Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 30, 2018 | Dec. 31, 2018 | May 31, 2018 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Nov. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
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 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 15,431,622,455 | ||
Class A Common Stock | |||
Entity Common Stock, Shares Outstanding | 286,454,512 | ||
Class B Common Stock | |||
Entity Common Stock, Shares Outstanding | 37,743,361 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 | ||
ASSETS | ||||
Cash and cash equivalents | $ 1,558,458 | $ 2,650,872 | ||
Inventories: | ||||
Total assets | [1] | 28,566,181 | 18,745,034 | |
LIABILITIES AND EQUITY | ||||
Total liabilities | [2] | 13,883,224 | 10,758,902 | |
Stockholders’ equity: | ||||
Preferred stock | [2] | 0 | 0 | |
Additional paid-in capital | [2] | 8,496,677 | 3,142,013 | |
Retained earnings | [2] | 6,487,650 | 4,840,978 | |
Treasury stock, at cost; 2018 - 8,498,203 shares of Class A common stock and 1,698,424 shares of Class B common stock; 2017 - 1,473,590 shares of Class A common stock and 1,679,650 shares of Class B common stock | [2] | (435,869) | (136,020) | |
Accumulated other comprehensive income (loss) | [2] | (366) | 1,034 | |
Total stockholders’ equity | [2] | 14,581,535 | 7,872,317 | |
Noncontrolling interests | [2] | 101,422 | 113,815 | |
Total equity | [2] | 14,682,957 | 7,986,132 | |
Total liabilities and equity | [2] | 28,566,181 | 18,745,034 | |
Class A Common Stock | ||||
Stockholders’ equity: | ||||
Common stock | [2] | 29,499 | 20,543 | |
Class B Common Stock | ||||
Stockholders’ equity: | ||||
Common stock | [2] | 3,944 | 3,769 | |
Lennar Homebuilding | ||||
ASSETS | ||||
Cash and cash equivalents | [1] | 1,337,807 | 2,282,925 | |
Restricted cash | [1] | 12,399 | 8,740 | |
Receivables, net | [1] | 236,841 | 137,667 | |
Inventories: | ||||
Finished homes and construction in progress | [1] | 8,681,357 | 4,676,279 | |
Land and land under development | [1] | 8,178,388 | 5,791,338 | |
Consolidated inventory not owned | [1] | 208,959 | 393,273 | |
Total inventories | [1] | 17,068,704 | 10,860,890 | |
Investments in unconsolidated entities | [1] | 996,926 | 900,769 | |
Goodwill | 3,442,359 | [1] | 136,566 | |
Other assets | [1] | 1,355,782 | 863,404 | |
Total assets | [1] | 24,450,818 | 15,190,961 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | [2] | 1,154,782 | 604,953 | |
Liabilities related to consolidated inventory not owned | [2] | 175,590 | 380,720 | |
Senior notes and other debts payable | [2] | 8,543,868 | 6,410,003 | |
Other liabilities | [2] | 1,902,658 | 1,315,641 | |
Total liabilities | [2] | 11,776,898 | 8,711,317 | |
Rialto | ||||
ASSETS | ||||
Cash and cash equivalents | 26,829 | 241,861 | ||
Restricted cash | 9,868 | 22,466 | ||
Receivables, net | 218,437 | 0 | ||
Inventories: | ||||
Investments in unconsolidated entities | 297,379 | 265,418 | ||
Goodwill | 0 | 5,396 | ||
Other assets | 57,453 | 122,371 | ||
Total assets | [1] | 894,245 | 1,153,840 | |
LIABILITIES AND EQUITY | ||||
Other liabilities | 80,934 | 94,975 | ||
Total liabilities | [2] | 397,950 | 720,056 | |
Lennar Financial Services | ||||
ASSETS | ||||
Cash and cash equivalents | 185,990 | 117,410 | ||
Restricted cash | 15,251 | 12,006 | ||
Receivables, net | 512,732 | 313,252 | ||
Inventories: | ||||
Goodwill | 237,688 | 59,838 | ||
Other assets | 116,173 | 95,527 | ||
Total assets | [1] | 2,346,899 | 1,689,508 | |
LIABILITIES AND EQUITY | ||||
Other liabilities | 281,586 | 240,383 | ||
Total liabilities | [2] | 1,537,760 | 1,177,814 | |
Lennar Multifamily | ||||
ASSETS | ||||
Cash and cash equivalents | 7,832 | 8,676 | ||
Receivables, net | 73,829 | 69,678 | ||
Inventories: | ||||
Land and land under development | 277,894 | 208,618 | ||
Investments in unconsolidated entities | 481,129 | 407,544 | ||
Other assets | 33,535 | 16,209 | ||
Total assets | [1] | 874,219 | 710,725 | |
LIABILITIES AND EQUITY | ||||
Total liabilities | [2] | $ 170,616 | $ 149,715 | |
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million | |||
[2] | As of November 30, 2018 , total liabilities include $242.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $11.4 million is included in Lennar Homebuilding accounts payable, $51.9 million in Lennar Homebuilding senior notes and other debts payable, $175.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.6 million in Lennar Homebuilding other liabilities and $1.0 million in Rialto liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $2.2 million |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 | |
Total assets | [1] | $ 28,566,181 | $ 18,745,034 |
Cash and cash equivalents | 1,558,458 | 2,650,872 | |
Total liabilities | [2] | $ 13,883,224 | $ 10,758,902 |
Class A Common Stock | |||
Common stock, par value (in USD per share) | $ 0.10 | $ 0.10 | |
Common stock, shares authorized (in shares) | 400,000,000 | 300,000,000 | |
Common stock, shares issued (in shares) | 294,992,562 | 205,429,942 | |
Treasury stock, shares (in shares) | 8,498,203 | 1,473,590 | |
Class B Common Stock | |||
Common stock, par value (in USD per share) | $ 0.10 | $ 0.10 | |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 | |
Common stock, shares issued (in shares) | 39,442,219 | 37,687,505 | |
Treasury stock, shares (in shares) | 1,698,424 | 1,679,650 | |
Lennar Homebuilding | |||
Total assets | [1] | $ 24,450,818 | $ 15,190,961 |
Cash and cash equivalents | [1] | 1,337,807 | 2,282,925 |
Receivables, net | [1] | 236,841 | 137,667 |
Finished homes and construction in progress | [1] | 8,681,357 | 4,676,279 |
Land and land under development | [1] | 8,178,388 | 5,791,338 |
Consolidated inventory not owned | [1] | 208,959 | 393,273 |
Investments in unconsolidated entities | [1] | 996,926 | 900,769 |
Other assets | [1] | 1,355,782 | 863,404 |
Total liabilities | [2] | 11,776,898 | 8,711,317 |
Accounts payable | [2] | 1,154,782 | 604,953 |
Senior notes and other debts payable | [2] | 8,543,868 | 6,410,003 |
Liabilities related to consolidated inventory not owned | [2] | 175,590 | 380,720 |
Other liabilities | [2] | 1,902,658 | 1,315,641 |
Rialto | |||
Total assets | [1] | 894,245 | 1,153,840 |
Cash and cash equivalents | 26,829 | 241,861 | |
Receivables, net | 218,437 | 0 | |
Investments in unconsolidated entities | 297,379 | 265,418 | |
Other assets | 57,453 | 122,371 | |
Total liabilities | [2] | 397,950 | 720,056 |
Other liabilities | 80,934 | 94,975 | |
Lennar Multifamily | |||
Total assets | [1] | 874,219 | 710,725 |
Cash and cash equivalents | 7,832 | 8,676 | |
Receivables, net | 73,829 | 69,678 | |
Land and land under development | 277,894 | 208,618 | |
Investments in unconsolidated entities | 481,129 | 407,544 | |
Other assets | 33,535 | 16,209 | |
Total liabilities | [2] | 170,616 | 149,715 |
Variable Interest Entity, Primary Beneficiary | |||
Total assets | 666,200 | 799,400 | |
Total liabilities | 242,500 | 389,700 | |
Variable Interest Entity, Primary Beneficiary | Lennar Homebuilding | |||
Cash and cash equivalents | 57,600 | 15,800 | |
Receivables, net | 200 | 200 | |
Finished homes and construction in progress | 81,700 | 53,200 | |
Land and land under development | 293,100 | 229,000 | |
Consolidated inventory not owned | 209,000 | 393,300 | |
Investments in unconsolidated entities | 3,800 | 4,600 | |
Other assets | 10,500 | 11,800 | |
Accounts payable | 11,400 | 5,000 | |
Senior notes and other debts payable | 51,900 | ||
Liabilities related to consolidated inventory not owned | 175,600 | 380,700 | |
Other liabilities | 2,600 | 1,800 | |
Variable Interest Entity, Primary Beneficiary | Rialto | |||
Total assets | 10,300 | 48,800 | |
Total liabilities | $ 1,000 | 2,200 | |
Variable Interest Entity, Primary Beneficiary | Lennar Multifamily | |||
Total assets | $ 42,700 | ||
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million | ||
[2] | As of November 30, 2018 , total liabilities include $242.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $11.4 million is included in Lennar Homebuilding accounts payable, $51.9 million in Lennar Homebuilding senior notes and other debts payable, $175.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.6 million in Lennar Homebuilding other liabilities and $1.0 million in Rialto liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $2.2 million |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) $ in Thousands | 12 Months Ended |
Nov. 30, 2018USD ($)$ / shares | |
Revenues: | |
Total revenues | $ 20,571,631 |
Costs and expenses: | |
Acquisition and integration costs related to CalAtlantic | 152,980 |
Corporate general and administrative | 343,934 |
Total costs and expenses | 18,734,360 |
Equity in earnings (loss) from unconsolidated entities | (30,518) |
Earnings (loss) before income taxes | 2,262,684 |
Provision for income taxes | (545,171) |
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 1,717,513 |
Less: Net earnings (loss) attributable to noncontrolling interests | 21,682 |
Net earnings attributable to Lennar | 1,695,831 |
Other comprehensive income (loss), net of tax: | |
Net unrealized gain (loss) on securities available-for-sale | (1,634) |
Reclassification adjustments for (gains) loss included in net earnings | 234 |
Total other comprehensive income (loss), net of tax | (1,400) |
Total comprehensive income attributable to Lennar | 1,694,431 |
Total comprehensive income (loss) attributable to noncontrolling interests | $ 21,682 |
Basic earnings per share (in USD per share) | $ / shares | $ 5.46 |
Diluted earnings per share (in USD per share) | $ / shares | $ 5.44 |
Write down of deferred tax assets results from Tax Cuts and Jobs Act | $ 68,600 |
Lennar Homebuilding | |
Revenues: | |
Total revenues | 19,077,597 |
Costs and expenses: | |
Costs and expenses | 16,936,873 |
Equity in earnings (loss) from unconsolidated entities | (91,915) |
Other income (expense), net | 205,841 |
Lennar Homebuilding loss due to litigation | 0 |
Lennar Financial Services | |
Revenues: | |
Total revenues | 867,831 |
Costs and expenses: | |
Costs and expenses | 680,401 |
Rialto | |
Revenues: | |
Total revenues | 205,071 |
Costs and expenses: | |
Costs and expenses | 190,413 |
Equity in earnings (loss) from unconsolidated entities | 25,816 |
Other income (expense), net | (62,058) |
Gain on sale of Rialto investment and asset management platform | 296,407 |
Lennar Multifamily | |
Revenues: | |
Total revenues | 421,132 |
Costs and expenses: | |
Costs and expenses | 429,759 |
Equity in earnings (loss) from unconsolidated entities | $ 51,322 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common StockClass A Common Stock | Common StockClass B Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsClass A Common Stock | Retained EarningsClass B Common Stock | Treasury Stock | Accumulated Comprehensive Other Income (Loss) | Total Stockholders' Equity | Noncontrolling Interests | |
Beginning balance at Nov. 30, 2015 | $ 18,066 | $ 3,298 | $ 2,305,560 | $ 3,429,736 | $ (107,755) | $ 39 | $ 301,128 | |||||
Statement of Equity [Roll Forward] | ||||||||||||
Employee stock and director plans | 124 | 1,487 | (1,206) | |||||||||
Stock issuance in connection with CalAtlantic acquisition | 0 | 0 | 0 | |||||||||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 45,803 | |||||||||||
Amortization of restricted stock | 55,516 | |||||||||||
Conversion of convertible senior notes to shares of Class A common stock | 2,219 | 0 | 396,983 | |||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | $ 913,091 | 911,844 | 1,247 | |||||||||
Cash dividends | $ (30,315) | $ (5,009) | ||||||||||
Stock dividends - Class B common stock | 0 | 0 | ||||||||||
Total other comprehensive income (loss), net of tax | (348) | |||||||||||
Receipts related to noncontrolling interests | 353 | |||||||||||
Payments related to noncontrolling interests | (127,410) | |||||||||||
Non-cash distributions to noncontrolling interests | (5,033) | |||||||||||
Non-cash consolidations, net | 12,478 | |||||||||||
Non-cash purchase or activity of noncontrolling interests, net | 2,762 | |||||||||||
Ending balance at Nov. 30, 2016 | 7,211,567 | 20,409 | 3,298 | 2,805,349 | 4,306,256 | (108,961) | (309) | $ 7,026,042 | 185,525 | |||
Statement of Equity [Roll Forward] | ||||||||||||
Employee stock and director plans | 134 | 2,086 | (27,059) | |||||||||
Stock issuance in connection with CalAtlantic acquisition | 0 | 0 | 0 | |||||||||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 35,543 | |||||||||||
Amortization of restricted stock | 61,356 | |||||||||||
Conversion of convertible senior notes to shares of Class A common stock | 0 | 0 | 0 | |||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 771,754 | 810,480 | (38,726) | |||||||||
Cash dividends | (32,600) | (5,008) | ||||||||||
Stock dividends - Class B common stock | 471 | 237,679 | (238,150) | |||||||||
Purchases of treasury stock | (249,910) | |||||||||||
Total other comprehensive income (loss), net of tax | 1,343 | |||||||||||
Receipts related to noncontrolling interests | 5,786 | |||||||||||
Payments related to noncontrolling interests | (74,372) | |||||||||||
Non-cash distributions to noncontrolling interests | 0 | |||||||||||
Non-cash consolidations, net | 37,292 | |||||||||||
Non-cash purchase or activity of noncontrolling interests, net | (1,690) | |||||||||||
Ending balance at Nov. 30, 2017 | 7,986,132 | [1] | 20,543 | 3,769 | 3,142,013 | 4,840,978 | (136,020) | 1,034 | 7,872,317 | 113,815 | ||
Statement of Equity [Roll Forward] | ||||||||||||
Employee stock and director plans | 183 | 3,797 | (49,939) | |||||||||
Stock issuance in connection with CalAtlantic acquisition | 8,408 | 168 | 5,061,430 | |||||||||
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes | 0 | |||||||||||
Amortization of restricted stock | 72,655 | |||||||||||
Conversion of convertible senior notes to shares of Class A common stock | 365 | 7 | 216,782 | |||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 1,717,513 | 1,695,831 | 21,682 | |||||||||
Cash dividends | $ (43,195) | $ (5,964) | ||||||||||
Stock dividends - Class B common stock | 0 | 0 | ||||||||||
Purchases of treasury stock | (249,900) | |||||||||||
Total other comprehensive income (loss), net of tax | (1,400) | |||||||||||
Receipts related to noncontrolling interests | 18,126 | |||||||||||
Payments related to noncontrolling interests | (89,575) | |||||||||||
Non-cash distributions to noncontrolling interests | 0 | |||||||||||
Non-cash consolidations, net | 0 | |||||||||||
Non-cash purchase or activity of noncontrolling interests, net | 37,374 | |||||||||||
Ending balance at Nov. 30, 2018 | $ 14,682,957 | [1] | $ 29,499 | $ 3,944 | $ 8,496,677 | $ 6,487,650 | $ (435,869) | $ (366) | $ 14,581,535 | $ 101,422 | ||
[1] | As of November 30, 2018 , total liabilities include $242.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $11.4 million is included in Lennar Homebuilding accounts payable, $51.9 million in Lennar Homebuilding senior notes and other debts payable, $175.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.6 million in Lennar Homebuilding other liabilities and $1.0 million in Rialto liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $2.2 million |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Class A Common Stock | |||
Cash dividends (in USD per share) | $ 0.16 | $ 0.16 | $ 0.16 |
Class B Common Stock | |||
Cash dividends (in USD per share) | $ 0.16 | $ 0.16 | $ 0.16 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | ||
Cash flows from operating activities: | ||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | $ 1,717,513 | $ 771,754 | $ 913,091 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 91,181 | 66,324 | 50,219 | |
Amortization of discount/premium on debt, net | (23,544) | 11,312 | 14,619 | |
Equity in loss (earnings) from unconsolidated entities | 30,518 | (49,478) | (55,205) | |
Distributions of earnings from unconsolidated entities | 113,096 | 137,669 | 101,965 | |
Share-based compensation expense | 72,655 | 61,356 | 55,516 | |
Excess tax benefits from share-based awards | 0 | (1,981) | (7,039) | |
Deferred income tax expense | 268,037 | 91,050 | 97,485 | |
Loss on retirement of debt and notes payable | 0 | 0 | 1,569 | |
Gain on sale of Rialto investment and asset management platform | (296,407) | 0 | 0 | |
Gain on sale of operating properties and equipment | (11,499) | (10,339) | (14,457) | |
Gain on sale of interest in unconsolidated entity | (164,880) | 0 | 0 | |
Unrealized and realized gains on real estate owned | (3,734) | (5,119) | (21,380) | |
Gain on sale of other assets (investment carried at cost)/CMBS bonds | (464) | (2,450) | 0 | |
Impairments of loans receivable and real estate owned | 39,053 | 97,786 | 45,201 | |
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | 49,338 | 16,339 | 11,283 | |
Changes in assets and liabilities: | ||||
Decrease in restricted cash | 16,132 | 14,490 | 9,716 | |
(Increase) decrease in receivables | (431,183) | 253,111 | (260,844) | |
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | (135,870) | (661,494) | (503,527) | |
Increase in other assets | (36,934) | (44,535) | (41,933) | |
Decrease (increase) in loans held-for-sale | 5,805 | (105,600) | 90,093 | |
Increase in accounts payable and other liabilities | 412,796 | 356,669 | 21,432 | |
Net cash provided by (used in) operating activities | 1,711,609 | 996,864 | 507,804 | |
Cash flows from investing activities: | ||||
Decrease (increase) in restricted cash related to investments or LOCs | 10,825 | (18,000) | 0 | |
Net additions to operating properties and equipment | (130,439) | (111,773) | (76,439) | |
Proceeds from the sale of operating properties and equipment | 38,633 | 60,326 | 25,288 | |
Proceeds from sale of investment in unconsolidated entity | 225,267 | 0 | 0 | |
Investments in and contributions to unconsolidated entities | (405,547) | (430,304) | (425,761) | |
Distributions of capital from unconsolidated entities | 362,516 | 207,327 | 323,190 | |
Proceeds from sales of real estate owned | 32,221 | 86,565 | 97,871 | |
Receipts of principal payments on loans held-for-sale | 0 | 11,251 | 0 | |
Receipts of principal payments on loans receivable and other | 4,339 | 165,413 | 84,433 | |
Originations of loans receivable | 0 | (98,375) | (56,507) | |
Proceeds from sale of other assets (investment carried at cost) | 0 | 3,610 | 0 | |
Purchases of commercial mortgage-backed securities bonds | (31,068) | (107,262) | (42,436) | |
Proceeds from sale of Rialto investment and asset management platform | 340,000 | 0 | 0 | |
Proceeds from sale of commercial mortgage-backed securities bonds | 14,222 | 0 | 0 | |
Acquisitions, net of cash acquired | (1,103,275) | (611,103) | (725) | |
Proceeds from sales of investments available-for-sale | 0 | 0 | 541 | |
Decrease (increase) in Lennar Financial Services held-for-investment, net | (3,603) | (14,257) | 963 | |
Purchases of Lennar Financial Services investment securities | (47,305) | (53,558) | (37,764) | |
Proceeds from maturities/sales of Lennar Financial Services investment securities | 85,237 | 41,765 | 23,963 | |
Other payments, net | (145) | (1,442) | (2,454) | |
Net cash used in investing activities | (608,122) | (869,817) | (85,837) | |
Cash flows from financing activities: | ||||
Proceeds from senior notes | 0 | 2,450,000 | 499,024 | |
Debt issuance costs | (14,661) | (28,590) | (4,740) | |
Redemption of senior notes | (1,100,000) | (1,058,595) | (250,000) | |
Conversions and exchanges on convertible senior notes | (59,145) | 0 | (234,028) | |
Proceeds from other borrowings | 44,374 | 31,230 | 37,163 | |
Proceeds from other liabilities | (3,542) | 195,541 | 0 | |
Principal payments on other borrowings | (138,475) | (139,725) | (210,968) | |
Receipts related to noncontrolling interests | 18,126 | 5,786 | 353 | |
Payments related to noncontrolling interests | (89,575) | (74,372) | (127,410) | |
Excess tax benefits from share-based awards | 0 | 1,981 | 7,039 | |
Common stock: | ||||
Issuances | 3,061 | 720 | 19,471 | |
Repurchases | (299,833) | (27,054) | (19,902) | |
Dividends | (49,159) | (37,608) | (35,324) | |
Net cash (used in) provided by financing activities | (2,195,901) | 1,194,296 | (250,883) | |
Net increase (decrease) in cash and cash equivalents | (1,092,414) | 1,321,343 | 171,084 | |
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of year | 2,650,872 | 1,329,529 | 1,158,445 | |
Cash and cash equivalents at end of year | 1,558,458 | 2,650,872 | 1,329,529 | |
Supplemental disclosures of cash flow information: | ||||
Cash paid for interest, net of amounts capitalized | 128,877 | 89,485 | 66,570 | |
Cash paid for income taxes, net | 376,609 | 199,557 | 374,731 | |
Lennar Homebuilding and Lennar Multifamily: | ||||
Conversion of convertible debt | 217,154 | 0 | 0 | |
Consolidation/deconsolidation of unconsolidated/consolidated entities, net: | ||||
Inventories | 35,430 | 48,656 | 111,347 | |
Receivables | 7,198 | 0 | 0 | |
Operating properties and equipment and other assets | 0 | (1,716) | 0 | |
Investments in unconsolidated entities | (25,614) | (9,692) | (2,445) | |
Liabilities related to consolidated inventory not owned | 0 | 0 | (96,424) | |
Other liabilities | (17,014) | 44 | 0 | |
Noncontrolling interests | 0 | (37,292) | (12,478) | |
Lennar Homebuilding | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Equity in loss (earnings) from unconsolidated entities | 91,915 | 61,708 | 49,275 | |
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of year | [1] | 2,282,925 | ||
Cash and cash equivalents at end of year | [1] | 1,337,807 | 2,282,925 | |
Lennar Homebuilding | Operating Segments | ||||
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of year | 2,282,925 | 1,050,138 | ||
Cash and cash equivalents at end of year | 1,337,807 | 2,282,925 | 1,050,138 | |
Rialto | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Equity in loss (earnings) from unconsolidated entities | (25,816) | (25,447) | (18,961) | |
Cash flows from investing activities: | ||||
Proceeds from sale of Rialto investment and asset management platform | 340,000 | |||
Cash flows from financing activities: | ||||
Proceeds from Rialto notes payable | 33,724 | 99,630 | 0 | |
Principal payments on Rialto notes payable including structured notes | (359,016) | (24,964) | (39,026) | |
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of year | 241,861 | |||
Cash and cash equivalents at end of year | 26,829 | 241,861 | ||
Rialto: | ||||
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable | 0 | 1,140 | 8,476 | |
Rialto | Operating Segments | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Equity in loss (earnings) from unconsolidated entities | (25,816) | (25,447) | (18,961) | |
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of year | 241,861 | 148,827 | ||
Cash and cash equivalents at end of year | 26,829 | 241,861 | 148,827 | |
Lennar Financial Services | ||||
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of year | 117,410 | |||
Cash and cash equivalents at end of year | 185,990 | 117,410 | ||
Lennar Financial Services | Operating Segments | ||||
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of year | 117,410 | 123,964 | ||
Cash and cash equivalents at end of year | 185,990 | 117,410 | 123,964 | |
Lennar Multifamily | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Equity in loss (earnings) from unconsolidated entities | (51,322) | (85,739) | (85,519) | |
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of year | 8,676 | |||
Cash and cash equivalents at end of year | 7,832 | 8,676 | ||
Lennar Multifamily | Operating Segments | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Equity in loss (earnings) from unconsolidated entities | (51,322) | (85,739) | (85,519) | |
Summary of cash and cash equivalents: | ||||
Cash and cash equivalents at beginning of year | 8,676 | 6,600 | ||
Cash and cash equivalents at end of year | 7,832 | 8,676 | 6,600 | |
Lennar Homebuilding and Lennar Multifamily | ||||
Lennar Homebuilding and Lennar Multifamily: | ||||
Purchases of inventories, land under development and other assets financed by sellers | 163,519 | 279,323 | 101,504 | |
Net non-cash contributions to unconsolidated entities | 162,281 | 62,618 | 107,935 | |
Conversion of convertible debt | 0 | 0 | 399,206 | |
Equity component of acquisition consideration | 5,070,006 | 0 | 0 | |
Unsecured Revolving Credit Facility | ||||
Cash flows from financing activities: | ||||
Net (repayments) borrowings under credit facilities | (454,700) | 0 | 0 | |
Warehouse Repurchase Facility | ||||
Cash flows from financing activities: | ||||
Net (repayments) borrowings under credit facilities | $ 272,920 | $ (199,684) | $ 107,465 | |
