 50,098 50,411 Non-recourse land seller debt and other debt 323,995 324,000 Non-recourse debt with completion guarantees 148,781 146,760 Non-recourse debt without completion guarantees 303,080 260,734 Non-recourse debt to the Company 825,954 781,905 The Company’s maximum recourse exposure 10,529 10,981 Total debt $ 836,483 792,886 The Company’s maximum recourse exposure as a % of total JV debt 1 % 1 % In most instances in which the Company has guaranteed debt of a Lennar Homebuilding unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. Historically, the Company has had repayment guarantees and/or maintenance guarantees. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. In the event of default, if the Company’s venture partner does not have adequate financial resources to meet its obligations under the reimbursement agreement, the Company may be liable for more than its proportionate share, up to its maximum recourse exposure, which is the full amount covered by the joint and several guarantee. The maintenance guarantees only apply if the value of the collateral (generally land and improvements) is less than a specified percentage of the loan balance. As of both February 29, 2016 and November 30, 2015 , the Company did not have any maintenance guarantees or joint and several repayment guarantees related to its Lennar Homebuilding unconsolidated entities. In connection with many of the loans to Lennar Homebuilding unconsolidated entities, the Company and its joint venture partners (or entities related to them) have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. If the construction is to be done in phases, the guarantee generally is limited to completing only the phases as to which construction has already commenced and for which loan proceeds were used. If the Company is required to make a payment under any guarantee, the payment would constitute a capital contribution or loan to the Lennar Homebuilding unconsolidated entity and increase the Company’s investment in the unconsolidated entity and its share of any funds the unconsolidated entity distributes. As of both February 29, 2016 and November 30, 2015 , the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of February 29, 2016 , 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 | 3 Months Ended |
Feb. 29, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the three months ended February 29, 2016 and February 28, 2015 : 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, 2015 $ 5,950,072 18,066 3,298 2,305,560 (107,755 ) 39 3,429,736 301,128 Net earnings (including net earnings attributable to noncontrolling interests) 145,452 — — — — — 144,080 1,372 Employee stock and directors plans (194 ) — — 29 (223 ) — — — Conversions and exchanges of convertible senior notes to Class A common stock — 360 — (360 ) — — — — Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes 25,131 — — 25,131 — — — — Amortization of restricted stock 11,142 — — 11,142 — — — — Cash dividends (8,552 ) — — — — — (8,552 ) — Receipts related to noncontrolling interests 65 — — — — — — 65 Payments related to noncontrolling interests (42,015 ) — — — — — — (42,015 ) Non-cash consolidations, net 12,478 — — — — — — 12,478 Non-cash activity related to noncontrolling interests 307 — — — — — — 307 Other comprehensive loss, net of tax (437 ) — — — — (437 ) — — Balance at February 29, 2016 $ 6,093,449 18,426 3,298 2,341,502 (107,978 ) (398 ) 3,565,264 273,335 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, 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) 116,917 — — — — — 114,963 1,954 Employee stock and directors plans 8,074 1 — 47 8,026 — — — Tax benefit from employee stock plans and vesting of restricted stock 35 — — 35 — — — — Amortization of restricted stock and performance-based stock options 10,250 — — 10,250 — — — — Cash dividends (8,208 ) — — — — — (8,208 ) — Receipts related to noncontrolling interests 1,302 — — — — — — 1,302 Payments related to noncontrolling interests (57,629 ) — — — — — — (57,629 ) Non-cash deconsolidations, net (13,253 ) — — — — — — (13,253 ) Other comprehensive income, net of tax 200 — — — — 200 — — Balance at February 28, 2015 $ 5,308,990 17,425 3,298 2,249,906 (85,414 ) 330 2,766,789 356,656 The Company has a stock repurchase program, which originally authorized the purchase of up to 20 million shares of its outstanding common stock. During the three months ended February 29, 2016 and February 28, 2015 , there were no share repurchases of common stock under the stock repurchase program. As of February 29, 2016 , the remaining authorized shares that could be purchased under the stock repurchase program were 6.2 million shares of common stock. |
Income Taxes
Income Taxes | 3 Months Ended |
Feb. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes and effective tax rate were as follows: Three Months Ended February 29, February 28, (Dollars in thousands) 2016 2015 Provision for income taxes $ (56,241 ) (59,726 ) Effective tax rate (1) 28.08 % 34.19 % (1) For the three months ended February 29, 2016 , the effective tax rate included tax benefits for (1) a settlement with the IRS, (2) the domestic production activities deduction, and (3) energy tax credits, offset primarily by state income tax expense. For the three months ended February 28, 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 February 29, 2016 and November 30, 2015 , the Company's deferred tax assets, net included in the condensed consolidated balance sheets were $315.7 million and $340.7 million , respectively. At both February 29, 2016 and November 30, 2015 , the Company had $12.3 million of gross unrecognized tax benefits. At February 29, 2016 , the Company had $43.7 million accrued for interest and penalties, of which $0.7 million was accrued during the three months ended February 29, 2016 . In addition, during the three months ended February 29, 2016 , the Company's accrual for interest and penalties was reduced by $22.2 million due primarily to a settlement with the IRS. At November 30, 2015 , the Company had $65.1 million accrued for interest and penalties. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Feb. 29, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock (“nonvested shares”) are considered participating securities. Basic and diluted earnings per share were calculated as follows: Three Months Ended February 29, February 28, (In thousands, except per share amounts) 2016 2015 Numerator: Net earnings attributable to Lennar $ 144,080 114,963 Less: distributed earnings allocated to nonvested shares 89 91 Less: undistributed earnings allocated to nonvested shares 1,420 1,184 Numerator for basic earnings per share 142,571 113,688 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 202 — Plus: interest on 3.25% convertible senior notes due 2021 1,982 1,982 Plus: undistributed earnings allocated to convertible shares 1,420 1,184 Less: undistributed earnings reallocated to convertible shares 1,325 1,064 Numerator for diluted earnings per share $ 144,446 115,790 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 210,292 202,930 Effect of dilutive securities: Share-based payments 4 11 Convertible senior notes 18,620 27,375 Denominator for diluted earnings per share - weighted average common shares outstanding 228,916 230,316 Basic earnings per share $ 0.68 0.56 Diluted earnings per share $ 0.63 0.50 (1) The amount presented above relates to Rialto's Carried Interest Incentive Plan adopted in June 2015 (see Note 8) and represents 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 months ended February 29, 2016 and February 28, 2015 , there were no options to purchase shares of common stock that were outstanding and anti-dilutive. |
Lennar Financial Services Segme
Lennar Financial Services Segment | 3 Months Ended |
Feb. 29, 2016 | |
Lennar Financial Services Segment [Abstract] | |
Lennar Financial Services Segment | Lennar Financial Services Segment The assets and liabilities related to the Lennar Financial Services segment were as follows: (In thousands) February 29, November 30, Assets: Cash and cash equivalents $ 91,214 106,777 Restricted cash 9,235 13,961 Receivables, net (1) 150,214 242,808 Loans held-for-sale (2) 684,406 843,252 Loans held-for-investment, net 31,223 30,998 Investments held-to-maturity 39,268 40,174 Investments available-for-sale (3) 45,180 42,827 Goodwill 39,439 38,854 Other (4) 66,900 66,186 $ 1,157,079 1,425,837 Liabilities: Notes and other debts payable $ 625,322 858,300 Other (5) 212,929 225,678 $ 838,251 1,083,978 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 29, 2016 and November 30, 2015 , 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). (4) As of February 29, 2016 and November 30, 2015 , other assets included mortgage loan commitments carried at fair value of $19.1 million and $13.1 million , respectively, and mortgage servicing rights carried at fair value of $15.8 million and $16.8 million , respectively. In addition, other assets also included forward contracts carried at fair value $0.5 million as of November 30, 2015 . (5) Other liabilities included $62.7 million and $65.0 million as of February 29, 2016 and November 30, 2015 , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $9.6 million as of February 29, 2016 . At February 29, 2016 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures August 2016 (1) $ 400,000 364-day warehouse repurchase facility that matures August 2016 300,000 364-day warehouse repurchase facility that matures October 2016 (2) 450,000 Total $ 1,150,000 (1) In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment will be increased to $600 million in the second quarter of fiscal 2016. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . 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 $625.3 million and $858.3 million at February 29, 2016 and November 30, 2015 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $673.1 million and $916.9 million at February 29, 2016 and November 30, 2015 , 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 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. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Lennar Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Loan origination liabilities, beginning of period $ 19,492 11,818 Provision for losses 788 802 Payments/settlements (172 ) (144 ) Loan origination liabilities, end of period $ 20,108 12,476 |
Rialto Segment
Rialto Segment | 3 Months Ended |
Feb. 29, 2016 | |
Rialto [Member] | |
Segment Reporting Information [Line Items] | |
Rialto Segment | Rialto Segment The assets and liabilities related to the Rialto segment were as follows: (In thousands) February 29, November 30, Assets: Cash and cash equivalents $ 112,305 150,219 Restricted cash (1) 10,233 15,061 Receivables, net (2) — 154,948 Loans held-for-sale (3) 243,230 316,275 Loans receivable, net 166,536 164,826 Real estate owned - held-for-sale 177,221 183,052 Real estate owned - held-and-used, net 148,900 153,717 Investments in unconsolidated entities 234,039 224,869 Investments held-to-maturity 49,309 25,625 Other (4) 130,231 116,908 $ 1,272,004 1,505,500 Liabilities: Notes and other debts payable $ 609,150 771,728 Other (5) 47,153 94,496 $ 656,303 866,224 (1) Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as 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, 2015 . (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 $9.8 million and $6.2 million as of February 29, 2016 and November 30, 2015 , respectively, and interest rate swaps and swap futures carried at fair value of $0.3 million as of November 30, 2015 . (5) Other liabilities included interest rate swaps and swap futures carried at fair value of $6.0 million and $1.0 million as of February 29, 2016 and November 30, 2015 , respectively, and credit default swaps carried at fair value of $0.7 million as of November 30, 2015 . For the three months ended February 29, 2016 and February 28, 2015 , Rialto costs and expenses included loan impairments of $2.3 million and $1.2 million , respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests). In addition, for the three months ended February 29, 2016 and February 28, 2015 , Rialto operating earnings included a net loss attributable to noncontrolling interests of $0.3 million and $1.8 million , respectively. The following is a detail of Rialto other expense, net: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Realized gains on REO sales, net $ 3,746 3,130 Unrealized losses on transfer of loans receivable to REO and impairments, net (153 ) (2,556 ) REO and other expenses (14,835 ) (13,242 ) Rental and other income 10,551 12,396 Rialto other expense, net $ (691 ) (272 ) Loans Receivable The following table represents loans receivable, net by type: (In thousands) February 29, November 30, Nonaccrual loans: FDIC and Bank Portfolios $ 78,447 88,694 Accrual loans 88,089 76,132 Loans receivable, net $ 166,536 164,826 The nonaccrual loan portfolios consist primarily of loans acquired at a discount. In 2010, the Rialto segment acquired indirectly 40% managing member equity interests in two limited liability companies ("LLCs") in partnership with the FDIC (“FDIC Portfolios”). 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 the activities of the LLCs that most significantly impact the LLCs' performance through Rialto's management and servicer contracts. At February 29, 2016 , these consolidated LLCs had total combined assets and liabilities of $307.4 million and $11.7 million , respectively. At November 30, 2015 , these consolidated LLCs had total combined assets and liabilities of $355.2 million and $11.3 million , respectively. In addition in 2010, Rialto acquired 400 distressed residential and commercial real estate loans (“Bank Portfolios”) and over 300 REO properties from three financial institutions. 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 February 29, 2016 and November 30, 2015 , 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 . Accrual loans as of February 29, 2016 included loans originated of which $18.1 million relates to a convertible land loan that matures in July 2016 and $70.0 million relates to floating and fixed rate commercial property loans maturing between October 2017 and October 2025. The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type: February 29, 2016 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 114,480 51,691 1,153 52,844 Single family homes 35,413 8,306 1,974 10,280 Commercial properties 12,154 1,379 1,072 2,451 Other 66,667 — 12,872 12,872 Loans receivable $ 228,714 61,376 17,071 78,447 November 30, 2015 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 145,417 59,740 1,165 60,905 Single family homes 39,659 8,344 3,459 11,803 Commercial properties 13,458 1,368 1,085 2,453 Other 78,279 — 13,533 13,533 Loans receivable $ 276,813 69,452 19,242 88,694 The average recorded investment in impaired loans was approximately $84 million and $123 million for the three months ended February 29, 2016 and February 28, 2015 , respectively. In order to assess the risk associated with each risk category, management 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. Allowance for Loan Losses The allowance for loan losses is a valuation reserve established through provisions for loan losses charged against Rialto’s operating earnings. Nonaccrual — Loans in which forecasted principal and interest could not be reasonably estimated. The risk of nonaccrual loans relates to a decline in the value of the collateral securing the outstanding obligation and the recognition of an impairment through an allowance for loan losses if the recorded investment in the loan exceeds its fair value. The activity in the Company's allowance rollforward related to nonaccrual loans was as follows: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Allowance on nonaccrual loans, beginning of the period $ 35,625 58,236 Provision for loan losses, net of recoveries 2,339 1,224 Charge-offs (7,571 ) (8,441 ) Allowance on nonaccrual loans, end of the period $ 30,393 51,019 Real Estate Owned The acquisition of properties acquired through, or in lieu of, loan foreclosure are reported within the condensed consolidated balance sheets as REO held-and-used, net and REO held-for-sale. When a property is determined to be held-and-used, net, the asset is recorded at fair value and depreciated over its useful life using the straight line method. When certain criteria set forth in ASC 360, Property, Plant and Equipment , are met, the property is classified as held-for-sale. When a real estate asset is classified as held-for-sale, the property is recorded at the lower of its cost basis or fair value less estimated costs to sell. The fair value of REO held-for-sale is determined in part by placing reliance on third-party appraisals of the properties and/or internally prepared analyses of recent offers or prices on comparable properties in the proximate vicinity. The following tables represent the activity in REO : Three Months Ended February 29, February 28, (In thousands) 2016 2015 REO - held-for-sale, beginning of period $ 183,052 190,535 Improvements 887 1,704 Sales (16,510 ) (24,925 ) Impairments and unrealized losses (3,548 ) (1,418 ) Transfers from held-and-used, net (1) 13,340 19,615 REO - held-for-sale, end of period $ 177,221 185,511 Three Months Ended February 29, February 28, (In thousands) 2016 2015 REO - held-and-used, net, beginning of period $ 153,717 255,795 Additions 8,667 8,912 Improvements 307 643 Impairments (89 ) (1,413 ) Depreciation (362 ) (789 ) Transfers to held-for-sale (1) (13,340 ) (19,615 ) Other — (964 ) REO - held-and-used, net, end of period $ 148,900 242,569 (1) During both the three months ended February 29, 2016 and February 28, 2015 , 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 months ended February 29, 2016 , the Company recorded net gains of $2.7 million from acquisitions of REO through foreclosure. These net gains are recorded in Rialto other expense, net. Rialto Mortgage Finance - loans held-for-sale During the three months ended February 29, 2016 , RMF originated loans with a total principal balance of $315.3 million of which $305.8 million were recorded as loans held-for-sale and $9.5 million as accrual loans within loans receivable, net, and sold $380.2 million of loans into two separate securitizations. During the three months ended February 28, 2015 , RMF originated loans with a total principal balance of $565.5 million and sold $318.1 million of loans into two separate securitizations. As of November 30, 2015 , $151.8 million of the originated loans were sold into a securitization trust but not settled and thus were included as receivables, net. Notes and Other Debts Payable In November 2013, the Rialto segment originally issued $250 million aggregate principal amount of the 7.00% senior notes due 2018 ("7.00% Senior Notes"), at a price of 100% in a private placement. 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 offerings, after payment of expenses, were approximately $347 million . Rialto used the net proceeds of the 7.00% Senior Notes to provide additional working capital for RMF, and to make investments in the funds that Rialto manages, as well as for general corporate purposes. In addition, Rialto used $100 million of the net proceeds to repay sums that had been advanced to RMF from Lennar to enable it to begin originating and securitizing commercial mortgage loans. Interest on the 7.00% Senior Notes is due semi-annually. At February 29, 2016 and November 30, 2015 , the carrying amount, net of debt issuances costs, of the 7.00% Senior Notes was $348.1 million and $347.9 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 February 29, 2016 . At February 29, 2016 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures August 2016 (1) $ 250,000 364-day warehouse repurchase facility that matures October 2016 (one year extension) (1) 400,000 364-day warehouse repurchase facility that matures January 2017 (1) 250,000 Warehouse repurchase facility that matures December 2017 (1) 100,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (2) 100,000 Total $ 1,100,000 (1) RMF uses these facilities to finance its loan origination and securitization activities. (2) In 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this facility will be held as accrual loans within loans receivable, net. Borrowings under this facility were $41.6 million and $36.3 million as of February 29, 2016 and November 30, 2015 , respectively. Borrowings under the facilities that finance RMF's loan originations and securitization activities were $146.3 million and $317.1 million as of February 29, 2016 and November 30, 2015 , respectively and were secured by a 75% interest in the originated commercial loans financed. The facilities require immediate repayment of the 75% interest in the secured commercial loans when the loans are sold in a securitization and the proceeds are collected. These warehouse repurchase facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. In 2010, Rialto paid $310 million for the Bank Portfolios and for over 300 REO properties, of which $124 million was financed through a 5 -year senior unsecured note provided by one of the selling institutions for which the maturity was subsequently extended. The remaining balance is due in December 2016. As of both February 29, 2016 and November 30, 2015 , the outstanding amount related to the 5 -year senior unsecured note was $30.3 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 August 15, 2017. As of February 29, 2016 and November 30, 2015 , the outstanding amount, net of debt issuance costs, related to the Structured Notes was $31.1 million and $31.3 million , respectively. 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 the funds in which Rialto has investments in are recorded at fair value with increases/decreases in fair value recorded in their respective statements of operations and the Company’s share is recorded in Rialto equity in earnings from unconsolidated entities in the Company's statement of operations. The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: February 29, February 29, 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 $ 63,278 68,570 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 97,498 99,947 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 28,296 32,344 Rialto Capital CMBS Funds 2014 102,878 102,878 44,750 44,750 44,097 23,233 Rialto Real Estate Fund III 2015 697,173 — 100,000 — 72 — Other investments 798 775 $ 234,039 224,869 Rialto's share of earnings (loss) from unconsolidated entities was as follows: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Rialto Real Estate Fund, LP $ 1,339 746 Rialto Real Estate Fund II, LP (722 ) 893 Rialto Mezzanine Partners Fund, LP 724 475 Rialto Capital CMBS Funds 372 544 Rialto Real Estate Fund III (239 ) — Other investments 23 6 Rialto equity in earnings from unconsolidated entities $ 1,497 2,664 During the three months ended February 29, 2016 and February 28, 2015 , the Company received $4.9 million and $6.5 million , respectively, of advance distributions with regard to Rialto's carried interests in its 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 advance distributions are not subject to clawbacks and are included in Rialto's revenues. During 2015, Rialto adopted a Carried Interest Incentive Plan (the "Plan"), under which participating employees in the aggregate may receive up to 40% of the equity units of a limited liability company (a "Carried Interest Entity"). This Carried Interest Entity is entitled to distributions made by a fund or other investment vehicle (a "Fund") managed by a subsidiary of Rialto. As such, those employees receiving equity units in the Carried Interest Entity may participate in distributions made by a Fund to the extent the Carried Interest Entity makes distributions to its equity holders. The units issued to employees are equity awards and are subject to vesting schedules and forfeiture or repurchase provisions in the case of a termination of employment. Summarized condensed financial information on a combined 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) February 29, November 30, Assets: Cash and cash equivalents $ 108,500 188,147 Loans receivable 450,787 473,997 Real estate owned 518,466 506,609 Investment securities 1,188,653 1,092,476 Investments in partnerships 422,493 429,979 Other assets 27,495 30,340 $ 2,716,394 2,721,548 Liabilities and equity: Accounts payable and other liabilities $ 35,947 29,462 Notes payable 450,250 374,498 Equity 2,230,197 2,317,588 $ 2,716,394 2,721,548 Statements of Operations Three Months Ended February 29, February 28, (In thousands) 2016 2015 Revenues $ 44,296 41,738 Costs and expenses 20,899 23,005 Other income (expense), net (1) (15,162 ) 5,874 Net earnings of unconsolidated entities $ 8,235 24,607 Rialto equity in earnings from unconsolidated entities $ 1,497 2,664 (1) Other income (expense), net, included realized and unrealized gains (losses) on investments. At February 29, 2016 and November 30, 2015 , the carrying value of Rialto's non-investment grade commercial mortgage-backed securities (“CMBS”) was $49.3 million and $25.6 million , respectively. These investments securities have discount rates ranging from 39% to 55% with coupon rates ranging from 3.0% to 4.0% , stated and assumed final distribution dates between November 2020 and February 2026, and stated maturity dates between November 2048 and January 2059. 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 the three months ended February 29, 2016 or February 28, 2015 . The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. In 2014, the Rialto segment invested $18.0 million in a private commercial real estate services company. The investment was carried at cost at both February 29, 2016 and November 30, 2015 and is included in Rialto's other assets. |