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 16) in which Lennar Corporation is deemed 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. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition Revenues from sales of homes are recognized when the sales are closed and title passes to the new homeowner, the new homeowner’s initial and continuing investment is adequate to demonstrate a commitment to pay for the home, the new homeowner’s receivable is not subject to future subordination and the Company does not have a substantial continuing involvement with the new home. Revenues from sales of land are recognized when a significant down payment is received, the earnings process is complete, title passes and collectability of the receivable is reasonably assured. See Lennar Financial Services, Rialto and Lennar Multifamily within this Note for disclosure of revenue recognition policies related to those segments. Advertising Costs The Company expenses advertising costs as incurred. Advertising costs were $72.1 million , $47.0 million and $40.9 million for the years ended November 30, 2018 , 2017 and 2016 , respectively. The increase in 2018 is primarily related to the CalAtlantic acquisition. Share-Based Payments The Company has share-based awards outstanding under the 2007 Equity Incentive Plan and the 2016 Equity Incentive Plan (the "Plans"), each of which provides for the granting of stock options, stock appreciation rights, restricted common stock ("nonvested shares") and other share based awards to officers, associates and directors. The exercise prices of stock options may not be less than the market value of the common stock on the date of the grant. Exercises are permitted in installments determined when options are granted. Each stock option will expire on a date determined at the time of the grant, but not more than 10 years after the date of the grant. The Company accounts for stock option awards and nonvested share awards granted under the Plans based on the estimated grant date fair value. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Due to the short maturity period of cash equivalents, the carrying amounts of these instruments approximate their fair values. Cash and cash equivalents as of November 30, 2018 and 2017 included $926.1 million and $569.8 million , respectively, of cash held in escrow for approximately three days . Restricted Cash Lennar Homebuilding restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on deposit to secure and support performance obligations. Rialto restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto is a sub-advisor to. It also included upfront deposits and application fees Rialto Mortgage Finance ("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. Inventories Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. Inventory costs include land, land development and home construction costs, real estate taxes, deposits on land purchase contracts and interest related to development and construction. Construction overhead and selling expenses are expensed as incurred. Homes held-for-sale are classified as inventories until delivered. Land, land development, amenities and other costs are accumulated by specific area and allocated to homes within the respective areas. The Company reviews its inventory for indicators of impairment by evaluating each community during each reporting period. The inventory within each community is categorized as finished homes and construction in progress or land under development based on the development state of the community. There were 1,324 and 761 active communities, excluding unconsolidated entities, as of November 30, 2018 and 2017 , respectively. If the undiscounted cash flows expected to be generated by a community are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such community to its estimated fair value. In conducting its review for indicators of impairment on a community level, the Company evaluates, among other things, the margins on homes that have been delivered, margins on homes under sales contracts in backlog, projected margins with regard to future home sales over the life of the community, projected margins with regard to future land sales and the estimated fair value of the land itself. The Company pays particular attention to communities in which inventory is moving at a slower than anticipated absorption pace and communities whose average sales price and/or margins are trending downward and are anticipated to continue to trend downward. From this review, the Company identifies communities in which to assess if the carrying values exceed their undiscounted projected cash flows. The Company estimates the fair value of its communities using a discounted cash flow model. The projected cash flows for each community are significantly impacted by estimates related to market supply and demand, product type by community, homesite sizes, sales pace, sales prices, sales incentives, construction costs, sales and marketing expenses, the local economy, competitive conditions, labor costs, costs of materials and other factors for that particular community. Every division evaluates the historical performance of each of its communities as well as current trends in the market and economy impacting the community and its surrounding areas. These trends are analyzed for each of the estimates listed above. Each of the homebuilding markets in which the Company operates is unique, as homebuilding has historically been a local business driven by local market conditions and demographics. Each of the Company’s homebuilding markets has specific supply and demand relationships reflective of local economic conditions. The Company’s projected cash flows are impacted by many assumptions. Some of the most critical assumptions in the Company’s cash flow model are projected absorption pace for home sales, sales prices and costs to build and deliver homes on a community by community basis. In order to arrive at the assumed absorption pace for home sales and the assumed sales prices included in the Company’s cash flow model, the Company analyzes its historical absorption pace and historical sales prices in the community and in other comparable communities in the geographical area. In addition, the Company considers internal and external market studies and places greater emphasis on more current metrics and trends, which generally include, but are not limited to, statistics and forecasts on population demographics and on sales prices in neighboring communities, unemployment rates and availability and sales prices of competing product in the geographical area where the community is located as well as the absorption pace realized in its most recent quarters and the sales prices included in the Company's current backlog for such communities. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected absorption pace and sales prices in the cash flow model for a community. In order to arrive at the Company’s assumed costs to build and deliver homes, the Company generally assumes a cost structure reflecting contracts currently in place with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure. Those costs assumed are used in the cash flow model for the Company’s communities. Since the estimates and assumptions included in the Company’s cash flow models are based upon historical results and projected trends, they do not anticipate unexpected changes in market conditions or strategies that may lead the Company to incur additional impairment charges in the future. The determination of fair value requires discounting the estimated cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. The Company generally uses a discount rate of approximately 20% , subject to the perceived risks associated with the community’s cash flow streams relative to its inventory. The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, 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. As of November 30, 2018 , the Company reviewed its communities for potential indicators of impairments and identified 25 homebuilding communities with 1,121 homesites and a carrying value of $211.3 million as having potential indicators of impairment. For the year ended November 30, 2018 , the Company recorded valuation adjustments of $31.3 million on 733 homesites in six communities with a carrying value of $64.6 million . As of November 30, 2017 , the Company reviewed its communities for potential indicators of impairments and identified ten homebuilding communities with 630 homesites and a carrying value of $100.4 million as having potential indicators of impairment. For the year ended November 30, 2017 , the Company recorded valuation adjustments of $7.9 million on 473 homesites in seven communities with a carrying value of $13.9 million . The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the years ended November 30, 2018 and 2017 : Years ended November 30, 2018 2017 Unobservable inputs Range Range Average selling price $233,000 - $843,000 $125,000 - $567,000 Absorption rate per quarter (homes) 4 - 16 4 - 10 Discount rate 20% 20% The Company also has access to land inventory through option contracts, which generally enables the Company to defer acquiring portions of properties owned by third parties and unconsolidated entities until it has determined whether to exercise its option. A majority of the Company’s option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land. The Company’s option contracts sometimes include price adjustment provisions, which adjust the purchase price of the land to its approximate fair value at the time of acquisition or are based on the fair value at the time of takedown. In determining whether to walk away from an option contract, the Company evaluates the option primarily based upon its expected cash flows from the property under option. If the Company intends to walk away from an option contract, it records a charge to earnings in the period such decision is made for the deposit amount and any related pre-acquisition costs associated with the option contract. Some option contracts contain a predetermined take-down schedule for the optioned land parcels. However, in almost all instances, the Company is not required to purchase land in accordance with those take-down schedules. In substantially all instances, the Company has the right and ability to not exercise its option and forfeit its deposit without further penalty, other than termination of the option and loss of any unapplied portion of its deposit and pre-acquisition costs. Therefore, in substantially all instances, the Company does not consider the take-down price to be a firm contractual obligation. When the Company does not intend to exercise an option, it writes off any unapplied deposit and pre-acquisition costs associated with the option contract. Lennar Homebuilding and Lennar Multifamily Investments in Unconsolidated Entities The Company evaluates the long-lived assets in unconsolidated entities for indicators of impairment during each reporting period. If a valuation adjustment is recorded by an unconsolidated entity related to its assets, the Company generally uses a discount rate between 10% and 20% , subject to the perceived risks associated with the community’s cash flow streams relative to its inventory or operating assets. The Company’s proportionate share of a valuation adjustment is reflected in the Company's Lennar Homebuilding or Lennar Multifamily equity in earnings (loss) from unconsolidated entities with a corresponding decrease to its Lennar Homebuilding or Lennar Multifamily investment in unconsolidated entities. Additionally, the Company evaluates if a decrease in the value of an investment below its carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions and (3) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status and liquidity needs of the unconsolidated entity. If the decline in the fair value of the investment is other-than-temporary, then these losses are included in Lennar Homebuilding other income, net or Lennar Multifamily costs and expenses. The Company tracks its share of cumulative earnings and distributions of its joint ventures ("JVs"). For purposes of classifying distributions received from JVs in the Company’s consolidated statements of cash flows, cumulative distributions are treated as returns on capital to the extent of cumulative earnings and included in the Company’s consolidated statements of cash flows as operating activities. Cumulative distributions in excess of the Company’s share of cumulative earnings are treated as returns of capital and included in the Company’s consolidated statements of cash flows as cash from investing activities. Variable Interest Entities GAAP requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s variable interest in VIEs may be in the form of (1) equity ownership, (2) contracts to purchase assets, (3) management and development agreements between the Company and a VIE, (4) loans provided by the Company to a VIE or other partner and/or (5) guarantees provided by members to banks and other third parties. The Company examines specific criteria and uses its judgment when determining if it is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality, if any, between the Company and the other partner(s) and contracts to purchase assets from VIEs. The determination whether an entity is a VIE and, if so, whether the Company is the primary beneficiary may require it to exercise significant judgment. Generally, all major decision making in the Company’s joint ventures is shared among all partners. In particular, business plans and budgets are generally required to be unanimously approved by all partners. Usually, management and other fees earned by the Company are nominal and believed to be at market and there is no significant economic disproportionality between the Company and other partners. Generally, the Company purchases less than a majority of the JV’s assets and the purchase prices under its option contracts are believed to be at market. Generally, Lennar Homebuilding and Lennar Multifamily unconsolidated entities become VIEs and consolidate when the other partner(s) lack the intent and financial wherewithal to remain in the entity. As a result, the Company continues to fund operations and debt paydowns through partner loans or substituted capital contributions. Operating Properties and Equipment Operating properties and equipment are recorded at cost and are included in other assets in the consolidated balance sheets. The assets are depreciated over their estimated useful lives using the straight-line method. At the time operating properties and equipment are disposed of, the asset and related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to earnings. The estimated useful life for operating properties is 30 years , for furniture, fixtures and equipment is two to ten years and for leasehold improvements is five years or the life of the lease, whichever is shorter. Operating properties are reviewed for possible impairment if there are indicators that their carrying amounts are not recoverable. Investment Securities Investment securities are classified as available-for-sale unless they are classified as trading or held-to-maturity. Securities classified as trading are carried at fair value and unrealized holding gains and losses are recorded in earnings. Available-for-sale securities are recorded at fair value. Any unrealized holding gains or losses on available-for-sale securities are reported as accumulated other comprehensive gain or loss, which is a separate component of stockholders’ equity, net of tax, until realized. Securities classified as held-to-maturity are carried at amortized cost because they are purchased with the intent and ability to hold to maturity. At November 30, 2018 and 2017 , the Lennar Financial Services segment had investment securities classified as held-to-maturity totaling $52.5 million and $52.3 million , respectively, which consist mainly of corporate debt obligations, U.S. government agency obligations, certificates of deposit and U.S. treasury securities that mature at various dates, mainly within three years. Also, at November 30, 2018 and 2017 , the Lennar Financial Services segment had available-for-sale securities totaling $4.2 million and $57.4 million , respectively, which consist primarily of preferred stock and mutual funds. These investments available-for-sale are carried at fair value with changes recorded as a component of accumulated other comprehensive income (loss). In addition, at November 30, 2018 and 2017 , the Rialto segment had investment securities classified as held-to-maturity totaling $197.0 million and $179.7 million , respectively. The Rialto segment held-to-maturity securities consist of commercial mortgage-backed securities ("CMBS"). At both November 30, 2018 and 2017 , the Company had no investment securities classified as trading. Interest and Real Estate Taxes Interest and real estate taxes attributable to land and homes are capitalized as inventory costs while they are being actively developed. Interest related to homebuilding and land, including interest costs relieved from inventories, is included in costs of homes sold and costs of land sold. Interest expense related to the Lennar Financial Services operations is included in its costs and expenses. During the years ended November 30, 2018 , 2017 and 2016 , interest incurred by the Company’s homebuilding operations related to homebuilding debt was $423.7 million , $290.3 million and $281.4 million , respectively; interest capitalized into inventories was $412.5 million , $283.2 million and $276.8 million , respectively. Interest expense was included in costs of homes sold, costs of land sold and other interest expense as follows: Years Ended November 30, (In thousands) 2018 2017 2016 Interest expense in costs of homes sold $ 301,339 260,650 235,148 Interest expense in costs of land sold 3,567 9,995 5,287 Other interest expense (1) 11,258 7,164 4,626 Total interest expense $ 316,164 277,809 245,061 (1) Included in Lennar Homebuilding other income, net. Income Taxes The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and attributable to operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or paid. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted. Interest related to unrecognized tax benefits is recognized in the financial statements as a component of income tax expense. A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the consideration of all available positive and negative evidence using a "more-likely-than-not" standard with respect to whether deferred tax assets will be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, actual earnings, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives. Based on the analysis of positive and negative evidence, the Company believed that there was enough positive evidence for the Company to conclude that it was more likely than not that the Company would realize the majority of its deferred tax assets. As of November 30, 2018 and 2017 , the Company's net deferred tax assets included a valuation allowance of $7.2 million and $6.4 million , respectively. See Note 11 for additional information. Other Liabilities Reflected within the consolidated balance sheets, the other liabilities balance as of November 30, 2018 and 2017 , included accrued interest payable, product warranty (as noted below), accrued bonuses, accrued wages and benefits, deferred income, customer deposits, income taxes payable, and other accrued liabilities. 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 consolidated balance sheets. The activity in the Company’s warranty reserve was as follows: Years Ended November 30, (In thousands) 2018 2017 Warranty reserve, beginning of year $ 164,619 135,403 Warranties issued 175,410 109,359 Adjustments to pre-existing warranties from changes in estimates (1) 3,116 16,027 Warranties assumed related to acquisitions 140,959 6,345 Payments (164,995 ) (102,515 ) Warranty reserve, end of year $ 319,109 164,619 (1) The adjustments to pre-existing warranties from changes in estimates during the years ended November 30, 2018 and 2017 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments. Self-Insurance Certain insurable risks such as construction defects, general liability, medical and workers’ compensation are self-insured by the Company up to certain limits. Undiscounted accruals for claims under the Company’s self-insurance program are based on claims filed and estimates for claims incurred but not yet reported. The Company’s self-insurance reserve as of November 30, 2018 and 2017 was $101.4 million and $90.2 million of which $60.3 million and $57.7 million , respectively, was included in Lennar Financial Services’ other liabilities as of November 30, 2018 and 2017 . Amounts incurred in excess of the Company's self-insurance occurrence or aggregate retention limits are covered by insurance up to the Company's purchased coverage levels. The Company's insurance policies are maintained with highly-rated underwriters for whom the Company believes counterparty default risk is not significant. 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 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. Lennar Financial Services Revenue Recognition Title premiums on policies issued directly by the Company are recognized as revenue on the effective date of the title policies and escrow fees and loan origination revenues are recognized at the time the related real estate transactions are completed, usually upon the close of escrow. Revenues from title policies issued by independent agents are recognized as revenue when notice of issuance is received from the agent, which is generally when cash payment is received by the Company. Expected gains and losses from the sale of loans and their related servicing rights are included in the measurement of all written loan commitments that are accounted for at fair value through earnings at the time of commitment. Interest income on loans held-for-sale and loans held-for-investment is recognized as earned over the terms of the mortgage loans based on the contractual interest rates. Loans Held-for-Sale Loans held-for-sale by the Lennar Financial Services segment, including the rights to service the mortgage loans, are carried at fair value and changes in fair value are reflected in earnings. Premiums and discounts recorded on these loans are presented as an adjustment to the carrying amount of the loans and are not amortized. 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 Lennar Financial Services segment 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' other assets as of November 30, 2018 and 2017 . Fair value of the servicing rights is determined based on values in the Company’s servicing sales contracts. Provision for Losses The Company establishes reserves for possible losses associated with mortgage loans previously originated and sold to investors 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. Loan origination liabilities are included in Lennar Financial Services’ liabilities in the consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows: Years Ended November 30, (In thousands) 2018 2017 Loan origination liabilities, beginning of year $ 22,543 24,905 Provision for losses 5,787 3,861 Adjustments to pre-existing provisions for losses from changes in estimates 4,625 (4,440 ) Origination liabilities assumed related to CalAtlantic acquisition 29,959 — Payments/settlements (14,330 ) (1,783 ) Loan origination liabilities, end of year $ 48,584 22,543 Loans Held-for-Investment, Net Loans for which the Company has the positive intent and ability to hold to maturity consist of mortgage loans carried at the principal amount outstanding, net of unamortized discounts and allowance for loan losses. Discounts are amortized over the estimated lives of the loans using the interest method. The Lennar Financial Services segment also provides an allowance for loan losses. The provision recorded and the adequacy of the related allowance is determined by management’s continuing evaluation of the loan portfolio in light of past loan loss experience, credit worthiness and nature of underlying collateral, present economic conditions and other factors considered relevant by the Company’s management. Anticipated changes in economic factors, which may influence the level of the allowance, are considered in the evaluation by the Company’s management when the likelihood of the changes can be reasonably determined. While the Company’s management uses the best information available to make such evaluations, future adjustments to the allowance may be necessary as a result of future economic and other conditions that may be beyond management’s control. Derivative Financial Instruments The Lennar Financial Services segment, in the normal course of business, uses derivative financial instruments to reduce its exposure to fluctuations in mortgage-rela |
Business Acquisition
Business Acquisition | 12 Months Ended |
Nov. 30, 2018 | |
Business Combinations [Abstract] | |
Business Acquisition | 2. Business Acquisition Acquisition of CalAtlantic Group, Inc. On February 12, 2018, the Company completed the acquisition of CalAtlantic Group, Inc. (“CalAtlantic”) through a transaction in which CalAtlantic was merged with and into a wholly-owned subsidiary of the Company (“Merger Sub”), with Merger Sub continuing as the surviving corporation and a wholly-owned subsidiary of the Company (the “Merger”). CalAtlantic was a homebuilder which built homes across the homebuilding spectrum, from entry level to luxury, in 43 metropolitan statistical areas spanning 19 states. CalAtlantic also provided mortgage, title and escrow services. A primary reason for the acquisition was to increase local market concentration in order to generate synergies and efficiencies. Based on an evaluation of the provisions of ASC Topic 805, Business Combinations , ("ASC 805"), Lennar Corporation was determined to be the acquirer for accounting purposes. The purchase price accounting reflected in the accompanying financial statements is provisional and is based upon estimates and assumptions that are subject to change within the measurement period (up to one year from the acquisition date pursuant to ASC 805). The measurement period remains open pending the completion of valuation procedures related to the acquired assets and assumed liabilities. The $3.3 billion provisional amount allocated to goodwill in Lennar Homebuilding and the provisional amount of $175 million allocated to goodwill in Lennar Financial Services represents the excess of the purchase price over the estimated fair value of assets acquired and liabilities assumed. The following table summarizes the purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition: (Dollars in thousands) CalAtlantic shares of common stock outstanding 118,025,879 CalAtlantic shares electing cash conversion 24,083,091 CalAtlantic shares exchanged 93,942,788 Exchange ratio for Class A common stock 0.885 Exchange ratio for Class B common stock 0.0177 Number of shares of Lennar Class A common stock issued in exchange 83,138,277 Number of shares of Lennar Class B common stock issued in exchange (due to Class B common stock dividend) 1,662,172 Consideration attributable to Class A common stock $ 4,933,425 Consideration attributable to Class B common stock 77,823 Consideration attributable to equity awards that convert upon change of control 58,758 Consideration attributable to cash including fractional shares 1,162,341 Total purchase price $ 6,232,347 (In thousands) ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 55,191 Inventories 6,239,147 Intangible asset (1) 8,000 Investments in unconsolidated entities 151,900 Goodwill (2) 3,305,792 Other assets 561,151 Total Homebuilding assets 10,321,181 Financial Services (2) 355,128 Total assets $ 10,676,309 LIABILITIES Homebuilding: Accounts payable $ 306 Senior notes payable and other debts 3,926,152 Other liabilities (3) 374,656 Total Homebuilding liabilities 4,301,114 Financial Services 124,418 Total liabilities 4,425,532 Noncontrolling interests (4) 18,430 Total purchase price $ 6,232,347 (1) Intangible asset includes trade name. The amortization period for the trade name was approximately six months . (2) Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is generally not deductible for income tax purposes. As of the Merger date, goodwill consisted primarily of expected greater efficiencies and opportunities due to increased concentration of local market share, reduced general and administrative costs and reduced homebuilding costs resulting from the merger and cost savings as a result of additional homebuilding and non-homebuilding synergies. The assignment of goodwill among the Company's reporting segments included $ 1.1 billion to Homebuilding East, $ 495.0 million to Homebuilding Central, $ 342.2 million to Homebuilding Texas, $ 1.4 billion to Homebuilding West, and $175.4 million to Lennar Financial Services. (3) Other liabilities includes contingencies assumed at the Merger date, which includes warranty and legal reserves. Warranty 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. Warranty reserves are determined based on historical data and trends with respect to similar product types and geographical areas. Consistent with ASC 450, Contingencies, ("ASC450") legal reserves are established when a loss is considered probable and the amount of loss can be reasonably estimated. (4) Fair value of noncontrolling interests was measured using discounted cash flows of expected future contributions and distributions. For the year ended November 30, 2018 , Lennar Homebuilding revenue included $7.0 billion of revenues, and earnings before income taxes included $491.3 million of pre-tax earnings from CalAtlantic since the date of acquisition, which included acquisition and integration costs of $153.0 million . These acquisition and integration costs were comprised mainly of severance expenses and transaction costs and were included within the acquisition and integration costs related to CalAtlantic line item in the consolidated statement of operations for the year ended November 30, 2018 . The following presents summarized unaudited supplemental pro forma operating results as if CalAtlantic had been included in the Company's Consolidated Statements of Operations beginning December 1, 2016. Years Ended November 30, (Dollars in thousands, except per share amounts) 2018 2017 Revenues from home sales $ 20,355,615 17,471,128 Net earnings (1) $ 1,693,325 1,232,917 Earnings per share: Basic $ 5.19 3.78 Diluted $ 5.18 3.75 (1) Net earnings for the year ended November 30, 2018 include a pre-tax impact from acquisition and integration costs related to CalAtlantic of $153.0 million . Additionally, net earnings for the year ended November 30, 2018 include purchase accounting adjustments of $414.6 million on CalAtlantic homes that were in backlog/construction in progress at the acquisition date that were subsequently delivered. The supplemental pro forma operating results have been determined after adjusting the operating results of CalAtlantic to reflect additional amortization that would have been recorded assuming the fair value adjustment to intangible assets had been applied beginning December 1, 2016. Certain other adjustments, including those related to conforming accounting policies and adjusting acquired inventory to fair value, have not been reflected in the supplemental pro forma operating results due to the impracticability of estimating their impacts. Acquisition of WCI Communities, Inc. On February 10, 2017, the Company acquired WCI Communities, Inc. ("WCI") a homebuilder of luxury single and multifamily homes, including a small percentage of luxury high-rise tower units, with operations in Florida. WCI stockholders received $642.6 million in cash. The cash consideration was funded primarily from working capital and from proceeds from the issuance of 4.125% senior notes due 2022 (see Note 7). Based on an evaluation of the provisions of ASC Topic 805, Lennar Corporation was determined to be the acquirer for accounting purposes. The following table summarizes the purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition: (In thousands) Assets: Cash and cash equivalents, restricted cash and receivables, net $ 42,079 Inventories 613,495 Intangible assets (1) 59,283 Goodwill (2) 156,566 Deferred tax assets, net 88,147 Other assets 66,173 Total assets 1,025,743 Liabilities: Accounts payable 26,735 Senior notes and other debts payable 282,793 Other liabilities 73,593 Total liabilities 383,121 Total purchase price $ 642,622 (1) Intangible assets include non-compete agreements and a trade name. The amortization period for these intangible assets was six months for the non-compete agreements and 20 years for the trade name. (2) Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of purchasing and other synergies resulting from the merger, expected production, savings in corporate and division overhead costs and expected expanded opportunities for growth through a higher-end more luxurious product, greater presence in the state of Florida and customer diversity. The amount of goodwill allocated to the Company's Homebuilding East segment was $136.6 million and to the Lennar Financial Services segment was $20.0 million . These amounts were based on the relative fair value of each acquired reporting unit in accordance with ASC 350, Intangibles-Goodwill and Other. For the year ended November 30, 2017 , Lennar Homebuilding revenues included $494.7 million of home sales revenues from WCI and earnings before income taxes included $51.7 million of pre-tax earnings from WCI since the date of acquisition, which included transaction-related expenses of $28.1 million comprised mainly of severance costs, general and administrative expenses, and amortization expense related to non-compete agreements and trade name since the date of acquisition. These transaction expenses were included primarily within Lennar Homebuilding selling, general and administrative expenses in the accompanying consolidated statement of operations for the year ended November 30, 2017 |