Lennar Multifamily Segment
Lennar Multifamily Segment | 3 Months Ended |
Feb. 29, 2016 | |
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) February 29, November 30, Assets: Cash and cash equivalents $ 6,062 8,041 Land under development 145,917 115,982 Consolidated inventory not owned 5,508 5,508 Investments in unconsolidated entities 257,719 250,876 Other assets 35,902 34,945 $ 451,108 415,352 Liabilities: Accounts payable and other liabilities $ 57,300 62,943 Liabilities related to consolidated inventory not owned 4,007 4,007 $ 61,307 66,950 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 as construction cost over-runs would be paid by the Company. Generally, these payments would be increases to our investment in the entities and would increase our share of funds the entities distribute after the achievement of certain thresholds. As of both February 29, 2016 and November 30, 2015 , the fair value of the completion guarantees was immaterial. Additionally, as of February 29, 2016 and November 30, 2015 , the Lennar Multifamily segment had $36.9 million and $37.9 million , respectively, of letters of credit outstanding primarily for credit enhancements for the bank debt of certain of its unconsolidated entities and deposits on land purchase contracts. 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 February 29, 2016 and November 30, 2015 , Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $520.2 million and $466.7 million , respectively. In many instances, the Lennar Multifamily segment is appointed as the construction, development and property manager of certain of its Lennar Multifamily unconsolidated entities and receives fees for performing this function. During the three months ended February 29, 2016 and February 28, 2015 , the Lennar Multifamily segment recorded fee income, net of deferrals, from its unconsolidated entities of $8.1 million and $4.5 million , respectively. During the three months ended February 29, 2016 and February 28, 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 $31.4 million and $31.9 million , respectively, which are partially offset by costs related to those services of $30.6 million and $31.3 million , respectively. In 2015, the Lennar Multifamily segment completed the initial closing of the Lennar Multifamily Venture (the "Venture") for the development, construction and property management of class-A multifamily assets. During the three months ended February 29, 2016 , the Venture received an additional $300 million of equity commitments, increasing its total equity commitments to $1.4 billion , including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. As of February 29, 2016 , $372.6 million of the $1.4 billion in equity commitments had been called, of which the Company contributed its portion of $133.7 million representing its pro-rata portion of the called equity. During the three months ended February 29, 2016 , $97.2 million in equity commitments was called, none of which was called from the Company due to new investors coming into the Venture. During the three months ended February 29, 2016 , the Company received distributions of $43.6 million as a return of capital from the Venture. As of February 29, 2016 and November 30, 2015 , the carrying value of the Company's investment in the Venture was $127.0 million and $122.5 million , respectively. Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) February 29, November 30, Assets: Cash and cash equivalents $ 43,252 39,579 Operating properties and equipment 1,563,679 1,398,244 Other assets 31,931 25,925 $ 1,638,862 1,463,748 Liabilities and equity: Accounts payable and other liabilities $ 210,231 179,551 Notes payable 520,177 466,724 Equity 908,454 817,473 $ 1,638,862 1,463,748 Statements of Operations Three Months Ended February 29, February 28, (In thousands) 2016 2015 Revenues $ 8,314 2,094 Costs and expenses 11,672 2,994 Other income, net 40,122 — Net earnings (loss) of unconsolidated entities $ 36,764 (900 ) Lennar Multifamily equity in earnings (loss) from unconsolidated entities (1) $ 19,686 (178 ) (1) For the three months ended February 29, 2016 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $20.4 million share of a gain as a result of the sale of an operating property by one of its unconsolidated entities. |
Lennar Homebuilding Cash and Ca
Lennar Homebuilding Cash and Cash Equivalents | 3 Months Ended |
Feb. 29, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Lennar Homebuilding Cash and Cash Equivalents | Lennar Homebuilding Cash and Cash Equivalents Cash and cash equivalents as of February 29, 2016 and November 30, 2015 included $300.1 million and $414.9 million , respectively, of cash held in escrow for approximately three days. |
Lennar Homebuilding Senior Note
Lennar Homebuilding Senior Notes And Other Debts Payable | 3 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Lennar Homebuilding Senior Notes And Other Debts Payable | Lennar Homebuilding Senior Notes and Other Debts Payable (Dollars in thousands) February 29, November 30, Unsecured revolving credit facility $ 500,000 — 6.50% senior notes due 2016 249,960 249,905 12.25% senior notes due 2017 397,037 396,252 4.75% senior notes due 2017 397,922 397,736 6.95% senior notes due 2018 247,931 247,632 4.125% senior notes due 2018 273,460 273,319 4.500% senior notes due 2019 497,384 497,210 4.50% senior notes due 2019 596,868 596,622 2.75% convertible senior notes due 2020 71,041 233,225 3.25% convertible senior notes due 2021 398,644 398,194 4.750% senior notes due 2022 567,486 567,325 4.875% senior notes due 2023 393,642 393,545 4.750% senior notes due 2025 495,894 495,784 Mortgage notes on land and other debt 246,712 278,381 $ 5,333,981 5,025,130 The carrying amounts of the senior notes listed above are net of debt issuance costs of $24.4 million and $26.4 million , as February 29, 2016 and November 30, 2015 , respectively. At February 29, 2016 , the Company had a $1.6 billion Credit Facility, which includes a $163 million accordion feature, subject to additional commitments, with certain financial institutions. The maturity for $1.3 billion of the Credit Facility is in June 2019, with the remainder maturing in June 2018. The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit 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. The Company believes it was in compliance with its debt covenants at February 29, 2016 . In addition, the Company had $320 million letter of credit facilities with different financial institutions. The Company’s performance letters of credit outstanding were $245.5 million and $236.5 million , respectively, at February 29, 2016 and November 30, 2015 . The Company’s financial letters of credit outstanding were $222.0 million and $216.7 million , at February 29, 2016 and November 30, 2015 , respectively. Performance letters of credit are generally posted with regulatory bodies to guarantee the Company’s performance of certain development and construction activities. Financial letters of credit are generally posted in lieu of cash deposits on option contracts, for insurance risks, credit enhancements and as other collateral. Additionally, at February 29, 2016 , 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 $1.3 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 February 29, 2016 , there were approximately $468.8 million , or 36% , 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. Subsequent to February 29, 2016 , the Company issued $500 million aggregate principal amount of 4.750% senior notes due 2021 (the " 4.750% Senior Notes") at a price of 100% . Proceeds from the offering, after payment of expenses, were estimated to be $495.9 million . The Company will use the net proceeds from the sales of the 4.750% Senior Notes for general corporate purposes, including the repayment of the 6.50% senior notes due 2016. Interest on the 4.750% Senior Notes is due semi-annually beginning October 1, 2016. The 4.750% Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. At both February 29, 2016 and November 30, 2015 , the principal amount of the 3.25% convertible senior notes due 2021 (the “ 3.25% Convertible Senior Notes”) was $400.0 million and the carrying amount, net of debt issuance costs, was $398.6 million and $398.2 million , at February 29, 2016 and November 30, 2015 , respectively. 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. At February 29, 2016 , 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 3,209,590 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. Shares are included in the calculation of diluted earnings per share because even though it is the Company’s intent to settle the face value of the 2.75% Convertible Senior Notes in cash, the Company's volume weighted average stock price exceeded the conversion price. The Company’s volume weighted average stock price for the three months ended February 29, 2016 and February 28, 2015 was $44.07 and $45.52 , respectively, which exceeded the conversion price, thus 1.6 million shares and 10.4 million shares, respectively, were included in the calculation of diluted earnings per share. The 2.75% Convertible Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. 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. Holders of the 2.75% Convertible Senior Notes had the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on December 15, 2015, but none of them elected to do so. The Company has the right to redeem the 2.75% Convertible Senior Notes at any time on or after December 20, 2015 for 100% of their principal amount, plus accrued but unpaid interest. During the three months ended February 29, 2016 , the Company exchanged and converted approximately $163 million in aggregate principal amount of the 2.75% Convertible Senior Notes for approximately $163 million in cash and 3.6 million shares of Class A common stock, plus accrued and unpaid interest through the date of completion of the exchanges and conversions. For its 2.75% Convertible Senior Notes, the Company will be required to pay contingent interest with regard to any interest period beginning with the interest period commencing December 20, 2015 and ending June 14, 2016, and for each subsequent six -month period commencing on an interest payment date to, but excluding, the next interest payment date, if the average trading price of the 2.75% Convertible Senior Notes during the five consecutive trading days ending on the second trading day immediately preceding the first day of the applicable interest period exceeds 120% of the principal amount of the 2.75% Convertible Senior Notes. The amount of contingent interest payable per $1,000 principal amount of notes during the applicable interest period will equal 0.75% per year of the average trading price of such $1,000 principal amount of 2.75% Convertible Senior Notes during the five trading day reference period. 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 issuance, the Company estimated the fair value of the 2.75% Convertible Senior Notes using similar debt instruments that did not have a conversion feature and allocated the residual value to an equity component that represented the estimated fair value of the conversion feature at issuance. The debt discount of the 2.75% Convertible Senior Notes was amortized over the five years ended November 30, 2015 . At February 29, 2016 , the carrying and principal amount of the 2.75% Convertible Senior Notes was $71.0 million , which is included in Lennar Homebuilding senior notes and other debts payable. At November 30, 2015 , the principal amount of the 2.75% Convertible Senior Notes was $233.9 million , the carrying amount of the equity component included in stockholders’ equity was $0.6 million , and the net carrying amount of the 2.75% Convertible Senior Notes included in Lennar Homebuilding senior notes and other debts payable was $233.2 million . Although the guarantees by substantially all of the Company's 100% owned homebuilding subsidiaries are full, unconditional and joint and several while they are in effect, (i) a subsidiary will cease to be a guarantor at any time when it is not directly or indirectly guaranteeing at least $75 million of debt of Lennar Corporation (the parent company), and (ii) a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed of. |
Product Warranty
Product Warranty | 3 Months Ended |
Feb. 29, 2016 | |
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 Lennar Homebuilding other liabilities in the condensed consolidated balance sheets. The activity in the Company’s warranty reserve was as follows: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Warranty reserve, beginning of period $ 130,853 115,927 Warranties issued 17,573 13,323 Adjustments to pre-existing warranties from changes in estimates (1) (620 ) 3,661 Payments (23,073 ) (16,640 ) Warranty reserve, end of period $ 124,733 116,271 (1) The adjustments to pre-existing warranties from changes in estimates during both the three months ended February 29, 2016 and February 28, 2015 primarily related to specific claims related to certain of our homebuilding communities and other adjustments. |
Share-Based Payment
Share-Based Payment | 3 Months Ended |
Feb. 29, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payment | Share-Based Payments During the three months ended February 29, 2016 , the Company granted an immaterial number of nonvested shares and did not grant any stock options. During the three months ended February 28, 2015 , the Company granted an immaterial number of stock options and did not grant any nonvested shares. Compensation expense related to the Company’s share-based payment awards was as follows: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Nonvested shares $ 11,142 10,250 Stock options — 1 Total compensation expense for share-based awards $ 11,142 10,251 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Feb. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Financial Instruments and Fair Value Disclosures The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at February 29, 2016 and November 30, 2015 , using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. February 29, 2016 November 30, 2015 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Rialto: Loans receivable, net Level 3 $ 166,536 170,485 164,826 169,302 Investments held-to-maturity Level 3 $ 49,309 48,800 25,625 25,227 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 31,223 30,333 30,998 29,931 Investments held-to-maturity Level 2 $ 39,268 39,127 40,174 40,098 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 5,333,981 5,846,813 5,025,130 5,936,327 Rialto notes and other debts payable Level 2 $ 609,150 631,629 771,728 803,013 Lennar Financial Services notes and other debts payable Level 2 $ 625,322 625,322 858,300 858,300 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-term 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 borrowing. 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: (In thousands) Fair Value Hierarchy Fair Value at Fair Value at Rialto Financial Assets: Loans held-for-sale (1) Level 3 $ 243,230 316,275 Credit default swaps Level 2 $ 9,770 6,153 Rialto Financial Liabilities: Interest rate swaps and swap futures Level 1 $ 5,983 978 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (2) Level 2 $ 684,406 843,252 Investments available-for-sale Level 1 $ 45,180 42,827 Mortgage loan commitments Level 2 $ 19,113 13,060 Forward contracts Level 2 $ (9,637 ) 531 Mortgage servicing rights Level 3 $ 15,810 16,770 (1) The aggregate fair value of Rialto loans held-for-sale of $243.2 million at February 29, 2016 exceeds their aggregate principal balance of $238.1 million by $5.1 million . The aggregate fair value of loans held-for-sale of $316.3 million at November 30, 2015 exceeds their aggregate principal balance of $314.3 million by $2.0 million . (2) The aggregate fair value of Lennar Financial Services loans held-for-sale of $684.4 million at February 29, 2016 exceeds their aggregate principal balance of $655.6 million by $28.8 million . The aggregate fair value of loans held-for-sale of $843.3 million at November 30, 2015 exceeds their aggregate principal balance of $815.0 million by $28.2 million . The estimated fair values of the Company’s financial instruments have been determined by using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The following methods and assumptions are used by the Company in estimating fair values: 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. Lennar Financial Services loans held-for-sale- Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. Management believes carrying loans held-for-sale at fair value improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. In addition, the Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these servicing rights is included in Lennar Financial Services’ loans held-for-sale as of February 29, 2016 and November 30, 2015 . 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 liabilities as of February 29, 2016 . The fair value of forward contracts is included in the Lennar Financial Services segment's other assets as of November 30, 2015 . The Lennar Financial Services segment uses mandatory mortgage-backed securities (“MBS”) forward commitments, option contracts and investor commitments to hedge its mortgage-related interest rate exposure. These instruments involve, to varying degrees, elements of credit and interest rate risk. Credit risk associated with MBS forward commitments, option contracts and loan sales transactions is managed by limiting the Company’s counterparties to investment banks, federally regulated bank affiliates and other investors meeting the Company’s credit standards. The segment’s risk, in the event of default by the purchaser, is the difference between the contract price and fair value of the MBS forward commitments and option contracts. At February 29, 2016 , the segment had open commitments amounting to $1.2 billion to sell MBS with varying settlement dates through May 2016. Lennar Financial Services mortgage servicing rights - Lennar Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates. As of February 29, 2016 , the key assumptions used in determining the fair value include a 14.8% mortgage prepayment rate, a 12.2% discount rate and a 7.9% delinquency rate. The fair value of mortgage servicing rights is included in the Lennar Financial Services segment's other assets. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ 513 (7,300 ) Mortgage loan commitments $ 6,053 6,279 Forward contracts $ (10,168 ) 7,521 Changes in fair value included in Rialto revenues: Financial Assets: Credit default swaps $ 3,431 (492 ) Financial Liabilities: Interest rate swaps and swap futures $ (5,006 ) (33 ) Changes in fair value included in other comprehensive income (loss): Lennar Financial Services investments available-for-sale $ (437 ) 200 Interest 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 following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: Three Months Ended February 29, 2016 February 28, 2015 Lennar Financial Services Rialto Lennar Financial Services Rialto (In thousands) Mortgage servicing rights Loans held-for-sale Mortgage servicing rights Loans held-for-sale Beginning balance $ 16,770 316,275 17,353 113,596 Purchases/loan originations 1,619 305,785 344 565,515 Sales/loan originations sold, including those not settled — (381,666 ) — (318,104 ) Disposals/settlements (627 ) — (779 ) — Changes in fair value (1) (1,952 ) 4,084 (132 ) (754 ) Interest and principal paydowns — (1,248 ) — (208 ) Ending balance $ 15,810 243,230 16,786 360,045 (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 Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represents only those assets whose carrying value were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended February 29, 2016 February 28, 2015 (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 $ 60,666 58,327 (2,339 ) 117,949 116,725 (1,224 ) Non-financial assets Lennar Homebuilding: Land and land under development (2) Level 3 $ 3,827 3,425 (402 ) — — — Rialto: REO - held-for-sale (3): Upon acquisition/transfer Level 3 $ 12,783 12,016 (767 ) 4,883 4,590 (293 ) Upon management periodic valuations Level 3 $ 16,430 13,649 (2,781 ) 5,604 4,479 (1,125 ) REO - held-and-used, net (4): Upon acquisition/transfer Level 3 $ 5,183 8,667 3,484 8,637 8,912 275 Upon management periodic valuations Level 3 $ 3,089 3,000 (89 ) 2,689 1,276 (1,413 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended February 29, 2016 and February 28, 2015 . (2) Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three months ended February 29, 2016 . (3) REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The losses upon the transfer or acquisition of REO and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 29, 2016 and February 28, 2015 . (4) REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains upon acquisition of REO held-and-used, net and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 29, 2016 and February 28, 2015 . 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, 2015. 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, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts. On a quarterly basis, the Company reviews its active communities for indicators of potential impairments. As of February 29, 2016 and February 28, 2015 , there were 681 and 625 active communities, excluding unconsolidated entities, respectively. As of February 29, 2016 , the Company identified 28 communities with 1,178 homesites and a corresponding carrying value of $169.8 million as having potential indicators of impairment. As of February 28, 2015 , the Company identified 19 communities with 600 homesites and a corresponding carrying value of $120.5 million as having potential indicators of impairment. For the three months ended February 29, 2016 and February 28, 2015 , the Company recorded no impairments. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Feb. 29, 2016 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract] | |