Operating And Reporting Segment
Operating And Reporting Segments | 12 Months Ended |
Nov. 30, 2018 | |
Segment Reporting [Abstract] | |
Operating And Reporting Segments | Operating and Reporting Segments The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. In connection with the CalAtlantic acquisition, the Company experienced significant growth in its operations. As a result, the Company's chief operating decision makers ("CODM") reassessed how they evaluate the business and allocate resources. The CODM manages and assesses the Company’s performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting , (“ASC 280”) and determined that each of its four homebuilding regions, financial services operations, multifamily operations and Rialto operations are its operating segments. Prior to this change, in accordance with the aggregation criteria defined in ASC 280, the Company’s operating segments were aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. As of and for the year ended November 30, 2018 , the Company’s reportable segments consist of: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding Texas (4) Homebuilding West (5) Lennar Financial Services (6) Lennar Multifamily (7) Rialto Information about homebuilding activities in the Company's urban divisions which are not economically similar to other divisions in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment. All prior periods have been adjusted to conform with the Company's current presentation. 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 incurred by the segment and loss due to litigation. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately, have homebuilding divisions located in: East: Florida, New Jersey, North Carolina and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota, Tennessee and Virginia Texas: Texas West: Arizona, California, Colorado, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments, including FivePoint 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. It also includes a real estate brokerage business acquired as part of the WCI transaction, which was sold subsequent to November 30, 2018. 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 and commissions on realty estate brokerage, 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 commercial real estate investment, investment management, and finance company focused on raising, investing and managing third-party capital, originating and selling into securitizations commercial mortgage loans as well as investing our own capital in real estate related mortgage loans, properties and related securities. The Company sold its Rialto Investment and Asset Management platform on November 30, 2018. The Company retained its Rialto Mortgage Finance business, which moved into its Financial Services segment as of December 1, 2018. The Company also retained its fund investments along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. The Company's limited partner investments in Rialto funds and investment vehicles totaled $297.4 million at November 30, 2018 , and the Company is committed to invest as much as an additional $71.6 million in Rialto funds. Operations of the Lennar Multifamily segment include revenues generated from land sales, revenue from construction activities and management fees generated from joint ventures, and equity in earnings from unconsolidated entities, less the cost of land sold, 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. 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: November 30, (In thousands) 2018 2017 2016 Assets: Homebuilding East $ 7,183,758 3,817,454 2,824,403 Homebuilding Central 2,522,799 1,275,623 1,014,099 Homebuilding Texas 2,311,760 1,199,971 1,229,696 Homebuilding West 10,291,385 5,432,485 4,565,911 Homebuilding Other 1,140,092 1,125,160 1,044,049 Lennar Financial Services 2,346,899 1,689,508 1,754,672 Lennar Multifamily 874,219 710,725 526,131 Rialto 894,245 1,153,840 1,276,210 Corporate and unallocated 1,001,024 2,340,268 1,126,610 Total assets $ 28,566,181 18,745,034 15,361,781 Lennar Homebuilding investments in unconsolidated entities: Homebuilding East $ 76,627 68,670 62,200 Homebuilding Central 6,510 2,971 3,770 Homebuilding Texas 1,902 — 41 Homebuilding West 311,200 225,803 217,322 Homebuilding Other 600,687 603,325 528,390 Total Lennar Homebuilding investments in unconsolidated entities (1) $ 996,926 900,769 811,723 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 318,559 Rialto investments in unconsolidated entities $ 297,379 265,418 245,741 Lennar Homebuilding goodwill (2) $ 3,442,359 136,566 — Lennar Financial Services goodwill (2) $ 237,688 59,838 39,838 Rialto goodwill $ — 5,396 5,396 (1) Does not include the ($62.0) million investment balance for one unconsolidated entity as it was reclassed to other liabilities. (2) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The assignment of goodwill among the Company's reporting segments included $ 1.1 billion to Homebuilding East, $ 495.0 million to Homebuilding Central, $ 342.2 million to Homebuilding Texas, $ 1.4 billion to Homebuilding West, and $175.4 million to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Years Ended November 30, (In thousands) 2018 2017 2016 Revenues: Homebuilding East $ 6,249,864 4,054,849 3,326,550 Homebuilding Central 2,290,887 923,518 928,980 Homebuilding Texas 2,421,399 1,697,731 1,543,112 Homebuilding West 8,059,850 4,447,084 3,848,539 Homebuilding Other 55,597 77,060 94,156 Lennar Financial Services 867,831 770,109 687,255 Lennar Multifamily 421,132 394,771 287,441 Rialto 205,071 281,243 233,966 Total revenues (1) $ 20,571,631 12,646,365 10,949,999 Operating earnings (loss): Homebuilding East $ 759,221 575,701 562,075 Homebuilding Central (2) 182,608 (52,301 ) 88,134 Homebuilding Texas 172,449 180,212 170,311 Homebuilding West 1,082,302 615,916 585,873 Homebuilding Other (3) 58,070 (50,489 ) (61,461 ) Lennar Financial Services 187,430 155,524 163,617 Lennar Multifamily (4) 42,695 73,432 71,174 Rialto (5) (21,584 ) (22,495 ) (16,692 ) Total operating earnings 2,463,191 1,475,500 1,563,031 Gain on sale of Rialto investment and asset management platform 296,407 — — Acquisition and integration costs related to CalAtlantic 152,980 — — Corporate general and administrative expenses 343,934 285,889 232,562 Earnings before income taxes $ 2,262,684 1,189,611 1,330,469 (1) Total revenues were net of sales incentives of $1.1 billion ( $23,500 per home delivered) for the year ended November 30, 2018 , $665.7 million ( $22,700 per home delivered) for the year ended November 30, 2017 and $596.3 million ( $22,500 per home delivered) for the year ended November 30, 2016 . (2) Homebuilding Central operating loss for the year ended November 30, 2017 included a $140 million loss due to litigation (see Note 17). (3) For the year ended November 30, 2018 , Homebuilding Other's operating earnings includes a $164.9 million gain on the sale of an 80% interest in one of the Company's strategic joint ventures, Treasure Island Holdings. For the years ended November 30, 2018 and 2017 , Homebuilding Other's operating earnings (loss) included an equity in loss from unconsolidated entities of $92.0 million and $47.6 million , respectively. (4) For the years ended November 30, 2018 , 2017 and 2016 , Lennar Multifamily's operating earnings included $35.6 million , $85.7 million and $85.5 million , respectively, of equity in earnings from unconsolidated entities and other gain primarily as a result of $61.2 million share of gains from the sale of six operating properties and an investment in an operating property for the year ended November 30, 2018 , and $96.7 million and $91.0 million share of gains from the sale of seven operating properties for the years ended November 30, 2017 and 2016, respectively, by its unconsolidated entities. (5) For the year ended November 30, 2018 , Rialto's operating loss was primarily as a result of non-recurring expenses, partially offset by a decrease in real estate owned and loan impairments due to the liquidation of the FDIC and bank portfolios and a decrease in interest expense. For the year ended November 30, 2017 , Rialto's operating loss included $ 96.2 million of gross REO and loan impairments ( $44.7 million net of noncontrolling interests) as Rialto liquidated most of the remaining assets of the FDIC portfolio. Years Ended November 30, (In thousands) 2018 2017 2016 Lennar Homebuilding interest expense: Homebuilding East $ 98,478 85,761 76,170 Homebuilding Central 28,471 21,061 22,530 Homebuilding Texas 32,930 34,237 33,009 Homebuilding West 151,823 135,574 111,784 Homebuilding Other 4,462 1,176 1,568 Total Lennar Homebuilding interest expense $ 316,164 277,809 245,061 Lennar Financial Services interest income, net $ 18,968 13,331 12,388 Rialto interest expense $ 24,312 42,004 40,303 Depreciation and amortization: Homebuilding East $ 20,614 17,258 16,268 Homebuilding Central 5,285 3,879 3,727 Homebuilding Texas 9,041 8,228 7,370 Homebuilding West 36,013 27,403 23,391 Homebuilding Other 1,022 2,447 2,284 Lennar Financial Services 13,437 9,992 7,667 Lennar Multifamily 4,357 2,910 2,472 Rialto 5,723 5,194 7,590 Corporate and unallocated 66,261 50,369 34,966 Total depreciation and amortization $ 161,753 127,680 105,735 Net additions to (disposals of) operating properties and equipment: Homebuilding East $ 26,402 (27 ) (10,452 ) Homebuilding Central 14,677 32 33 Homebuilding Texas 200 (40 ) 2,340 Homebuilding West 42,525 32,995 43,479 Homebuilding Other 15,549 10,833 7,771 Lennar Financial Services 7,703 11,185 6,218 Lennar Multifamily 1,558 12,657 1,666 Rialto 6,416 4,115 1,908 Corporate and unallocated 55,364 40,023 12,645 Total net additions (disposals of) operating properties and equipment $ 170,394 111,773 65,608 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities: Homebuilding East $ (818 ) (754 ) (230 ) Homebuilding Central 691 (255 ) (74 ) Homebuilding Texas 469 8 364 Homebuilding West (212 ) (13,095 ) (2,052 ) Homebuilding Other (1) (92,045 ) (47,612 ) (47,283 ) Total Lennar Homebuilding equity in loss from unconsolidated entities $ (91,915 ) (61,708 ) (49,275 ) Lennar Multifamily equity in earnings from unconsolidated entities $ 51,322 85,739 85,519 Rialto equity in earnings from unconsolidated entities $ 25,816 25,447 18,961 (1) For the year ended November 30, 2018 , equity in loss included the Company's share of operational net losses from unconsolidated entities driven by valuation adjustments and general and administrative expenses, partially offset by profits from land sales. For the years ended November 30, 2017 and 2016 The assets and liabilities related to the Lennar Financial Services segment were as follows: November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 185,990 117,410 Restricted cash 15,251 12,006 Receivables, net (1) 512,732 313,252 Loans held-for-sale (2) 1,152,198 937,516 Loans held-for-investment, net 70,216 44,193 Investments held-to-maturity 52,490 52,327 Investments available-for-sale (3) 4,161 57,439 Goodwill (4) 237,688 59,838 Other assets (5) 116,173 95,527 $ 2,346,899 1,689,508 Liabilities: Notes and other debts payable $ 1,256,174 937,431 Other liabilities (6) 281,586 240,383 $ 1,537,760 1,177,814 (1) Receivables, net, primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2018 and 2017 , 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 November 30, 2018 , goodwill included $20 million related to the WCI acquisition and a provisional amount of $175.4 million related to the CalAtlantic acquisition (See Note 2). (5) As of November 30, 2018 and 2017 , other assets included mortgage loan commitments carried at fair value of $16.4 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $37.2 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 , respectively. (6) As of November 30, 2018 and 2017 , other liabilities included $60.3 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation, and forward contracts carried at fair value of $10.4 million as of November 30, 2018 . At November 30, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures December 2018 (1) $ 400,000 364-day warehouse repurchase facility that matures March 2019 (2) 300,000 364-day warehouse repurchase facility that matures June 2019 700,000 364-day warehouse repurchase facility that matures October 2019 (3) 500,000 Total $ 1,900,000 (1) Subsequent to November 30, 2018 , the maturity date was extended to February 2019. Maximum aggregate commitment includes an uncommitted amount of $250 million . (2) Maximum aggregate commitment includes an uncommitted amount of $300 million . (3) Maximum aggregate commitment includes an uncommitted amount of $400 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 non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $1.3 billion and $937.2 million at November 30, 2018 and 2017 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $1.3 billion and $974.1 million at November 30, 2018 and 2017 , respectively. The combined effective interest rate on the facilities at November 30, 2018 was 4.5% . If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling 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: November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 7,832 8,676 Receivables (1) 73,829 69,678 Land under development 277,894 208,618 Investments in unconsolidated entities 481,129 407,544 Other assets 33,535 16,209 $ 874,219 710,725 Liabilities: Accounts payable and other liabilities $ 170,616 149,715 $ 170,616 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of November 30, 2018 and 2017 . 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. 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 increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both November 30, 2018 and 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of November 30, 2018 and 2017 , the Lennar Multifamily segment had $4.6 million and $4.7 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 7 related to the Company's performance and financial letters of credit. As of November 30, 2018 and 2017 , the Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.0 billion and $896.7 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 years ended November 30, 2018 , 2017 and 2016 , the Lennar Multifamily segment received fee income, net of deferrals, from its unconsolidated entities of $48.8 million , $53.8 million and $38.5 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. During the years ended November 30, 2018 , 2017 and 2016 , the Lennar Multifamily segment provided general contractor services, net of deferrals, totaling $353.2 million , $341.0 million and $237.1 million , respectively, which were offset by costs related to those services of $338.7 million , $330.4 million and $228.6 million , respectively. The Lennar Multifamily Venture Fund I LP (the "Venture Fund") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the year ended November 30, 2018 , $384.3 million in equity commitments were called, of which the Company contributed its portion of $90.1 million . During the year ended November 30, 2018 , the Company received $18.0 million of distributions as a return of capital from the Venture Fund. As of November 30, 2018 , $1.8 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $440.8 million representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $63.2 million . As of November 30, 2018 and 2017 , the carrying value of the Company's investment in the Venture Fund was $383.4 million and $323.8 million , respectively. In March 2018, the Lennar Multifamily segment completed the first closing of a second Lennar Multifamily Venture, Lennar Multifamily Venture II LP, ("Venture Fund II"), for the development, construction and property management of Class-A multifamily assets. As of November 30, 2018 , Venture Fund II had approximately $787 million of equity commitments, including a $255 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. As of and for the year ended November 30, 2018 , $252.1 million in equity commitments were called, of which the Company contributed its portion of $81.2 million , which was made up of a $188.4 million inventory and cash contributions, offset by $107.2 million of distributions as a return of capital, resulting in a remaining equity commitment for the Company of $173.8 million . As of November 30, 2018 , the carrying value of the Company's investment in Venture Fund II was $63.0 million . The difference between the Company's net contributions and the carrying value of the Company's investments was related to a basis difference. Venture Fund II is currently seeded with eight undeveloped multifamily assets that were previously purchased by the Lennar Multifamily segment totaling approximately 3,000 apartments with projected project costs of approximately $1.3 billion . 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 November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 61,571 37,073 Operating properties and equipment 3,708,613 2,952,070 Other assets 40,899 36,772 $ 3,811,083 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 199,119 212,123 Notes payable (1) 1,381,656 879,047 Equity 2,230,308 1,934,745 $ 3,811,083 3,025,915 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 (1) Notes payable are net of debt issuance costs of $15.7 million and $17.6 million , as of November 30, 2018 and 2017 , respectively. Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 117,985 67,578 45,287 Costs and expenses 172,089 108,610 68,976 Other income, net 93,778 207,793 191,385 Net earnings of unconsolidated entities $ 39,674 166,761 167,696 Lennar Multifamily equity in earnings from unconsolidated entities and other gain (1) $ 51,322 85,739 85,519 (1) During the year ended November 30, 2018 , the Lennar Multifamily segment sold, through its unconsolidated entities, six operating properties and an investment in an operating property resulting in the segment's $61.2 million share of gains. The gain of $15.7 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Lennar Multifamily equity in earnings from unconsolidated entities and other gain, and are not included in net earnings of unconsolidated entities. During the years ended November 30, 2017 and 2016 , the Lennar Multifamily segment sold seven operating properties, through its unconsolidated entities resulting in the segment's $96.7 million and $91.0 million The assets and liabilities related to the Rialto segment were as follows: November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 26,829 241,861 Restricted cash (1) 9,868 22,466 Receivables, net (2) 218,437 — Loans held-for-sale (3) 61,691 236,018 Real estate owned, net 25,632 86,047 Investments in unconsolidated entities 297,379 265,418 Investments held-to-maturity 196,956 179,659 Other assets 57,453 122,371 $ 894,245 1,153,840 Liabilities: Notes and other debts payable (4) $ 317,016 625,081 Other liabilities 80,934 94,975 $ 397,950 720,056 (1) As of November 30, 2018 and 2017 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated and 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, is primarily related to loans sold but not settled as of November 30, 2018 . (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC carried at lower of cost or market. (4) In March 2018, Rialto paid off the remaining principal balance of the 7.00% senior notes due 2018 (the " 7.00% Senior Notes"). As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% Senior Notes. In addition, as of November 30, 2018 and November 30, 2017 , notes and other debt payable included $178.8 million and $162.1 million , respectively, related to RMF's warehouse repurchase facilities. Sale of Asset and Investment Management Platform The Company sold the Rialto asset and investment management platform on November 30, 2018 for a gain of $296.4 million . The Company retained its Rialto Mortgage Finance business, which moved into our Financial Services segment as of December 1, 2018. The Company also retained its fund investments along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. The Company's limited partner investments in Rialto funds and investment vehicles totaled $297.4 million at November 30, 2018 , and the Company is committed to invest as much as an additional $71.6 million in Rialto funds. Rialto Mortgage Finance - loans held-for-sale During the year ended November 30, 2018 , RMF originated loans with a total principal balance of $1.4 billion , all of which was recorded as loans held-for-sale, and sold $1.5 billion of loans into 16 separate securitizations. During the year ended November 30, 2017 , RMF originated loans with a principal balance of $1.7 billion of which $1.6 billion were recorded as loans held-for-sale and $98.4 million were recorded as accrual loans within loans receivable, net, and sold $1.5 billion of loans into 12 separate securitizations. As of November 30, 2018 , originated loans with an unpaid balance of $218.4 million were sold into a securitization trust but not settled and thus were included as receivables, net. As of November 30, 2017 , there were no unsettled transactions. At November 30, 2018 , RMF warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures November 2019 $ 200,000 364-day warehouse repurchase facility that matures December 2019 200,000 364-day warehouse repurchase facility that matures December 2019 250,000 364-day warehouse repurchase facility that matures December 2019 200,000 Total - Loans origination and securitization business 850,000 Warehouse repurchase facility that matures December 2019 (two - one year extensions) (1) 50,000 Total $ 900,000 (1) RMF uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both November 30, 2018 and 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $178.8 million and $162.1 million as of November 30, 2018 and 2017 , 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. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the loans held-for-sale to investors. Without the facilities, the Rialto segment would have to use cash from operations and other funding sources to finance its lending activities. Investments held-to-maturity At November 30, 2018 and 2017 , the carrying value of Rialto's CMBS was $197.0 million and $179.7 million , respectively. These securities were purchased at discount rates ranging from 9% to 84% with coupon rates ranging from 1.3% to 5.0% , stated and assumed final distribution dates between November 2020 and December 2027 , and stated maturity dates between November 2043 and March 2059 . The Rialto segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on management’s assessment, no impairment charges were recorded during any of the years ended November 30, 2018 , 2017 and 2016 . The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. Investments in Unconsolidated Entities Generally, 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. During the years ended November 30, 2018 , 2017 and 2016 , Rialto received $12.8 million , $7.3 million and $10.1 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. In addition, during the year ended November 30, 2018 , Rialto received $12.7 million of distributions with regard to its carried interest in Rialto Real Estate Funds. During the year ended November 30, 2017 , Rialto received $36.8 million of distributions with regard to its carried interest in one of Rialto's funds. These incentive income distributions are not subject to clawbacks and therefore are included in Rialto's revenues. Rialto adopted carried interest plans under which the Company and participating employees will receive 60% and 40%, respectively, of carried interest payments, net of expenses, received by entities that are general partners of a number of Rialto funds or other investment vehicles. When Rialto's asset and investment management platform was sold, the Company retained its right to receive 60% of the distributions of carried interest pay |
Lennar Homebuilding Receivables
Lennar Homebuilding Receivables | 12 Months Ended |
Nov. 30, 2018 | |
Receivables [Abstract] | |
Lennar Homebuilding Receivables | Lennar Homebuilding Receivables November 30, (In thousands) 2018 2017 Accounts receivable $ 115,642 59,733 Mortgage and notes receivable 123,796 80,602 239,438 140,335 Allowance for doubtful accounts (2,597 ) (2,668 ) $ 236,841 137,667 At November 30, 2018 and 2017 |
Lennar Homebuilding Investments
Lennar Homebuilding Investments In Unconsolidated Entities | 12 Months Ended |
Nov. 30, 2018 | |