Variable Interest Entities | Variable Interest Entities The Company evaluated the agreements of its joint ventures that were formed or that had reconsideration events during the three months ended February 29, 2016 . Based on the Company's evaluation during the three months ended February 29, 2016 , the Company consolidated an entity that had a total combined assets of $14.9 million . In addition, during the three months ended February 29, 2016 , there were no VIEs that were deconsolidated. The Company’s recorded investments in unconsolidated entities were as follows: (In thousands) February 29, November 30, Lennar Homebuilding $ 771,401 741,551 Rialto $ 234,039 224,869 Lennar Multifamily $ 257,719 250,876 Consolidated VIEs As of February 29, 2016 , the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $582.1 million and $60.3 million , respectively. As of November 30, 2015 , the carrying amounts of the VIEs’ assets and non-recourse liabilities that consolidated were $652.3 million and $84.4 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 February 29, 2016 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 130,249 145,882 Rialto (2) 49,309 49,309 Lennar Multifamily (3) 182,242 583,802 $ 361,800 778,993 As of November 30, 2015 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 102,706 111,215 Rialto (2) 25,625 25,625 Lennar Multifamily (3) 177,359 586,842 $ 305,690 723,682 (1) At February 29, 2016 and November 30, 2015 , 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 $15.4 million and $8.3 million , respectively, remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. (2) At both February 29, 2016 and November 30, 2015 , the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. At February 29, 2016 and November 30, 2015 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $49.3 million and $25.6 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of February 29, 2016 and November 30, 2015 , the remaining equity commitment of $370.3 million and $378.3 million , respectively, to fund the Venture for future expenditures related to the construction and development of the projects is included in Lennar's maximum exposure to loss. In addition, at both February 29, 2016 and November 30, 2015 , 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 $30.0 million 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 and the Company and its partners are not de facto agents. 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. As of February 29, 2016 , the Company and other partners do not generally have an obligation to make capital contributions to the VIEs, except for $370.3 million remaining equity commitment to fund the Venture for further expenditures related to the construction and development of the projects and $30.0 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 $15.4 million remaining commitment to fund a Lennar Homebuilding 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 three months ended February 29, 2016 , consolidated inventory not owned decreased by $38.6 million with a corresponding decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 29, 2016 . The decrease was primarily due to a higher amount of homesite takedowns than construction started on homesites not owned. To reflect the purchase price of the inventory consolidated, the Company had a net reclass related to option deposits from consolidated inventory not owned to land under development in the accompanying condensed consolidated balance sheet as of February 29, 2016 . 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 $77.7 million and $89.2 million at February 29, 2016 and November 30, 2015 , respectively. Additionally, the Company had posted $72.2 million and $70.4 million of letters of credit in lieu of cash deposits under certain land and option contracts as of February 29, 2016 and November 30, 2015 , respectively. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies | 3 Months Ended |
Feb. 29, 2016 | |
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 has appealed 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 is affirmed in its entirety, the Company will purchase the property and record it at fair value, which the Company believes will not result in an impairment. The amount of interest the Company will 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 $106 million as of February 29, 2016 . 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 is totally reversed on appeal, the Company will 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. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Feb. 29, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("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 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customers' Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05”). ASU 2015-05 provides guidance for a customer to determine whether a cloud computing arrangement contains a software license or should be accounted for as a service contract. ASU 2015-05 will be effective for the Company’s fiscal year beginning December 1, 2016 and subsequent interim periods. As permitted, the Company has elected early adoption. The adoption of ASU 2015-05 did not have a material effect on the Company’s condensed consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 will be effective for the Company’s fiscal year beginning December 1, 2017 and subsequent interim periods. The adoption of ASU 2015-16 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 modifies how entities measure equity investments and present changes in the fair value of financial liabilities. Under the new guidance, entities will have to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value under ASC 820, Fair Value Measurements , and as such these investments may be measured at cost. ASU 2016-01 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The adoption of ASU 2016-01 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU 2016-02 will be effective for the Company’s fiscal year beginning December 1, 2019 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the Company's condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments- Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”). ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. ASU 2016-07 will be effective for the Company’s fiscal year beginning December 1, 2017 and subsequent interim periods. The adoption of ASU 2016-07 is not expected to have a material effect on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). ASU 2016-08 does not change the core principle of the guidance stated in ASU 2014-09, instead, the amendments in this ASU are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations and whether an entity reports revenue on a gross or net basis. ASU 2016-08 will have the same effective date and transition requirements as the new revenue standard issued in ASU 2014-09. The Company is currently evaluating the method and impact the adoption of this ASU and ASU 2014-09 will have on the Company's condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes, statutory tax withholding requirements and classification on the statement of cash flows. ASU 2016-09 will be effective for the Company’s fiscal year beginning December 1, 2017 and subsequent interim periods. The Company is currently evaluating the impact that the adoption of ASU 2016-09 will have on the Company's condensed consolidated financial statements. |
Supplemental Financial Informat
Supplemental Financial Information | 3 Months Ended |
Feb. 29, 2016 | |
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, 4.875% senior notes due 2023 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 February 29, 2016 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. In 2015, certain subsidiaries that were Guarantor subsidiaries became Non-guarantor subsidiaries. For comparative purposes, the condensed consolidating statement of operations and comprehensive income (loss) and cash flows for the three months ended February 28, 2015 have 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 February 29, 2016 was as follows: Condensed Consolidating Balance Sheet February 29, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 304,277 251,492 19,593 — 575,362 Inventories — 9,191,051 177,268 — 9,368,319 Investments in unconsolidated entities — 723,644 47,757 — 771,401 Other assets 168,966 340,531 75,683 14,735 599,915 Investments in subsidiaries 3,938,687 156,222 — (4,094,909 ) — Intercompany 6,927,085 — — (6,927,085 ) — 11,339,015 10,662,940 320,301 (11,007,259 ) 11,314,997 Rialto — — 1,272,004 — 1,272,004 Lennar Financial Services — 83,133 1,079,027 (5,081 ) 1,157,079 Lennar Multifamily — — 460,762 (9,654 ) 451,108 Total assets $ 11,339,015 10,746,073 3,132,094 (11,021,994 ) 14,195,188 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 431,632 675,799 84,612 — 1,192,043 Liabilities related to consolidated inventory not owned — 19,854 — — 19,854 Senior notes and other debts payable 5,087,269 235,862 10,850 — 5,333,981 Intercompany — 6,160,287 766,798 (6,927,085 ) — 5,518,901 7,091,802 862,260 (6,927,085 ) 6,545,878 Rialto — — 656,303 — 656,303 Lennar Financial Services — 27,500 810,751 — 838,251 Lennar Multifamily — — 61,307 — 61,307 Total liabilities 5,518,901 7,119,302 2,390,621 (6,927,085 ) 8,101,739 Stockholders’ equity 5,820,114 3,626,771 468,138 (4,094,909 ) 5,820,114 Noncontrolling interests — — 273,335 — 273,335 Total equity 5,820,114 3,626,771 741,473 (4,094,909 ) 6,093,449 Total liabilities and equity $ 11,339,015 10,746,073 3,132,094 (11,021,994 ) 14,195,188 Condensed Consolidating Balance Sheet November 30, 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 $ 595,921 372,146 13,384 — 981,451 Inventories — 8,571,769 168,827 — 8,740,596 Investments in unconsolidated entities — 692,879 48,672 — 741,551 Other assets 193,360 324,050 75,108 16,704 609,222 Investments in subsidiaries 3,958,687 176,660 — (4,135,347 ) — Intercompany 6,227,193 — — (6,227,193 ) — 10,975,161 10,137,504 305,991 (10,345,836 ) 11,072,820 Rialto — — 1,505,500 — 1,505,500 Lennar Financial Services — 89,532 1,341,565 (5,260 ) 1,425,837 Lennar Multifamily — — 426,796 (11,444 ) 415,352 Total assets $ 10,975,161 10,227,036 3,579,852 (10,362,540 ) 14,419,509 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 579,468 710,460 85,796 — 1,375,724 Liabilities related to consolidated inventory not owned — 51,431 — — 51,431 Senior notes and other debts payable 4,746,749 267,531 10,850 — 5,025,130 Intercompany — 5,514,610 712,583 (6,227,193 ) — 5,326,217 6,544,032 809,229 (6,227,193 ) 6,452,285 Rialto — — 866,224 — 866,224 Lennar Financial Services — 36,229 1,047,749 — 1,083,978 Lennar Multifamily — — 66,950 — 66,950 Total liabilities 5,326,217 6,580,261 2,790,152 (6,227,193 ) 8,469,437 Stockholders’ equity 5,648,944 3,646,775 488,572 (4,135,347 ) 5,648,944 Noncontrolling interests — — 301,128 — 301,128 Total equity 5,648,944 3,646,775 789,700 (4,135,347 ) 5,950,072 Total liabilities and equity $ 10,975,161 10,227,036 3,579,852 (10,362,540 ) 14,419,509 Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended February 29, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 1,786,481 — — 1,786,481 Lennar Financial Services — 40,610 88,342 (4,996 ) 123,956 Rialto — — 43,711 — 43,711 Lennar Multifamily — — 39,529 (13 ) 39,516 Total revenues — 1,827,091 171,582 (5,009 ) 1,993,664 Cost and expenses: Lennar Homebuilding — 1,556,166 14,863 (2,824 ) 1,568,205 Lennar Financial Services — 41,812 70,069 (2,856 ) 109,025 Rialto — — 43,217 (310 ) 42,907 Lennar Multifamily — — 47,020 — 47,020 Corporate general and administrative 46,148 255 — 1,265 47,668 Total costs and expenses 46,148 1,598,233 175,169 (4,725 ) 1,814,825 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — 3,849 (849 ) — 3,000 Lennar Homebuilding other income (expense), net 1,170 (8,516 ) 9,025 (1,160 ) 519 Other interest expense (1,444 ) (1,157 ) — 1,444 (1,157 ) Rialto equity in earnings from unconsolidated entities — — 1,497 — 1,497 Rialto other expense, net — — (691 ) — (691 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 19,686 — 19,686 Earnings (loss) before income taxes (46,422 ) 223,034 25,081 — 201,693 Benefit (provision) for income taxes 13,035 (61,710 ) (7,566 ) — (56,241 ) Equity in earnings from subsidiaries 177,467 4,538 — (182,005 ) — Net earnings (including net earnings attributable to noncontrolling interests) 144,080 165,862 17,515 (182,005 ) 145,452 Less: Net earnings attributable to noncontrolling interests — — 1,372 — 1,372 Net earnings attributable to Lennar $ 144,080 165,862 16,143 (182,005 ) 144,080 Other comprehensive income, net of tax: Net unrealized loss on securities available-for-sale (437 ) (437 ) Other comprehensive income attributable to Lennar $ 144,080 165,862 15,706 (182,005 ) 143,643 Other comprehensive income attributable to noncontrolling interests $ — — 1,372 — 1,372 Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended February 28, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 1,441,658 — — 1,441,658 Lennar Financial Services — 38,149 91,659 (4,981 ) 124,827 Rialto — — 41,197 — 41,197 Lennar Multifamily — — 36,457 — 36,457 Total revenues — 1,479,807 169,313 (4,981 ) 1,644,139 Cost and expenses: Lennar Homebuilding — 1,264,789 5,223 (4,837 ) 1,265,175 Lennar Financial Services — 38,226 71,276 (202 ) 109,300 Rialto — — 40,781 — 40,781 Lennar Multifamily — — 41,961 — 41,961 Corporate general and administrative 42,389 — — 1,265 43,654 Total costs and expenses 42,389 1,303,015 159,241 (3,774 ) 1,500,871 Lennar Homebuilding equity in earnings from unconsolidated entities — 22,374 6,525 — 28,899 Lennar Homebuilding other income, net 231 5,774 550 (222 ) 6,333 Other interest expense (1,429 ) (4,071 ) — 1,429 (4,071 ) Rialto equity in earnings from unconsolidated entities — — 2,664 — 2,664 Rialto other expense, net — — (272 ) — (272 ) Lennar Multifamily equity in loss from unconsolidated entities — — (178 ) — (178 ) Earnings (loss) before income taxes (43,587 ) 200,869 19,361 — 176,643 Benefit (provision) for income taxes 14,902 (67,471 ) (7,157 ) — (59,726 ) Equity in earnings from subsidiaries 143,648 8,825 — (152,473 ) — Net earnings (including net earnings attributable to noncontrolling interests) 114,963 142,223 12,204 (152,473 ) 116,917 Less: Net earnings attributable to noncontrolling interests — — 1,954 — 1,954 Net earnings attributable to Lennar $ 114,963 142,223 10,250 (152,473 ) 114,963 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 200 — 200 Other comprehensive income attributable to Lennar $ 114,963 142,223 10,450 (152,473 ) 115,163 Other comprehensive earnings attributable to noncontrolling interests $ — — 1,954 — 1,954 Condensed Consolidating Statement of Cash Flows Three Months Ended February 29, 2016 (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) $ 144,080 165,862 17,515 (182,005 ) 145,452 Distributions of earnings from guarantor and non-guarantor subsidiaries 177,467 4,538 — (182,005 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (254,499 ) (660,587 ) 371,742 182,005 (361,339 ) Net cash provided by (used in) operating activities 67,048 (490,187 ) 389,257 (182,005 ) (215,887 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (32,149 ) (2,466 ) — (34,615 ) Proceeds from sales of real estate owned — — 20,256 — 20,256 Originations of loans receivable — — (10,046 ) — (10,046 ) Purchases of commercial mortgage-backed securities bonds — — (23,078 ) — (23,078 ) Other (3,400 ) (14,297 ) (1,406 ) — (19,103 ) Distributions of capital from guarantor and non-guarantor subsidiaries 20,000 20,000 — (40,000 ) — Intercompany (699,551 ) — — 699,551 — Net cash used in investing activities (682,951 ) (26,446 ) (16,740 ) 659,551 (66,586 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 500,000 — — — 500,000 Net repayments under warehouse facilities — — (395,233 ) — (395,233 ) Debt issuance costs — — (684 ) — (684 ) Conversions and exchanges of convertible senior notes (162,852 ) — — — (162,852 ) Principal payments on Rialto notes payable — — (669 ) — (669 ) Net repayments on other borrowings — (52,383 ) — — (52,383 ) Net payments related to noncontrolling interests — — (41,950 ) — (41,950 ) Excess tax benefits from share-based awards 7,029 — — — 7,029 Common stock: Repurchases (219 ) — — — (219 ) Dividends (8,552 ) (185,862 ) (36,143 ) 222,005 (8,552 ) Intercompany — 646,727 52,824 (699,551 ) — Net cash provided by (used in) financing activities 335,406 408,482 (421,855 ) (477,546 ) (155,513 ) Net decrease in cash and cash equivalents (280,497 ) (108,151 ) (49,338 ) — (437,986 ) Cash and cash equivalents at beginning of period 575,821 336,048 246,576 — 1,158,445 Cash and cash equivalents at end of period $ 295,324 227,897 197,238 — 720,459 Condensed Consolidating Statement of Cash Flows Three Months Ended February 28, 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) $ 114,963 142,223 12,204 (152,473 ) 116,917 Distributions of earnings from guarantor and non-guarantor subsidiaries 143,648 8,825 — (152,473 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (195,594 ) (678,406 ) (125,654 ) 152,473 (847,181 ) Net cash provided by (used in) operating activities 63,017 (527,358 ) (113,450 ) (152,473 ) (730,264 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (10,668 ) (6,614 ) — (17,282 ) Proceeds from sales of real estate owned — — 28,055 — 28,055 Receipts of principal payments on loans receivable — — 3,519 — 3,519 Other (114 ) (52,518 ) (28,854 ) — (81,486 ) Distribution of capital from guarantor and non-guarantor subsidiaries 10,000 10,000 — (20,000 ) — Intercompany (845,940 ) — — 845,940 — Net cash used in investing activities (836,054 ) (53,186 ) (3,894 ) 825,940 (67,194 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 250,000 — — — 250,000 Net repayments under warehouse facilities — — (29,681 ) — (29,681 ) Proceeds from senior notes and debt issuance costs 249,425 — (294 ) — 249,131 Principal repayments on Rialto notes payable including structured notes — — (17,499 ) — (17,499 ) Net proceeds (repayments) on other borrowings — (61,337 ) (81 ) — (61,418 ) Net payments related to noncontrolling interests — — (56,327 ) — (56,327 ) Excess tax benefit from share-based awards 35 — — — 35 Common stock: Issuances 8,227 — — — 8,227 Repurchases (186 ) — — — (186 ) Dividends (8,208 ) (152,223 ) (20,250 ) 172,473 (8,208 ) Intercompany — 763,183 82,757 (845,940 ) — Net cash provided by (used in) financing activities 499,293 549,623 (41,375 ) (673,467 ) 334,074 Net decrease in cash and cash equivalents (273,744 ) (30,921 ) (158,719 ) — (463,384 ) 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 $ 359,574 221,993 236,863 — 818,430 |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 3 Months Ended |
Feb. 29, 2016 | |
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, 2015 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 29, 2016 are not necessarily indicative of the results to be expected for the full year. |
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 condensed consolidated financial statements have been reclassified to conform with the 2016 presentation. These reclassifications had no impact on the Company's results of operations. As a result of the Company's change in reportable segments, the Company restated certain prior year amounts in the condensed consolidated financial statements to conform with the 2016 presentation (See Note 2). In addition, 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 financial statements. As such, the supplemental financial information included in Note 18 has been retrospectively adjusted for the three months ended February 28, 2015. |
Operating And Reporting Segme25
Operating And Reporting Segments (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Segment Reporting [Abstract] | |
Disclosure Of Financial Information Relating To Company's Operations | Financial information relating to the Company’s operations was as follows: (In thousands) February 29, November 30, Assets: Homebuilding East $ 3,519,242 3,140,604 Homebuilding Central 1,488,437 1,421,195 Homebuilding West 4,248,352 4,157,616 Homebuilding Houston 541,449 481,386 Homebuilding Other 825,145 858,000 Rialto 1,272,004 1,505,500 Lennar Financial Services 1,157,079 1,425,837 Lennar Multifamily 451,108 415,352 Corporate and unallocated 692,372 1,014,019 Total assets $ 14,195,188 14,419,509 Three Months Ended February 29, February 28, (In thousands) 2016 2015 Revenues: Homebuilding East $ 659,054 610,683 Homebuilding Central 275,219 210,508 Homebuilding West 551,339 382,773 Homebuilding Houston 138,621 131,257 Homebuilding Other 162,248 106,437 Lennar Financial Services 123,956 124,827 Rialto 43,711 41,197 Lennar Multifamily 39,516 36,457 Total revenues (1) $ 1,993,664 1,644,139 Operating earnings (loss): Homebuilding East $ 84,706 86,533 Homebuilding Central 20,323 15,052 Homebuilding West (2) 88,834 82,493 Homebuilding Houston 12,872 17,015 Homebuilding Other 13,903 6,551 Lennar Financial Services 14,931 15,527 Rialto 1,610 2,808 Lennar Multifamily 12,182 (5,682 ) Total operating earnings 249,361 220,297 Corporate general and administrative expenses 47,668 43,654 Earnings before income taxes $ 201,693 176,643 (1) Total revenues were net of sales incentives of $103.7 million ( $21,600 per home delivered) for the three months ended February 29, 2016 , and $93.6 million ( $21,800 per home delivered) for the three months ended February 28, 2015 . (2) For the three months ended February 29, 2016 and February 28, 2015 , operating earnings included $6.0 million and $31.3 million , respectively, of equity in earnings from Heritage Fields El Toro, one of the Company's unconsolidated entities ("El Toro"), for details refer to Note 3. |
Lennar Homebuilding Investmen26
Lennar Homebuilding Investments In Unconsolidated Entities (Tables) - Lennar Homebuilding [Member] | 3 Months Ended |
Feb. 29, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Condensed Financial Information By Equity Method Investment, Statements Of Operations | Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows: Statements of Operations Three Months Ended February 29, February 28, (In thousands) 2016 2015 Revenues $ 99,726 442,957 Costs and expenses 97,200 298,879 Other income — 2,943 Net earnings of unconsolidated entities $ 2,526 147,021 Lennar Homebuilding equity in earnings from unconsolidated entities $ 3,000 28,899 |
Balance Sheets | Balance Sheets (In thousands) February 29, November 30, Assets: Cash and cash equivalents $ 242,573 248,980 Inventories 3,126,810 3,059,054 Other assets 501,077 465,404 $ 3,870,460 3,773,438 Liabilities and equity: Accounts payable and other liabilities $ 279,893 288,192 Debt 836,483 792,886 Equity 2,754,084 2,692,360 $ 3,870,460 3,773,438 |
Total Debt Of Unconsolidated Entities | The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments, including Lennar's maximum recourse exposure, were as follows: (Dollars in thousands) February 29, November 30, Non-recourse bank debt and other debt (partner’s share of several recourse) $ 50,098 50,411 Non-recourse land seller debt and other debt 323,995 324,000 Non-recourse debt with completion guarantees 148,781 146,760 Non-recourse debt without completion guarantees 303,080 260,734 Non-recourse debt to the Company 825,954 781,905 The Company’s maximum recourse exposure 10,529 10,981 Total debt $ 836,483 792,886 The Company’s maximum recourse exposure as a % of total JV debt 1 % 1 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Changes in Equity | The following table reflects the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for both the three months ended February 29, 2016 and February 28, 2015 : 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, 2015 $ 5,950,072 18,066 3,298 2,305,560 (107,755 ) 39 3,429,736 301,128 Net earnings (including net earnings attributable to noncontrolling interests) 145,452 — — — — — 144,080 1,372 Employee stock and directors plans (194 ) — — 29 (223 ) — — — Conversions and exchanges of convertible senior notes to Class A common stock — 360 — (360 ) — — — — Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes 25,131 — — 25,131 — — — — Amortization of restricted stock 11,142 — — 11,142 — — — — Cash dividends (8,552 ) — — — — — (8,552 ) — Receipts related to noncontrolling interests 65 — — — — — — 65 Payments related to noncontrolling interests (42,015 ) — — — — — — (42,015 ) Non-cash consolidations, net 12,478 — — — — — — 12,478 Non-cash activity related to noncontrolling interests 307 — — — — — — 307 Other comprehensive loss, net of tax (437 ) — — — — (437 ) — — Balance at February 29, 2016 $ 6,093,449 18,426 3,298 2,341,502 (107,978 ) (398 ) 3,565,264 273,335 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, 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) 116,917 — — — — — 114,963 1,954 Employee stock and directors plans 8,074 1 — 47 8,026 — — — Tax benefit from employee stock plans and vesting of restricted stock 35 — — 35 — — — — Amortization of restricted stock and performance-based stock options 10,250 — — 10,250 — — — — Cash dividends (8,208 ) — — — — — (8,208 ) — Receipts related to noncontrolling interests 1,302 — — — — — — 1,302 Payments related to noncontrolling interests (57,629 ) — — — — — — (57,629 ) Non-cash deconsolidations, net (13,253 ) — — — — — — (13,253 ) Other comprehensive income, net of tax 200 — — — — 200 — — Balance at February 28, 2015 $ 5,308,990 17,425 3,298 2,249,906 (85,414 ) 330 2,766,789 356,656 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Benefit (Provision) [Table Text Block] | The provision for income taxes and effective tax rate were as follows: Three Months Ended February 29, February 28, (Dollars in thousands) 2016 2015 Provision for income taxes $ (56,241 ) (59,726 ) Effective tax rate (1) 28.08 % 34.19 % (1) For the three months ended February 29, 2016 , the effective tax rate included tax benefits for (1) a settlement with the IRS, (2) the domestic production activities deduction, and (3) energy tax credits, offset primarily by state income tax expense. For the three months ended February 28, 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) | 3 Months Ended |
Feb. 29, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share | Basic and diluted earnings per share were calculated as follows: Three Months Ended February 29, February 28, (In thousands, except per share amounts) 2016 2015 Numerator: Net earnings attributable to Lennar $ 144,080 114,963 Less: distributed earnings allocated to nonvested shares 89 91 Less: undistributed earnings allocated to nonvested shares 1,420 1,184 Numerator for basic earnings per share 142,571 113,688 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 202 — Plus: interest on 3.25% convertible senior notes due 2021 1,982 1,982 Plus: undistributed earnings allocated to convertible shares 1,420 1,184 Less: undistributed earnings reallocated to convertible shares 1,325 1,064 Numerator for diluted earnings per share $ 144,446 115,790 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 210,292 202,930 Effect of dilutive securities: Share-based payments 4 11 Convertible senior notes 18,620 27,375 Denominator for diluted earnings per share - weighted average common shares outstanding 228,916 230,316 Basic earnings per share $ 0.68 0.56 Diluted earnings per share $ 0.63 0.50 (1) The amount presented above relates to Rialto's Carried Interest Incentive Plan adopted in June 2015 (see Note 8) and represents 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) - Lennar Financial Services [Member] | 3 Months Ended |
Feb. 29, 2016 | |
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) February 29, November 30, Assets: Cash and cash equivalents $ 91,214 106,777 Restricted cash 9,235 13,961 Receivables, net (1) 150,214 242,808 Loans held-for-sale (2) 684,406 843,252 Loans held-for-investment, net 31,223 30,998 Investments held-to-maturity 39,268 40,174 Investments available-for-sale (3) 45,180 42,827 Goodwill 39,439 38,854 Other (4) 66,900 66,186 $ 1,157,079 1,425,837 Liabilities: Notes and other debts payable $ 625,322 858,300 Other (5) 212,929 225,678 $ 838,251 1,083,978 (1) Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 29, 2016 and November 30, 2015 , 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). (4) As of February 29, 2016 and November 30, 2015 , other assets included mortgage loan commitments carried at fair value of $19.1 million and $13.1 million , respectively, and mortgage servicing rights carried at fair value of $15.8 million and $16.8 million , respectively. In addition, other assets also included forward contracts carried at fair value $0.5 million as of November 30, 2015 . (5) Other liabilities included $62.7 million and $65.0 million as of February 29, 2016 and November 30, 2015 , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $9.6 million as of February 29, 2016 . |
Schedule of Line of Credit Facilities [Table Text Block] | At February 29, 2016 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures August 2016 (1) $ 400,000 364-day warehouse repurchase facility that matures August 2016 300,000 364-day warehouse repurchase facility that matures October 2016 (2) 450,000 Total $ 1,150,000 (1) In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment will be increased to $600 million in the second quarter of fiscal 2016. (2) Maximum aggregate commitment includes an uncommitted amount of $250 million . |
Schedule Of Loan Origination Liabilities | The activity in the Company’s loan origination liabilities was as follows: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Loan origination liabilities, beginning of period $ 19,492 11,818 Provision for losses 788 802 Payments/settlements (172 ) (144 ) Loan origination liabilities, end of period $ 20,108 12,476 |
Rialto Segment (Tables)
Rialto Segment (Tables) - Rialto [Member] | 3 Months Ended |
Feb. 29, 2016 | |
Segment Reporting Information [Line Items] | |
Schedule Of Assets and Liabilities By Segment | The assets and liabilities related to the Rialto segment were as follows: (In thousands) February 29, November 30, Assets: Cash and cash equivalents $ 112,305 150,219 Restricted cash (1) 10,233 15,061 Receivables, net (2) — 154,948 Loans held-for-sale (3) 243,230 316,275 Loans receivable, net 166,536 164,826 Real estate owned - held-for-sale 177,221 183,052 Real estate owned - held-and-used, net 148,900 153,717 Investments in unconsolidated entities 234,039 224,869 Investments held-to-maturity 49,309 25,625 Other (4) 130,231 116,908 $ 1,272,004 1,505,500 Liabilities: Notes and other debts payable $ 609,150 771,728 Other (5) 47,153 94,496 $ 656,303 866,224 (1) Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as 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, 2015 . (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 $9.8 million and $6.2 million as of February 29, 2016 and November 30, 2015 , respectively, and interest rate swaps and swap futures carried at fair value of $0.3 million as of November 30, 2015 . (5) Other liabilities included interest rate swaps and swap futures carried at fair value of $6.0 million and $1.0 million as of February 29, 2016 and November 30, 2015 , respectively, and credit default swaps carried at fair value of $0.7 million as of November 30, 2015 . |
Other Income (Expense), Net Related By Segment | The following is a detail of Rialto other expense, net: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Realized gains on REO sales, net $ 3,746 3,130 Unrealized losses on transfer of loans receivable to REO and impairments, net (153 ) (2,556 ) REO and other expenses (14,835 ) (13,242 ) Rental and other income 10,551 12,396 Rialto other expense, net $ (691 ) (272 ) |
Loans Receivable, Net by Type | The following table represents loans receivable, net by type: (In thousands) February 29, November 30, Nonaccrual loans: FDIC and Bank Portfolios $ 78,447 88,694 Accrual loans 88,089 76,132 Loans receivable, net $ 166,536 164,826 |
Nonaccrual Loans | The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type: February 29, 2016 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 114,480 51,691 1,153 52,844 Single family homes 35,413 8,306 1,974 10,280 Commercial properties 12,154 1,379 1,072 2,451 Other 66,667 — 12,872 12,872 Loans receivable $ 228,714 61,376 17,071 78,447 November 30, 2015 Recorded Investment (In thousands) Unpaid Principal Balance With Allowance Without Allowance Total Recorded Investment Land $ 145,417 59,740 1,165 60,905 Single family homes 39,659 8,344 3,459 11,803 Commercial properties 13,458 1,368 1,085 2,453 Other 78,279 — 13,533 13,533 Loans receivable $ 276,813 69,452 19,242 88,694 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Nonaccrual — Loans in which forecasted principal and interest could not be reasonably estimated. The risk of nonaccrual loans relates to a decline in the value of the collateral securing the outstanding obligation and the recognition of an impairment through an allowance for loan losses if the recorded investment in the loan exceeds its fair value. The activity in the Company's allowance rollforward related to nonaccrual loans was as follows: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Allowance on nonaccrual loans, beginning of the period $ 35,625 58,236 Provision for loan losses, net of recoveries 2,339 1,224 Charge-offs (7,571 ) (8,441 ) Allowance on nonaccrual loans, end of the period $ 30,393 51,019 |
Changes In Real Estate Owned | The following tables represent the activity in REO : Three Months Ended February 29, February 28, (In thousands) 2016 2015 REO - held-for-sale, beginning of period $ 183,052 190,535 Improvements 887 1,704 Sales (16,510 ) (24,925 ) Impairments and unrealized losses (3,548 ) (1,418 ) Transfers from held-and-used, net (1) 13,340 19,615 REO - held-for-sale, end of period $ 177,221 185,511 Three Months Ended February 29, February 28, (In thousands) 2016 2015 REO - held-and-used, net, beginning of period $ 153,717 255,795 Additions 8,667 8,912 Improvements 307 643 Impairments (89 ) (1,413 ) Depreciation (362 ) (789 ) Transfers to held-for-sale (1) (13,340 ) (19,615 ) Other — (964 ) REO - held-and-used, net, end of period $ 148,900 242,569 (1) During both the three months ended February 29, 2016 and February 28, 2015 , 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 February 29, 2016 , Rialto warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures August 2016 (1) $ 250,000 364-day warehouse repurchase facility that matures October 2016 (one year extension) (1) 400,000 364-day warehouse repurchase facility that matures January 2017 (1) 250,000 Warehouse repurchase facility that matures December 2017 (1) 100,000 Warehouse repurchase facility that matures August 2018 (two - one year extensions) (2) 100,000 Total $ 1,100,000 (1) RMF uses these facilities to finance its loan origination and securitization activities. (2) In 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this facility will be held as accrual loans within loans receivable, net. Borrowings under this facility were $41.6 million and $36.3 million as of February 29, 2016 and November 30, 2015 , respectively. |
Private Equity Funds Related to Rialto Segment | The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: February 29, February 29, 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 $ 63,278 68,570 Rialto Real Estate Fund II, LP 2012 1,305,000 1,305,000 100,000 100,000 97,498 99,947 Rialto Mezzanine Partners Fund, LP 2013 300,000 300,000 33,799 33,799 28,296 32,344 Rialto Capital CMBS Funds 2014 102,878 102,878 44,750 44,750 44,097 23,233 Rialto Real Estate Fund III 2015 697,173 — 100,000 — 72 — Other investments 798 775 $ 234,039 224,869 |
Equity in Earnings (Loss) on Investments Related to Rialto Segment [Table Text Block] | Rialto's share of earnings (loss) from unconsolidated entities was as follows: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Rialto Real Estate Fund, LP $ 1,339 746 Rialto Real Estate Fund II, LP (722 ) 893 Rialto Mezzanine Partners Fund, LP 724 475 Rialto Capital CMBS Funds 372 544 Rialto Real Estate Fund III (239 ) — Other investments 23 6 Rialto equity in earnings from unconsolidated entities $ 1,497 2,664 |
Condensed Financial Information By Equity Method Investment, Balance Sheets | Balance Sheets (In thousands) February 29, November 30, Assets: Cash and cash equivalents $ 108,500 188,147 Loans receivable 450,787 473,997 Real estate owned 518,466 506,609 Investment securities 1,188,653 1,092,476 Investments in partnerships 422,493 429,979 Other assets 27,495 30,340 $ 2,716,394 2,721,548 Liabilities and equity: Accounts payable and other liabilities $ 35,947 29,462 Notes payable 450,250 374,498 Equity 2,230,197 2,317,588 $ 2,716,394 2,721,548 |
Condensed Financial Information By Equity Method Investment, Statements Of Operations | Statements of Operations Three Months Ended February 29, February 28, (In thousands) 2016 2015 Revenues $ 44,296 41,738 Costs and expenses 20,899 23,005 Other income (expense), net (1) (15,162 ) 5,874 Net earnings of unconsolidated entities $ 8,235 24,607 Rialto equity in earnings from unconsolidated entities $ 1,497 2,664 (1) Other income (expense), net, included realized and unrealized gains (losses) on investments |
Lennar Multifamily Segment (Tab
Lennar Multifamily Segment (Tables) - Lennar Multifamily [Member] | 3 Months Ended |
Feb. 29, 2016 | |
Segment Reporting Information [Line Items] | |
Schedule Of Assets and Liabilities By Segment | The assets and liabilities related to the Lennar Multifamily segment were as follows: (In thousands) February 29, November 30, Assets: Cash and cash equivalents $ 6,062 8,041 Land under development 145,917 115,982 Consolidated inventory not owned 5,508 5,508 Investments in unconsolidated entities 257,719 250,876 Other assets 35,902 34,945 $ 451,108 415,352 Liabilities: Accounts payable and other liabilities $ 57,300 62,943 Liabilities related to consolidated inventory not owned 4,007 4,007 $ 61,307 66,950 |
Condensed Financial Information By Equity Method Investment, Balance Sheets | Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets (In thousands) February 29, November 30, Assets: Cash and cash equivalents $ 43,252 39,579 Operating properties and equipment 1,563,679 1,398,244 Other assets 31,931 25,925 $ 1,638,862 1,463,748 Liabilities and equity: Accounts payable and other liabilities $ 210,231 179,551 Notes payable 520,177 466,724 Equity 908,454 817,473 $ 1,638,862 1,463,748 |
Condensed Financial Information By Equity Method Investment, Statements Of Operations | Statements of Operations Three Months Ended February 29, February 28, (In thousands) 2016 2015 Revenues $ 8,314 2,094 Costs and expenses 11,672 2,994 Other income, net 40,122 — Net earnings (loss) of unconsolidated entities $ 36,764 (900 ) Lennar Multifamily equity in earnings (loss) from unconsolidated entities (1) $ 19,686 (178 ) (1) For the three months ended February 29, 2016 , Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $20.4 million share of a gain as a result of the sale of an operating property by one of its unconsolidated entities. |
Lennar Homebuilding Senior No33
Lennar Homebuilding Senior Notes And Other Debts Payable (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Senior Notes And Other Debts Payable | (Dollars in thousands) February 29, November 30, Unsecured revolving credit facility $ 500,000 — 6.50% senior notes due 2016 249,960 249,905 12.25% senior notes due 2017 397,037 396,252 4.75% senior notes due 2017 397,922 397,736 6.95% senior notes due 2018 247,931 247,632 4.125% senior notes due 2018 273,460 273,319 4.500% senior notes due 2019 497,384 497,210 4.50% senior notes due 2019 596,868 596,622 2.75% convertible senior notes due 2020 71,041 233,225 3.25% convertible senior notes due 2021 398,644 398,194 4.750% senior notes due 2022 567,486 567,325 4.875% senior notes due 2023 393,642 393,545 4.750% senior notes due 2025 495,894 495,784 Mortgage notes on land and other debt 246,712 278,381 $ 5,333,981 5,025,130 |
Product Warranty (Tables)
Product Warranty (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Product Warranties Disclosures [Abstract] | |
Schedule Of Product Warranty Reserve | The activity in the Company’s warranty reserve was as follows: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Warranty reserve, beginning of period $ 130,853 115,927 Warranties issued 17,573 13,323 Adjustments to pre-existing warranties from changes in estimates (1) (620 ) 3,661 Payments (23,073 ) (16,640 ) Warranty reserve, end of period $ 124,733 116,271 (1) The adjustments to pre-existing warranties from changes in estimates during both the three months ended February 29, 2016 and February 28, 2015 primarily related to specific claims related to certain of our homebuilding communities and other adjustments. |
Share-Based Payment (Tables)
Share-Based Payment (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Compensation Expense, Share-Based Payment Awards | Compensation expense related to the Company’s share-based payment awards was as follows: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Nonvested shares $ 11,142 10,250 Stock options — 1 Total compensation expense for share-based awards $ 11,142 10,251 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts And Estimated Fair Value Of Financial Instruments | February 29, 2016 November 30, 2015 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Rialto: Loans receivable, net Level 3 $ 166,536 170,485 164,826 169,302 Investments held-to-maturity Level 3 $ 49,309 48,800 25,625 25,227 Lennar Financial Services: Loans held-for-investment, net Level 3 $ 31,223 30,333 30,998 29,931 Investments held-to-maturity Level 2 $ 39,268 39,127 40,174 40,098 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 5,333,981 5,846,813 5,025,130 5,936,327 Rialto notes and other debts payable Level 2 $ 609,150 631,629 771,728 803,013 Lennar Financial Services notes and other debts payable Level 2 $ 625,322 625,322 858,300 858,300 |
Fair Value Measured On Recurring Basis | The Company’s financial instruments measured at fair value on a recurring basis are summarized below: (In thousands) Fair Value Hierarchy Fair Value at Fair Value at Rialto Financial Assets: Loans held-for-sale (1) Level 3 $ 243,230 316,275 Credit default swaps Level 2 $ 9,770 6,153 Rialto Financial Liabilities: Interest rate swaps and swap futures Level 1 $ 5,983 978 Lennar Financial Services Assets (Liabilities): Loans held-for-sale (2) Level 2 $ 684,406 843,252 Investments available-for-sale Level 1 $ 45,180 42,827 Mortgage loan commitments Level 2 $ 19,113 13,060 Forward contracts Level 2 $ (9,637 ) 531 Mortgage servicing rights Level 3 $ 15,810 16,770 (1) The aggregate fair value of Rialto loans held-for-sale of $243.2 million at February 29, 2016 exceeds their aggregate principal balance of $238.1 million by $5.1 million . The aggregate fair value of loans held-for-sale of $316.3 million at November 30, 2015 exceeds their aggregate principal balance of $314.3 million by $2.0 million . (2) The aggregate fair value of Lennar Financial Services loans held-for-sale of $684.4 million at February 29, 2016 exceeds their aggregate principal balance of $655.6 million by $28.8 million . The aggregate fair value of loans held-for-sale of $843.3 million at November 30, 2015 exceeds their aggregate principal balance of $815.0 million by $28.2 million . |
Schedule Of Gains And Losses Of Financial Instruments | The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Three Months Ended February 29, February 28, (In thousands) 2016 2015 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ 513 (7,300 ) Mortgage loan commitments $ 6,053 6,279 Forward contracts $ (10,168 ) 7,521 Changes in fair value included in Rialto revenues: Financial Assets: Credit default swaps $ 3,431 (492 ) Financial Liabilities: Interest rate swaps and swap futures $ (5,006 ) (33 ) Changes in fair value included in other comprehensive income (loss): Lennar Financial Services investments available-for-sale $ (437 ) 200 |
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements | The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements: Three Months Ended February 29, 2016 February 28, 2015 Lennar Financial Services Rialto Lennar Financial Services Rialto (In thousands) Mortgage servicing rights Loans held-for-sale Mortgage servicing rights Loans held-for-sale Beginning balance $ 16,770 316,275 17,353 113,596 Purchases/loan originations 1,619 305,785 344 565,515 Sales/loan originations sold, including those not settled — (381,666 ) — (318,104 ) Disposals/settlements (627 ) — (779 ) — Changes in fair value (1) (1,952 ) 4,084 (132 ) (754 ) Interest and principal paydowns — (1,248 ) — (208 ) Ending balance $ 15,810 243,230 16,786 360,045 (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. |
Fair Value Measurements, Nonrecurring | The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represents only those assets whose carrying value were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended February 29, 2016 February 28, 2015 (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 $ 60,666 58,327 (2,339 ) 117,949 116,725 (1,224 ) Non-financial assets Lennar Homebuilding: Land and land under development (2) Level 3 $ 3,827 3,425 (402 ) — — — Rialto: REO - held-for-sale (3): Upon acquisition/transfer Level 3 $ 12,783 12,016 (767 ) 4,883 4,590 (293 ) Upon management periodic valuations Level 3 $ 16,430 13,649 (2,781 ) 5,604 4,479 (1,125 ) REO - held-and-used, net (4): Upon acquisition/transfer Level 3 $ 5,183 8,667 3,484 8,637 8,912 275 Upon management periodic valuations Level 3 $ 3,089 3,000 (89 ) 2,689 1,276 (1,413 ) (1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended February 29, 2016 and February 28, 2015 . (2) Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three months ended February 29, 2016 . (3) REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The losses upon the transfer or acquisition of REO and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 29, 2016 and February 28, 2015 . (4) REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains upon acquisition of REO held-and-used, net and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 29, 2016 and February 28, 2015 . |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
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) February 29, November 30, Lennar Homebuilding $ 771,401 741,551 Rialto $ 234,039 224,869 Lennar Multifamily $ 257,719 250,876 |
Estimated Maximum Exposure To Loss | The Company’s recorded investment in unconsolidated VIEs and its estimated maximum exposure to loss were as follows: As of February 29, 2016 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 130,249 145,882 Rialto (2) 49,309 49,309 Lennar Multifamily (3) 182,242 583,802 $ 361,800 778,993 As of November 30, 2015 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 102,706 111,215 Rialto (2) 25,625 25,625 Lennar Multifamily (3) 177,359 586,842 $ 305,690 723,682 (1) At February 29, 2016 and November 30, 2015 , 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 $15.4 million and $8.3 million , respectively, remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. (2) At both February 29, 2016 and November 30, 2015 , the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. At February 29, 2016 and November 30, 2015 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $49.3 million and $25.6 million , respectively, related to Rialto’s investments held-to-maturity. (3) As of February 29, 2016 and November 30, 2015 , the remaining equity commitment of $370.3 million and $378.3 million , respectively, to fund the Venture for future expenditures related to the construction and development of the projects is included in Lennar's maximum exposure to loss. In addition, at both February 29, 2016 and November 30, 2015 , 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 $30.0 million 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) | 3 Months Ended |