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 Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 525,931 471,899 439,874 Costs and expenses 729,700 616,217 578,831 Other income (1) 186,982 23,253 — Net loss of unconsolidated entities (1) $ (16,787 ) (121,065 ) (138,957 ) Lennar Homebuilding equity in loss from unconsolidated entities (1) $ (91,915 ) (61,708 ) (49,275 ) (1) During the year ended November 30, 2018 , other income was primarily due to FivePoint Holdings, LLC ("FivePoint) recording income resulting from the Tax Cuts and Jobs Act of 2017’s reduction in its corporate tax rate to reduce its liability pursuant to its tax receivable agreement (“TRA Liability”) with its non-controlling interests. However, the Company has a 70% interest in the FivePoint TRA Liability. Therefore, the Company did not include in Lennar Homebuilding’s equity in loss from unconsolidated entities the pro-rata share of earnings related to the Company's portion of the TRA Liability. As a result, the Company's unconsolidated entities have net losses of only $16.8 million , but the Company has an equity in loss from unconsolidated entities of $91.9 million . For the year ended November 30, 2018 , Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to our share of net operating losses from our unconsolidated entities which were primarily driven by valuation adjustments related to assets of Lennar Homebuilding's unconsolidated entities and general and administrative expenses, partially offset by profits from land sales. For the year ended November 30, 2017 , one of the Company’s unconsolidated entities had equity in earnings of $11.9 million relating to an equity method investee selling 475 homesites to a third-party land bank. Simultaneous with the purchase by the land bank, the Company entered into an option contract to purchase all 475 homesites from the land bank. Due to the Company’s continuing involvement with respect to the homesites sold from the investee entity, the Company deferred all of its equity in earnings from the unconsolidated entity relating to the sale transaction, which amounted to $4.9 million . For the year ended November 30, 2017 , Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company's share of net operating losses from the Company's unconsolidated entities which were primarily driven by general and administrative expenses and valuation adjustments related to assets of Lennar Homebuilding unconsolidated entities, partially offset by the profits from land sales. For the year ended November 30, 2016 , Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company's share of costs associated with the FivePoint combination and operational net losses from the new FivePoint unconsolidated entity, totaling $42.6 million . This was partially offset by $12.7 million of equity in earnings primarily due to sales of homesites to third parties by one of the Company's unconsolidated entities. Balance Sheets November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 782,565 953,261 Inventories 4,291,470 3,751,525 Other assets 1,251,884 1,061,507 $ 6,325,919 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 875,380 832,151 Debt (1) 1,212,274 737,331 Equity 4,238,265 4,196,811 $ 6,325,919 5,766,293 Lennar Homebuilding investments in unconsolidated entities (2) $ 996,926 900,769 (1) Debt presented above is net of debt issuance costs of $12.4 million and $5.7 million , as of November 30, 2018 and 2017 , respectively. The increase in debt in 2018 was primarily related to $500 million of senior notes issued by FivePoint. (2) Does not include the ($62.0) million investment balance for one unconsolidated entity as it was reclassed to other liabilities. In May 2017, FivePoint completed its initial public offering ("IPO"). Concurrent with the IPO, the Company invested an additional $100 million in FivePoint in a private placement. As of November 30, 2018 , the Company owns approximately 40% of FivePoint and the carrying amount of the Company's investment was $342.7 million as of November 30, 2018 . As of November 30, 2018 and 2017 , the Company’s recorded investments in Lennar Homebuilding unconsolidated entities were $996.9 million and $900.8 million , respectively, while the underlying equity in Lennar Homebuilding unconsolidated entities partners’ net assets as of both November 30, 2018 and 2017 was $1.3 billion . The basis difference is primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity and deferring equity in earnings on land sales to the Company. In 2017, the Company's recorded investments in Lennar Homebuilding unconsolidated entities included $33.3 million of assets held-for-sale. In 2017, the Company entered into a Membership Interest Purchase Agreement and Payment Escrow Agreement ("Agreement") with one of its strategic joint ventures under which the Company agreed to sell 80% of the Company's interest in the joint venture to a third-party. Under the terms of the Agreement, the sale transaction was contingent upon the satisfaction of certain conditions. In January 2018, conditions were fulfilled and the transaction was closed resulting in gains of $164.9 million recorded in Lennar Homebuilding other income, net within the accompanying consolidated statement of operations for the year ended November 30, 2018 . The Company’s partners generally are unrelated homebuilders, land owners/developers and financial or other strategic partners. The unconsolidated entities follow accounting principles that are in all material respects the same as those used by the Company. The Company shares in the profits and losses of these unconsolidated entities generally in accordance with its ownership interests. In many instances, the Company is appointed as the day-to-day manager under the direction of a management committee that has shared powers amongst the partners of the unconsolidated entities and the Company receives management fees and/or reimbursement of expenses for performing this function. During the years ended November 30, 2018 , 2017 and 2016 , the Company received management fees and reimbursement of expenses, net of deferrals, from Lennar Homebuilding unconsolidated entities totaling $7.0 million , $4.4 million and $13.2 million , respectively. The Company and/or its partners sometimes obtain options or enter into other arrangements under which the Company can purchase portions of the land held by the unconsolidated entities. Option prices are generally negotiated prices that approximate fair value when the Company receives the options. During the years ended November 30, 2018 , 2017 and 2016 , $169.5 million , $226.2 million and $130.4 million , respectively, of the unconsolidated entities’ revenues were from land sales to the Company. The Company does not include in its Lennar Homebuilding equity in earnings (loss) from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings resulting from land sales to its homebuilding divisions. Instead, the Company accounts for those earnings as a reduction of the cost of purchasing the land from the unconsolidated entities. This in effect defers recognition of the Company’s share of the unconsolidated entities’ earnings related to these sales until the Company delivers a home and title passes to a third-party homebuyer. The Lennar Homebuilding 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 was as follows: November 30, (Dollars in thousands) 2018 2017 Non-recourse bank debt and other debt (partner’s share of several recourse) $ 48,313 64,197 Non-recourse land seller debt and other debt — 1,997 Non-recourse debt with completion guarantees 239,568 255,903 Non-recourse debt without completion guarantees (1) 871,088 351,800 Non-recourse debt to the Company 1,158,969 673,897 The Company’s maximum recourse exposure (2) 65,707 69,181 Debt issuance costs (12,402 ) (5,747 ) Total debt $ 1,212,274 737,331 The Company’s maximum recourse exposure as a % of total JV debt 5 % 9 % (1) The increase in non-recourse debt without completion guarantees was primarily related to $500 million of senior notes issued by FivePoint. (2) As of November 30, 2018 and 2017 , the Company's maximum recourse exposure was primarily related to the Company providing a repayment guarantee on four unconsolidated entities' debt and three unconsolidated entities' debt, respectively. 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. 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 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 entity distributes. As of both November 30, 2018 and 2017 , the fair values of the repayment guarantees and completion guarantees were not material. The Company believes that as of November 30, 2018 |
Lennar Homebuilding Operating P
Lennar Homebuilding Operating Properties And Equipment | 12 Months Ended |
Nov. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Lennar Homebuilding Operating Properties And Equipment | Lennar Homebuilding Operating Properties and Equipment Operating properties and equipment are included in Lennar Homebuilding other assets in the consolidated balance sheets and were as follows: November 30, (In thousands) 2018 2017 Operating properties (1) $ 255,203 188,073 Leasehold improvements (2) 61,990 52,185 Furniture, fixtures and equipment (2) 141,466 79,082 458,659 319,340 Accumulated depreciation and amortization (138,798 ) (104,272 ) $ 319,861 215,068 (1) Operating properties primarily include rental operations and commercial properties. During the year ended November 30, 2017 , the Company acquired an operating property with an allocated fair value of $34.0 million as part of the WCI acquisition and sold an operating property with a basis of $47.0 million . (2) |
Lennar Homebuilding Senior Note
Lennar Homebuilding Senior Notes And Other Debts Payable | 12 Months Ended |
Nov. 30, 2018 | |
Debt Disclosure [Abstract] | |
Lennar Homebuilding Senior Notes And Other Debts Payable | Lennar Homebuilding Senior Notes and Other Debts Payable November 30, (Dollars in thousands) 2018 2017 0.25% convertible senior notes due 2019 $ 1,291 — 4.500% senior notes due 2019 499,585 498,793 4.50% senior notes due 2019 599,176 598,325 6.625% senior notes due 2020 (1) 311,735 — 2.95% senior notes due 2020 298,838 298,305 8.375% senior notes due 2021 (1) 435,897 — 4.750% senior notes due 2021 498,111 497,329 6.25% senior notes due December 2021 (1) 315,283 — 4.125% senior notes due 2022 596,894 595,904 5.375% senior notes due 2022 (1) 261,055 — 4.750% senior notes due 2022 570,564 569,484 4.875% senior notes due December 2023 395,759 394,964 4.500% senior notes due 2024 646,078 645,353 5.875% senior notes due 2024 (1) 452,833 — 4.750% senior notes due 2025 497,114 496,671 5.25% senior notes due 2026 (1) 409,133 — 5.00% senior notes due 2027 (1) 353,275 — 4.75% senior notes due 2027 892,297 892,657 4.125% senior notes due December 2018 — 274,459 6.95% senior notes due 2018 — 249,342 Mortgage notes on land and other debt 508,950 398,417 $ 8,543,868 6,410,003 (1) These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of Lennar Corporation as follows: $267.7 million principal amount of 6.625% senior notes due 2020 , $397.6 million principal amount of 8.375% senior notes due 2021 , $292.0 million principal amount of 6.25% senior notes due 2021 , $240.8 million principal amount of 5.375% senior notes due 2022 , $421.4 million principal amount of 5.875% senior notes due 2024 , $395.5 million principal amount of 5.25% senior notes due 2026 and $347.3 million principal amount of 5.00% senior notes due 2027 . As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018). The carrying amounts of the senior notes listed above are net of debt issuance costs of $31.2 million and $33.5 million , as of November 30, 2018 and 2017 , respectively. In February 2018, the Company amended the credit agreement governing its unsecured revolving credit facility (the "Credit Facility") to increase the maximum borrowings from $2.0 billion to $2.6 billion and extended the maturity on $2.2 billion of the Credit Facility from June 2022 to April 2023, with $70 million maturing in June 2018 and the remaining $50 million maturing in June 2020. As of November 30, 2018 , the Credit Facility included a $315 million accordion feature, subject to additional commitments. The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $500 million in commitments may be used for letters of credit. As of both November 30, 2018 and 2017 , the Company had no outstanding borrowings under the Credit Facility. 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 November 30, 2018 . In addition, the Company had $285 million in letter of credit facilities with different financial institutions at November 30, 2018 . The Company’s performance letters of credit outstanding were $598.4 million and $384.4 million at November 30, 2018 and 2017 , respectively. The Company’s financial letters of credit outstanding were $165.4 million and $127.4 million at November 30, 2018 and 2017 , 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 November 30, 2018 , the Company had outstanding surety bonds of $2.7 billion including performance surety bonds related to site improvements at various projects (including certain projects of the Company’s joint ventures) and financial surety bonds. 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 November 30, 2018 , there were approximately $1.4 billion , or 52% , of anticipated future costs to complete related to these site improvements. The Company does not presently anticipate any draws upon these bonds or letters of credit, but if any such draws occur, the Company does not believe they would have a material effect on its financial position, results of operations or cash flows. The terms of each of the Company's senior notes outstanding at November 30, 2018 were as follows: Senior Notes Outstanding (1) Principal Amount Net Proceeds (2) Price Dates Issued (Dollars in thousands) 0.25% convertible senior notes due 2019 $ 1,300 (3) (3) (3) 4.500% senior notes due 2019 500,000 $ 495,725 (4) February 2014 4.50% senior notes due 2019 600,000 595,801 (5) November 2014, February 2015 6.625% senior notes due 2020 300,000 (3) (3) (3) 2.95% senior notes due 2020 300,000 298,800 100 % November 2017 8.375% senior notes due 2021 400,000 (3) (3) (3) 4.750% senior notes due 2021 500,000 495,974 100 % March 2016 6.25% senior notes due December 2021 300,000 (3) (3) (3) 4.125% senior notes due 2022 600,000 595,160 100 % January 2017 5.375% senior notes due 2022 250,000 (3) (3) (3) 4.750% senior notes due 2022 575,000 567,585 (6) October 2012, February 2013, April 2013 4.875% senior notes due December 2023 400,000 393,622 99.169 % November 2015 4.500% senior notes due 2024 650,000 644,838 100 % April 2017 5.875% senior notes due 2024 425,000 (3) (3) (3) 4.750% senior notes due 2025 500,000 495,528 100 % April 2015 5.25% senior notes due 2026 400,000 (3) (3) (3) 5.00% senior notes due 2027 350,000 (3) (3) (3) 4.75% senior notes due 2027 900,000 894,650 100 % November 2017 (1) Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. (2) The Company generally uses the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes. (3) These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of the Company. As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018). (4) The Company issued $400 million aggregate principal amount at a price of 100% and $100 million aggregate principal amount at a price of 100.5% . (5) The Company issued $350 million aggregate principal amount at a price of 100% and $250 million aggregate principal amount at a price of 100.25% . (6) The Company issued $350 million aggregate principal amount at a price of 100% , $175 million aggregate principal amount at a price of 98.073% and $50 million aggregate principal amount at a price of 98.250% . During the second quarter 2018, holders of $6.7 million principal amount of CalAtlantic’s 1.625% convertible senior notes due 2018 and $266.2 million principal amount of CalAtlantic’s 0.25% convertible senior notes due 2019 either caused the Company to purchase them for cash or converted them into a combination of the Company’s Class A and Class B common stock and cash, resulting in the Company issuing approximately 3,654,000 shares of Class A common stock and 72,000 shares of Class B common stock, and paying $59.1 million in cash to former noteholders. All but $1.3 million of the principal balance of the convertible senior notes had either been converted or redeemed. In November 2018, the Company redeemed $275 million aggregate principal amount of 4.125% senior notes due 2018. The redemption price, which was paid in cash, was 100% of the principal amount plus accrued but unpaid interest. In June 2018, the Company redeemed $250 million aggregate principal amount of the 6.95% senior notes due 2018. The redemption price, which was paid in cash, was 100% of the principal amount plus accrued but unpaid interest. In May 2018, the Company redeemed $575 million aggregate principal amount of the 8.375% senior notes due 2018 (" 8.375% Senior Notes"). The redemption price, which was paid in cash, was 100% of the principal amount plus accrued but unpaid interest. The 8.375% Senior Notes with $575 million in principal amount were obligations of CalAtlantic, when it was acquired, and $485.6 million principal amount was subsequently exchanged in part for notes of the Company. The Company's senior notes are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries and some of the Company's other subsidiaries. Although the guarantees 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. At November 30, 2018 , the Company had mortgage notes on land and other debt due at various dates through 2036 bearing interest at rates up to 7.5% with an average interest rate of 3.2% . At November 30, 2018 and 2017 , the carrying amount of the mortgage notes on land and other debt was $509.0 million and $398.4 million , respectively. During the years ended November 30, 2018 and 2017 , the Company retired $128.3 million and $139.7 million , respectively, of mortgage notes on land and other debt. The minimum aggregate principal maturities of senior notes and other debts payable during the five years subsequent to November 30, 2018 and thereafter are as follows: (In thousands) Debt Maturities 2019 $ 1,270,534 2020 738,921 2021 973,451 2022 1,745,130 2023 64,366 Thereafter 3,674,746 |
Lennar Financial Services Segme
Lennar Financial Services Segment | 12 Months Ended |
Nov. 30, 2018 | |
Segment Reporting [Abstract] | |
Operating And Reporting Segments | Operating and Reporting Segments The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. In connection with the CalAtlantic acquisition, the Company experienced significant growth in its operations. As a result, the Company's chief operating decision makers ("CODM") reassessed how they evaluate the business and allocate resources. The CODM manages and assesses the Company’s performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting , (“ASC 280”) and determined that each of its four homebuilding regions, financial services operations, multifamily operations and Rialto operations are its operating segments. Prior to this change, in accordance with the aggregation criteria defined in ASC 280, the Company’s operating segments were aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. As of and for the year ended November 30, 2018 , the Company’s reportable segments consist of: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding Texas (4) Homebuilding West (5) Lennar Financial Services (6) Lennar Multifamily (7) Rialto Information about homebuilding activities in the Company's urban divisions which are not economically similar to other divisions in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment. All prior periods have been adjusted to conform with the Company's current presentation. 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 incurred by the segment and loss due to litigation. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately, have homebuilding divisions located in: East: Florida, New Jersey, North Carolina and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota, Tennessee and Virginia Texas: Texas West: Arizona, California, Colorado, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments, including FivePoint 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. It also includes a real estate brokerage business acquired as part of the WCI transaction, which was sold subsequent to November 30, 2018. 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 and commissions on realty estate brokerage, 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 commercial real estate investment, investment management, and finance company focused on raising, investing and managing third-party capital, originating and selling into securitizations commercial mortgage loans as well as investing our own capital in real estate related mortgage loans, properties and related securities. The Company sold its Rialto Investment and Asset Management platform on November 30, 2018. The Company retained its Rialto Mortgage Finance business, which moved into its Financial Services segment as of December 1, 2018. The Company also retained its fund investments along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. The Company's limited partner investments in Rialto funds and investment vehicles totaled $297.4 million at November 30, 2018 , and the Company is committed to invest as much as an additional $71.6 million in Rialto funds. Operations of the Lennar Multifamily segment include revenues generated from land sales, revenue from construction activities and management fees generated from joint ventures, and equity in earnings from unconsolidated entities, less the cost of land sold, 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. 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: November 30, (In thousands) 2018 2017 2016 Assets: Homebuilding East $ 7,183,758 3,817,454 2,824,403 Homebuilding Central 2,522,799 1,275,623 1,014,099 Homebuilding Texas 2,311,760 1,199,971 1,229,696 Homebuilding West 10,291,385 5,432,485 4,565,911 Homebuilding Other 1,140,092 1,125,160 1,044,049 Lennar Financial Services 2,346,899 1,689,508 1,754,672 Lennar Multifamily 874,219 710,725 526,131 Rialto 894,245 1,153,840 1,276,210 Corporate and unallocated 1,001,024 2,340,268 1,126,610 Total assets $ 28,566,181 18,745,034 15,361,781 Lennar Homebuilding investments in unconsolidated entities: Homebuilding East $ 76,627 68,670 62,200 Homebuilding Central 6,510 2,971 3,770 Homebuilding Texas 1,902 — 41 Homebuilding West 311,200 225,803 217,322 Homebuilding Other 600,687 603,325 528,390 Total Lennar Homebuilding investments in unconsolidated entities (1) $ 996,926 900,769 811,723 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 318,559 Rialto investments in unconsolidated entities $ 297,379 265,418 245,741 Lennar Homebuilding goodwill (2) $ 3,442,359 136,566 — Lennar Financial Services goodwill (2) $ 237,688 59,838 39,838 Rialto goodwill $ — 5,396 5,396 (1) Does not include the ($62.0) million investment balance for one unconsolidated entity as it was reclassed to other liabilities. (2) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The assignment of goodwill among the Company's reporting segments included $ 1.1 billion to Homebuilding East, $ 495.0 million to Homebuilding Central, $ 342.2 million to Homebuilding Texas, $ 1.4 billion to Homebuilding West, and $175.4 million to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Years Ended November 30, (In thousands) 2018 2017 2016 Revenues: Homebuilding East $ 6,249,864 4,054,849 3,326,550 Homebuilding Central 2,290,887 923,518 928,980 Homebuilding Texas 2,421,399 1,697,731 1,543,112 Homebuilding West 8,059,850 4,447,084 3,848,539 Homebuilding Other 55,597 77,060 94,156 Lennar Financial Services 867,831 770,109 687,255 Lennar Multifamily 421,132 394,771 287,441 Rialto 205,071 281,243 233,966 Total revenues (1) $ 20,571,631 12,646,365 10,949,999 Operating earnings (loss): Homebuilding East $ 759,221 575,701 562,075 Homebuilding Central (2) 182,608 (52,301 ) 88,134 Homebuilding Texas 172,449 180,212 170,311 Homebuilding West 1,082,302 615,916 585,873 Homebuilding Other (3) 58,070 (50,489 ) (61,461 ) Lennar Financial Services 187,430 155,524 163,617 Lennar Multifamily (4) 42,695 73,432 71,174 Rialto (5) (21,584 ) (22,495 ) (16,692 ) Total operating earnings 2,463,191 1,475,500 1,563,031 Gain on sale of Rialto investment and asset management platform 296,407 — — Acquisition and integration costs related to CalAtlantic 152,980 — — Corporate general and administrative expenses 343,934 285,889 232,562 Earnings before income taxes $ 2,262,684 1,189,611 1,330,469 (1) Total revenues were net of sales incentives of $1.1 billion ( $23,500 per home delivered) for the year ended November 30, 2018 , $665.7 million ( $22,700 per home delivered) for the year ended November 30, 2017 and $596.3 million ( $22,500 per home delivered) for the year ended November 30, 2016 . (2) Homebuilding Central operating loss for the year ended November 30, 2017 included a $140 million loss due to litigation (see Note 17). (3) For the year ended November 30, 2018 , Homebuilding Other's operating earnings includes a $164.9 million gain on the sale of an 80% interest in one of the Company's strategic joint ventures, Treasure Island Holdings. For the years ended November 30, 2018 and 2017 , Homebuilding Other's operating earnings (loss) included an equity in loss from unconsolidated entities of $92.0 million and $47.6 million , respectively. (4) For the years ended November 30, 2018 , 2017 and 2016 , Lennar Multifamily's operating earnings included $35.6 million , $85.7 million and $85.5 million , respectively, of equity in earnings from unconsolidated entities and other gain primarily as a result of $61.2 million share of gains from the sale of six operating properties and an investment in an operating property for the year ended November 30, 2018 , and $96.7 million and $91.0 million share of gains from the sale of seven operating properties for the years ended November 30, 2017 and 2016, respectively, by its unconsolidated entities. (5) For the year ended November 30, 2018 , Rialto's operating loss was primarily as a result of non-recurring expenses, partially offset by a decrease in real estate owned and loan impairments due to the liquidation of the FDIC and bank portfolios and a decrease in interest expense. For the year ended November 30, 2017 , Rialto's operating loss included $ 96.2 million of gross REO and loan impairments ( $44.7 million net of noncontrolling interests) as Rialto liquidated most of the remaining assets of the FDIC portfolio. Years Ended November 30, (In thousands) 2018 2017 2016 Lennar Homebuilding interest expense: Homebuilding East $ 98,478 85,761 76,170 Homebuilding Central 28,471 21,061 22,530 Homebuilding Texas 32,930 34,237 33,009 Homebuilding West 151,823 135,574 111,784 Homebuilding Other 4,462 1,176 1,568 Total Lennar Homebuilding interest expense $ 316,164 277,809 245,061 Lennar Financial Services interest income, net $ 18,968 13,331 12,388 Rialto interest expense $ 24,312 42,004 40,303 Depreciation and amortization: Homebuilding East $ 20,614 17,258 16,268 Homebuilding Central 5,285 3,879 3,727 Homebuilding Texas 9,041 8,228 7,370 Homebuilding West 36,013 27,403 23,391 Homebuilding Other 1,022 2,447 2,284 Lennar Financial Services 13,437 9,992 7,667 Lennar Multifamily 4,357 2,910 2,472 Rialto 5,723 5,194 7,590 Corporate and unallocated 66,261 50,369 34,966 Total depreciation and amortization $ 161,753 127,680 105,735 Net additions to (disposals of) operating properties and equipment: Homebuilding East $ 26,402 (27 ) (10,452 ) Homebuilding Central 14,677 32 33 Homebuilding Texas 200 (40 ) 2,340 Homebuilding West 42,525 32,995 43,479 Homebuilding Other 15,549 10,833 7,771 Lennar Financial Services 7,703 11,185 6,218 Lennar Multifamily 1,558 12,657 1,666 Rialto 6,416 4,115 1,908 Corporate and unallocated 55,364 40,023 12,645 Total net additions (disposals of) operating properties and equipment $ 170,394 111,773 65,608 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities: Homebuilding East $ (818 ) (754 ) (230 ) Homebuilding Central 691 (255 ) (74 ) Homebuilding Texas 469 8 364 Homebuilding West (212 ) (13,095 ) (2,052 ) Homebuilding Other (1) (92,045 ) (47,612 ) (47,283 ) Total Lennar Homebuilding equity in loss from unconsolidated entities $ (91,915 ) (61,708 ) (49,275 ) Lennar Multifamily equity in earnings from unconsolidated entities $ 51,322 85,739 85,519 Rialto equity in earnings from unconsolidated entities $ 25,816 25,447 18,961 (1) For the year ended November 30, 2018 , equity in loss included the Company's share of operational net losses from unconsolidated entities driven by valuation adjustments and general and administrative expenses, partially offset by profits from land sales. For the years ended November 30, 2017 and 2016 The assets and liabilities related to the Lennar Financial Services segment were as follows: November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 185,990 117,410 Restricted cash 15,251 12,006 Receivables, net (1) 512,732 313,252 Loans held-for-sale (2) 1,152,198 937,516 Loans held-for-investment, net 70,216 44,193 Investments held-to-maturity 52,490 52,327 Investments available-for-sale (3) 4,161 57,439 Goodwill (4) 237,688 59,838 Other assets (5) 116,173 95,527 $ 2,346,899 1,689,508 Liabilities: Notes and other debts payable $ 1,256,174 937,431 Other liabilities (6) 281,586 240,383 $ 1,537,760 1,177,814 (1) Receivables, net, primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2018 and 2017 , 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 November 30, 2018 , goodwill included $20 million related to the WCI acquisition and a provisional amount of $175.4 million related to the CalAtlantic acquisition (See Note 2). (5) As of November 30, 2018 and 2017 , other assets included mortgage loan commitments carried at fair value of $16.4 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $37.2 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 , respectively. (6) As of November 30, 2018 and 2017 , other liabilities included $60.3 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation, and forward contracts carried at fair value of $10.4 million as of November 30, 2018 . At November 30, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures December 2018 (1) $ 400,000 364-day warehouse repurchase facility that matures March 2019 (2) 300,000 364-day warehouse repurchase facility that matures June 2019 700,000 364-day warehouse repurchase facility that matures October 2019 (3) 500,000 Total $ 1,900,000 (1) Subsequent to November 30, 2018 , the maturity date was extended to February 2019. Maximum aggregate commitment includes an uncommitted amount of $250 million . (2) Maximum aggregate commitment includes an uncommitted amount of $300 million . (3) Maximum aggregate commitment includes an uncommitted amount of $400 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 non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $1.3 billion and $937.2 million at November 30, 2018 and 2017 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $1.3 billion and $974.1 million at November 30, 2018 and 2017 , respectively. The combined effective interest rate on the facilities at November 30, 2018 was 4.5% . If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling 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: November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 7,832 8,676 Receivables (1) 73,829 69,678 Land under development 277,894 208,618 Investments in unconsolidated entities 481,129 407,544 Other assets 33,535 16,209 $ 874,219 710,725 Liabilities: Accounts payable and other liabilities $ 170,616 149,715 $ 170,616 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of November 30, 2018 and 2017 . 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. 