Feb. 29, 2016 | |
Supplemental Financial Information [Abstract] | |
Schedule of Condensed Balance Sheet | Supplemental information for the subsidiaries that were guarantor subsidiaries at February 29, 2016 was as follows: Condensed Consolidating Balance Sheet February 29, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 304,277 251,492 19,593 — 575,362 Inventories — 9,191,051 177,268 — 9,368,319 Investments in unconsolidated entities — 723,644 47,757 — 771,401 Other assets 168,966 340,531 75,683 14,735 599,915 Investments in subsidiaries 3,938,687 156,222 — (4,094,909 ) — Intercompany 6,927,085 — — (6,927,085 ) — 11,339,015 10,662,940 320,301 (11,007,259 ) 11,314,997 Rialto — — 1,272,004 — 1,272,004 Lennar Financial Services — 83,133 1,079,027 (5,081 ) 1,157,079 Lennar Multifamily — — 460,762 (9,654 ) 451,108 Total assets $ 11,339,015 10,746,073 3,132,094 (11,021,994 ) 14,195,188 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 431,632 675,799 84,612 — 1,192,043 Liabilities related to consolidated inventory not owned — 19,854 — — 19,854 Senior notes and other debts payable 5,087,269 235,862 10,850 — 5,333,981 Intercompany — 6,160,287 766,798 (6,927,085 ) — 5,518,901 7,091,802 862,260 (6,927,085 ) 6,545,878 Rialto — — 656,303 — 656,303 Lennar Financial Services — 27,500 810,751 — 838,251 Lennar Multifamily — — 61,307 — 61,307 Total liabilities 5,518,901 7,119,302 2,390,621 (6,927,085 ) 8,101,739 Stockholders’ equity 5,820,114 3,626,771 468,138 (4,094,909 ) 5,820,114 Noncontrolling interests — — 273,335 — 273,335 Total equity 5,820,114 3,626,771 741,473 (4,094,909 ) 6,093,449 Total liabilities and equity $ 11,339,015 10,746,073 3,132,094 (11,021,994 ) 14,195,188 Condensed Consolidating Balance Sheet November 30, 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 $ 595,921 372,146 13,384 — 981,451 Inventories — 8,571,769 168,827 — 8,740,596 Investments in unconsolidated entities — 692,879 48,672 — 741,551 Other assets 193,360 324,050 75,108 16,704 609,222 Investments in subsidiaries 3,958,687 176,660 — (4,135,347 ) — Intercompany 6,227,193 — — (6,227,193 ) — 10,975,161 10,137,504 305,991 (10,345,836 ) 11,072,820 Rialto — — 1,505,500 — 1,505,500 Lennar Financial Services — 89,532 1,341,565 (5,260 ) 1,425,837 Lennar Multifamily — — 426,796 (11,444 ) 415,352 Total assets $ 10,975,161 10,227,036 3,579,852 (10,362,540 ) 14,419,509 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 579,468 710,460 85,796 — 1,375,724 Liabilities related to consolidated inventory not owned — 51,431 — — 51,431 Senior notes and other debts payable 4,746,749 267,531 10,850 — 5,025,130 Intercompany — 5,514,610 712,583 (6,227,193 ) — 5,326,217 6,544,032 809,229 (6,227,193 ) 6,452,285 Rialto — — 866,224 — 866,224 Lennar Financial Services — 36,229 1,047,749 — 1,083,978 Lennar Multifamily — — 66,950 — 66,950 Total liabilities 5,326,217 6,580,261 2,790,152 (6,227,193 ) 8,469,437 Stockholders’ equity 5,648,944 3,646,775 488,572 (4,135,347 ) 5,648,944 Noncontrolling interests — — 301,128 — 301,128 Total equity 5,648,944 3,646,775 789,700 (4,135,347 ) 5,950,072 Total liabilities and equity $ 10,975,161 10,227,036 3,579,852 (10,362,540 ) 14,419,509 |
Consolidating Statement Of Operations | Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended February 29, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 1,786,481 — — 1,786,481 Lennar Financial Services — 40,610 88,342 (4,996 ) 123,956 Rialto — — 43,711 — 43,711 Lennar Multifamily — — 39,529 (13 ) 39,516 Total revenues — 1,827,091 171,582 (5,009 ) 1,993,664 Cost and expenses: Lennar Homebuilding — 1,556,166 14,863 (2,824 ) 1,568,205 Lennar Financial Services — 41,812 70,069 (2,856 ) 109,025 Rialto — — 43,217 (310 ) 42,907 Lennar Multifamily — — 47,020 — 47,020 Corporate general and administrative 46,148 255 — 1,265 47,668 Total costs and expenses 46,148 1,598,233 175,169 (4,725 ) 1,814,825 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — 3,849 (849 ) — 3,000 Lennar Homebuilding other income (expense), net 1,170 (8,516 ) 9,025 (1,160 ) 519 Other interest expense (1,444 ) (1,157 ) — 1,444 (1,157 ) Rialto equity in earnings from unconsolidated entities — — 1,497 — 1,497 Rialto other expense, net — — (691 ) — (691 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 19,686 — 19,686 Earnings (loss) before income taxes (46,422 ) 223,034 25,081 — 201,693 Benefit (provision) for income taxes 13,035 (61,710 ) (7,566 ) — (56,241 ) Equity in earnings from subsidiaries 177,467 4,538 — (182,005 ) — Net earnings (including net earnings attributable to noncontrolling interests) 144,080 165,862 17,515 (182,005 ) 145,452 Less: Net earnings attributable to noncontrolling interests — — 1,372 — 1,372 Net earnings attributable to Lennar $ 144,080 165,862 16,143 (182,005 ) 144,080 Other comprehensive income, net of tax: Net unrealized loss on securities available-for-sale (437 ) (437 ) Other comprehensive income attributable to Lennar $ 144,080 165,862 15,706 (182,005 ) 143,643 Other comprehensive income attributable to noncontrolling interests $ — — 1,372 — 1,372 Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended February 28, 2015 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 1,441,658 — — 1,441,658 Lennar Financial Services — 38,149 91,659 (4,981 ) 124,827 Rialto — — 41,197 — 41,197 Lennar Multifamily — — 36,457 — 36,457 Total revenues — 1,479,807 169,313 (4,981 ) 1,644,139 Cost and expenses: Lennar Homebuilding — 1,264,789 5,223 (4,837 ) 1,265,175 Lennar Financial Services — 38,226 71,276 (202 ) 109,300 Rialto — — 40,781 — 40,781 Lennar Multifamily — — 41,961 — 41,961 Corporate general and administrative 42,389 — — 1,265 43,654 Total costs and expenses 42,389 1,303,015 159,241 (3,774 ) 1,500,871 Lennar Homebuilding equity in earnings from unconsolidated entities — 22,374 6,525 — 28,899 Lennar Homebuilding other income, net 231 5,774 550 (222 ) 6,333 Other interest expense (1,429 ) (4,071 ) — 1,429 (4,071 ) Rialto equity in earnings from unconsolidated entities — — 2,664 — 2,664 Rialto other expense, net — — (272 ) — (272 ) Lennar Multifamily equity in loss from unconsolidated entities — — (178 ) — (178 ) Earnings (loss) before income taxes (43,587 ) 200,869 19,361 — 176,643 Benefit (provision) for income taxes 14,902 (67,471 ) (7,157 ) — (59,726 ) Equity in earnings from subsidiaries 143,648 8,825 — (152,473 ) — Net earnings (including net earnings attributable to noncontrolling interests) 114,963 142,223 12,204 (152,473 ) 116,917 Less: Net earnings attributable to noncontrolling interests — — 1,954 — 1,954 Net earnings attributable to Lennar $ 114,963 142,223 10,250 (152,473 ) 114,963 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 200 — 200 Other comprehensive income attributable to Lennar $ 114,963 142,223 10,450 (152,473 ) 115,163 Other comprehensive earnings attributable to noncontrolling interests $ — — 1,954 — 1,954 |
Consolidating Statement Of Cash Flows | Condensed Consolidating Statement of Cash Flows Three Months Ended February 29, 2016 (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) $ 144,080 165,862 17,515 (182,005 ) 145,452 Distributions of earnings from guarantor and non-guarantor subsidiaries 177,467 4,538 — (182,005 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (254,499 ) (660,587 ) 371,742 182,005 (361,339 ) Net cash provided by (used in) operating activities 67,048 (490,187 ) 389,257 (182,005 ) (215,887 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (32,149 ) (2,466 ) — (34,615 ) Proceeds from sales of real estate owned — — 20,256 — 20,256 Originations of loans receivable — — (10,046 ) — (10,046 ) Purchases of commercial mortgage-backed securities bonds — — (23,078 ) — (23,078 ) Other (3,400 ) (14,297 ) (1,406 ) — (19,103 ) Distributions of capital from guarantor and non-guarantor subsidiaries 20,000 20,000 — (40,000 ) — Intercompany (699,551 ) — — 699,551 — Net cash used in investing activities (682,951 ) (26,446 ) (16,740 ) 659,551 (66,586 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 500,000 — — — 500,000 Net repayments under warehouse facilities — — (395,233 ) — (395,233 ) Debt issuance costs — — (684 ) — (684 ) Conversions and exchanges of convertible senior notes (162,852 ) — — — (162,852 ) Principal payments on Rialto notes payable — — (669 ) — (669 ) Net repayments on other borrowings — (52,383 ) — — (52,383 ) Net payments related to noncontrolling interests — — (41,950 ) — (41,950 ) Excess tax benefits from share-based awards 7,029 — — — 7,029 Common stock: Repurchases (219 ) — — — (219 ) Dividends (8,552 ) (185,862 ) (36,143 ) 222,005 (8,552 ) Intercompany — 646,727 52,824 (699,551 ) — Net cash provided by (used in) financing activities 335,406 408,482 (421,855 ) (477,546 ) (155,513 ) Net decrease in cash and cash equivalents (280,497 ) (108,151 ) (49,338 ) — (437,986 ) Cash and cash equivalents at beginning of period 575,821 336,048 246,576 — 1,158,445 Cash and cash equivalents at end of period $ 295,324 227,897 197,238 — 720,459 Condensed Consolidating Statement of Cash Flows Three Months Ended February 28, 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) $ 114,963 142,223 12,204 (152,473 ) 116,917 Distributions of earnings from guarantor and non-guarantor subsidiaries 143,648 8,825 — (152,473 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (195,594 ) (678,406 ) (125,654 ) 152,473 (847,181 ) Net cash provided by (used in) operating activities 63,017 (527,358 ) (113,450 ) (152,473 ) (730,264 ) Cash flows from investing activities: Investments in and contributions to unconsolidated entities, net of distributions of capital — (10,668 ) (6,614 ) — (17,282 ) Proceeds from sales of real estate owned — — 28,055 — 28,055 Receipts of principal payments on loans receivable — — 3,519 — 3,519 Other (114 ) (52,518 ) (28,854 ) — (81,486 ) Distribution of capital from guarantor and non-guarantor subsidiaries 10,000 10,000 — (20,000 ) — Intercompany (845,940 ) — — 845,940 — Net cash used in investing activities (836,054 ) (53,186 ) (3,894 ) 825,940 (67,194 ) Cash flows from financing activities: Net borrowings under unsecured revolving credit facility 250,000 — — — 250,000 Net repayments under warehouse facilities — — (29,681 ) — (29,681 ) Proceeds from senior notes and debt issuance costs 249,425 — (294 ) — 249,131 Principal repayments on Rialto notes payable including structured notes — — (17,499 ) — (17,499 ) Net proceeds (repayments) on other borrowings — (61,337 ) (81 ) — (61,418 ) Net payments related to noncontrolling interests — — (56,327 ) — (56,327 ) Excess tax benefit from share-based awards 35 — — — 35 Common stock: Issuances 8,227 — — — 8,227 Repurchases (186 ) — — — (186 ) Dividends (8,208 ) (152,223 ) (20,250 ) 172,473 (8,208 ) Intercompany — 763,183 82,757 (845,940 ) — Net cash provided by (used in) financing activities 499,293 549,623 (41,375 ) (673,467 ) 334,074 Net decrease in cash and cash equivalents (273,744 ) (30,921 ) (158,719 ) — (463,384 ) 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 $ 359,574 221,993 236,863 — 818,430 |
Operating And Reporting Segme39
Operating And Reporting Segments (Disclosure Of Financial Information Relating To Company's Operations) (Details) - USD ($) | 3 Months Ended | ||||
Feb. 29, 2016 | Feb. 28, 2015 | Nov. 30, 2015 | |||
Segment Reporting Information [Line Items] | |||||
Assets | [1] | $ 14,195,188,000 | $ 14,419,509,000 | ||
Revenues: | |||||
Total revenues | 1,993,664,000 | $ 1,644,139,000 | |||
Operating Income (Loss) [Abstract] | |||||
Total operating earnings | 249,361,000 | 220,297,000 | |||
Corporate general and administrative | 47,668,000 | 43,654,000 | |||
Earnings before income taxes | 201,693,000 | 176,643,000 | |||
Sales incentives | 103,690,000 | 93,640,000 | |||
Sales incentives per home delivered | 21,600 | 21,800 | |||
Equity in earnings (loss) from unconsolidated entities | 24,183,000 | 31,385,000 | |||
Homebuilding East [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 3,519,242,000 | 3,140,604,000 | |||
Revenues: | |||||
Real estate revenues | 659,054,000 | 610,683,000 | |||
Operating Income (Loss) [Abstract] | |||||
Total operating earnings | 84,706,000 | 86,533,000 | |||
Homebuilding Central [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 1,488,437,000 | 1,421,195,000 | |||
Revenues: | |||||
Real estate revenues | 275,219,000 | 210,508,000 | |||
Operating Income (Loss) [Abstract] | |||||
Total operating earnings | 20,323,000 | 15,052,000 | |||
Homebuilding West [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 4,248,352,000 | 4,157,616,000 | |||
Revenues: | |||||
Real estate revenues | 551,339,000 | 382,773,000 | |||
Operating Income (Loss) [Abstract] | |||||
Total operating earnings | 88,834,000 | 82,493,000 | |||
Homebuilding Houston [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 541,449,000 | 481,386,000 | |||
Revenues: | |||||
Real estate revenues | 138,621,000 | 131,257,000 | |||
Operating Income (Loss) [Abstract] | |||||
Total operating earnings | 12,872,000 | 17,015,000 | |||
Homebuilding Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 825,145,000 | 858,000,000 | |||
Revenues: | |||||
Real estate revenues | 162,248,000 | 106,437,000 | |||
Operating Income (Loss) [Abstract] | |||||
Total operating earnings | 13,903,000 | 6,551,000 | |||
Lennar Financial Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 1,157,079,000 | 1,425,837,000 | [1] | ||
Revenues: | |||||
Financial Services, Revenues | 123,956,000 | 124,827,000 | |||
Operating Income (Loss) [Abstract] | |||||
Total operating earnings | 14,931,000 | 15,527,000 | |||
Rialto [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | [1] | 1,272,004,000 | 1,505,500,000 | ||
Revenues: | |||||
Rialto, Revenues | 43,711,000 | 41,197,000 | |||
Operating Income (Loss) [Abstract] | |||||
Total operating earnings | 1,610,000 | 2,808,000 | |||
Equity in earnings (loss) from unconsolidated entities | 1,497,000 | 2,664,000 | |||
Lennar Multifamily [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 451,108,000 | 415,352,000 | [1] | ||
Revenues: | |||||
Real estate revenues | 39,516,000 | 36,457,000 | |||
Operating Income (Loss) [Abstract] | |||||
Total operating earnings | 12,182,000 | (5,682,000) | |||
Equity in earnings (loss) from unconsolidated entities | 19,686,000 | (178,000) | |||
Corporate And Unallocated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 692,372,000 | $ 1,014,019,000 | |||
Homebuilding West Joint Venture [Member] | Homebuilding West [Member] | |||||
Operating Income (Loss) [Abstract] | |||||
Equity in earnings (loss) from unconsolidated entities | $ 6,016,000 | $ 31,319,000 | |||
[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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. |
Lennar Homebuilding Investmen40
Lennar Homebuilding Investments In Unconsolidated Entities (Narrative) (Details) $ in Thousands | 3 Months Ended | |||
Feb. 29, 2016USD ($)homes | Feb. 28, 2015USD ($)homes | Nov. 30, 2015USD ($) | ||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings (loss) from unconsolidated entities | $ 24,183 | $ 31,385 | ||
Lennar Homebuilding [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 99,726 | 442,957 | ||
Gross Profit | 20,669 | 145,501 | ||
Equity in earnings (loss) from unconsolidated entities | 3,000 | $ 28,899 | ||
Investments in unconsolidated entities | [1] | 771,401 | $ 741,551 | |
Underlying equity in unconsolidated partners' net assets | $ 873,315 | $ 839,469 | ||
Related Party Transaction [Domain] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Homesites sold | homes | 300 | |||
Revenues | $ 126,418 | |||
Gross Profit | $ 44,621 | |||
Homebuilding West [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Homesites sold | homes | 220 | 900 | ||
Homebuilding West Joint Venture [Member] | Homebuilding West [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Homesites sold | homes | 600 | |||
Equity in earnings (loss) from unconsolidated entities | $ 6,016 | $ 31,319 | ||
Unconsolidated Properties [Member] | Lennar Homebuilding [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 62,063 | $ 412,222 | ||
[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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. |
Lennar Homebuilding Investmen41
Lennar Homebuilding Investments In Unconsolidated Entities (Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | $ 24,183 | $ 31,385 |
Lennar Homebuilding [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 99,726 | 442,957 |
Costs and expenses | 97,200 | 298,879 |
Other income, net | 0 | 2,943 |
Net earnings (loss) of unconsolidated entities | 2,526 | 147,021 |
Equity in earnings (loss) from unconsolidated entities | $ 3,000 | $ 28,899 |
Lennar Homebuilding Investmen42
Lennar Homebuilding Investments In Unconsolidated Entities (Balance Sheets) (Details) - Lennar Homebuilding [Member] - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 242,573 | $ 248,980 |
Inventories | 3,126,810 | 3,059,054 |
Other assets | 501,077 | 465,404 |
Total assets | 3,870,460 | 3,773,438 |
LIABILITIES AND EQUITY | ||
Accounts payable and other liabilities | 279,893 | 288,192 |
Debt | 836,483 | 792,886 |
Equity | 2,754,084 | 2,692,360 |
Total liabilities and equity | $ 3,870,460 | $ 3,773,438 |
Lennar Homebuilding Investmen43
Lennar Homebuilding Investments In Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details) - Lennar Homebuilding [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Feb. 29, 2016 | Nov. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Non-recourse bank debt and other debt (partner's share of several recourse) | $ 50,098 | $ 50,411 |
Non-recourse land seller debt or other debt | 323,995 | 324,000 |
Non-recourse debt with completion guarantees | 148,781 | 146,760 |
Non-recourse debt without completion guarantees | 303,080 | 260,734 |
Non-recourse debt to the Company | 825,954 | 781,905 |
The Company's maximum recourse exposure | 10,529 | 10,981 |
Total debt | $ 836,483 | $ 792,886 |
The Company's maximum recourse exposure as a % of total JV debt | 1.00% | 1.00% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - shares | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Stockholders' Equity Note [Abstract] | ||
Maximum number of shares to repurchase | 20,000,000 | |
Repurchases of common stock | 0 | 0 |
Common stock that can be repurchased in the future | 6,200,000 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | $ 5,950,072 | [1] | $ 5,251,302 |
Net earnings (including net earnings attributable to noncontrolling interests) | 145,452 | 116,917 | |
Employee stock and directors plans | (194) | 8,074 | |
Conversions and exchanges of convertible senior notes to Class A common stock | 0 | ||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 25,131 | 35 | |
Amortization of restricted stock | 11,142 | 10,250 | |
Cash dividends | (8,552) | (8,208) | |
Receipts related to noncontrolling interests | 65 | 1,302 | |
Payments related to noncontrolling interests | (42,015) | (57,629) | |
Noncontrolling Interests Non Cash Consolidations | 12,478 | ||
Noncontrolling Interests Non Cash Deconsolidations | (13,253) | ||
Non-cash activity related to noncontrolling interests | 307 | ||
Other comprehensive income (loss), net of tax | (437) | 200 | |
Balance, ending | 6,093,449 | [1] | 5,308,990 |
Additional Paid-in Capital [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | 2,305,560 | 2,239,574 | |
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | |
Employee stock and directors plans | 29 | 47 | |
Conversions and exchanges of convertible senior notes to Class A common stock | (360) | ||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 25,131 | 35 | |
Amortization of restricted stock | 11,142 | 10,250 | |
Cash dividends | 0 | 0 | |
Receipts related to noncontrolling interests | 0 | 0 | |
Payments related to noncontrolling interests | 0 | 0 | |
Noncontrolling Interests Non Cash Consolidations | 0 | ||
Noncontrolling Interests Non Cash Deconsolidations | 0 | ||
Non-cash activity related to noncontrolling interests | 0 | ||
Other comprehensive income (loss), net of tax | 0 | 0 | |
Balance, ending | 2,341,502 | 2,249,906 | |
Treasury Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | (107,755) | (93,440) | |
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | |
Employee stock and directors plans | (223) | 8,026 | |
Conversions and exchanges of convertible senior notes to Class A common stock | 0 | ||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 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 | |
Noncontrolling Interests Non Cash Consolidations | 0 | ||
Noncontrolling Interests Non Cash Deconsolidations | 0 | ||
Non-cash activity related to noncontrolling interests | 0 | ||
Other comprehensive income (loss), net of tax | 0 | 0 | |
Balance, ending | (107,978) | (85,414) | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | 39 | 130 | |
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | |
Employee stock and directors plans | 0 | 0 | |
Conversions and exchanges of convertible senior notes to Class A common stock | 0 | ||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 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 | |
Noncontrolling Interests Non Cash Consolidations | 0 | ||
Noncontrolling Interests Non Cash Deconsolidations | 0 | ||
Non-cash activity related to noncontrolling interests | 0 | ||
Other comprehensive income (loss), net of tax | (437) | 200 | |
Balance, ending | (398) | 330 | |
Retained Earnings [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | 3,429,736 | 2,660,034 | |
Net earnings (including net earnings attributable to noncontrolling interests) | 144,080 | 114,963 | |
Employee stock and directors plans | 0 | 0 | |
Conversions and exchanges of convertible senior notes to Class A common stock | 0 | ||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 0 | 0 | |
Amortization of restricted stock | 0 | 0 | |
Cash dividends | (8,552) | (8,208) | |
Receipts related to noncontrolling interests | 0 | 0 | |
Payments related to noncontrolling interests | 0 | 0 | |
Noncontrolling Interests Non Cash Consolidations | 0 | ||
Noncontrolling Interests Non Cash Deconsolidations | 0 | ||
Non-cash activity related to noncontrolling interests | 0 | ||
Other comprehensive income (loss), net of tax | 0 | 0 | |
Balance, ending | 3,565,264 | 2,766,789 | |
Noncontrolling Interests [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | 301,128 | 424,282 | |
Net earnings (including net earnings attributable to noncontrolling interests) | 1,372 | 1,954 | |
Employee stock and directors plans | 0 | 0 | |
Conversions and exchanges of convertible senior notes to Class A common stock | 0 | ||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 0 | 0 | |
Amortization of restricted stock | 0 | 0 | |
Cash dividends | 0 | 0 | |
Receipts related to noncontrolling interests | 65 | 1,302 | |
Payments related to noncontrolling interests | (42,015) | (57,629) | |
Noncontrolling Interests Non Cash Consolidations | 12,478 | ||
Noncontrolling Interests Non Cash Deconsolidations | (13,253) | ||
Non-cash activity related to noncontrolling interests | 307 | ||
Other comprehensive income (loss), net of tax | 0 | 0 | |
Balance, ending | 273,335 | 356,656 | |
Class A Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning | 18,066 | 17,424 | |
Net earnings (including net earnings attributable to noncontrolling interests) | 0 | 0 | |
Employee stock and directors plans | 0 | 1 | |
Conversions and exchanges of convertible senior notes to Class A common stock | 360 | ||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 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 | |
Noncontrolling Interests Non Cash Consolidations | 0 | ||
Noncontrolling Interests Non Cash Deconsolidations | 0 | ||
Non-cash activity related to noncontrolling interests | 0 | ||
Other comprehensive income (loss), net of tax | 0 | 0 | |
Balance, ending | 18,426 | 17,425 | |
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 | |
Conversions and exchanges of convertible senior notes to Class A common stock | 0 | ||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 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 | |
Noncontrolling Interests Non Cash Consolidations | 0 | ||
Noncontrolling Interests Non Cash Deconsolidations | 0 | ||
Non-cash activity related to noncontrolling interests | 0 | ||
Other comprehensive income (loss), net of tax | 0 | 0 | |
Balance, ending | $ 3,298 | $ 3,298 | |
[1] | As of February 29, 2016, total liabilities include $60.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $19.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $21.7 million in Lennar Homebuilding other liabilities, $11.7 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Nov. 30, 2015 | |
Valuation Allowance [Line Items] | ||
Deferred tax assets, net of valuation allowance | $ 315,704 | $ 340,725 |
Unrecognized tax benefits | 12,285 | 12,285 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 43,668 | $ 65,145 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 724 | |
Settlement Of Certain State Tax Nexus [Member] | ||
Valuation Allowance [Line Items] | ||
Decreases In Accrued Interest And Penalties | $ (22,201) |
Income Taxes (Income Tax Benefi
Income Taxes (Income Tax Benefit (Provision)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Income Tax Benefit (Provision) [Abstract] | ||
Provision (benefit) for income taxes | $ 56,241 | $ 59,726 |
Effective Income Tax Rate, Continuing Operations | 28.08% | 34.19% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Nov. 30, 2011 | |
Earnings Per Share [Line Items] | |||
Net earnings attributable to Lennar | $ 144,080 | $ 114,963 | |
Less: distributed earnings allocated to nonvested shares | 89 | 91 | |
Less: undistributed earnings allocated to nonvested shares | 1,420 | 1,184 | |
Numerator for basic earnings per share | 142,571 | 113,688 | |
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan | 202 | 0 | |
Plus: interest on 3.25% convertible senior notes due 2021 | 1,982 | 1,982 | |
Plus: undistributed earnings allocated to convertible shares | 1,420 | 1,184 | |
Less: undistributed earnings reallocated to convertible shares | 1,325 | 1,064 | |
Numerator for diluted earnings per share | $ 144,446 | $ 115,790 | |
Denominator for basic earnings per share-weighted average common shares outstanding (shares) | 210,292 | 202,930 | |
Shared based payments (shares) | 4 | 11 | |
Convertible senior notes (shares) | 18,620 | 27,375 | |
Denominator for diluted earnings per share-weighted average common shares outstanding (shares) | 228,916 | 230,316 | |
Basic earnings per share (in dollars per share) | $ 0.68 | $ 0.56 | |
Diluted earnings per share (in dollars per share) | $ 0.63 | $ 0.50 | |
Options to purchase outstanding and anti-dilutive shares | 0 | 0 | |
3.25% Convertible Senior Notes Due 2021 [Member] | |||
Earnings Per Share [Line Items] | |||
Interest rate | 3.25% | 3.25% |
Lennar Financial Services Seg49
Lennar Financial Services Segment (Narrative) (Details) - Lennar Financial Services [Member] - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 |
Segment Reporting Information [Line Items] | ||
Borrowings under the facilities | $ 625,323 | $ 858,301 |
Collateralized mortgage loans and receivable loans sold to investors but not yet paid, principal balances | $ 673,053 | $ 916,938 |
Lennar Financial Services Seg50
Lennar Financial Services Segment (Schedule Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | ||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | $ 720,459 | $ 1,158,445 | $ 818,430 | $ 1,281,814 | ||
Total assets | [1] | 14,195,188 | 14,419,509 | |||
Total liabilities | [2] | 8,101,739 | 8,469,437 | |||
Lennar Financial Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | 91,214 | 106,777 | $ 84,201 | |||
Restricted cash | 9,235 | 13,961 | ||||
Receivables, net | 150,214 | 242,808 | ||||
Loans held-for-sale | 684,406 | 843,252 | ||||
Loans held-for-investment, net | 31,223 | 30,998 | ||||
Investments held-to-maturity | 39,268 | 40,174 | ||||
Available-for-sale Securities | 45,180 | 42,827 | ||||
Goodwill | 39,439 | 38,854 | ||||
Other assets | 66,900 | 66,186 | ||||
Total assets | 1,157,079 | 1,425,837 | [1] | |||
Notes and loans payable | 625,322 | 858,300 | ||||
Other liabilities | 212,929 | 225,678 | ||||
Total liabilities | [2] | 838,251 | 1,083,978 | |||
Self-insurance reserves | 62,740 | 65,022 | ||||
Servicing Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Lennar Financial Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Mortgage servicing rights | 15,810 | 16,770 | ||||
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Other assets (mortgage loan commitments/forward contracts) | 19,113 | 13,060 | ||||
Forward Contracts [Member] | Lennar Financial Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Other assets (mortgage loan commitments/forward contracts) | $ 531 | |||||
Other Liabilities, Fair Value Disclosure | $ (9,637) | |||||
[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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. | |||||
[2] | As of February 29, 2016, total liabilities include $60.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $19.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $21.7 million in Lennar Homebuilding other liabilities, $11.7 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities. |
Lennar Financial Services Seg51
Lennar Financial Services Segment (Schedule of Credit Facilities) (Details) - Lennar Financial Services [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Mar. 01, 2016 | |
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,150,000 | |
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 | $ 300,000 | |
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 | $ 450,000 | |
Line of credit facility, term | 364 days | |
Additional Uncommitted Borrowing Capacity Under The Credit Facility | $ 250,000 | |
Subsequent Event [Member] | Warehouse Repurchase Facility One [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 600,000 |
Lennar Financial Services Seg52
Lennar Financial Services Segment (Schedule Of Loan Origination Liabilities) (Details) - Lennar Financial Services [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Segment Reporting Information [Line Items] | ||
Loan origination liabilities, beginning of period | $ 19,492 | $ 11,818 |
Provision for losses | 788 | 802 |
Payments/settlements | (172) | (144) |
Loan origination liabilities, end of period | $ 20,108 | $ 12,476 |
Rialto Segment (Narrative) (Det
Rialto Segment (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2010USD ($) | Feb. 29, 2016USD ($) | Feb. 28, 2015USD ($) | May. 31, 2014USD ($) | Nov. 30, 2015USD ($) | Nov. 30, 2013USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2010USD ($) | Sep. 30, 2010loans | Sep. 30, 2010properties | Feb. 28, 2010 | ||
Segment Reporting Information [Line Items] | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 1,372,000 | $ 1,954,000 | ||||||||||||
Total consolidated VIEs assets | 582,074,000 | $ 652,253,000 | ||||||||||||
Total consolidated VIEs liabilities | 60,276,000 | 84,354,000 | ||||||||||||
Accrual loans | 88,089,000 | 76,132,000 | ||||||||||||
Originations of loans receivable | 10,046,000 | 0 | ||||||||||||
Proceeds from issuance of senior long-term debt | 0 | 250,625,000 | ||||||||||||
Notes payable | 5,333,981,000 | $ 5,025,130,000 | ||||||||||||
Stock Award Incentive Plan, Employee Distribution Percentage | 40.00% | |||||||||||||
FDIC [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Managing member equity interests acquired | 40.00% | |||||||||||||
Bank Portfolios [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of distressed residential and commercial real estate loans | loans | 400 | |||||||||||||
Number of real estate owned properties | 300 | 300 | ||||||||||||
Payments For Purchase Of Real Estate Assets | $ 310,000,000 | |||||||||||||
Notes payable | 30,311,000 | $ 30,311,000 | $ 124,000,000 | |||||||||||
Debt instrument, maturity period | 5 years | |||||||||||||
Commercial Mortgage Backed Securities [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Other than temporary impairment on investment securities | 0 | 0 | ||||||||||||
Real Estate Funds [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenue From Accretable Interest Income And Other Services | 4,900,000 | 6,500,000 | ||||||||||||
Rialto [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Provision for Loan, Lease, and Other Losses | 2,339,000 | 1,224,000 | ||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (339,000) | (1,814,000) | ||||||||||||
Average recorded investment in loans | 84,000,000 | 123,000,000 | ||||||||||||
Gains (losses) upon acquisition of REO | 2,717,000 | |||||||||||||
Originations of loans receivable | 315,285,000 | |||||||||||||
Accounts Receivable from Securitization | 151,753,000 | |||||||||||||
Line of credit facility, amount outstanding | 146,276,000 | 317,104,000 | ||||||||||||
Notes payable | [1] | 609,150,000 | 771,728,000 | |||||||||||
Revenue From Accretable Interest Income And Other Services | 43,711,000 | 41,197,000 | ||||||||||||
Investments held-to-maturity | [2] | 49,309,000 | 25,625,000 | |||||||||||
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 | $ 346,700,000 | |||||||||||||
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 | 348,130,000 | 347,944,000 | ||||||||||||
2.85% Notes [Member] | Rialto [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 73,830,000 | |||||||||||||
Rate Premium Discount Senior Debt | 100.00% | |||||||||||||
Interest rate | 2.85% | |||||||||||||
Proceeds from issuance of senior long-term debt | $ 69,050,000 | |||||||||||||
Notes payable | 31,119,000 | 31,317,000 | ||||||||||||
5.0% Notes Payable [Member] | Rialto [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 20,824,000 | |||||||||||||
Rate Premium Discount Senior Debt | 99.50% | |||||||||||||
Interest rate | 5.00% | |||||||||||||
Proceeds from issuance of senior long-term debt | $ 20,749,000 | |||||||||||||
Loans Held-For-Sale [Member] | Rialto [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Originations of loans receivable | 305,785,000 | 565,515,000 | ||||||||||||
Proceeds from sale of loans held-for-sale | 380,166,000 | $ 318,104,000 | ||||||||||||
Rialto Consolidated VIEs [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total consolidated VIEs assets | 307,446,000 | 355,204,000 | ||||||||||||
Total consolidated VIEs liabilities | 11,678,000 | $ 11,257,000 | ||||||||||||
Convertible Land Loan [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Accrual loans | 18,109,000 | |||||||||||||
Commercial Property Loan [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Accrual loans | $ 69,980,000 | |||||||||||||
Minimum [Member] | Commercial Mortgage Backed Securities [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Discount on investment percentage | 39.00% | |||||||||||||
Investments interest rate | 3.00% | |||||||||||||
Maximum [Member] | Commercial Mortgage Backed Securities [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Discount on investment percentage | 55.00% | |||||||||||||
Investments interest rate | 4.00% | |||||||||||||
Performing Financing Receivable [Member] | Rialto [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Originations of loans receivable | $ 9,500,000 | |||||||||||||
[1] | As of February 29, 2016, total liabilities include $60.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $19.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $21.7 million in Lennar Homebuilding other liabilities, $11.7 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities. | |||||||||||||
[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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. |
Rialto Segment (Assets And Liab
Rialto Segment (Assets And Liabilities By Segment) (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | |||
Segment Reporting Information [Line Items] | |||||||
Cash and cash equivalents | $ 720,459 | $ 1,158,445 | $ 818,430 | $ 1,281,814 | |||
Loans receivable, net | 166,536 | 164,826 | |||||
Total assets | [1] | 14,195,188 | 14,419,509 | ||||
Notes payable | 5,333,981 | 5,025,130 | |||||
Total liabilities | [2] | 8,101,739 | 8,469,437 | ||||
Rialto [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Cash and cash equivalents | 112,305 | [1] | 150,219 | [1] | $ 147,219 | ||
Restricted cash | 10,233 | 15,061 | |||||
Receivables, net | 0 | 154,948 | |||||
Loans held-for-sale | [1] | 243,230 | 316,275 | ||||
Loans receivable, net | [1] | 166,536 | 164,826 | ||||
Real estate owned - held-for-sale | [1] | 177,221 | 183,052 | ||||
Real estate owned - held-and-used, net | [1] | 148,900 | 153,717 | ||||
Investments in unconsolidated entities | [1] | 234,039 | 224,869 | ||||
Investments held-to-maturity | [1] | 49,309 | 25,625 | ||||
Other Assets | [1] | 130,231 | 116,908 | ||||
Total assets | [1] | 1,272,004 | 1,505,500 | ||||
Notes payable | [2] | 609,150 | 771,728 | ||||
Other liabilities | [2] | 47,153 | 94,496 | ||||
Total liabilities | [2] | 656,303 | 866,224 | ||||
Fair Value, Inputs, Level 2 [Member] | Rialto [Member] | Credit Default Swap [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Forward contracts/Credit default swaps, derivative asset | 9,770 | 6,153 | |||||
Credit default swaps, derivative liability | 720 | ||||||
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 | 280 | ||||||
Interest rate swaps and swap futures, derivative liability | $ 5,983 | $ 978 | |||||
[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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. | ||||||
[2] | As of February 29, 2016, total liabilities include $60.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $19.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $21.7 million in Lennar Homebuilding other liabilities, $11.7 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities. |
Rialto Segment (Other Income Ex
Rialto Segment (Other Income Expense) (Details) - Rialto [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Component of Operating Other Cost and Expense [Line Items] | ||
Gains (losses) on sales of investment real estate | $ 3,746 | $ 3,130 |
Unrealized losses on transfer of loans receivable to REO and impairments, net | (153) | (2,556) |
REO and other expenses | (14,835) | (13,242) |
Rental and other income | 10,551 | 12,396 |
Rialto other expense, net | $ (691) | $ (272) |
Rialto Segment (Loans, Net) (De
Rialto Segment (Loans, Net) (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 |
Rialto Investments Segment [Abstract] | ||
Impaired Financing Receivable, Recorded Investment | $ 78,447 | $ 88,694 |
Accrual loans | 88,089 | 76,132 |
Loans receivable, net | $ 166,536 | $ 164,826 |
Rialto Segment (Nonaccrual Loan
Rialto Segment (Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investment in impaired loans | $ 78,447 | $ 88,694 |
Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 114,480 | 145,417 |
Recorded investment, with allowance | 51,691 | 59,740 |
Recorded investment, without allowance | 1,153 | 1,165 |
Investment in impaired loans | 52,844 | 60,905 |
Single Family Homes [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 35,413 | 39,659 |
Recorded investment, with allowance | 8,306 | 8,344 |
Recorded investment, without allowance | 1,974 | 3,459 |
Investment in impaired loans | 10,280 | 11,803 |
Commercial Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 12,154 | 13,458 |
Recorded investment, with allowance | 1,379 | 1,368 |
Recorded investment, without allowance | 1,072 | 1,085 |
Investment in impaired loans | 2,451 | 2,453 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 66,667 | 78,279 |
Recorded investment, with allowance | 0 | 0 |
Recorded investment, without allowance | 12,872 | 13,533 |
Investment in impaired loans | 12,872 | 13,533 |
Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 228,714 | 276,813 |
Recorded investment, with allowance | 61,376 | 69,452 |
Recorded investment, without allowance | 17,071 | 19,242 |
Investment in impaired loans | $ 78,447 | $ 88,694 |
Rialto Segment (Allowance on Lo
Rialto Segment (Allowance on Loans Receivable) (Details) - Rialto [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Nonaccrual [Roll Forward] | ||
Impaired Financing Receivable, Related Allowance, beginning period | $ 35,625 | $ 58,236 |
Provision for Loan and Lease Losses | 2,339 | 1,224 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (7,571) | (8,441) |
Impaired Financing Receivable, Related Allowance, end of period | $ 30,393 | $ 51,019 |
Rialto Segment (Changes In Real
Rialto Segment (Changes In Real Estate Owned) (Details) - Rialto [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | ||
REO Property [Roll Forward] | |||
REO - held-for-sale, beginning of period | [1] | $ 183,052 | |
REO - held-for-sale, net, end of period | [1] | 177,221 | |
REO Held And Used [Roll Forward] | |||
REO - held-and-used, net, beginning of period | [1] | 153,717 | |
REO - held-and-used, net, end of period | [1] | 148,900 | |
Real Estate Owned [Member] | |||
REO Property [Roll Forward] | |||
REO - held-for-sale, beginning of period | 183,052 | $ 190,535 | |
REO - held-for-sale, improvements | 887 | 1,704 | |
REO - held-for-sale, sales | (16,510) | (24,925) | |
REO - held-for-sale, impairments | (3,548) | (1,418) | |
REO - held-for-sale, transfers to from held-and-used, net | 13,340 | 19,615 | |
REO - held-for-sale, net, end of period | 177,221 | 185,511 | |
REO Held And Used [Roll Forward] | |||
REO - held-and-used, net, beginning of period | 153,717 | 255,795 | |
REO - held-and-used, additions | 8,667 | 8,912 | |
REO - held-and-used, improvements | 307 | 643 | |
REO - held-and-used, impairments | (89) | (1,413) | |
REO - held-and-used, depreciation | (362) | (789) | |
REO - held-and-used, transfers to from held-for-sale | (13,340) | (19,615) | |
REO - held-and-use, net, other | 0 | (964) | |
REO - held-and-used, net, end of period | $ 148,900 | $ 242,569 | |
[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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. |
Rialto Segment (Schedule of Cre
Rialto Segment (Schedule of Credit Facilities) (Details) - Rialto [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Nov. 30, 2015 | |
Line of Credit Facility [Line Items] | ||
Borrowings under the facilities | $ 146,276 | $ 317,104 |
Line of credit facility, maximum borrowing capacity | 1,100,000 | |
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 Five [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 100,000 | |
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] | ||
Borrowings under the facilities | $ 41,550 | $ 36,300 |
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 | Feb. 29, 2016 | Nov. 30, 2015 | |
Rialto [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | [1] | $ 234,039 | $ 224,869 |
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 | 63,278 | 68,570 | |
Real Estate Investment Fund II [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Commitment | 1,305,000 | ||
Total equity commitment called | 1,305,000 | ||
Investment Commitment | 100,000 | ||
Total amount invested | 100,000 | ||
Equity method investments | 97,498 | 99,947 | |
Real Estate Mezanine Fund [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Commitment | 300,000 | ||
Total equity commitment called | 300,000 | ||
Investment Commitment | 33,799 | ||
Total amount invested | 33,799 | ||
Equity method investments | 28,296 | 32,344 | |
Commercial Mortgage Backed Securities [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Commitment | 102,878 | ||
Total equity commitment called | 102,878 | ||
Investment Commitment | 44,750 | ||
Total amount invested | 44,750 | ||
Equity method investments | 44,097 | 23,233 | |
Real Estate Investment Fund III [Member] [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Commitment | 697,173 | ||
Total equity commitment called | 0 | ||
Investment Commitment | 100,000 | ||
Total amount invested | 0 | ||
Equity method investments | 72 | 0 | |
Other equity method investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 798 | $ 775 | |
[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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. |
Rialto Segment Rialto Segment (
Rialto Segment Rialto Segment (Equity in Earnings (Loss) on Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | $ 24,183 | $ 31,385 |
Real Estate Investment Fund [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | 1,339 | 746 |
Real Estate Investment Fund II [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | (722) | 893 |
Real Estate Mezanine Fund [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | 724 | 475 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | 372 | 544 |
Real Estate Investment Fund III [Member] [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | (239) | 0 |
Other equity method investments [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | 23 | 6 |
Rialto [Member] | ||
Schedule of Equity in Earnings (Loss) on Investments [Line Items] | ||
Equity in earnings (loss) from unconsolidated entities | $ 1,497 | $ 2,664 |
Rialto Segment (Condensed Finan
Rialto Segment (Condensed Financial Information By Equity Method Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Nov. 30, 2015 | |
Segment Reporting Information [Line Items] | |||
Equity in earnings (loss) from unconsolidated entities | $ 24,183 | $ 31,385 | |
Rialto [Member] | |||
Segment Reporting Information [Line Items] | |||
Cash and cash equivalents | 108,500 | $ 188,147 | |
Loans receivable | 450,787 | 473,997 | |
Real estate owned | 518,466 | 506,609 | |
Investment securities | 1,188,653 | 1,092,476 | |
Investments in partnerships | 422,493 | 429,979 | |
Other assets | 27,495 | 30,340 | |
Total assets | 2,716,394 | 2,721,548 | |
Accounts payable and other liabilities | 35,947 | 29,462 | |
Notes payable | 450,250 | 374,498 | |
Equity | 2,230,197 | 2,317,588 | |
Total liabilities and equity | 2,716,394 | $ 2,721,548 | |
Revenues | 44,296 | 41,738 | |
Costs and expenses | 20,899 | 23,005 | |
Other income, net | (15,162) | 5,874 | |
Net earnings (loss) of unconsolidated entities | 8,235 | 24,607 | |
Equity in earnings (loss) from unconsolidated entities | $ 1,497 | $ 2,664 |
Lennar Multifamily (Narrative)
Lennar Multifamily (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Feb. 29, 2016 | Feb. 28, 2015 | Nov. 30, 2015 | Jul. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | $ 69,356 | $ 18,174 | ||
Lennar Multifamily [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Non-recourse debt with completion guarantees | 520,177 | $ 466,724 | ||
Management Fees And Reimbursement Of Expenses From Unconsolidated Entities | 8,111 | 4,522 | ||
General contractor revenue | 31,405 | 31,935 | ||
General Contractor Costs | 30,637 | $ 31,329 | ||
Investments in unconsolidated entities | 257,719 | 250,876 | ||
Lennar Multifamily Venture [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Equity Commitment | 300,000 | $ 1,400,000 | ||
Investment Commitment | $ 504,000 | |||
Total equity commitment called | 372,615 | |||
Total amount invested | 133,746 | |||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 43,611 | |||
Investments in unconsolidated entities | 127,040 | 122,522 | ||
Financial Letters Of Credit [Member] | Lennar Multifamily [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Letters of credit outstanding, amount | $ 36,930 | $ 37,920 |
Lennar Multifamily Segment (Ass
Lennar Multifamily Segment (Assets and Liabilities related to Multifamily Segment) (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | ||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | $ 720,459 | $ 1,158,445 | $ 818,430 | $ 1,281,814 | ||
Total assets | [1] | 14,195,188 | 14,419,509 | |||
Total liabilities | [2] | 8,101,739 | 8,469,437 | |||