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 increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both November 30, 2018 and 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of November 30, 2018 and 2017 , the Lennar Multifamily segment had $4.6 million and $4.7 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 7 related to the Company's performance and financial letters of credit. As of November 30, 2018 and 2017 , the Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.0 billion and $896.7 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 years ended November 30, 2018 , 2017 and 2016 , the Lennar Multifamily segment received fee income, net of deferrals, from its unconsolidated entities of $48.8 million , $53.8 million and $38.5 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. During the years ended November 30, 2018 , 2017 and 2016 , the Lennar Multifamily segment provided general contractor services, net of deferrals, totaling $353.2 million , $341.0 million and $237.1 million , respectively, which were offset by costs related to those services of $338.7 million , $330.4 million and $228.6 million , respectively. The Lennar Multifamily Venture Fund I LP (the "Venture Fund") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the year ended November 30, 2018 , $384.3 million in equity commitments were called, of which the Company contributed its portion of $90.1 million . During the year ended November 30, 2018 , the Company received $18.0 million of distributions as a return of capital from the Venture Fund. As of November 30, 2018 , $1.8 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $440.8 million representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $63.2 million . As of November 30, 2018 and 2017 , the carrying value of the Company's investment in the Venture Fund was $383.4 million and $323.8 million , respectively. In March 2018, the Lennar Multifamily segment completed the first closing of a second Lennar Multifamily Venture, Lennar Multifamily Venture II LP, ("Venture Fund II"), for the development, construction and property management of Class-A multifamily assets. As of November 30, 2018 , Venture Fund II had approximately $787 million of equity commitments, including a $255 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. As of and for the year ended November 30, 2018 , $252.1 million in equity commitments were called, of which the Company contributed its portion of $81.2 million , which was made up of a $188.4 million inventory and cash contributions, offset by $107.2 million of distributions as a return of capital, resulting in a remaining equity commitment for the Company of $173.8 million . As of November 30, 2018 , the carrying value of the Company's investment in Venture Fund II was $63.0 million . The difference between the Company's net contributions and the carrying value of the Company's investments was related to a basis difference. Venture Fund II is currently seeded with eight undeveloped multifamily assets that were previously purchased by the Lennar Multifamily segment totaling approximately 3,000 apartments with projected project costs of approximately $1.3 billion . 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 November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 61,571 37,073 Operating properties and equipment 3,708,613 2,952,070 Other assets 40,899 36,772 $ 3,811,083 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 199,119 212,123 Notes payable (1) 1,381,656 879,047 Equity 2,230,308 1,934,745 $ 3,811,083 3,025,915 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 (1) Notes payable are net of debt issuance costs of $15.7 million and $17.6 million , as of November 30, 2018 and 2017 , respectively. Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 117,985 67,578 45,287 Costs and expenses 172,089 108,610 68,976 Other income, net 93,778 207,793 191,385 Net earnings of unconsolidated entities $ 39,674 166,761 167,696 Lennar Multifamily equity in earnings from unconsolidated entities and other gain (1) $ 51,322 85,739 85,519 (1) During the year ended November 30, 2018 , the Lennar Multifamily segment sold, through its unconsolidated entities, six operating properties and an investment in an operating property resulting in the segment's $61.2 million share of gains. The gain of $15.7 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Lennar Multifamily equity in earnings from unconsolidated entities and other gain, and are not included in net earnings of unconsolidated entities. During the years ended November 30, 2017 and 2016 , the Lennar Multifamily segment sold seven operating properties, through its unconsolidated entities resulting in the segment's $96.7 million and $91.0 million The assets and liabilities related to the Rialto segment were as follows: November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 26,829 241,861 Restricted cash (1) 9,868 22,466 Receivables, net (2) 218,437 — Loans held-for-sale (3) 61,691 236,018 Real estate owned, net 25,632 86,047 Investments in unconsolidated entities 297,379 265,418 Investments held-to-maturity 196,956 179,659 Other assets 57,453 122,371 $ 894,245 1,153,840 Liabilities: Notes and other debts payable (4) $ 317,016 625,081 Other liabilities 80,934 94,975 $ 397,950 720,056 (1) As of November 30, 2018 and 2017 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated and 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, is primarily related to loans sold but not settled as of November 30, 2018 . (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC carried at lower of cost or market. (4) In March 2018, Rialto paid off the remaining principal balance of the 7.00% senior notes due 2018 (the " 7.00% Senior Notes"). As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% Senior Notes. In addition, as of November 30, 2018 and November 30, 2017 , notes and other debt payable included $178.8 million and $162.1 million , respectively, related to RMF's warehouse repurchase facilities. Sale of Asset and Investment Management Platform The Company sold the Rialto asset and investment management platform on November 30, 2018 for a gain of $296.4 million . The Company retained its Rialto Mortgage Finance business, which moved into our Financial Services segment as of December 1, 2018. The Company also retained its fund investments along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. The Company's limited partner investments in Rialto funds and investment vehicles totaled $297.4 million at November 30, 2018 , and the Company is committed to invest as much as an additional $71.6 million in Rialto funds. Rialto Mortgage Finance - loans held-for-sale During the year ended November 30, 2018 , RMF originated loans with a total principal balance of $1.4 billion , all of which was recorded as loans held-for-sale, and sold $1.5 billion of loans into 16 separate securitizations. During the year ended November 30, 2017 , RMF originated loans with a principal balance of $1.7 billion of which $1.6 billion were recorded as loans held-for-sale and $98.4 million were recorded as accrual loans within loans receivable, net, and sold $1.5 billion of loans into 12 separate securitizations. As of November 30, 2018 , originated loans with an unpaid balance of $218.4 million were sold into a securitization trust but not settled and thus were included as receivables, net. As of November 30, 2017 , there were no unsettled transactions. At November 30, 2018 , RMF warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures November 2019 $ 200,000 364-day warehouse repurchase facility that matures December 2019 200,000 364-day warehouse repurchase facility that matures December 2019 250,000 364-day warehouse repurchase facility that matures December 2019 200,000 Total - Loans origination and securitization business 850,000 Warehouse repurchase facility that matures December 2019 (two - one year extensions) (1) 50,000 Total $ 900,000 (1) RMF uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both November 30, 2018 and 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $178.8 million and $162.1 million as of November 30, 2018 and 2017 , 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. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the loans held-for-sale to investors. Without the facilities, the Rialto segment would have to use cash from operations and other funding sources to finance its lending activities. Investments held-to-maturity At November 30, 2018 and 2017 , the carrying value of Rialto's CMBS was $197.0 million and $179.7 million , respectively. These securities were purchased at discount rates ranging from 9% to 84% with coupon rates ranging from 1.3% to 5.0% , stated and assumed final distribution dates between November 2020 and December 2027 , and stated maturity dates between November 2043 and March 2059 . The Rialto segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on management’s assessment, no impairment charges were recorded during any of the years ended November 30, 2018 , 2017 and 2016 . The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. Investments in Unconsolidated Entities Generally, 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. During the years ended November 30, 2018 , 2017 and 2016 , Rialto received $12.8 million , $7.3 million and $10.1 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. In addition, during the year ended November 30, 2018 , Rialto received $12.7 million of distributions with regard to its carried interest in Rialto Real Estate Funds. During the year ended November 30, 2017 , Rialto received $36.8 million of distributions with regard to its carried interest in one of Rialto's funds. These incentive income distributions are not subject to clawbacks and therefore are included in Rialto's revenues. Rialto adopted carried interest plans under which the Company and participating employees will receive 60% and 40%, respectively, of carried interest payments, net of expenses, received by entities that are general partners of a number of Rialto funds or other investment vehicles. When Rialto's asset and investment management platform was sold, the Company retained its right to receive 60% of the distributions of carried interest pay |
Lennar Multifamily Segment
Lennar Multifamily Segment | 12 Months Ended |
Nov. 30, 2018 | |
Segment Reporting [Abstract] | |
Operating And Reporting Segments | Operating and Reporting Segments The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. In connection with the CalAtlantic acquisition, the Company experienced significant growth in its operations. As a result, the Company's chief operating decision makers ("CODM") reassessed how they evaluate the business and allocate resources. The CODM manages and assesses the Company’s performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting , (“ASC 280”) and determined that each of its four homebuilding regions, financial services operations, multifamily operations and Rialto operations are its operating segments. Prior to this change, in accordance with the aggregation criteria defined in ASC 280, the Company’s operating segments were aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. As of and for the year ended November 30, 2018 , the Company’s reportable segments consist of: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding Texas (4) Homebuilding West (5) Lennar Financial Services (6) Lennar Multifamily (7) Rialto Information about homebuilding activities in the Company's urban divisions which are not economically similar to other divisions in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment. All prior periods have been adjusted to conform with the Company's current presentation. 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 incurred by the segment and loss due to litigation. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately, have homebuilding divisions located in: East: Florida, New Jersey, North Carolina and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota, Tennessee and Virginia Texas: Texas West: Arizona, California, Colorado, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments, including FivePoint 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. It also includes a real estate brokerage business acquired as part of the WCI transaction, which was sold subsequent to November 30, 2018. 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 and commissions on realty estate brokerage, 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 commercial real estate investment, investment management, and finance company focused on raising, investing and managing third-party capital, originating and selling into securitizations commercial mortgage loans as well as investing our own capital in real estate related mortgage loans, properties and related securities. The Company sold its Rialto Investment and Asset Management platform on November 30, 2018. The Company retained its Rialto Mortgage Finance business, which moved into its Financial Services segment as of December 1, 2018. The Company also retained its fund investments along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. The Company's limited partner investments in Rialto funds and investment vehicles totaled $297.4 million at November 30, 2018 , and the Company is committed to invest as much as an additional $71.6 million in Rialto funds. Operations of the Lennar Multifamily segment include revenues generated from land sales, revenue from construction activities and management fees generated from joint ventures, and equity in earnings from unconsolidated entities, less the cost of land sold, 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. 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: November 30, (In thousands) 2018 2017 2016 Assets: Homebuilding East $ 7,183,758 3,817,454 2,824,403 Homebuilding Central 2,522,799 1,275,623 1,014,099 Homebuilding Texas 2,311,760 1,199,971 1,229,696 Homebuilding West 10,291,385 5,432,485 4,565,911 Homebuilding Other 1,140,092 1,125,160 1,044,049 Lennar Financial Services 2,346,899 1,689,508 1,754,672 Lennar Multifamily 874,219 710,725 526,131 Rialto 894,245 1,153,840 1,276,210 Corporate and unallocated 1,001,024 2,340,268 1,126,610 Total assets $ 28,566,181 18,745,034 15,361,781 Lennar Homebuilding investments in unconsolidated entities: Homebuilding East $ 76,627 68,670 62,200 Homebuilding Central 6,510 2,971 3,770 Homebuilding Texas 1,902 — 41 Homebuilding West 311,200 225,803 217,322 Homebuilding Other 600,687 603,325 528,390 Total Lennar Homebuilding investments in unconsolidated entities (1) $ 996,926 900,769 811,723 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 318,559 Rialto investments in unconsolidated entities $ 297,379 265,418 245,741 Lennar Homebuilding goodwill (2) $ 3,442,359 136,566 — Lennar Financial Services goodwill (2) $ 237,688 59,838 39,838 Rialto goodwill $ — 5,396 5,396 (1) Does not include the ($62.0) million investment balance for one unconsolidated entity as it was reclassed to other liabilities. (2) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The assignment of goodwill among the Company's reporting segments included $ 1.1 billion to Homebuilding East, $ 495.0 million to Homebuilding Central, $ 342.2 million to Homebuilding Texas, $ 1.4 billion to Homebuilding West, and $175.4 million to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Years Ended November 30, (In thousands) 2018 2017 2016 Revenues: Homebuilding East $ 6,249,864 4,054,849 3,326,550 Homebuilding Central 2,290,887 923,518 928,980 Homebuilding Texas 2,421,399 1,697,731 1,543,112 Homebuilding West 8,059,850 4,447,084 3,848,539 Homebuilding Other 55,597 77,060 94,156 Lennar Financial Services 867,831 770,109 687,255 Lennar Multifamily 421,132 394,771 287,441 Rialto 205,071 281,243 233,966 Total revenues (1) $ 20,571,631 12,646,365 10,949,999 Operating earnings (loss): Homebuilding East $ 759,221 575,701 562,075 Homebuilding Central (2) 182,608 (52,301 ) 88,134 Homebuilding Texas 172,449 180,212 170,311 Homebuilding West 1,082,302 615,916 585,873 Homebuilding Other (3) 58,070 (50,489 ) (61,461 ) Lennar Financial Services 187,430 155,524 163,617 Lennar Multifamily (4) 42,695 73,432 71,174 Rialto (5) (21,584 ) (22,495 ) (16,692 ) Total operating earnings 2,463,191 1,475,500 1,563,031 Gain on sale of Rialto investment and asset management platform 296,407 — — Acquisition and integration costs related to CalAtlantic 152,980 — — Corporate general and administrative expenses 343,934 285,889 232,562 Earnings before income taxes $ 2,262,684 1,189,611 1,330,469 (1) Total revenues were net of sales incentives of $1.1 billion ( $23,500 per home delivered) for the year ended November 30, 2018 , $665.7 million ( $22,700 per home delivered) for the year ended November 30, 2017 and $596.3 million ( $22,500 per home delivered) for the year ended November 30, 2016 . (2) Homebuilding Central operating loss for the year ended November 30, 2017 included a $140 million loss due to litigation (see Note 17). (3) For the year ended November 30, 2018 , Homebuilding Other's operating earnings includes a $164.9 million gain on the sale of an 80% interest in one of the Company's strategic joint ventures, Treasure Island Holdings. For the years ended November 30, 2018 and 2017 , Homebuilding Other's operating earnings (loss) included an equity in loss from unconsolidated entities of $92.0 million and $47.6 million , respectively. (4) For the years ended November 30, 2018 , 2017 and 2016 , Lennar Multifamily's operating earnings included $35.6 million , $85.7 million and $85.5 million , respectively, of equity in earnings from unconsolidated entities and other gain primarily as a result of $61.2 million share of gains from the sale of six operating properties and an investment in an operating property for the year ended November 30, 2018 , and $96.7 million and $91.0 million share of gains from the sale of seven operating properties for the years ended November 30, 2017 and 2016, respectively, by its unconsolidated entities. (5) For the year ended November 30, 2018 , Rialto's operating loss was primarily as a result of non-recurring expenses, partially offset by a decrease in real estate owned and loan impairments due to the liquidation of the FDIC and bank portfolios and a decrease in interest expense. For the year ended November 30, 2017 , Rialto's operating loss included $ 96.2 million of gross REO and loan impairments ( $44.7 million net of noncontrolling interests) as Rialto liquidated most of the remaining assets of the FDIC portfolio. Years Ended November 30, (In thousands) 2018 2017 2016 Lennar Homebuilding interest expense: Homebuilding East $ 98,478 85,761 76,170 Homebuilding Central 28,471 21,061 22,530 Homebuilding Texas 32,930 34,237 33,009 Homebuilding West 151,823 135,574 111,784 Homebuilding Other 4,462 1,176 1,568 Total Lennar Homebuilding interest expense $ 316,164 277,809 245,061 Lennar Financial Services interest income, net $ 18,968 13,331 12,388 Rialto interest expense $ 24,312 42,004 40,303 Depreciation and amortization: Homebuilding East $ 20,614 17,258 16,268 Homebuilding Central 5,285 3,879 3,727 Homebuilding Texas 9,041 8,228 7,370 Homebuilding West 36,013 27,403 23,391 Homebuilding Other 1,022 2,447 2,284 Lennar Financial Services 13,437 9,992 7,667 Lennar Multifamily 4,357 2,910 2,472 Rialto 5,723 5,194 7,590 Corporate and unallocated 66,261 50,369 34,966 Total depreciation and amortization $ 161,753 127,680 105,735 Net additions to (disposals of) operating properties and equipment: Homebuilding East $ 26,402 (27 ) (10,452 ) Homebuilding Central 14,677 32 33 Homebuilding Texas 200 (40 ) 2,340 Homebuilding West 42,525 32,995 43,479 Homebuilding Other 15,549 10,833 7,771 Lennar Financial Services 7,703 11,185 6,218 Lennar Multifamily 1,558 12,657 1,666 Rialto 6,416 4,115 1,908 Corporate and unallocated 55,364 40,023 12,645 Total net additions (disposals of) operating properties and equipment $ 170,394 111,773 65,608 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities: Homebuilding East $ (818 ) (754 ) (230 ) Homebuilding Central 691 (255 ) (74 ) Homebuilding Texas 469 8 364 Homebuilding West (212 ) (13,095 ) (2,052 ) Homebuilding Other (1) (92,045 ) (47,612 ) (47,283 ) Total Lennar Homebuilding equity in loss from unconsolidated entities $ (91,915 ) (61,708 ) (49,275 ) Lennar Multifamily equity in earnings from unconsolidated entities $ 51,322 85,739 85,519 Rialto equity in earnings from unconsolidated entities $ 25,816 25,447 18,961 (1) For the year ended November 30, 2018 , equity in loss included the Company's share of operational net losses from unconsolidated entities driven by valuation adjustments and general and administrative expenses, partially offset by profits from land sales. For the years ended November 30, 2017 and 2016 The assets and liabilities related to the Lennar Financial Services segment were as follows: November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 185,990 117,410 Restricted cash 15,251 12,006 Receivables, net (1) 512,732 313,252 Loans held-for-sale (2) 1,152,198 937,516 Loans held-for-investment, net 70,216 44,193 Investments held-to-maturity 52,490 52,327 Investments available-for-sale (3) 4,161 57,439 Goodwill (4) 237,688 59,838 Other assets (5) 116,173 95,527 $ 2,346,899 1,689,508 Liabilities: Notes and other debts payable $ 1,256,174 937,431 Other liabilities (6) 281,586 240,383 $ 1,537,760 1,177,814 (1) Receivables, net, primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2018 and 2017 , 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 November 30, 2018 , goodwill included $20 million related to the WCI acquisition and a provisional amount of $175.4 million related to the CalAtlantic acquisition (See Note 2). (5) As of November 30, 2018 and 2017 , other assets included mortgage loan commitments carried at fair value of $16.4 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $37.2 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 , respectively. (6) As of November 30, 2018 and 2017 , other liabilities included $60.3 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation, and forward contracts carried at fair value of $10.4 million as of November 30, 2018 . At November 30, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures December 2018 (1) $ 400,000 364-day warehouse repurchase facility that matures March 2019 (2) 300,000 364-day warehouse repurchase facility that matures June 2019 700,000 364-day warehouse repurchase facility that matures October 2019 (3) 500,000 Total $ 1,900,000 (1) Subsequent to November 30, 2018 , the maturity date was extended to February 2019. Maximum aggregate commitment includes an uncommitted amount of $250 million . (2) Maximum aggregate commitment includes an uncommitted amount of $300 million . (3) Maximum aggregate commitment includes an uncommitted amount of $400 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 non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $1.3 billion and $937.2 million at November 30, 2018 and 2017 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $1.3 billion and $974.1 million at November 30, 2018 and 2017 , respectively. The combined effective interest rate on the facilities at November 30, 2018 was 4.5% . If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling 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: November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 7,832 8,676 Receivables (1) 73,829 69,678 Land under development 277,894 208,618 Investments in unconsolidated entities 481,129 407,544 Other assets 33,535 16,209 $ 874,219 710,725 Liabilities: Accounts payable and other liabilities $ 170,616 149,715 $ 170,616 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of November 30, 2018 and 2017 . 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. 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 increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both November 30, 2018 and 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of November 30, 2018 and 2017 , the Lennar Multifamily segment had $4.6 million and $4.7 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 7 related to the Company's performance and financial letters of credit. As of November 30, 2018 and 2017 , the Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.0 billion and $896.7 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 years ended November 30, 2018 , 2017 and 2016 , the Lennar Multifamily segment received fee income, net of deferrals, from its unconsolidated entities of $48.8 million , $53.8 million and $38.5 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. During the years ended November 30, 2018 , 2017 and 2016 , the Lennar Multifamily segment provided general contractor services, net of deferrals, totaling $353.2 million , $341.0 million and $237.1 million , respectively, which were offset by costs related to those services of $338.7 million , $330.4 million and $228.6 million , respectively. The Lennar Multifamily Venture Fund I LP (the "Venture Fund") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the year ended November 30, 2018 , $384.3 million in equity commitments were called, of which the Company contributed its portion of $90.1 million . During the year ended November 30, 2018 , the Company received $18.0 million of distributions as a return of capital from the Venture Fund. As of November 30, 2018 , $1.8 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $440.8 million representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $63.2 million . As of November 30, 2018 and 2017 , the carrying value of the Company's investment in the Venture Fund was $383.4 million and $323.8 million , respectively. In March 2018, the Lennar Multifamily segment completed the first closing of a second Lennar Multifamily Venture, Lennar Multifamily Venture II LP, ("Venture Fund II"), for the development, construction and property management of Class-A multifamily assets. As of November 30, 2018 , Venture Fund II had approximately $787 million of equity commitments, including a $255 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. As of and for the year ended November 30, 2018 , $252.1 million in equity commitments were called, of which the Company contributed its portion of $81.2 million , which was made up of a $188.4 million inventory and cash contributions, offset by $107.2 million of distributions as a return of capital, resulting in a remaining equity commitment for the Company of $173.8 million . As of November 30, 2018 , the carrying value of the Company's investment in Venture Fund II was $63.0 million . The difference between the Company's net contributions and the carrying value of the Company's investments was related to a basis difference. Venture Fund II is currently seeded with eight undeveloped multifamily assets that were previously purchased by the Lennar Multifamily segment totaling approximately 3,000 apartments with projected project costs of approximately $1.3 billion . 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 November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 61,571 37,073 Operating properties and equipment 3,708,613 2,952,070 Other assets 40,899 36,772 $ 3,811,083 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 199,119 212,123 Notes payable (1) 1,381,656 879,047 Equity 2,230,308 1,934,745 $ 3,811,083 3,025,915 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 (1) Notes payable are net of debt issuance costs of $15.7 million and $17.6 million , as of November 30, 2018 and 2017 , respectively. Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 117,985 67,578 45,287 Costs and expenses 172,089 108,610 68,976 Other income, net 93,778 207,793 191,385 Net earnings of unconsolidated entities $ 39,674 166,761 167,696 Lennar Multifamily equity in earnings from unconsolidated entities and other gain (1) $ 51,322 85,739 85,519 (1) During the year ended November 30, 2018 , the Lennar Multifamily segment sold, through its unconsolidated entities, six operating properties and an investment in an operating property resulting in the segment's $61.2 million share of gains. The gain of $15.7 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Lennar Multifamily equity in earnings from unconsolidated entities and other gain, and are not included in net earnings of unconsolidated entities. During the years ended November 30, 2017 and 2016 , the Lennar Multifamily segment sold seven operating properties, through its unconsolidated entities resulting in the segment's $96.7 million and $91.0 million The assets and liabilities related to the Rialto segment were as follows: November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 26,829 241,861 Restricted cash (1) 9,868 22,466 Receivables, net (2) 218,437 — Loans held-for-sale (3) 61,691 236,018 Real estate owned, net 25,632 86,047 Investments in unconsolidated entities 297,379 265,418 Investments held-to-maturity 196,956 179,659 Other assets 57,453 122,371 $ 894,245 1,153,840 Liabilities: Notes and other debts payable (4) $ 317,016 625,081 Other liabilities 80,934 94,975 $ 397,950 720,056 (1) As of November 30, 2018 and 2017 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated and 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, is primarily related to loans sold but not settled as of November 30, 2018 . (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC carried at lower of cost or market. (4) In March 2018, Rialto paid off the remaining principal balance of the 7.00% senior notes due 2018 (the " 7.00% Senior Notes"). As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% Senior Notes. In addition, as of November 30, 2018 and November 30, 2017 , notes and other debt payable included $178.8 million and $162.1 million , respectively, related to RMF's warehouse repurchase facilities. Sale of Asset and Investment Management Platform The Company sold the Rialto asset and investment management platform on November 30, 2018 for a gain of $296.4 million . The Company retained its Rialto Mortgage Finance business, which moved into our Financial Services segment as of December 1, 2018. The Company also retained its fund investments along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. The Company's limited partner investments in Rialto funds and investment vehicles totaled $297.4 million at November 30, 2018 , and the Company is committed to invest as much as an additional $71.6 million in Rialto funds. Rialto Mortgage Finance - loans held-for-sale During the year ended November 30, 2018 , RMF originated loans with a total principal balance of $1.4 billion , all of which was recorded as loans held-for-sale, and sold $1.5 billion of loans into 16 separate securitizations. During the year ended November 30, 2017 , RMF originated loans with a principal balance of $1.7 billion of which $1.6 billion were recorded as loans held-for-sale and $98.4 million were recorded as accrual loans within loans receivable, net, and sold $1.5 billion of loans into 12 separate securitizations. As of November 30, 2018 , originated loans with an unpaid balance of $218.4 million were sold into a securitization trust but not settled and thus were included as receivables, net. As of November 30, 2017 , there were no unsettled transactions. At November 30, 2018 , RMF warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures November 2019 $ 200,000 364-day warehouse repurchase facility that matures December 2019 200,000 364-day warehouse repurchase facility that matures December 2019 250,000 364-day warehouse repurchase facility that matures December 2019 200,000 Total - Loans origination and securitization business 850,000 Warehouse repurchase facility that matures December 2019 (two - one year extensions) (1) 50,000 Total $ 900,000 (1) RMF uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both November 30, 2018 and 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $178.8 million and $162.1 million as of November 30, 2018 and 2017 , 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. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the loans held-for-sale to investors. Without the facilities, the Rialto segment would have to use cash from operations and other funding sources to finance its lending activities. Investments held-to-maturity At November 30, 2018 and 2017 , the carrying value of Rialto's CMBS was $197.0 million and $179.7 million , respectively. These securities were purchased at discount rates ranging from 9% to 84% with coupon rates ranging from 1.3% to 5.0% , stated and assumed final distribution dates between November 2020 and December 2027 , and stated maturity dates between November 2043 and March 2059 . The Rialto segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on management’s assessment, no impairment charges were recorded during any of the years ended November 30, 2018 , 2017 and 2016 . The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. Investments in Unconsolidated Entities Generally, 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. During the years ended November 30, 2018 , 2017 and 2016 , Rialto received $12.8 million , $7.3 million and $10.1 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. In addition, during the year ended November 30, 2018 , Rialto received $12.7 million of distributions with regard to its carried interest in Rialto Real Estate Funds. During the year ended November 30, 2017 , Rialto received $36.8 million of distributions with regard to its carried interest in one of Rialto's funds. These incentive income distributions are not subject to clawbacks and therefore are included in Rialto's revenues. Rialto adopted carried interest plans under which the Company and participating employees will receive 60% and 40%, respectively, of carried interest payments, net of expenses, received by entities that are general partners of a number of Rialto funds or other investment vehicles. When Rialto's asset and investment management platform was sold, the Company retained its right to receive 60% of the distributions of carried interest pay |
Rialto Segment
Rialto Segment | 12 Months Ended |
Nov. 30, 2018 | |
Segment Reporting [Abstract] | |
Operating And Reporting Segments | Operating and Reporting Segments The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. In connection with the CalAtlantic acquisition, the Company experienced significant growth in its operations. As a result, the Company's chief operating decision makers ("CODM") reassessed how they evaluate the business and allocate resources. The CODM manages and assesses the Company’s performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting , (“ASC 280”) and determined that each of its four homebuilding regions, financial services operations, multifamily operations and Rialto operations are its operating segments. Prior to this change, in accordance with the aggregation criteria defined in ASC 280, the Company’s operating segments were aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. As of and for the year ended November 30, 2018 , the Company’s reportable segments consist of: (1) Homebuilding East (2) Homebuilding Central (3) Homebuilding Texas (4) Homebuilding West (5) Lennar Financial Services (6) Lennar Multifamily (7) Rialto Information about homebuilding activities in the Company's urban divisions which are not economically similar to other divisions in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment. All prior periods have been adjusted to conform with the Company's current presentation. 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 incurred by the segment and loss due to litigation. The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately, have homebuilding divisions located in: East: Florida, New Jersey, North Carolina and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota, Tennessee and Virginia Texas: Texas West: Arizona, California, Colorado, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments, including FivePoint 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. It also includes a real estate brokerage business acquired as part of the WCI transaction, which was sold subsequent to November 30, 2018. 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 and commissions on realty estate brokerage, 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 commercial real estate investment, investment management, and finance company focused on raising, investing and managing third-party capital, originating and selling into securitizations commercial mortgage loans as well as investing our own capital in real estate related mortgage loans, properties and related securities. The Company sold its Rialto Investment and Asset Management platform on November 30, 2018. The Company retained its Rialto Mortgage Finance business, which moved into its Financial Services segment as of December 1, 2018. The Company also retained its fund investments along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. The Company's limited partner investments in Rialto funds and investment vehicles totaled $297.4 million at November 30, 2018 , and the Company is committed to invest as much as an additional $71.6 million in Rialto funds. Operations of the Lennar Multifamily segment include revenues generated from land sales, revenue from construction activities and management fees generated from joint ventures, and equity in earnings from unconsolidated entities, less the cost of land sold, 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. 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: November 30, (In thousands) 2018 2017 2016 Assets: Homebuilding East $ 7,183,758 3,817,454 2,824,403 Homebuilding Central 2,522,799 1,275,623 1,014,099 Homebuilding Texas 2,311,760 1,199,971 1,229,696 Homebuilding West 10,291,385 5,432,485 4,565,911 Homebuilding Other 1,140,092 1,125,160 1,044,049 Lennar Financial Services 2,346,899 1,689,508 1,754,672 Lennar Multifamily 874,219 710,725 526,131 Rialto 894,245 1,153,840 1,276,210 Corporate and unallocated 1,001,024 2,340,268 1,126,610 Total assets $ 28,566,181 18,745,034 15,361,781 Lennar Homebuilding investments in unconsolidated entities: Homebuilding East $ 76,627 68,670 62,200 Homebuilding Central 6,510 2,971 3,770 Homebuilding Texas 1,902 — 41 Homebuilding West 311,200 225,803 217,322 Homebuilding Other 600,687 603,325 528,390 Total Lennar Homebuilding investments in unconsolidated entities (1) $ 996,926 900,769 811,723 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 318,559 Rialto investments in unconsolidated entities $ 297,379 265,418 245,741 Lennar Homebuilding goodwill (2) $ 3,442,359 136,566 — Lennar Financial Services goodwill (2) $ 237,688 59,838 39,838 Rialto goodwill $ — 5,396 5,396 (1) Does not include the ($62.0) million investment balance for one unconsolidated entity as it was reclassed to other liabilities. (2) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The assignment of goodwill among the Company's reporting segments included $ 1.1 billion to Homebuilding East, $ 495.0 million to Homebuilding Central, $ 342.2 million to Homebuilding Texas, $ 1.4 billion to Homebuilding West, and $175.4 million to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Years Ended November 30, (In thousands) 2018 2017 2016 Revenues: Homebuilding East $ 6,249,864 4,054,849 3,326,550 Homebuilding Central 2,290,887 923,518 928,980 Homebuilding Texas 2,421,399 1,697,731 1,543,112 Homebuilding West 8,059,850 4,447,084 3,848,539 Homebuilding Other 55,597 77,060 94,156 Lennar Financial Services 867,831 770,109 687,255 Lennar Multifamily 421,132 394,771 287,441 Rialto 205,071 281,243 233,966 Total revenues (1) $ 20,571,631 12,646,365 10,949,999 Operating earnings (loss): Homebuilding East $ 759,221 575,701 562,075 Homebuilding Central (2) 182,608 (52,301 ) 88,134 Homebuilding Texas 172,449 180,212 170,311 Homebuilding West 1,082,302 615,916 585,873 Homebuilding Other (3) 58,070 (50,489 ) (61,461 ) Lennar Financial Services 187,430 155,524 163,617 Lennar Multifamily (4) 42,695 73,432 71,174 Rialto (5) (21,584 ) (22,495 ) (16,692 ) Total operating earnings 2,463,191 1,475,500 1,563,031 Gain on sale of Rialto investment and asset management platform 296,407 — — Acquisition and integration costs related to CalAtlantic 152,980 — — Corporate general and administrative expenses 343,934 285,889 232,562 Earnings before income taxes $ 2,262,684 1,189,611 1,330,469 (1) Total revenues were net of sales incentives of $1.1 billion ( $23,500 per home delivered) for the year ended November 30, 2018 , $665.7 million ( $22,700 per home delivered) for the year ended November 30, 2017 and $596.3 million ( $22,500 per home delivered) for the year ended November 30, 2016 . (2) Homebuilding Central operating loss for the year ended November 30, 2017 included a $140 million loss due to litigation (see Note 17). (3) For the year ended November 30, 2018 , Homebuilding Other's operating earnings includes a $164.9 million gain on the sale of an 80% interest in one of the Company's strategic joint ventures, Treasure Island Holdings. For the years ended November 30, 2018 and 2017 , Homebuilding Other's operating earnings (loss) included an equity in loss from unconsolidated entities of $92.0 million and $47.6 million , respectively. (4) For the years ended November 30, 2018 , 2017 and 2016 , Lennar Multifamily's operating earnings included $35.6 million , $85.7 million and $85.5 million , respectively, of equity in earnings from unconsolidated entities and other gain primarily as a result of $61.2 million share of gains from the sale of six operating properties and an investment in an operating property for the year ended November 30, 2018 , and $96.7 million and $91.0 million share of gains from the sale of seven operating properties for the years ended November 30, 2017 and 2016, respectively, by its unconsolidated entities. (5) For the year ended November 30, 2018 , Rialto's operating loss was primarily as a result of non-recurring expenses, partially offset by a decrease in real estate owned and loan impairments due to the liquidation of the FDIC and bank portfolios and a decrease in interest expense. For the year ended November 30, 2017 , Rialto's operating loss included $ 96.2 million of gross REO and loan impairments ( $44.7 million net of noncontrolling interests) as Rialto liquidated most of the remaining assets of the FDIC portfolio. Years Ended November 30, (In thousands) 2018 2017 2016 Lennar Homebuilding interest expense: Homebuilding East $ 98,478 85,761 76,170 Homebuilding Central 28,471 21,061 22,530 Homebuilding Texas 32,930 34,237 33,009 Homebuilding West 151,823 135,574 111,784 Homebuilding Other 4,462 1,176 1,568 Total Lennar Homebuilding interest expense $ 316,164 277,809 245,061 Lennar Financial Services interest income, net $ 18,968 13,331 12,388 Rialto interest expense $ 24,312 42,004 40,303 Depreciation and amortization: Homebuilding East $ 20,614 17,258 16,268 Homebuilding Central 5,285 3,879 3,727 Homebuilding Texas 9,041 8,228 7,370 Homebuilding West 36,013 27,403 23,391 Homebuilding Other 1,022 2,447 2,284 Lennar Financial Services 13,437 9,992 7,667 Lennar Multifamily 4,357 2,910 2,472 Rialto 5,723 5,194 7,590 Corporate and unallocated 66,261 50,369 34,966 Total depreciation and amortization $ 161,753 127,680 105,735 Net additions to (disposals of) operating properties and equipment: Homebuilding East $ 26,402 (27 ) (10,452 ) Homebuilding Central 14,677 32 33 Homebuilding Texas 200 (40 ) 2,340 Homebuilding West 42,525 32,995 43,479 Homebuilding Other 15,549 10,833 7,771 Lennar Financial Services 7,703 11,185 6,218 Lennar Multifamily 1,558 12,657 1,666 Rialto 6,416 4,115 1,908 Corporate and unallocated 55,364 40,023 12,645 Total net additions (disposals of) operating properties and equipment $ 170,394 111,773 65,608 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities: Homebuilding East $ (818 ) (754 ) (230 ) Homebuilding Central 691 (255 ) (74 ) Homebuilding Texas 469 8 364 Homebuilding West (212 ) (13,095 ) (2,052 ) Homebuilding Other (1) (92,045 ) (47,612 ) (47,283 ) Total Lennar Homebuilding equity in loss from unconsolidated entities $ (91,915 ) (61,708 ) (49,275 ) Lennar Multifamily equity in earnings from unconsolidated entities $ 51,322 85,739 85,519 Rialto equity in earnings from unconsolidated entities $ 25,816 25,447 18,961 (1) For the year ended November 30, 2018 , equity in loss included the Company's share of operational net losses from unconsolidated entities driven by valuation adjustments and general and administrative expenses, partially offset by profits from land sales. For the years ended November 30, 2017 and 2016 The assets and liabilities related to the Lennar Financial Services segment were as follows: November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 185,990 117,410 Restricted cash 15,251 12,006 Receivables, net (1) 512,732 313,252 Loans held-for-sale (2) 1,152,198 937,516 Loans held-for-investment, net 70,216 44,193 Investments held-to-maturity 52,490 52,327 Investments available-for-sale (3) 4,161 57,439 Goodwill (4) 237,688 59,838 Other assets (5) 116,173 95,527 $ 2,346,899 1,689,508 Liabilities: Notes and other debts payable $ 1,256,174 937,431 Other liabilities (6) 281,586 240,383 $ 1,537,760 1,177,814 (1) Receivables, net, primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2018 and 2017 , 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 November 30, 2018 , goodwill included $20 million related to the WCI acquisition and a provisional amount of $175.4 million related to the CalAtlantic acquisition (See Note 2). (5) As of November 30, 2018 and 2017 , other assets included mortgage loan commitments carried at fair value of $16.4 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $37.2 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 , respectively. (6) As of November 30, 2018 and 2017 , other liabilities included $60.3 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation, and forward contracts carried at fair value of $10.4 million as of November 30, 2018 . At November 30, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures December 2018 (1) $ 400,000 364-day warehouse repurchase facility that matures March 2019 (2) 300,000 364-day warehouse repurchase facility that matures June 2019 700,000 364-day warehouse repurchase facility that matures October 2019 (3) 500,000 Total $ 1,900,000 (1) Subsequent to November 30, 2018 , the maturity date was extended to February 2019. Maximum aggregate commitment includes an uncommitted amount of $250 million . (2) Maximum aggregate commitment includes an uncommitted amount of $300 million . (3) Maximum aggregate commitment includes an uncommitted amount of $400 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 non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. Borrowings under the facilities and their prior year predecessors were $1.3 billion and $937.2 million at November 30, 2018 and 2017 , respectively, and were collateralized by mortgage loans and receivables on loans sold to investors but not yet paid for with outstanding principal balances of $1.3 billion and $974.1 million at November 30, 2018 and 2017 , respectively. The combined effective interest rate on the facilities at November 30, 2018 was 4.5% . If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling 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: November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 7,832 8,676 Receivables (1) 73,829 69,678 Land under development 277,894 208,618 Investments in unconsolidated entities 481,129 407,544 Other assets 33,535 16,209 $ 874,219 710,725 Liabilities: Accounts payable and other liabilities $ 170,616 149,715 $ 170,616 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of November 30, 2018 and 2017 . 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. 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 increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both November 30, 2018 and 2017 , the fair value of the completion guarantees was immaterial. Additionally, as of November 30, 2018 and 2017 , the Lennar Multifamily segment had $4.6 million and $4.7 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 7 related to the Company's performance and financial letters of credit. As of November 30, 2018 and 2017 , the Lennar Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.0 billion and $896.7 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 years ended November 30, 2018 , 2017 and 2016 , the Lennar Multifamily segment received fee income, net of deferrals, from its unconsolidated entities of $48.8 million , $53.8 million and $38.5 million , respectively. The Lennar Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. During the years ended November 30, 2018 , 2017 and 2016 , the Lennar Multifamily segment provided general contractor services, net of deferrals, totaling $353.2 million , $341.0 million and $237.1 million , respectively, which were offset by costs related to those services of $338.7 million , $330.4 million and $228.6 million , respectively. The Lennar Multifamily Venture Fund I LP (the "Venture Fund") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets with $2.2 billion in equity commitments, including a $504 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. During the year ended November 30, 2018 , $384.3 million in equity commitments were called, of which the Company contributed its portion of $90.1 million . During the year ended November 30, 2018 , the Company received $18.0 million of distributions as a return of capital from the Venture Fund. As of November 30, 2018 , $1.8 billion of the $2.2 billion in equity commitments had been called, of which the Company had contributed $440.8 million representing its pro-rata portion of the called equity, resulting in a remaining equity commitment for the Company of $63.2 million . As of November 30, 2018 and 2017 , the carrying value of the Company's investment in the Venture Fund was $383.4 million and $323.8 million , respectively. In March 2018, the Lennar Multifamily segment completed the first closing of a second Lennar Multifamily Venture, Lennar Multifamily Venture II LP, ("Venture Fund II"), for the development, construction and property management of Class-A multifamily assets. As of November 30, 2018 , Venture Fund II had approximately $787 million of equity commitments, including a $255 million co-investment commitment by Lennar comprised of cash, undeveloped land and preacquisition costs. As of and for the year ended November 30, 2018 , $252.1 million in equity commitments were called, of which the Company contributed its portion of $81.2 million , which was made up of a $188.4 million inventory and cash contributions, offset by $107.2 million of distributions as a return of capital, resulting in a remaining equity commitment for the Company of $173.8 million . As of November 30, 2018 , the carrying value of the Company's investment in Venture Fund II was $63.0 million . The difference between the Company's net contributions and the carrying value of the Company's investments was related to a basis difference. Venture Fund II is currently seeded with eight undeveloped multifamily assets that were previously purchased by the Lennar Multifamily segment totaling approximately 3,000 apartments with projected project costs of approximately $1.3 billion . 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 November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 61,571 37,073 Operating properties and equipment 3,708,613 2,952,070 Other assets 40,899 36,772 $ 3,811,083 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 199,119 212,123 Notes payable (1) 1,381,656 879,047 Equity 2,230,308 1,934,745 $ 3,811,083 3,025,915 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 (1) Notes payable are net of debt issuance costs of $15.7 million and $17.6 million , as of November 30, 2018 and 2017 , respectively. Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 117,985 67,578 45,287 Costs and expenses 172,089 108,610 68,976 Other income, net 93,778 207,793 191,385 Net earnings of unconsolidated entities $ 39,674 166,761 167,696 Lennar Multifamily equity in earnings from unconsolidated entities and other gain (1) $ 51,322 85,739 85,519 (1) During the year ended November 30, 2018 , the Lennar Multifamily segment sold, through its unconsolidated entities, six operating properties and an investment in an operating property resulting in the segment's $61.2 million share of gains. The gain of $15.7 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Lennar Multifamily equity in earnings from unconsolidated entities and other gain, and are not included in net earnings of unconsolidated entities. During the years ended November 30, 2017 and 2016 , the Lennar Multifamily segment sold seven operating properties, through its unconsolidated entities resulting in the segment's $96.7 million and $91.0 million The assets and liabilities related to the Rialto segment were as follows: November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 26,829 241,861 Restricted cash (1) 9,868 22,466 Receivables, net (2) 218,437 — Loans held-for-sale (3) 61,691 236,018 Real estate owned, net 25,632 86,047 Investments in unconsolidated entities 297,379 265,418 Investments held-to-maturity 196,956 179,659 Other assets 57,453 122,371 $ 894,245 1,153,840 Liabilities: Notes and other debts payable (4) $ 317,016 625,081 Other liabilities 80,934 94,975 $ 397,950 720,056 (1) As of November 30, 2018 and 2017 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated and 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, is primarily related to loans sold but not settled as of November 30, 2018 . (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC carried at lower of cost or market. (4) In March 2018, Rialto paid off the remaining principal balance of the 7.00% senior notes due 2018 (the " 7.00% Senior Notes"). As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% Senior Notes. In addition, as of November 30, 2018 and November 30, 2017 , notes and other debt payable included $178.8 million and $162.1 million , respectively, related to RMF's warehouse repurchase facilities. Sale of Asset and Investment Management Platform The Company sold the Rialto asset and investment management platform on November 30, 2018 for a gain of $296.4 million . The Company retained its Rialto Mortgage Finance business, which moved into our Financial Services segment as of December 1, 2018. The Company also retained its fund investments along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets. The Company's limited partner investments in Rialto funds and investment vehicles totaled $297.4 million at November 30, 2018 , and the Company is committed to invest as much as an additional $71.6 million in Rialto funds. Rialto Mortgage Finance - loans held-for-sale During the year ended November 30, 2018 , RMF originated loans with a total principal balance of $1.4 billion , all of which was recorded as loans held-for-sale, and sold $1.5 billion of loans into 16 separate securitizations. During the year ended November 30, 2017 , RMF originated loans with a principal balance of $1.7 billion of which $1.6 billion were recorded as loans held-for-sale and $98.4 million were recorded as accrual loans within loans receivable, net, and sold $1.5 billion of loans into 12 separate securitizations. As of November 30, 2018 , originated loans with an unpaid balance of $218.4 million were sold into a securitization trust but not settled and thus were included as receivables, net. As of November 30, 2017 , there were no unsettled transactions. At November 30, 2018 , RMF warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures November 2019 $ 200,000 364-day warehouse repurchase facility that matures December 2019 200,000 364-day warehouse repurchase facility that matures December 2019 250,000 364-day warehouse repurchase facility that matures December 2019 200,000 Total - Loans origination and securitization business 850,000 Warehouse repurchase facility that matures December 2019 (two - one year extensions) (1) 50,000 Total $ 900,000 (1) RMF uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both November 30, 2018 and 2017 . Borrowings under the facilities that finance RMF's loan originations and securitization activities were $178.8 million and $162.1 million as of November 30, 2018 and 2017 , 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. If the facilities are not renewed or replaced, the borrowings under the lines of credit will be paid off by selling the loans held-for-sale to investors. Without the facilities, the Rialto segment would have to use cash from operations and other funding sources to finance its lending activities. Investments held-to-maturity At November 30, 2018 and 2017 , the carrying value of Rialto's CMBS was $197.0 million and $179.7 million , respectively. These securities were purchased at discount rates ranging from 9% to 84% with coupon rates ranging from 1.3% to 5.0% , stated and assumed final distribution dates between November 2020 and December 2027 , and stated maturity dates between November 2043 and March 2059 . The Rialto segment reviews changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on its CMBS. Based on management’s assessment, no impairment charges were recorded during any of the years ended November 30, 2018 , 2017 and 2016 . The Rialto segment classified these securities as held-to-maturity based on its intent and ability to hold the securities until maturity. Investments in Unconsolidated Entities Generally, 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. During the years ended November 30, 2018 , 2017 and 2016 , Rialto received $12.8 million , $7.3 million and $10.1 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. In addition, during the year ended November 30, 2018 , Rialto received $12.7 million of distributions with regard to its carried interest in Rialto Real Estate Funds. During the year ended November 30, 2017 , Rialto received $36.8 million of distributions with regard to its carried interest in one of Rialto's funds. These incentive income distributions are not subject to clawbacks and therefore are included in Rialto's revenues. Rialto adopted carried interest plans under which the Company and participating employees will receive 60% and 40%, respectively, of carried interest payments, net of expenses, received by entities that are general partners of a number of Rialto funds or other investment vehicles. When Rialto's asset and investment management platform was sold, the Company retained its right to receive 60% of the distributions of carried interest pay |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes consisted of the following: Years Ended November 30, (In thousands) 2018 2017 2016 Current: Federal $ 246,604 309,235 300,116 State 30,530 17,572 19,777 $ 277,134 326,807 319,893 Deferred: Federal $ 189,096 40,641 43,775 State 78,941 50,409 53,710 268,037 91,050 97,485 $ 545,171 417,857 417,378 A reconciliation of the statutory rate and the effective tax rate was as follows: Percentage of Pretax Income 2018 2017 2016 Statutory rate 22.22 % 35.00 % 35.00 % State income taxes, net of federal income tax benefit 3.81 3.29 3.21 Domestic production activities deduction (1.71 ) (2.77 ) (2.78 ) Tax reserves and interest expense, net (0.39 ) 0.27 (0.89 ) Deferred tax asset valuation allowance, net (0.03 ) 0.17 (0.01 ) Accounting method changes (1.47 ) — — Changes in tax law (1) 3.06 — — Tax credits (1.60 ) (2.03 ) (3.46 ) Other 0.44 0.09 0.33 Effective rate 24.33 % 34.02 % 31.40 % (1) In December, 2017, the Tax Cuts and Jobs Act was enacted which had a positive impact on our effective tax rate in 2018 and will have a positive impact in subsequent years. The tax reform bill reduced the maximum federal corporate income tax rate to 21% , which reduced the value of the Company's deferred tax assets. As a result, the Company recorded a non-cash one-time write down of deferred tax assets that resulted in income tax expense of $68.6 million in fiscal year 2018. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant temporary differences that give rise to the net deferred tax assets were as follows: November 30, (In thousands) 2018 2017 Deferred tax assets: Inventory valuation adjustments $ 315,006 54,511 Reserves and accruals 175,626 164,868 Net operating loss carryforwards 138,094 100,338 Rialto investments in partnerships 5,938 15,705 Capitalized expenses 51,477 197,204 Investments in unconsolidated entities 63,339 38,627 Other assets 115,266 68,857 Total deferred tax assets 864,746 640,110 Valuation allowance (7,219 ) (6,423 ) Total deferred tax assets after valuation allowance 857,527 633,687 Deferred tax liabilities: Capitalized expenses 153,392 79,440 Deferred income 156,376 244,969 Other liabilities 32,271 11,583 Total deferred tax liabilities 342,039 335,992 Net deferred tax assets $ 515,488 297,695 The detail of the Company's net deferred tax assets were as follows: Years Ended November 30, (In thousands) 2018 2017 Net deferred tax assets (liabilities): (1) Lennar Homebuilding $ 477,676 279,900 Lennar Financial Services 5,075 (1,176 ) Lennar Multifamily 15,272 (2,973 ) Rialto 17,465 21,944 Net deferred tax assets $ 515,488 297,695 (1) Net deferred tax assets and net deferred tax liabilities detailed above are included within other assets and other liabilities in the respective segments. A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the consideration of all available positive and negative evidence using a "more-likely-than-not" standard with respect to whether deferred tax assets will be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, actual earnings, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives. As of November 30, 2018 and 2017 , the net deferred tax assets included a valuation allowance of $7.2 million and $6.4 million , respectively, primarily related to state net operating loss ("NOL") carryforwards that are not more likely than not to be utilized due to an inability to carry back these losses in most states and short carryforward periods that exist in certain states. At November 30, 2018 and 2017 , the Company had federal tax effected NOL carryforwards totaling $44.8 million and $34.1 million , respectively, that may be carried forward up to 20 years to offset future taxable income and begin to expire in 2029. At November 30, 2018 and 2017 , the Company had state tax effected NOL carryforwards totaling $93.3 million and $66.2 million , respectively, that may be carried forward from 5 to 20 years, depending on the tax jurisdiction, with losses expiring between 2019 and 2037 . The following table summarizes the changes in gross unrecognized tax benefits: Years Ended November 30, (In thousands) 2018 2017 2016 Gross unrecognized tax benefits, beginning of year $ 12,285 12,285 12,285 Increases due to tax positions taken during prior period 222 — — Decreases due to tax positions taken during prior period (2,805 ) — — Lapse of statute of limitations (2,052 ) — — Decreases due to settlements with tax authorities (6,493 ) — — Increases due to the CalAtlantic acquisition 13,510 — — Gross unrecognized tax benefits, end of year $ 14,667 12,285 12,285 If the Company were to recognize its gross unrecognized tax benefits as of November 30, 2018 , $11.6 million would affect the Company’s effective tax rate. The Company does not expect the total amount of unrecognized tax benefits to increase or decrease by a material amount within the following twelve months. The following summarizes the changes in interest and penalties accrued with respect to gross unrecognized tax benefits: Years Ended November 30, (In thousands) 2018 2017 Accrued interest and penalties, beginning of the year $ 49,723 45,973 Additional interest and penalties (related to the acquisition of CalAtlantic) 1,515 — Accrual of interest and penalties (primarily related to federal and state audits) 1,894 4,184 Reduction of interest and penalties (190 ) (434 ) Accrued interest and penalties, end of the year $ 52,942 49,723 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Nov. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share were calculated as follows: Years Ended November 30, (In thousands, except per share amounts) 2018 2017 2016 Numerator: Net earnings attributable to Lennar $ 1,695,831 810,480 911,844 Less: distributed earnings allocated to nonvested shares 429 377 337 Less: undistributed earnings allocated to nonvested shares 14,438 7,447 8,852 Numerator for basic earnings per share 1,680,964 802,656 902,655 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 3,320 1,009 1,028 Plus: interest on convertible senior notes 80 — 5,528 Plus: undistributed earnings allocated to convertible shares 2,904 — 8,852 Less: undistributed earnings reallocated to convertible shares 2,899 — 8,438 Numerator for diluted earnings per share $ 1,677,729 801,647 907,569 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 307,968 237,155 223,079 Effect of dilutive securities: Share-based payments 48 1 3 Convertible senior notes 549 — 12,288 Denominator for diluted earnings per share - weighted average common shares outstanding 308,565 237,156 235,370 Basic earnings per share $ 5.46 3.38 4.05 Diluted earnings per share $ 5.44 3.38 3.86 (1) The amounts presented above relate to Rialto's carried interest incentive plans (see Note 10) and represent the difference between the advanced tax distributions received by Rialto's subsidiary and the amount Lennar, as the parent company, is assumed to own. For the years ended November 30, 2018 , 2017 and 2016 , there were no |
Capital Stock
Capital Stock | 12 Months Ended |
Nov. 30, 2018 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Preferred Stock The Company is authorized to issue 500,000 shares of preferred stock with a par value of $10 per share and 100 million shares of participating preferred stock with a par value of $0.10 per share. No shares of preferred stock or participating preferred stock have been issued as of November 30, 2018 and 2017 . Common Stock During each of the years ended November 30, 2018 , 2017 and 2016 , the Company’s Class A and Class B common stockholders received a per share annual dividend of $0.16 . The only significant difference between the Class A common stock and Class B common stock is that Class A common stock entitles holders to one vote per share and the Class B common stock entitles holders to ten votes per share. On November 27, 2017, the Company paid a stock dividend of one share of Class B common stock for each 50 shares of Class A common stock or Class B common stock to holders of record at the close of business on November 10, 2017, as declared by the Company's Board of Directors on October 30, 2017. As of November 30, 2018 , Stuart Miller, the Company’s Executive Chairman, directly owned, or controlled through family-owned entities, shares of Class A and Class B common stock, which represented approximately 33% voting power of the Company’s stock. During fiscal 2018, the Company had a stock repurchase program adopted in 2001, which originally authorized the purchase of up to 20 million shares of its outstanding common stock. During the year ended November 30, 2018 , under the Company's stock repurchase program, the Company repurchased 6.0 million shares of Class A common stock for $249.9 million at an average share price of $41.63 . During the years ended November 30, 2017 and 2016 , there were no share repurchases of common stock under the stock repurchase program. Subsequent to November 30, 2018 , the Company's Board of Directors authorized the Company to repurchase up to the lesser of $1 billion in value, or 25 million in shares, of the Company’s outstanding Class A or Class B common stock. The repurchase authorization has no expiration and replaced the Company's 2001 stock repurchase program. During the year ended November 30, 2018 , treasury stock increased by 7.0 million shares of Class A common stock primarily due to the repurchase of 6.0 million shares of common stock. During the year ended November 30, 2017 , treasury stock increased by 0.6 million shares of Class A common stock primarily due to activity related to our equity compensation plan. Restrictions on Payment of Dividends There are no restrictions on the payment of dividends on common stock by the Company. There are no agreements which restrict the payment of dividends by subsidiaries of the Company other than the need to maintain the financial ratios and net worth requirements under the Lennar Financial Services segment’s warehouse lines of credit, which restrict the payment of dividends from the Company’s mortgage subsidiaries following the occurrence and during the continuance of an event of default thereunder and limit dividends to 50% of net income in the absence of an event of default. 401(k) Plan Under the Company’s 401(k) Plan (the "Plan"), contributions made by associates can be invested in a variety of mutual funds or proprietary funds provided by the Plan trustee. The Company may also make contributions for the benefit of associates. The Company records as compensation expense its contribution to the Plan. For the years ended November 30, 2018 , 2017 and 2016 , this amount was $25.3 million , $17.2 million and $15.7 million |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Nov. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | Share-Based Payments Compensation expense related to the Company’s share-based awards was as follows: Years ended November 30, (In thousands) 2018 2017 2016 Total compensation expense for nonvested share-based awards $ 72,655 61,356 55,516 Cash flows resulting from tax benefits related to tax deductions in excess of the compensation expense recognized are classified as financing cash flows. For the years ended November 30, 2018 , 2017 and 2016 there was $2.5 million , $2.0 million , and $7.0 million , respectively, of excess tax benefits from share-based awards related to nonvested shares. The fair value of nonvested shares is determined based on the trading price of the Company’s common stock on the grant date. The weighted average fair value of nonvested shares granted during the years ended November 30, 2018 , 2017 and 2016 was $55.84 , $51.92 and $45.10 , respectively. A summary of the Company’s nonvested shares activity for the year ended November 30, 2018 , adjusted for the Class B stock dividend, was as follows: Shares Weighted Average Grant Date Fair Value Nonvested shares at November 30, 2017 2,399,866 $ 49.33 Grants 2,658,928 $ 55.84 Vested (2,166,772 ) $ 53.37 Forfeited (154,670 ) $ 50.94 Nonvested shares at November 30, 2018 2,737,352 $ 52.37 At November 30, 2018 , there was $96.3 million of unrecognized compensation expense related to unvested share-based awards granted under the Company’s share-based payment plan, all of which relates to nonvested shares with a weighted average remaining contractual life of 2 years. For the years ended November 30, 2018 , 2017 and 2016 , 2.2 million , 1.2 million and 1.1 million |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosure | 12 Months Ended |
Nov. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Disclosure | 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 November 30, 2018 and 2017 , 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. November 30, 2018 2017 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Lennar Financial Services: Loans held-for-investment, net Level 3 $ 70,216 63,794 44,193 41,795 Investments held-to-maturity Level 2 $ 52,490 52,220 52,327 52,189 Rialto: Investments held-to-maturity Level 3 $ 196,956 222,753 179,659 199,190 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 8,543,868 8,336,166 6,410,003 6,598,848 Lennar Financial Services notes and other debts payable Level 2 $ 1,256,174 1,256,174 937,431 937,431 Rialto notes and other debts payable Level 2 $ 317,016 318,032 625,081 644,644 The following methods and assumptions are used by the Company in estimating fair values: Lennar Homebuilding —For senior notes and other debts payable, the fair value of fixed-rate borrowings is primarily based on quoted market prices and the fair value of variable-rate borrowings is primarily based on expected future cash flows calculated using current market forward rates. Lennar Financial Services —The fair values of loans held-for-investment, net are based on the fair value of the collateral less estimated cost to sell or discounted cash flows, if estimable. 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 the short-term nature of the borrowings. Rialto —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 quoted interest rates and for the warehouse repurchase financing agreements fair values approximate their carrying value due to their short-term maturities. 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 November 30, 2018 Fair Value at November 30, 2017 Lennar Financial Services Assets: Loans held-for-sale (1) Level 2 $ 1,152,198 937,516 Investments available-for-sale Level 1 $ 4,161 57,439 Mortgage loan commitments Level 2 $ 16,373 9,873 Forward contracts Level 2 $ (10,360 ) 1,681 Mortgage servicing rights Level 3 $ 37,206 31,163 Rialto Financial Assets: RMF loans held-for-sale (2) Level 3 $ 61,691 234,403 (1) The aggregate fair value of Lennar Financial Services loans held-for-sale of $1.2 billion at November 30, 2018 exceeded their aggregate principal balance of $1.1 billion by $37.3 million . The aggregate fair value of Lennar Financial Services loans held-for-sale of $937.5 million at November 30, 2017 exceeded their aggregate principal balance of $908.8 million by $28.7 million . (2) The aggregate fair value of Rialto loans held-for-sale of $61.7 million at November 30, 2018 exceeded their aggregate principal balance of $61.0 million by $0.7 million . The aggregate fair value of Rialto loans held-for-sale of $234.4 million at November 30, 2017 were below their aggregate principal balance of $235.4 million by $1.0 million . The estimated fair values of the Company’s financial instruments have been determined by using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The following methods and assumptions are used by the Company in estimating fair values: Lennar Financial Services loans held-for-sale — Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. Management believes carrying loans held-for-sale at fair value improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. In addition, the Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these servicing rights is included in Lennar Financial Services’ loans held-for-sale as of November 30, 2018 and 2017 . 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 November 30, 2018 . The fair value of forward contracts is included in the Lennar Financial Services segment's other assets as of November 30, 2017 . 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 November 30, 2018 , the segment had open commitments amounting to $1.5 billion to sell MBS with varying settlement dates through February 2019. Lennar Financial Services mortgage servicing rights — Lennar Financial Services records the value of 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 November 30, 2018 , the key assumptions used in determining the fair value include an 11.9% mortgage prepayment rate, a 12.5% discount rate and an 8.4% delinquency rate. The fair value of mortgage servicing rights is included in the Lennar Financial Services segment's other assets. Rialto loans held-for-sale — The fair value of loans held-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. The Company estimates CMBS spreads by observing the pricing of recent CMBS offerings, secondary CMBS markets, changes in the CMBX index, and general capital and commercial real estate market conditions. Considerations in estimating CMBS spreads include comparing the Company’s current loan portfolio with comparable CMBS offerings containing loans with similar duration, credit quality and collateral composition. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust. The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item: Years Ended November 30, (In thousands) 2018 2017 2016 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ 8,621 20,309 (19,865 ) Mortgage loan commitments $ 6,500 2,436 (5,623 ) Forward contracts $ (12,041 ) (24,786 ) 25,936 Investments available-for-sale $ (234 ) (12 ) 53 Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investments available-for-sale $ (1,634 ) 1,331 (295 ) 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: Years Ended November 30, 2018 2017 Lennar Financial Services Rialto Lennar Financial Services Rialto (In thousands) Mortgage servicing rights RMF loans held-for-sale Mortgage servicing rights RMF loans held-for-sale Beginning of year $ 31,163 234,403 23,930 126,947 Purchases/loan originations 7,841 1,350,091 10,479 1,583,876 Sales/loan originations sold, including those not settled — (1,504,554 ) — (1,474,714 ) Disposals/settlements (6,948 ) (19,600 ) (3,912 ) — Changes in fair value (1) 5,150 1,481 666 (301 ) Interest and principal paydowns — (130 ) — (1,405 ) End of year $ 37,206 61,691 31,163 234,403 (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 tables below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: Years Ended November 30, 2018 2017 2016 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total (Losses), Net (1) Carrying Value Fair Value Total (Losses), Net (1) Carrying Value Fair Value Total Gains (Losses), Net (1) Financial assets Rialto: Impaired loans receivable Level 3 $ — — — 31,561 18,885 (12,676 ) 79,581 61,352 (18,229 ) FDIC portfolios loans held-for-sale Level 3 $ — — — 32,018 12,072 (19,946 ) — — — Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ 4,019 3,473 (546 ) 8,601 4,227 (4,374 ) — — — Land and land under development (2) Level 3 $ 96,093 62,850 (33,243 ) 6,771 3,094 (3,677 ) 29,418 22,925 (6,493 ) Rialto: REO, net (3) Upon acquisition/transfer Level 3 $ — — — 27,640 26,591 (1,049 ) 53,154 54,443 1,289 Upon management periodic valuations Level 3 $ 58,721 25,632 (33,089 ) 145,251 81,677 (63,574 ) 105,830 81,454 (24,376 ) (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 year. (2) Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's consolidated statement of operations for the years ended November 30, 2018 , 2017 and 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 gains (losses) upon the transfer or acquisition of REO and impairments were included in Rialto other income (expense), net, in the Company’s consolidated statement of operations for the years ended November 30, 2018 , 2017 and 2016 . |
Consolidation Of Variable Inter
Consolidation Of Variable Interest Entities | 12 Months Ended |
Nov. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation Of Variable Interest Entities | Variable Interest Entities The Company evaluated the joint venture agreements of its joint ventures that were formed or that had reconsideration events during the year ended November 30, 2018 . Based on the Company’s evaluation, during the year ended November 30, 2018 , the Company consolidated and deconsolidated the same VIE thus resulting in no change to the combined assets and liabilities during the year. In addition, during the year ended November 30, 2018 , the Company consolidated a VIE that had total assets of $57.3 million and an immaterial amount of liabilities. During the year ended November 30, 2018 , there was a VIE that was deconsolidated that had a total assets of $48.1 million . Consolidated VIEs As of November 30, 2018 , the carrying amount of the VIEs’ assets and non-recourse liabilities that consolidated was $666.2 million and $242.5 million , respectively. As of November 30, 2017 , the carrying amount of the VIEs’ assets and non-recourse liabilities that consolidated was $799.4 million and $389.7 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. 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 the 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 At November 30, 2018 and 2017 , the Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: November 30, 2018 2017 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 127,009 188,890 181,804 248,909 Lennar Multifamily (2) 463,534 710,754 345,175 503,364 Rialto (3) 196,956 196,956 179,659 179,659 $ 787,499 1,096,600 706,638 931,932 (1) At both November 30, 2018 and 2017 , 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 repayment guarantees of unconsolidated entities' debt of $54.8 million and $61.6 million , respectively. (2) As of November 30, 2018 , the remaining equity commitment of $237.0 million to fund the Venture Fund and Venture Fund II for future expenditures related to the construction and development of its projects was included in Lennar maximum exposure to loss. As of November 30, 2017 , the remaining equity commitment of $153.3 million to fund the Venture Fund was included in Lennar's maximum exposure to loss. In addition, at both November 30, 2018 and 2017 , the maximum exposure to loss of Lennar Multifamily's investments in unconsolidated VIEs also included its investments in the unconsolidated VIEs, except with regard to $4.6 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. (3) At both November 30, 2018 and 2017 , the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated entities VIEs. At November 30, 2018 and 2017 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $197.0 million and $179.7 million , respectively, related to Rialto’s investments held-to-maturity. While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared 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 November 30, 2018 , the Company and other partners do not generally have an obligation to make capital contributions to the VIEs, except for $237.0 million remaining equity commitment to fund the Venture Fund and Venture Fund II for future expenditures related to the construction and development of the projects and $4.6 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 $54.8 million repayment guarantees of two unconsolidated entities' debt. 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. The Company evaluates all option contracts for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary or makes a significant deposit for optioned land, it may need to consolidate the land under option at the purchase price of the optioned land. During the year ended November 30, 2018 , consolidated inventory not owned decreased by $184.3 million with a corresponding decrease to liabilities related to consolidated inventory not owned in the accompanying consolidated balance sheet as of November 30, 2018 . 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 November 30, 2018 . 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 $209.5 million and $137.0 million at November 30, 2018 and 2017 , respectively. Additionally, the Company had posted $72.4 million and $51.8 million of letters of credit in lieu of cash deposits under certain land and option contracts as of November 30, 2018 and 2017 |
Commitments And Contingent Liab
Commitments And Contingent Liabilities | 12 Months Ended |