Lennar Multifamily [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Cash and cash equivalents | 6,062 | 8,041 | $ 3,256 | |||
Land and land under development | 145,917 | 115,982 | ||||
Land under purchase options, recorded | 5,508 | 5,508 | ||||
Investments in unconsolidated entities | 257,719 | 250,876 | ||||
Other assets | 35,902 | 34,945 | ||||
Total assets | 451,108 | 415,352 | [1] | |||
Accounts payable | 57,300 | 62,943 | ||||
Liabilities related to consolidated inventory not owned | 4,007 | 4,007 | ||||
Total liabilities | $ 61,307 | $ 66,950 | ||||
[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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. | |||||
[2] | As of February 29, 2016, total liabilities include $60.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $19.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $21.7 million in Lennar Homebuilding other liabilities, $11.7 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities. |
Lennar Multifamily Segment (Con
Lennar Multifamily Segment (Condensed Financial Information by Equity Method Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Nov. 30, 2015 | |
Segment Reporting Information [Line Items] | |||
Equity in earnings (loss) from unconsolidated entities | $ 24,183 | $ 31,385 | |
Lennar Multifamily [Member] | |||
Segment Reporting Information [Line Items] | |||
Cash and cash equivalents | 43,252 | $ 39,579 | |
Operating properties and equipment | 1,563,679 | 1,398,244 | |
Other assets | 31,931 | 25,925 | |
Total assets | 1,638,862 | 1,463,748 | |
Accounts payable and other liabilities | 210,231 | 179,551 | |
Debt | 520,177 | 466,724 | |
Equity | 908,454 | 817,473 | |
Total liabilities and equity | 1,638,862 | $ 1,463,748 | |
Revenues | 8,314 | 2,094 | |
Costs and expenses | 11,672 | 2,994 | |
Other income, net | 40,122 | 0 | |
Net earnings (loss) of unconsolidated entities | 36,764 | (900) | |
Equity in earnings (loss) from unconsolidated entities | 19,686 | $ (178) | |
Lennar Multifamily unconsolidated entity [Member] | |||
Segment Reporting Information [Line Items] | |||
Equity in earnings (loss) from unconsolidated entities | $ 20,391 |
Lennar Homebuilding Cash and 67
Lennar Homebuilding Cash and Cash Equivalents (Details) - USD ($) $ in Millions | 3 Months Ended | |
Feb. 29, 2016 | Nov. 30, 2015 | |
Cash and Cash Equivalents [Abstract] | ||
Cash held in escrow | $ 300.1 | $ 414.9 |
Escrow Deposit Period | 3 days |
Lennar Homebuilding Senior No68
Lennar Homebuilding Senior Notes And Other Debts Payable (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2016USD ($) | Nov. 30, 2011USD ($)$ / sharesshares | Nov. 30, 2010USD ($)$ / shares | Feb. 29, 2016USD ($)$ / sharesshares | Feb. 28, 2015USD ($)$ / sharesshares | Nov. 30, 2015USD ($) | Jun. 29, 2015USD ($) | Apr. 30, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||||
Net proceeds from senior notes | $ (684,000) | $ 249,131,000 | ||||||
Shares included in the calculation of diluted earnings per share | shares | 18,620,000 | 27,375,000 | ||||||
Guarantee by subsidiaries | $ 75,000,000 | |||||||
4.750% Senior Notes Due 2021 [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, principal amount | $ 500,000,000 | |||||||
Interest rate | 4.75% | |||||||
Rate Premium Discount Senior Debt | 100.00% | |||||||
Net proceeds from senior notes | $ 495,850,000 | |||||||
6.50% Senior Notes Due 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.50% | |||||||
Senior notes | $ 249,960,000 | $ 249,905,000 | ||||||
3.25% Convertible Senior Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, principal amount | $ 400,000,000 | 400,000,000 | ||||||
Interest rate | 3.25% | 3.25% | ||||||
Senior notes | $ 398,644,000 | 398,194,000 | ||||||
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 | $ 71,041,000 | 233,893,000 | ||||||
Interest rate | 2.75% | 2.75% | ||||||
Senior notes | $ 71,041,000 | 233,225,000 | ||||||
Debt instrument, convertible, conversion ratio | 45.1794 | |||||||
Debt conversion, converted instrument, per principal amount | $ 1,000 | |||||||
Debt conversion, converted instrument, shares issued | shares | 3,600,000 | |||||||
Debt Conversion, convertible, shares required for conversion at period end | shares | 3,209,589.7554 | |||||||
Debt instrument, convertible, conversion price | $ / shares | $ 22.13 | |||||||
Volume weighted average stock price | $ / shares | $ 44.07 | $ 45.52 | ||||||
Shares included in the calculation of diluted earnings per share | shares | 1,597,000 | 10,353,000 | ||||||
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 | $ 162,852,000 | |||||||
Debt Conversion, Converted Instrument, Amount | 163,068,000 | |||||||
Interest period requirement to pay contingent interest | 6 days | |||||||
Consecutive trading days period for contingent interest | 5 days | |||||||
Contingent Interest Amount | 0.75% | |||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 586,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 1,600,000,000 | $ 1,300,000,000 | ||||||
Additional committed borrowing capacity under the credit facility | 163,000,000 | |||||||
Line of credit facility, capacity available for specific purpose other than for trade purchases | 500,000,000 | |||||||
Letter of Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility current borrowing capacity | 320,000,000 | |||||||
Lennar Homebuilding [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Issuance Cost | 24,382,000 | $ 26,417,000 | ||||||
Outstanding performance and surety bonds | 1,313,112,000 | |||||||
Uncompleted site improvements amount | $ 468,809,000 | |||||||
Uncompleted site improvements percent | 35.70213% | |||||||
Lennar Homebuilding [Member] | 6.50% Senior Notes Due 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.50% | 6.50% | ||||||
Lennar Homebuilding [Member] | 6.50% Senior Notes Due 2016 [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.50% | |||||||
Lennar Homebuilding [Member] | 3.25% Convertible Senior Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.25% | 3.25% | ||||||
Lennar Homebuilding [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.75% | 2.75% | ||||||
Lennar Homebuilding [Member] | Performance Letters of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding, amount | $ 245,519,000 | $ 236,513,000 | ||||||
Lennar Homebuilding [Member] | Financial Letters Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding, amount | $ 221,997,000 | $ 216,653,000 | ||||||
Lennar Homebuilding [Member] | Bonds [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Legal Claims, Letters of Credit and Surety Bonds | $ 223,440,000 | |||||||
Holders Of Debt Instrument [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | Holders of the 2.75% Convertible Senior Notes had the right to require the Company to repurchase them for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on December 15, 2015, but none of them elected to do so. | |||||||
Stock Conversion Price, Minimum Threshold for Conversion | 130.00% | |||||||
Company Conversion Right To Debt Instrument [Member] | 2.75% Convertible Senior Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | The Company has the right to redeem the 2.75% Convertible Senior Notes at any time on or after December 20, 2015 for 100% of their principal amount, plus accrued but unpaid interest. | |||||||
Stock Conversion Price, Minimum Threshold for Conversion | 120.00% |
Lennar Homebuilding Senior No69
Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule Of Senior Notes And Other Debts Payable) (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 | Nov. 30, 2011 | Nov. 30, 2010 | |
Debt Instrument [Line Items] | |||||
Mortgage notes on land and other debt | $ 246,712 | $ 278,381 | |||
Notes payable | 5,333,981 | 5,025,130 | |||
6.50% Senior Notes Due 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 249,960 | 249,905 | |||
Interest rate | 6.50% | ||||
12.25% Senior Notes Due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 397,037 | 396,252 | |||
Interest rate | 12.25% | ||||
4.75% Senior Notes Due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 397,922 | 397,736 | |||
Interest rate | 4.75% | ||||
6.95% Senior Notes Due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 247,931 | 247,632 | |||
Interest rate | 6.95% | ||||
4.125% Senior Notes Due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 273,460 | 273,319 | |||
Interest rate | 4.125% | ||||
4.500% Senior Notes Due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 497,384 | 497,210 | |||
Interest rate | 4.50% | ||||
4.50% Senior Notes Due 2019 Issued in 2014 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 596,868 | 596,622 | |||
Interest rate | 4.50% | ||||
2.75% Convertible Senior Notes Due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 71,041 | 233,225 | |||
Interest rate | 2.75% | 2.75% | |||
3.25% Convertible Senior Notes Due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 398,644 | 398,194 | |||
Interest rate | 3.25% | 3.25% | |||
4.750% Senior Notes Due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 567,486 | 567,325 | |||
Interest rate | 4.75% | ||||
4.875% Senior Notes Due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 393,642 | 393,545 | |||
Interest rate | 4.875% | ||||
4.750% Senior Notes Due 2025 [Member] [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 495,894 | 495,784 | |||
Interest rate | 4.75% | ||||
Lennar Homebuilding [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable | [1] | $ 5,333,981 | $ 5,025,130 | ||
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] | 4.875% Senior Notes Due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.875% | 4.875% | |||
Lennar Homebuilding [Member] | 4.750% Senior Notes Due 2025 [Member] [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.75% | 4.75% | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured revolving credit facility | $ 500,000 | $ 0 | |||
[1] | As of February 29, 2016, total liabilities include $60.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $19.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $21.7 million in Lennar Homebuilding other liabilities, $11.7 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities. |
Product Warranty (Schedule Of P
Product Warranty (Schedule Of Product Warranty Reserve) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Product Warranties Disclosures [Abstract] | ||
Warranty reserve, beginning of period | $ 130,853 | $ 115,927 |
Warranties issued during the period | 17,573 | 13,323 |
Adjustments to pre-existing warranties from changes in estimates | (620) | 3,661 |
Payments | (23,073) | (16,640) |
Warranty reserve, end of period | $ 124,733 | $ 116,271 |
Share-Based Payment (Compensati
Share-Based Payment (Compensation Expense, Share-Based Payment Awards) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Nonvested shares | $ 11,142 | $ 10,250 |
Stock options | 0 | 1 |
Total compensation expense for share-based awards | $ 11,142 | $ 10,251 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016USD ($)homescommunities | Feb. 28, 2015USD ($)homescommunities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Open Commitments To Sell MBS | $ | $ 1,156,000 | |
Active communities | communities | 681 | 625 |
Number of communities assessed for impairment | communities | 28 | 19 |
Number of homesites assessed for impairment | homes | 1,178 | 600 |
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 | $ | $ 169,802 | $ 120,505 |
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 | 14.80% | |
Fair Value Inputs, Discount Rate | 12.20% | |
Fair Value Input, Delinquency Rate | 7.90% |
Financial Instruments (Carrying
Financial Instruments (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net, carrying amount | $ 166,536 | $ 164,826 |
Notes payable, Carrying Amount | 5,333,981 | 5,025,130 |
Rialto [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net, carrying amount | 166,536 | 164,826 |
Loans receivable, Fair Value | 170,485 | 169,302 |
Investments held-to-maturity, Carrying Amount | 49,309 | 25,625 |
Investments held-to-maturity, Fair Value | 48,800 | 25,227 |
Notes payable, Carrying Amount | 609,150 | 771,728 |
Notes payable, Fair Value | 631,629 | 803,013 |
Lennar Financial Services [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments held-to-maturity, Carrying Amount | 39,268 | 40,174 |
Investments held-to-maturity, Fair Value | 39,127 | 40,098 |
Loans held-for-investment, net, Carrying Amount | 31,223 | 30,998 |
Loans held-for-investment, net, Fair Value | 30,333 | 29,931 |
Notes and other debts payable, Carrying Amount | 625,322 | 858,300 |
Notes and other debts payable, Fair Value | 625,322 | 858,300 |
Lennar Homebuilding [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable, Carrying Amount | 5,333,981 | 5,025,130 |
Notes payable, Fair Value | $ 5,846,813 | $ 5,936,327 |
Financial Instruments (Fair Val
Financial Instruments (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 | ||
Rialto [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans held-for-sale | [1] | $ 243,230 | $ 316,275 | |
Aggregate Principal Balance Of Loans Held For Sale | 238,085 | 314,315 | ||
Fair Value, Option, Aggregate Differences, Loans held-for-sale | 5,145 | 1,960 | ||
Lennar Financial Services [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans held-for-sale | 684,406 | 843,252 | ||
Aggregate Principal Balance Of Loans Held For Sale | 655,645 | 815,004 | ||
Fair Value, Option, Aggregate Differences, Loans held-for-sale | 28,761 | 28,248 | ||
Lennar Financial Services [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Financial Instruments [Line Items] | ||||
Investments available-for-sale | 45,180 | 42,827 | ||
Loans Held-For-Sale [Member] | Rialto [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans held-for-sale | [2] | 243,230 | 316,275 | |
Loans Held-For-Sale [Member] | Lennar Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans held-for-sale | 684,406 | [3] | 843,252 | |
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | ||||
Financial Instruments [Line Items] | ||||
Mortgage loan commitments | 19,113 | 13,060 | ||
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial Instruments [Line Items] | ||||
Mortgage loan commitments | 19,113 | 13,060 | ||
Forward Contracts [Member] | Lennar Financial Services [Member] | ||||
Financial Instruments [Line Items] | ||||
Mortgage loan commitments | 531 | |||
Forward Contracts [Member] | Lennar Financial Services [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial Instruments [Line Items] | ||||
Forward contracts/Credit default swaps, derivative asset | 531 | |||
Credit default swaps, derivative liability | (9,637) | |||
Servicing Contracts [Member] | Lennar Financial Services [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial Instruments [Line Items] | ||||
Mortgage servicing rights | 15,810 | 16,770 | ||
Credit Default Swap [Member] | Rialto [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial Instruments [Line Items] | ||||
Forward contracts/Credit default swaps, derivative asset | 9,770 | 6,153 | ||
Credit default swaps, derivative liability | (720) | |||
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 liability | $ 5,983 | $ 978 | ||
[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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. | |||
[2] | The aggregate fair value of Rialto loans held-for-sale of $243.2 million at February 29, 2016 exceeds their aggregate principal balance of $238.1 million by $5.1 million. The aggregate fair value of loans held-for-sale of $316.3 million at November 30, 2015 exceeds their aggregate principal balance of $314.3 million by $2.0 million. | |||
[3] | The aggregate fair value of Lennar Financial Services loans held-for-sale of $684.4 million at February 29, 2016 exceeds their aggregate principal balance of $655.6 million by $28.8 million. The aggregate fair value of loans held-for-sale of $843.3 million at November 30, 2015 exceeds their aggregate principal balance of $815.0 million by $28.2 million. |
Financial Instruments (Schedule
Financial Instruments (Schedule Of Gains And Losses Of Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Net unrealized gain (loss) on securities available-for-sale | $ (437) | $ 200 |
Loans Held-For-Sale [Member] | Lennar Financial Services [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Loans held-for-sale | 513 | (7,300) |
Mortgage Loan Commitments [Member] | Lennar Financial Services [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Mortgage loan commitments | 6,053 | 6,279 |
Forward Contracts [Member] | Lennar Financial Services [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Derivative instruments | (10,168) | 7,521 |
Interest Rate Swaps and Swap Futures [Member] | Liability [Member] | Rialto [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Derivative instruments | (5,006) | (33) |
Credit Default Swap [Member] | Assets [Member] | Rialto [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Derivative instruments | $ 3,431 | $ (492) |
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 | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Servicing Contracts [Member] | Lennar Financial Services [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning of period | $ 16,770 | $ 17,353 |
Purchases and other | 1,619 | 344 |
Sales | 0 | 0 |
Settlements | (627) | (779) |
Changes in fair value included in earnings | (1,952) | (132) |
Interest accrued | 0 | 0 |
End of period | 15,810 | 16,786 |
Loans Held-For-Sale [Member] | Rialto [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning of period | 316,275 | 113,596 |
Purchases and other | 305,785 | 565,515 |
Sales | (381,666) | (318,104) |
Settlements | 0 | 0 |
Changes in fair value included in earnings | 4,084 | (754) |
Interest accrued | (1,248) | (208) |
End of period | $ 243,230 | $ 360,045 |
Financial Instruments (Fair V77
Financial Instruments (Fair Value Assets Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Lennar Homebuilding [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Land and land under development carrying value before impairments | $ 3,827 | $ 0 |
Land and land under development fair value | 3,425 | 0 |
Valuation adjustments to land and land under development | 402 | 0 |
Rialto [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loan impairments | (2,339) | (1,224) |
Rialto [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable Value Before Impairments | 60,666 | 117,949 |
Loans Receivable Fair Value | 58,327 | 116,725 |
Loan impairments | (2,339) | (1,224) |
REO held-for-sale carrying value before gains (losses) | 12,783 | 4,883 |
REO held-for-sale fair value after gains (losses) | 12,016 | 4,590 |
Gains (Losses) on REO held-for-sale | (767) | (293) |
REO held-for-sale carrying value before impairments | 16,430 | 5,604 |
REO held-for-sale fair value after impairments | 13,649 | 4,479 |
REO - held-for-sale, impairments | (2,781) | (1,125) |
REO held-and-used carrying value before gains (losses) | 5,183 | 8,637 |
REO held-and-used fair value after gains (losses) | 8,667 | 8,912 |
Gains (losses) On REO held-and-used | 3,484 | 275 |
REO held-and-used carrying value before impairments | 3,089 | 2,689 |
REO held-and-used fair value after impairments | 3,000 | 1,276 |
REO - held-and-used, impairments | $ (89) | $ (1,413) |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Nov. 30, 2015 | |
Variable Interest Entity [Line Items] | ||
Consolidated VIEs assets | $ 582,074 | $ 652,253 |
Total consolidated VIEs liabilities | 60,276 | 84,354 |
Decrease in consolidated inventory and related liabilities | 38,561 | |
Non-refundable option deposits and pre-acquisition costs | 77,745 | 89,204 |
Lennar Homebuilding [Member] | ||
Variable Interest Entity [Line Items] | ||
Consolidated VIEs assets | 14,923 | |
Commitments [Member] | Lennar Homebuilding [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 15,439 | 8,278 |
Commitments [Member] | Lennar Multifamily [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 370,254 | 378,260 |
Lennar Multifamily Unconsolidated VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Letters of credit outstanding, amount | 30,030 | 30,020 |
Variable interest entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Letters of credit outstanding, amount | $ 72,154 | $ 70,425 |
Variable Interest Entities (Inv
Variable Interest Entities (Investments in Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 | |
Lennar Homebuilding [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated entities | [1] | $ 771,401 | $ 741,551 |
Rialto [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated entities | [1] | 234,039 | 224,869 |
Lennar Multifamily [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated entities | $ 257,719 | $ 250,876 | |
[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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. |
Variable Interest Entities (Est
Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 | |
Lennar Homebuilding [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investments | [1] | $ 771,401 | $ 741,551 |
Rialto [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investments | [1] | 234,039 | 224,869 |
Investments held-to-maturity | [1] | 49,309 | 25,625 |
Lennar Multifamily [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investments | 257,719 | 250,876 | |
Commitments [Member] | Lennar Homebuilding [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss | 15,439 | 8,278 | |
Commitments [Member] | Lennar Multifamily [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum Exposure to Loss | 370,254 | 378,260 | |
Lennar Multifamily Unconsolidated VIE [Member] | |||
Variable Interest Entity [Line Items] | |||
Letters of credit outstanding, amount | 30,030 | 30,020 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investments | 361,800 | 305,690 | |
Maximum Exposure to Loss | 778,993 | 723,682 | |
Variable Interest Entity, Primary Beneficiary [Member] | Lennar Homebuilding [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investments | 130,249 | 102,706 | |
Maximum Exposure to Loss | 145,882 | 111,215 | |
Variable Interest Entity, Primary Beneficiary [Member] | Rialto [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investments | 49,309 | 25,625 | |
Maximum Exposure to Loss | 49,309 | 25,625 | |
Variable Interest Entity, Primary Beneficiary [Member] | Lennar Multifamily [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investments | 182,242 | 177,359 | |
Maximum Exposure to Loss | $ 583,802 | $ 586,842 | |
[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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. |
Commitments and Contingencies81
Commitments and Contingencies Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 93 Months Ended | ||||
Feb. 29, 2016 | Feb. 29, 2016 | Jun. 29, 2015 | Jan. 22, 2015 | Nov. 30, 2008 | Nov. 30, 2005 | |
District of Maryland [Member] | 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] | District of Maryland [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, annual interest amount | $ 13,680 | |||||
Litigation Settlement Interest | 106,000 | |||||
Real estate property taxes [Member] | District of Maryland [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, damages sought, value | $ 1,600 | |||||
Bonds [Member] | Lennar Homebuilding [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Legal Claims, Letters of Credit and Surety Bonds | $ 223,440 |
Supplemental Financial Inform82
Supplemental Financial Information (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 29, 2016 | Nov. 30, 2011 | Nov. 30, 2010 | |
Condensed Financial Statements, Captions [Line Items] | |||
Guarantee by subsidiaries | $ 75,000 | ||
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% | ||
4.875% Senior Notes Due 2023 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 4.875% | ||
4.750% Senior Notes Due 2025 [Member] [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate | 4.75% |
Supplemental Financial Inform83
Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | |||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | [1] | $ 14,195,188 | $ 14,419,509 | ||||
Senior notes and other debts payable | 5,333,981 | 5,025,130 | |||||
Total liabilities | [2] | 8,101,739 | 8,469,437 | ||||
Stockholders' equity | [2] | 5,820,114 | 5,648,944 | ||||
Noncontrolling interests | [2] | 273,335 | 301,128 | ||||
Total equity | 6,093,449 | [2] | 5,950,072 | [2] | $ 5,308,990 | $ 5,251,302 | |
Total liabilities and equity | [2] | 14,195,188 | 14,419,509 | ||||
Parent Company [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | 11,339,015 | 10,975,161 | |||||
Total liabilities | 5,518,901 | 5,326,217 | |||||
Stockholders' equity | 5,820,114 | 5,648,944 | |||||
Total equity | 5,820,114 | 5,648,944 | |||||
Total liabilities and equity | 11,339,015 | 10,975,161 | |||||
Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | 10,746,073 | 10,227,036 | |||||
Total liabilities | 7,119,302 | 6,580,261 | |||||
Stockholders' equity | 3,626,771 | 3,646,775 | |||||
Total equity | 3,626,771 | 3,646,775 | |||||
Total liabilities and equity | 10,746,073 | 10,227,036 | |||||
Non-Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | 3,132,094 | 3,579,852 | |||||
Total liabilities | 2,390,621 | 2,790,152 | |||||
Stockholders' equity | 468,138 | 488,572 | |||||
Noncontrolling interests | 273,335 | 301,128 | |||||
Total equity | 741,473 | 789,700 | |||||
Total liabilities and equity | 3,132,094 | 3,579,852 | |||||
Consolidation, Eliminations [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | (11,021,994) | (10,362,540) | |||||
Total liabilities | (6,927,085) | (6,227,193) | |||||
Stockholders' equity | (4,094,909) | (4,135,347) | |||||
Total equity | (4,094,909) | (4,135,347) | |||||
Total liabilities and equity | (11,021,994) | (10,362,540) | |||||
Lennar Homebuilding [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, restricted cash and receivables, net | 575,362 | 981,451 | |||||
Inventories | [1] | 9,368,319 | 8,740,596 | ||||
Investments in unconsolidated entities | [1] | 771,401 | 741,551 | ||||
Other assets | [1] | 599,915 | 609,222 | ||||
Total assets | [1] | 11,314,997 | 11,072,820 | ||||
Accounts payable and other accrued liabilities | 1,192,043 | 1,375,724 | |||||
Liabilities related to consolidated inventory not owned | [2] | 19,854 | 51,431 | ||||
Senior notes and other debts payable | [2] | 5,333,981 | 5,025,130 | ||||
Total liabilities | [2] | 6,545,878 | 6,452,285 | ||||
Lennar Homebuilding [Member] | Parent Company [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, restricted cash and receivables, net | 304,277 | 595,921 | |||||
Other assets | 168,966 | 193,360 | |||||
Investments in subsidiaries | 3,938,687 | 3,958,687 | |||||
Advances to Affiliate | 6,927,085 | 6,227,193 | |||||
Total assets | 11,339,015 | 10,975,161 | |||||
Accounts payable and other accrued liabilities | 431,632 | 579,468 | |||||
Senior notes and other debts payable | 5,087,269 | 4,746,749 | |||||
Total liabilities | 5,518,901 | 5,326,217 | |||||
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, restricted cash and receivables, net | 251,492 | 372,146 | |||||
Inventories | 9,191,051 | 8,571,769 | |||||
Investments in unconsolidated entities | 723,644 | 692,879 | |||||
Other assets | 340,531 | 324,050 | |||||
Investments in subsidiaries | 156,222 | 176,660 | |||||
Total assets | 10,662,940 | 10,137,504 | |||||
Accounts payable and other accrued liabilities | 675,799 | 710,460 | |||||
Liabilities related to consolidated inventory not owned | 19,854 | 51,431 | |||||
Senior notes and other debts payable | 235,862 | 267,531 | |||||
Intercompany | 6,160,287 | 5,514,610 | |||||
Total liabilities | 7,091,802 | 6,544,032 | |||||
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Cash and cash equivalents, restricted cash and receivables, net | 19,593 | 13,384 | |||||
Inventories | 177,268 | 168,827 | |||||
Investments in unconsolidated entities | 47,757 | 48,672 | |||||
Other assets | 75,683 | 75,108 | |||||
Total assets | 320,301 | 305,991 | |||||
Accounts payable and other accrued liabilities | 84,612 | 85,796 | |||||
Senior notes and other debts payable | 10,850 | 10,850 | |||||
Intercompany | 766,798 | 712,583 | |||||
Total liabilities | 862,260 | 809,229 | |||||
Lennar Homebuilding [Member] | Consolidation, Eliminations [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Other assets | 14,735 | 16,704 | |||||
Investments in subsidiaries | (4,094,909) | (4,135,347) | |||||
Advances to Affiliate | (6,927,085) | (6,227,193) | |||||
Total assets | (11,007,259) | (10,345,836) | |||||
Accounts payable and other accrued liabilities | 0 | ||||||
Intercompany | (6,927,085) | (6,227,193) | |||||
Total liabilities | (6,927,085) | (6,227,193) | |||||
Rialto [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Investments in unconsolidated entities | [1] | 234,039 | 224,869 | ||||
Total assets | [1] | 1,272,004 | 1,505,500 | ||||
Senior notes and other debts payable | [2] | 609,150 | 771,728 | ||||
Total liabilities | [2] | 656,303 | 866,224 | ||||
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 | 1,272,004 | 1,505,500 | |||||
Total liabilities | 656,303 | 866,224 | |||||
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 | 66,900 | 66,186 | |||||
Total assets | 1,157,079 | 1,425,837 | [1] | ||||
Total liabilities | [2] | 838,251 | 1,083,978 | ||||
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | 83,133 | 89,532 | |||||
Total liabilities | 27,500 | 36,229 | |||||
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | 1,079,027 | 1,341,565 | |||||
Total liabilities | 810,751 | 1,047,749 | |||||
Lennar Financial Services [Member] | Consolidation, Eliminations [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | (5,081) | (5,260) | |||||
Lennar Multifamily [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Investments in unconsolidated entities | 257,719 | 250,876 | |||||
Other assets | 35,902 | 34,945 | |||||
Total assets | 451,108 | 415,352 | [1] | ||||
Liabilities related to consolidated inventory not owned | 4,007 | 4,007 | |||||
Total liabilities | 61,307 | 66,950 | |||||
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 | 460,762 | 426,796 | |||||
Total liabilities | 61,307 | 66,950 | |||||
Lennar Multifamily [Member] | Consolidation, Eliminations [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Total assets | (9,654) | (11,444) | |||||
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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. | ||||||
[2] | As of February 29, 2016, total liabilities include $60.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.0 million is included in Lennar Homebuilding accounts payable, $19.9 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $21.7 million in Lennar Homebuilding other liabilities, $11.7 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.As of November 30, 2015, total liabilities include $84.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $2.0 million is included in Lennar Homebuilding accounts payable, $51.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.6 million in Lennar Homebuilding other liabilities, $11.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities. |
Supplemental Financial Inform84
Supplemental Financial Information (Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Total revenues | $ 1,993,664 | $ 1,644,139 |
Corporate general and administrative | 47,668 | 43,654 |
Total costs and expenses | 1,814,825 | 1,500,871 |
Equity in earnings (loss) from unconsolidated entities | 24,183 | 31,385 |
Other interest expense | (1,157) | (4,071) |
Earnings (loss) before income taxes | 201,693 | 176,643 |
Provision (benefit) for income taxes | (56,241) | (59,726) |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 145,452 | 116,917 |
Less: Net earnings (loss) attributable to noncontrolling interests | 1,372 | 1,954 |
Net earnings attributable to Lennar | 144,080 | 114,963 |
Net unrealized gain (loss) on securities available-for-sale | (437) | 200 |
Comprehensive income (loss), net of tax, attributable to Lennar | 143,643 | 115,163 |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 1,372 | 1,954 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Corporate general and administrative | 46,148 | 42,389 |
Total costs and expenses | 46,148 | 42,389 |
Other interest expense | (1,444) | (1,429) |
Earnings (loss) before income taxes | (46,422) | (43,587) |
Provision (benefit) for income taxes | 13,035 | 14,902 |
Equity in income (loss) from subsidiaries | 177,467 | 143,648 |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 144,080 | 114,963 |
Net earnings attributable to Lennar | $ 144,080 | 114,963 |
Net unrealized gain (loss) on securities available-for-sale | 0 | |
Comprehensive income (loss), net of tax, attributable to Lennar | $ 144,080 | 114,963 |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 0 | 0 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total revenues | 1,827,091 | 1,479,807 |
Corporate general and administrative | 255 | |
Total costs and expenses | 1,598,233 | 1,303,015 |
Other interest expense | (1,157) | (4,071) |
Earnings (loss) before income taxes | 223,034 | 200,869 |
Provision (benefit) for income taxes | (61,710) | (67,471) |
Equity in income (loss) from subsidiaries | 4,538 | 8,825 |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 165,862 | 142,223 |
Net earnings attributable to Lennar | $ 165,862 | 142,223 |
Net unrealized gain (loss) on securities available-for-sale | 0 | |
Comprehensive income (loss), net of tax, attributable to Lennar | $ 165,862 | 142,223 |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total revenues | 171,582 | 169,313 |
Total costs and expenses | 175,169 | 159,241 |
Earnings (loss) before income taxes | 25,081 | 19,361 |
Provision (benefit) for income taxes | (7,566) | (7,157) |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | 17,515 | 12,204 |
Less: Net earnings (loss) attributable to noncontrolling interests | 1,372 | 1,954 |
Net earnings attributable to Lennar | 16,143 | 10,250 |
Net unrealized gain (loss) on securities available-for-sale | (437) | 200 |
Comprehensive income (loss), net of tax, attributable to Lennar | 15,706 | 10,450 |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 1,372 | 1,954 |
Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total revenues | (5,009) | (4,981) |
Corporate general and administrative | 1,265 | 1,265 |
Total costs and expenses | (4,725) | (3,774) |
Other interest expense | 1,444 | 1,429 |
Equity in income (loss) from subsidiaries | (182,005) | (152,473) |
Net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) | (182,005) | (152,473) |
Net earnings attributable to Lennar | $ (182,005) | (152,473) |
Net unrealized gain (loss) on securities available-for-sale | 0 | |
Comprehensive income (loss), net of tax, attributable to Lennar | $ (182,005) | (152,473) |
Comprehensive income (loss), net of tax, attributable to noncontrolling interests | 0 | 0 |
Lennar Homebuilding [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | 1,786,481 | 1,441,658 |
Real estate cost and expenses | 1,568,205 | 1,265,175 |
Equity in earnings (loss) from unconsolidated entities | 3,000 | 28,899 |
Other income (expense), net | 519 | 6,333 |
Lennar Homebuilding [Member] | Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Other income (expense), net | 1,170 | 231 |
Lennar Homebuilding [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | 1,786,481 | 1,441,658 |
Real estate cost and expenses | 1,556,166 | 1,264,789 |
Equity in earnings (loss) from unconsolidated entities | 3,849 | 22,374 |
Other income (expense), net | (8,516) | 5,774 |
Lennar Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | 0 | 0 |
Real estate cost and expenses | 14,863 | 5,223 |
Equity in earnings (loss) from unconsolidated entities | (849) | 6,525 |
Other income (expense), net | 9,025 | 550 |
Lennar Homebuilding [Member] | Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate cost and expenses | (2,824) | (4,837) |
Other income (expense), net | (1,160) | (222) |
Lennar Financial Services [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Financial Services, Revenues | 123,956 | 124,827 |
Lennar Financial Services, Cost and expenses | 109,025 | 109,300 |
Lennar Financial Services [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Financial Services, Revenues | 40,610 | 38,149 |
Lennar Financial Services, Cost and expenses | 41,812 | 38,226 |
Lennar Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Financial Services, Revenues | 88,342 | 91,659 |
Lennar Financial Services, Cost and expenses | 70,069 | 71,276 |
Lennar Financial Services [Member] | Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Financial Services, Revenues | (4,996) | (4,981) |
Lennar Financial Services, Cost and expenses | (2,856) | (202) |
Rialto [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Rialto, Revenues | 43,711 | 41,197 |
Rialto, Cost and expenses | 42,907 | 40,781 |
Equity in earnings (loss) from unconsolidated entities | 1,497 | 2,664 |
Other income (expense), net | (691) | (272) |
Less: Net earnings (loss) attributable to noncontrolling interests | (339) | (1,814) |
Rialto [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Rialto, Cost and expenses | 0 | |
Rialto [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Rialto, Revenues | 43,711 | 41,197 |
Rialto, Cost and expenses | 43,217 | 40,781 |
Equity in earnings (loss) from unconsolidated entities | 1,497 | 2,664 |
Other income (expense), net | (691) | $ (272) |
Rialto [Member] | Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Rialto, Cost and expenses | $ (310) | |
Other income (expense), net | ||
Lennar Multifamily [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | $ 39,516 | $ 36,457 |
Real estate cost and expenses | 47,020 | 41,961 |
Equity in earnings (loss) from unconsolidated entities | 19,686 | (178) |
Lennar Multifamily [Member] | Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | 0 | 0 |
Real estate cost and expenses | 0 | 0 |
Equity in earnings (loss) from unconsolidated entities | 0 | 0 |
Lennar Multifamily [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | 0 | 0 |
Real estate cost and expenses | 0 | 0 |
Equity in earnings (loss) from unconsolidated entities | 0 | 0 |
Lennar Multifamily [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | 39,529 | 36,457 |
Real estate cost and expenses | 47,020 | 41,961 |
Equity in earnings (loss) from unconsolidated entities | 19,686 | (178) |
Lennar Multifamily [Member] | Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Real estate revenues | (13) | 0 |
Real estate cost and expenses | 0 | 0 |
Equity in earnings (loss) from unconsolidated entities | $ 0 | $ 0 |
Supplemental Financial Inform85
Supplemental Financial Information (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Feb. 29, 2016 | Feb. 28, 2015 | |||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (including net earnings attributable to noncontrolling interests) | $ 145,452 | $ 116,917 | ||
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 | (361,339) | (847,181) | ||
Net cash provided by (used in) operating activities | (215,887) | (730,264) | ||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | (34,615) | (17,282) | ||
Proceeds from sales of real estate owned | 20,256 | 28,055 | ||
Receipts of principal payments on loans receivable | 2,725 | 3,519 | ||
Originations of loans receivable | (10,046) | 0 | ||
Purchases of commercial mortgage-backed securities bond | (23,078) | 0 | ||
Other | (19,103) | (81,486) | ||
Distributions of capital from subsidiaries | 0 | 0 | ||
Intercompany investing | 0 | 0 | ||
Net cash provided by (used in) investing activities | (66,586) | (67,194) | ||
Net borrowings under unsecured revolving credit facility | 500,000 | 250,000 | ||
Net repayments under warehouse facilities | (395,233) | (29,681) | ||
Net proceeds from senior notes | (684) | 249,131 | ||
Repayment of convertible senior notes and debt | (162,852) | |||
Proceeds from (repayments of) other debt | (52,383) | (61,418) | ||
Net borrowings (payments) related to noncontrolling interests | (41,950) | (56,327) | ||
Excess tax benefits from share-based awards | 7,029 | 35 | ||
Issuances | 0 | 8,227 | ||
Repurchases | (219) | (186) | ||
Dividends | (8,552) | (8,208) | ||
Intercompany financing | 0 | 0 | ||
Net cash provided by (used in) financing activities | (155,513) | 334,074 | ||
Net (decrease) increase in cash and cash equivalents | (437,986) | (463,384) | ||
Cash and cash equivalents at beginning of period | 1,158,445 | 1,281,814 | ||
Cash and cash equivalents at end of period | 720,459 | 818,430 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (including net earnings attributable to noncontrolling interests) | 144,080 | 114,963 | ||
Distributions of earnings from subsidiaries | 177,467 | 143,648 | ||
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (254,499) | (195,594) | ||
Net cash provided by (used in) operating activities | 67,048 | 63,017 | ||
Proceeds from sales of real estate owned | 0 | 0 | ||
Originations of loans receivable | 0 | |||
Purchases of commercial mortgage-backed securities bond | 0 | |||
Other | (3,400) | (114) | ||
Distributions of capital from subsidiaries | 20,000 | 10,000 | ||
Intercompany investing | (699,551) | (845,940) | ||
Net cash provided by (used in) investing activities | (682,951) | (836,054) | ||
Net borrowings under unsecured revolving credit facility | 500,000 | 250,000 | ||
Net proceeds from senior notes | 249,425 | |||
Repayment of convertible senior notes and debt | (162,852) | |||
Excess tax benefits from share-based awards | 7,029 | 35 | ||
Issuances | 8,227 | |||
Repurchases | (219) | (186) | ||
Dividends | (8,552) | (8,208) | ||
Net cash provided by (used in) financing activities | 335,406 | 499,293 | ||
Net (decrease) increase in cash and cash equivalents | (280,497) | (273,744) | ||
Cash and cash equivalents at beginning of period | 575,821 | 633,318 | ||
Cash and cash equivalents at end of period | 295,324 | 359,574 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (including net earnings attributable to noncontrolling interests) | 165,862 | 142,223 | ||
Distributions of earnings from subsidiaries | 4,538 | 8,825 | ||
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | (660,587) | (678,406) | ||
Net cash provided by (used in) operating activities | (490,187) | (527,358) | ||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | (32,149) | (10,668) | ||
Proceeds from sales of real estate owned | 0 | 0 | ||
Originations of loans receivable | 0 | |||
Purchases of commercial mortgage-backed securities bond | 0 | |||
Other | (14,297) | (52,518) | ||
Distributions of capital from subsidiaries | 20,000 | 10,000 | ||
Intercompany investing | 0 | 0 | ||
Net cash provided by (used in) investing activities | (26,446) | (53,186) | ||
Net proceeds from senior notes | 0 | |||
Proceeds from (repayments of) other debt | (52,383) | (61,337) | ||
Excess tax benefits from share-based awards | 0 | 0 | ||
Repurchases | 0 | 0 | ||
Dividends | (185,862) | (152,223) | ||
Intercompany financing | 646,727 | 763,183 | ||
Net cash provided by (used in) financing activities | 408,482 | 549,623 | ||
Net (decrease) increase in cash and cash equivalents | (108,151) | (30,921) | ||
Cash and cash equivalents at beginning of period | 336,048 | 252,914 | ||
Cash and cash equivalents at end of period | 227,897 | 221,993 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (including net earnings attributable to noncontrolling interests) | 17,515 | 12,204 | ||
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 | 371,742 | (125,654) | ||
Net cash provided by (used in) operating activities | 389,257 | (113,450) | ||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | (2,466) | (6,614) | ||
Proceeds from sales of real estate owned | 20,256 | 28,055 | ||
Receipts of principal payments on loans receivable | 3,519 | |||
Originations of loans receivable | (10,046) | |||
Purchases of commercial mortgage-backed securities bond | 23,078 | |||
Other | (1,406) | (28,854) | ||
Distributions of capital from subsidiaries | 0 | 0 | ||
Intercompany investing | 0 | 0 | ||
Net cash provided by (used in) investing activities | (16,740) | (3,894) | ||
Net repayments under warehouse facilities | (395,233) | (29,681) | ||
Net proceeds from senior notes | (684) | (294) | ||
Proceeds from (repayments of) other debt | (81) | |||
Net borrowings (payments) related to noncontrolling interests | (41,950) | (56,327) | ||
Excess tax benefits from share-based awards | 0 | 0 | ||
Repurchases | 0 | 0 | ||
Dividends | (36,143) | (20,250) | ||
Intercompany financing | 52,824 | 82,757 | ||
Net cash provided by (used in) financing activities | (421,855) | (41,375) | ||
Net (decrease) increase in cash and cash equivalents | (49,338) | (158,719) | ||
Cash and cash equivalents at beginning of period | 246,576 | 395,582 | ||
Cash and cash equivalents at end of period | 197,238 | 236,863 | ||
Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net earnings (including net earnings attributable to noncontrolling interests) | (182,005) | (152,473) | ||
Distributions of earnings from subsidiaries | (182,005) | (152,473) | ||
Adjustments to reconcile net earnings (loss) (including net earnings (loss) attributable to noncontrolling interests) to net cash provided by (used in) operating activities | 182,005 | 152,473 | ||
Net cash provided by (used in) operating activities | (182,005) | (152,473) | ||
Proceeds from sales of real estate owned | 0 | 0 | ||
Originations of loans receivable | 0 | |||
Purchases of commercial mortgage-backed securities bond | 0 | |||
Distributions of capital from subsidiaries | (40,000) | (20,000) | ||
Intercompany investing | 699,551 | 845,940 | ||
Net cash provided by (used in) investing activities | 659,551 | 825,940 | ||
Net proceeds from senior notes | 0 | |||
Excess tax benefits from share-based awards | 0 | 0 | ||
Repurchases | 0 | 0 | ||
Dividends | 222,005 | 172,473 | ||
Intercompany financing | (699,551) | (845,940) | ||
Net cash provided by (used in) financing activities | (477,546) | (673,467) | ||
Rialto [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Originations of loans receivable | (315,285) | |||
Principal repayments on Rialto notes payable | (669) | (17,499) | ||
Cash and cash equivalents at beginning of period | [1] | 150,219 | ||
Cash and cash equivalents at end of period | 112,305 | [1] | 147,219 | |
Rialto [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Principal repayments on Rialto notes payable | $ (669) | $ (17,499) | ||
[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 February 29, 2016, total assets include $582.1 million related to consolidated VIEs of which $11.0 million is included in Lennar Homebuilding cash and cash equivalents, $5.8 million in Lennar Homebuilding receivables, net, $5.5 million in Lennar Homebuilding finished homes and construction in progress, $162.8 million in Lennar Homebuilding land and land under development, $20.3 million in Lennar Homebuilding consolidated inventory not owned, $34.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.3 million in Lennar Homebuilding other assets, $307.4 million in Rialto assets and $12.2 million in Lennar Multifamily assets.As of November 30, 2015, total assets include $652.3 million related to consolidated VIEs of which $9.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.5 million in Lennar Homebuilding receivables, net, $3.9 million in Lennar Homebuilding finished homes and construction in progress, $154.2 million in Lennar Homebuilding land and land under development, $58.9 million in Lennar Homebuilding consolidated inventory not owned, $35.8 million in Lennar Homebuilding investments in unconsolidated entities, $22.7 million in Lennar Homebuilding other assets, $355.2 million in Rialto assets and $11.5 million in Lennar Multifamily assets. |