Nov. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingent Liabilities | Commitments and Contingent Liabilities The Company is party to various claims, legal actions and complaints arising in the ordinary course of business. In the opinion of management, the disposition of these matters will not have a material adverse effect on the Company’s consolidated financial statements. The Company is also a party to various lawsuits involving purchases and sales of real property. These lawsuits include claims regarding representations and warranties made in connection with the transfer of properties and disputes regarding the obligation to purchase or sell properties. The Company does not believe that the ultimate resolution of these claims or lawsuits will have a material adverse effect on its business or financial position. However, the financial effect of litigation concerning purchases and sales of property may depend upon the value of the subject property, which may have changed from the time the agreement for purchase or sale was entered into. The Company is subject to the usual obligations associated with entering into contracts (including option contracts) for the purchase, development and sale of real estate, which it does in the routine conduct of its business. Option contracts generally enable the Company to control portions of properties owned by third parties (including land funds) and unconsolidated entities until the Company determines whether to exercise the option. The use of option contracts allows the Company to reduce the financial risks associated with long-term land holdings. At November 30, 2018 , the Company had $209.5 million of non-refundable option deposits and pre-acquisition costs related to certain of these homesites, which were included in inventories in the consolidated balance sheet. In the first quarter of 2017, the Company recorded a $140 million loss due to litigation regarding a contract the Company entered into in 2005 to purchase a property in Maryland. As a result of the litigation, the Company purchased the property for $114 million , which approximated the Company's estimate of fair value for the property. In addition, the Company paid approximately $124 million in interest and other closing costs and have accrued for the amount it expects to pay as reimbursement for attorney's fees. In July 2017, CalAtlantic Group, Inc., a subsidiary of the Company, was notified by the San Francisco Regional Water Quality Control Board of CalAtlantic’s non-compliance with the Clean Water Act at a development in San Ramon, CA. The Company expects to pay monetary sanctions to resolve this matter, which the Company does not currently expect will be material. The Company's mortgage subsidiary was subpoenaed by the United States Department of Justice ("DOJ") regarding the adequacy of certain underwriting and quality control processes related to Federal Housing Administration loans originated and sold in prior years. The Company provided information related to these loans and our processes to the DOJ. In October 2018, the Company paid monetary sanctions and restitution to resolve this matter that were not material. The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at November 30, 2018 were as follows: (In thousands) Lease Payments 2019 $ 50,433 2020 47,764 2021 38,878 2022 27,148 2023 19,743 Thereafter 42,068 Rental expense for the years ended November 30, 2018 , 2017 and 2016 was $98.4 million , $74.6 million and $63.2 million , respectively. The Company is committed, under various letters of credit, to perform certain development and construction activities and provide certain guarantees in the normal course of business. Outstanding letters of credit under these arrangements totaled $763.8 million at November 30, 2018 . Additionally, at November 30, 2018 , the Company had outstanding surety bonds of $2.7 billion including performance surety bonds related to site improvements at various projects (including certain projects in the Company’s joint ventures) and financial surety bonds. 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 November 30, 2018 , there were approximately $1.4 billion , or 52% , of anticipated future costs to complete related to these site improvements. The Company does not presently anticipate any draws upon these bonds that would have a material effect on its consolidated financial statements. |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Nov. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information The indentures governing the Company’s 4.500% senior notes due 2019, 4.50% senior notes due 2019, 6.625% senior notes due 2020, 2.95% senior notes due 2020, 8.375% senior notes due 2021, 4.750% senior notes due 2021, 6.25% senior notes due 2021, 4.125% senior notes due 2022, 5.375% senior notes due 2022, 4.750% senior notes due 2022, 4.875% senior notes due 2023, 4.500% senior notes due 2024, 5.875% senior notes due 2024, 4.750% senior notes due 2025, 5.25% senior notes due 2026, 5.00% senior notes due 2027 and 4.75% senior notes due 2027 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. In addition, some subsidiaries of CalAtlantic are guaranteeing CalAtlantic senior convertible notes that also are guaranteed by Lennar Corporation. 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 November 30, 2018 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, described in Note 7. 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 consolidating statement of cash flows included in the following supplemental financial information, the Company's accounting policy is to treat cash received by Lennar Corporation ("the Parent") from its subsidiaries, to the extent of net earnings from such subsidiaries as a dividend and accordingly a return on investment within cash flows from operating activities. Distributions of capital received by the Parent from its subsidiaries are reflected as cash flows from investing activities. The cash outflows associated with the return on investment dividends and distributions of capital received by the Parent are reflected by the Guarantor and Non-Guarantor subsidiaries in the Dividends line item within cash flows from financing activities. All other cash flows between the Parent and its subsidiaries represent the settlement of receivables and payables between such entities in conjunction with the Parent's centralized cash management arrangement with its subsidiaries, which operates with the characteristics of a revolving credit facility, and are accordingly reflected net in the Intercompany line item within cash flows from investing activities for the Parent and net in the Intercompany line item within cash flows from financing activities for the Guarantor and Non-Guarantor subsidiaries. Supplemental information for the subsidiaries that were guarantor subsidiaries at November 30, 2018 was as follows: Consolidating Balance Sheet November 30, 2018 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 637,083 886,059 63,905 — 1,587,047 Inventories — 16,679,245 389,459 — 17,068,704 Investments in unconsolidated entities — 983,963 12,963 — 996,926 Goodwill — 3,442,359 — — 3,442,359 Other assets 339,307 878,582 164,848 (26,955 ) 1,355,782 Investments in subsidiaries 10,562,273 89,044 — (10,651,317 ) — Intercompany 11,815,491 — — (11,815,491 ) — 23,354,154 22,959,252 631,175 (22,493,763 ) 24,450,818 Lennar Financial Services — 232,632 2,115,156 (889 ) 2,346,899 Lennar Multifamily — — 874,219 — 874,219 Rialto — — 894,245 — 894,245 Total assets $ 23,354,154 23,191,884 4,514,795 (22,494,652 ) 28,566,181 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 804,232 1,977,579 303,473 (27,844 ) 3,057,440 Liabilities related to consolidated inventory not owned — 162,090 13,500 — 175,590 Senior notes and other debts payable 7,968,387 523,589 51,892 — 8,543,868 Intercompany — 10,116,590 1,698,901 (11,815,491 ) — 8,772,619 12,779,848 2,067,766 (11,843,335 ) 11,776,898 Lennar Financial Services — 51,535 1,486,225 — 1,537,760 Lennar Multifamily — — 170,616 — 170,616 Rialto — — 397,950 — 397,950 Total liabilities $ 8,772,619 12,831,383 4,122,557 (11,843,335 ) 13,883,224 Stockholders’ equity 14,581,535 10,360,501 290,816 (10,651,317 ) 14,581,535 Noncontrolling interests — — 101,422 — 101,422 Total equity 14,581,535 10,360,501 392,238 (10,651,317 ) 14,682,957 Total liabilities and equity $ 23,354,154 23,191,884 4,514,795 (22,494,652 ) 28,566,181 Consolidating Balance Sheet November 30, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 1,945,024 462,336 21,972 — 2,429,332 Inventories — 10,560,996 299,894 — 10,860,890 Investments in unconsolidated entities — 884,294 16,475 — 900,769 Goodwill — 136,566 — — 136,566 Other assets 246,490 520,899 114,431 (18,416 ) 863,404 Investments in subsidiaries 4,446,309 52,237 — (4,498,546 ) — Intercompany 7,881,306 — — (7,881,306 ) — 14,519,129 12,617,328 452,772 (12,398,268 ) 15,190,961 Lennar Financial Services — 130,184 1,561,525 (2,201 ) 1,689,508 Lennar Multifamily — — 710,725 — 710,725 Rialto — — 1,153,840 — 1,153,840 Total assets $ 14,519,129 12,747,512 3,878,862 (12,400,469 ) 18,745,034 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 635,227 1,011,051 294,933 (20,617 ) 1,920,594 Liabilities related to consolidated inventory not owned — 367,220 13,500 — 380,720 Senior notes and other debts payable 6,011,585 394,365 4,053 — 6,410,003 Intercompany — 6,775,719 1,105,587 (7,881,306 ) — 6,646,812 8,548,355 1,418,073 (7,901,923 ) 8,711,317 Lennar Financial Services — 48,700 1,129,114 — 1,177,814 Lennar Multifamily — — 149,715 — 149,715 Rialto — — 720,056 — 720,056 Total liabilities $ 6,646,812 8,597,055 3,416,958 (7,901,923 ) 10,758,902 Stockholders’ equity 7,872,317 4,150,457 348,089 (4,498,546 ) 7,872,317 Noncontrolling interests — — 113,815 — 113,815 Total equity 7,872,317 4,150,457 461,904 (4,498,546 ) 7,986,132 Total liabilities and equity $ 14,519,129 12,747,512 3,878,862 (12,400,469 ) 18,745,034 Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended November 30, 2018 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 18,972,723 104,874 — 19,077,597 Lennar Financial Services — 371,063 516,691 (19,923 ) 867,831 Lennar Multifamily — — 421,132 — 421,132 Rialto — — 205,071 — 205,071 Total revenues — 19,343,786 1,247,768 (19,923 ) 20,571,631 Cost and expenses: Lennar Homebuilding — 16,831,780 104,950 143 16,936,873 Lennar Financial Services — 339,211 372,672 (31,482 ) 680,401 Lennar Multifamily — — 429,759 — 429,759 Rialto — — 198,861 (8,448 ) 190,413 Acquisition and integration costs related to CalAtlantic — 152,980 — — 152,980 Corporate general and administrative 336,355 2,417 — 5,162 343,934 Total costs and expenses 336,355 17,326,388 1,106,242 (34,625 ) 18,734,360 Lennar Homebuilding equity in (loss) earnings from unconsolidated entities — (92,317 ) 402 — (91,915 ) Lennar Homebuilding other income, net 14,740 192,951 12,852 (14,702 ) 205,841 Lennar Multifamily equity in earnings from unconsolidated entities and other gain — — 51,322 — 51,322 Rialto equity in earnings from unconsolidated entities — — 25,816 — 25,816 Rialto other expense, net — — (62,058 ) — (62,058 ) Gain on sale of Rialto investment and asset management platform — — 296,407 — 296,407 Earnings (loss) before income taxes (321,615 ) 2,118,032 466,267 — 2,262,684 Benefit (provision) for income taxes 78,249 (498,424 ) (124,996 ) — (545,171 ) Equity in earnings from subsidiaries 1,939,197 93,612 — (2,032,809 ) — Net earnings (including net earnings attributable to noncontrolling interests) 1,695,831 1,713,220 341,271 (2,032,809 ) 1,717,513 Less: Net earnings attributable to noncontrolling interests — — 21,682 — 21,682 Net earnings attributable to Lennar $ 1,695,831 1,713,220 319,589 (2,032,809 ) 1,695,831 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (1,634 ) — (1,634 ) Reclassification adjustments for losses included in net earnings, net of tax — — 234 — 234 Total other comprehensive loss, net of tax — — (1,400 ) — (1,400 ) Total comprehensive income attributable to Lennar $ 1,695,831 1,713,220 318,189 (2,032,809 ) 1,694,431 Total comprehensive earnings attributable to noncontrolling interests $ — — 21,682 — 21,682 Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended November 30, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 11,118,553 81,689 — 11,200,242 Lennar Financial Services — 307,892 482,227 (20,010 ) 770,109 Lennar Multifamily — — 394,906 (135 ) 394,771 Rialto — — 281,243 — 281,243 Total revenues — 11,426,445 1,240,065 (20,145 ) 12,646,365 Cost and expenses: Lennar Homebuilding — 9,676,548 79,338 (3,617 ) 9,752,269 Lennar Financial Services — 280,349 355,147 (20,911 ) 614,585 Lennar Multifamily — — 407,078 — 407,078 Rialto — — 247,762 (213 ) 247,549 Corporate general and administrative 279,490 1,338 — 5,061 285,889 Total costs and expenses 279,490 9,958,235 1,089,325 (19,680 ) 11,307,370 Lennar Homebuilding equity in loss from unconsolidated entities — (61,400 ) (308 ) — (61,708 ) Lennar Homebuilding other income (expense), net (427 ) 17,488 5,248 465 22,774 Lennar Homebuilding loss due to litigation — (140,000 ) — — (140,000 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 85,739 — 85,739 Rialto equity in earnings from unconsolidated entities — — 25,447 — 25,447 Rialto other expense, net — — (81,636 ) — (81,636 ) Earnings (loss) before income taxes (279,917 ) 1,284,298 185,230 — 1,189,611 Benefit (provision) for income taxes 95,228 (427,961 ) (85,124 ) — (417,857 ) Equity in earnings from subsidiaries 995,169 72,104 — (1,067,273 ) — Net earnings (including net loss attributable to noncontrolling interests) 810,480 928,441 100,106 (1,067,273 ) 771,754 Less: Net loss attributable to noncontrolling interests — — (38,726 ) — (38,726 ) Net earnings attributable to Lennar $ 810,480 928,441 138,832 (1,067,273 ) 810,480 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 1,331 — 1,331 Reclassification adjustments for losses included in net earnings, net of tax $ — — 12 — 12 Total other comprehensive income, net of tax — — 1,343 — 1,343 Total comprehensive income attributable to Lennar $ 810,480 928,441 140,175 (1,067,273 ) 811,823 Total comprehensive loss attributable to noncontrolling interests $ — — (38,726 ) — (38,726 ) Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended November 30, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 9,731,122 10,215 — 9,741,337 Lennar Financial Services — 215,737 491,536 (20,018 ) 687,255 Lennar Multifamily — — 287,527 (86 ) 287,441 Rialto — — 233,966 — 233,966 Total revenues — 9,946,859 1,023,244 (20,104 ) 10,949,999 Cost and expenses: Lennar Homebuilding — 8,389,469 23,424 (13,012 ) 8,399,881 Lennar Financial Services — 192,572 340,463 (9,397 ) 523,638 Lennar Multifamily — — 301,786 — 301,786 Rialto — — 230,565 (796 ) 229,769 Corporate general and administrative 226,482 1,019 — 5,061 232,562 Total costs and expenses 226,482 8,583,060 896,238 (18,144 ) 9,687,636 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (49,662 ) 387 — (49,275 ) Lennar Homebuilding other income (expense), net (1,922 ) 49,976 2,737 1,960 52,751 Lennar Multifamily equity in earnings from unconsolidated entities — — 85,519 — 85,519 Rialto equity in earnings from unconsolidated entities — — 18,961 — 18,961 Rialto other income, net — — (39,850 ) — (39,850 ) Earnings (loss) before income taxes (228,404 ) 1,364,113 194,760 — 1,330,469 Benefit (provision) for income taxes 71,719 (419,596 ) (69,501 ) — (417,378 ) Equity in earnings from subsidiaries 1,068,529 63,278 — (1,131,807 ) — Net earnings (including earnings attributable to noncontrolling interests) 911,844 1,007,795 125,259 (1,131,807 ) 913,091 Less: Net earnings attributable to noncontrolling interests — — 1,247 — 1,247 Net earnings attributable to Lennar $ 911,844 1,007,795 124,012 (1,131,807 ) 911,844 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (295 ) — (295 ) Reclassification adjustments for gains included in net earnings $ — — (53 ) — (53 ) Total other comprehensive loss, net of tax — — (348 ) — (348 ) Total comprehensive income attributable to Lennar $ 911,844 1,007,795 123,664 (1,131,807 ) 911,496 Total comprehensive income attributable to noncontrolling interests $ — — 1,247 — 1,247 Consolidating Statement of Cash Flows Year Ended November 30, 2018 (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) $ 1,695,831 1,713,220 341,271 (2,032,809 ) 1,717,513 Distributions of earnings from guarantor and non-guarantor subsidiaries 1,939,197 93,612 — (2,032,809 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities (1,731,335 ) 598,250 (905,628 ) 2,032,809 (5,904 ) Net cash provided by (used in) operating activities 1,903,693 2,405,082 (564,357 ) (2,032,809 ) 1,711,609 Cash flows from investing activities: Proceeds from sale of operating properties — 38,633 — — 38,633 (Investments in and contributions to) and distributions of capital from unconsolidated entities, net — (94,937 ) 51,906 — (43,031 ) Proceeds from sales of real estate owned — — 32,221 — 32,221 Proceeds from sale of investment in unconsolidated entity — 199,654 25,613 — 225,267 Proceeds from sale of commercial mortgage-backed securities bonds — — 14,222 — 14,222 Proceeds from sale of Rialto investment and asset management platform — — 340,000 — 340,000 Purchases of commercial mortgage-backed securities bonds — — (31,068 ) — (31,068 ) Acquisition, net of cash acquired (1,162,342 ) 22,716 36,351 — (1,103,275 ) Other (56,050 ) (35,982 ) 10,941 — (81,091 ) Distributions of capital from guarantor and non-guarantor subsidiaries 94,987 40,987 — (135,974 ) — Intercompany (728,546 ) — — 728,546 — Net cash (used in) provided by investing activities (1,851,951 ) 171,071 480,186 592,572 (608,122 ) Cash flows from financing activities: Net repayments under unsecured revolving credit facility — (454,700 ) — — (454,700 ) Net (repayments) borrowings under warehouse facilities — (108 ) 273,028 — 272,920 Debt issuance costs (9,189 ) — (5,472 ) — (14,661 ) Redemption of senior notes (1,010,626 ) (89,374 ) — — (1,100,000 ) Conversions and exchanges of convertible senior notes — (59,145 ) — — (59,145 ) Net payments on other borrowings, other liabilities, Rialto Senior Notes and other notes payable — (128,685 ) (294,250 ) — (422,935 ) Net payments related to noncontrolling interests — — (71,449 ) — (71,449 ) Common stock: Issuances 3,061 — — — 3,061 Repurchases (299,833 ) — — — (299,833 ) Dividends (49,159 ) (1,799,207 ) (369,576 ) 2,168,783 (49,159 ) Intercompany — 306,199 422,347 (728,546 ) — Net cash used in financing activities (1,365,746 ) (2,225,020 ) (45,372 ) 1,440,237 (2,195,901 ) Net (decrease) increase in cash and cash equivalents (1,314,004 ) 351,133 (129,543 ) — (1,092,414 ) Cash and cash equivalents at beginning of period 1,937,674 359,087 354,111 — 2,650,872 Cash and cash equivalents at end of period $ 623,670 710,220 224,568 — 1,558,458 Consolidating Statement of Cash Flows Year Ended November 30, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 810,480 928,441 100,106 (1,067,273 ) 771,754 Distributions of earnings from guarantor and non-guarantor subsidiaries 995,169 72,104 — (1,067,273 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities (739,947 ) (246,983 ) 144,767 1,067,273 225,110 Net cash provided by operating activities 1,065,702 753,562 244,873 (1,067,273 ) 996,864 Cash flows from investing activities: Proceeds from sale of operating properties — 60,326 — — 60,326 Investments in and contributions to unconsolidated entities, net of distributions of capital — (181,101 ) (41,876 ) — (222,977 ) Proceeds from sales of real estate owned — — 86,565 — 86,565 Receipts of principal payments on loans held-for-sale — — 11,251 — 11,251 Originations of loans receivable — — (98,375 ) — (98,375 ) Purchases of commercial mortgage-backed securities bonds — — (107,262 ) — (107,262 ) Acquisition, net of cash acquired (611,103 ) — — — (611,103 ) Other (35,251 ) (49,356 ) 96,365 — 11,758 Distributions of capital from guarantor and non-guarantor subsidiaries 115,000 80,000 — (195,000 ) — Intercompany (865,364 ) — — 865,364 — Net cash used in investing activities (1,396,718 ) (90,131 ) (53,332 ) 670,364 (869,817 ) Cash flows from financing activities: Net repayments under warehouse facilities — (104 ) (199,580 ) — (199,684 ) Proceeds from senior notes and debt issuance costs 2,433,539 — (12,129 ) — 2,421,410 Redemption of senior notes (800,000 ) (258,595 ) — — (1,058,595 ) Net proceeds from Rialto notes payable — — 74,666 — 74,666 Net proceeds on other borrowings — (104,471 ) (4,024 ) — (108,495 ) Proceeds on other liabilities — — 195,541 — 195,541 Net payments related to noncontrolling interests — — (68,586 ) — (68,586 ) Excess tax benefits from share-based awards 1,981 — — — 1,981 Common stock: Issuances 720 — — — 720 Repurchases (27,054 ) — — — (27,054 ) Dividends (37,608 ) (1,018,441 ) (243,832 ) 1,262,273 (37,608 ) Intercompany — 700,197 165,167 (865,364 ) — Net cash provided by (used in) financing activities 1,571,578 (681,414 ) (92,777 ) 396,909 1,194,296 Net increase (decrease) in cash and cash equivalents 1,240,562 (17,983 ) 98,764 — 1,321,343 Cash and cash equivalents at beginning of period 697,112 377,070 255,347 — 1,329,529 Cash and cash equivalents at end of period $ 1,937,674 359,087 354,111 — 2,650,872 Consolidating Statement of Cash Flows Year Ended November 30, 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) $ 911,844 1,007,795 125,259 (1,131,807 ) 913,091 Distributions of earnings from guarantor and non-guarantor subsidiaries 1,068,529 63,278 — (1,131,807 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (1,083,418 ) (231,877 ) (221,799 ) 1,131,807 (405,287 ) Net cash provided by (used in) operating activities 896,955 839,196 (96,540 ) (1,131,807 ) 507,804 Cash flows from investing activities: Proceeds from sale of operating properties — 25,288 — — 25,288 (Investments in and contributions to) and distributions of capital from unconsolidated entities, net — (139,533 ) 36,962 — (102,571 ) Proceeds from sales of real estate owned — — 97,871 — 97,871 Receipts of principal payments on loans receivable and other — — 84,433 — 84,433 Originations of loans receivable — — (56,507 ) — (56,507 ) Purchases of commercial mortgage-backed securities bonds — — (42,436 ) — (42,436 ) Other (11,709 ) (56,627 ) (23,579 ) — (91,915 ) Distributions of capital from guarantor and non-guarantor subsidiaries 40,000 34,000 — (74,000 ) — Intercompany (787,185 ) — — 787,185 — Net cash provided by (used in) investing activities (758,894 ) (136,872 ) 96,744 713,185 (85,837 ) Cash flows from financing activities: Net borrowings under warehouse facilities — 116 107,349 — 107,465 Proceeds from senior notes and debt issuance costs 495,974 — (1,690 ) — 494,284 Redemption of senior notes (250,000 ) — — — (250,000 ) Conversions and exchanges of convertible senior notes (234,028 ) — — — (234,028 ) Principal payments on Rialto notes payable including structured notes — — (39,026 ) — (39,026 ) Net payments on other borrowings — (165,463 ) (8,342 ) — (173,805 ) Net payments related to noncontrolling interests — — (127,057 ) — (127,057 ) Excess tax benefits from share-based awards 7,039 — — — 7,039 Common stock: Issuances 19,471 — — — 19,471 Repurchases (19,902 ) — — — (19,902 ) Dividends (35,324 ) (1,047,795 ) (158,012 ) 1,205,807 (35,324 ) Intercompany — 551,840 235,345 (787,185 ) — Net cash provided by (used in) financing activities (16,770 ) (661,302 ) 8,567 418,622 (250,883 ) Net increase in cash and cash equivalents 121,291 41,022 8,771 — 171,084 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 $ 697,112 377,070 255,347 — 1,329,529 |
Quarterly Data (unaudited)
Quarterly Data (unaudited) | 12 Months Ended |
Nov. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (unaudited) | Quarterly Data (unaudited) First Second Third Fourth (In thousands, except per share amounts) 2018 Revenues $ 2,980,791 5,459,061 5,672,569 6,459,210 Gross profit from sales of homes $ 516,628 840,042 1,057,903 1,274,241 Earnings before income taxes $ 269,428 390,810 565,918 1,036,528 Net earnings attributable to Lennar $ 136,215 310,257 453,211 796,148 Earnings per share: Basic $ 0.53 0.95 1.37 2.42 Diluted $ 0.53 0.94 1.37 2.42 2017 Revenues $ 2,337,428 3,261,892 3,261,476 3,785,569 Gross profit from sales of homes $ 419,165 616,875 650,411 747,502 Earnings before income taxes $ 49,643 309,600 368,385 461,983 Net earnings attributable to Lennar $ 38,080 213,645 249,165 309,590 Earnings per share: Basic $ 0.16 0.89 1.04 1.29 Diluted $ 0.16 0.89 1.04 1.29 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Nov. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events Subsequent to November 30, 2018 , the Company sold the majority of its retail title agency business and its wholly owned title insurance carrier. In addition, the Company sold its real estate brokerage business, which operated only in Florida. The Company does not expect the net gain from these transactions to be material. Subsequent to November 30, 2018 , the Company's Board of Directors authorized the Company to repurchase up to the lesser of $1 billion in value, or 25 million |
Schedule II-Valuation And Quali
Schedule II-Valuation And Qualifying Accounts | 12 Months Ended |
Nov. 30, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II-Valuation And Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts Years Ended November 30, 2018 , 2017 and 2016 Additions (In thousands) Beginning balance Charged to costs and expenses Charged (credited) to other accounts Deductions Ending balance Year ended November 30, 2018 Allowances deducted from assets to which they apply: Allowances for doubtful accounts and notes and other receivables $ 2,849 246 (156 ) (146 ) 2,793 Allowance for loan losses and loans receivable $ 3,192 2,177 3,890 (3,105 ) 6,154 Allowance against net deferred tax assets $ 6,423 796 — — 7,219 Year ended November 30, 2017 Allowances deducted from assets to which they apply: Allowances for doubtful accounts and notes and other receivables $ 328 260 2,463 (202 ) 2,849 Allowance for loan losses and loans receivable $ 33,575 32,850 (1 ) (63,232 ) 3,192 Allowance against net deferred tax assets $ 5,773 650 — — 6,423 Year ended November 30, 2016 Allowances deducted from assets to which they apply: Allowances for doubtful accounts and notes and other receivables $ 768 125 (88 ) (477 ) 328 Allowance for loan losses and loans receivable $ 39,486 18,818 — (24,729 ) 33,575 Allowance against net deferred tax assets $ 5,945 — — (172 ) 5,773 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Accounting Policies [Abstract] | ||
Basis Of Consolidation | The accompanying consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 16) in which Lennar Corporation is deemed 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. | |
Use Of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Revenue Recognition | Revenues from sales of homes are recognized when the sales are closed and title passes to the new homeowner, the new homeowner’s initial and continuing investment is adequate to demonstrate a commitment to pay for the home, the new homeowner’s receivable is not subject to future subordination and the Company does not have a substantial continuing involvement with the new home. Revenues from sales of land are recognized when a significant down payment is received, the earnings process is complete, title passes and collectability of the receivable is reasonably assured. See Lennar Financial Services, Rialto and Lennar Multifamily within this Note for disclosure of revenue recognition policies related to those segments.The Lennar Multifamily segment provides management services with respect to the development, construction and property management of rental projects in joint ventures in which the Company has investments. As a result, the Lennar Multifamily segment earns and receives fees, which are generally based upon a stated percentage of development and construction costs and a percentage of gross rental collections. These fees are included in Lennar Multifamily revenue and are recorded over the period in which the services are performed, fees are determinable and collectability is reasonably assured. In addition, the Lennar Multifamily provides general contractor services for the construction of some of its rental projects and recognizes the revenue over the period in which the services are performed under the percentage of completion method.Title premiums on policies issued directly by the Company are recognized as revenue on the effective date of the title policies and escrow fees and loan origination revenues are recognized at the time the related real estate transactions are completed, usually upon the close of escrow. Revenues from title policies issued by independent agents are recognized as revenue when notice of issuance is received from the agent, which is generally when cash payment is received by the Company. Expected gains and losses from the sale of loans and their related servicing rights are included in the measurement of all written loan commitments that are accounted for at fair value through earnings at the time of commitment. Interest income on loans held-for-sale and loans held-for-investment is recognized as earned over the terms of the mortgage loans based on the contractual interest rates. | |
Advertising Costs | The Company expenses advertising costs as incurred. | |
Share-Based Payments | The Company has share-based awards outstanding under the 2007 Equity Incentive Plan and the 2016 Equity Incentive Plan (the "Plans"), each of which provides for the granting of stock options, stock appreciation rights, restricted common stock ("nonvested shares") and other share based awards to officers, associates and directors. The exercise prices of stock options may not be less than the market value of the common stock on the date of the grant. Exercises are permitted in installments determined when options are granted. Each stock option will expire on a date determined at the time of the grant, but not more than 10 years | |
Cash And Cash Equivalents | The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Due to the short maturity period of cash equivalents, the carrying amounts of these instruments approximate their fair values. | |
Restricted Cash | Lennar Homebuilding restricted cash consists of customer deposits on home sales held in restricted accounts until title transfers to the homebuyer, as required by the state and local governments in which the homes were sold, as well as funds on deposit to secure and support performance obligations. Rialto restricted cash primarily consisted of cash set aside for future investments on behalf of a real estate investment trust that Rialto is a sub-advisor to. It also included upfront deposits and application fees Rialto Mortgage Finance ("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. | |
Inventories | Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. Inventory costs include land, land development and home construction costs, real estate taxes, deposits on land purchase contracts and interest related to development and construction. Construction overhead and selling expenses are expensed as incurred. Homes held-for-sale are classified as inventories until delivered. Land, land development, amenities and other costs are accumulated by specific area and allocated to homes within the respective areas. The Company reviews its inventory for indicators of impairment by evaluating each community during each reporting period. The inventory within each community is categorized as finished homes and construction in progress or land under development based on the development state of the community. There were 1,324 and 761 active communities, excluding unconsolidated entities, as of November 30, 2018 and 2017 , respectively. If the undiscounted cash flows expected to be generated by a community are less than its carrying amount, an impairment charge is recorded to write down the carrying amount of such community to its estimated fair value. In conducting its review for indicators of impairment on a community level, the Company evaluates, among other things, the margins on homes that have been delivered, margins on homes under sales contracts in backlog, projected margins with regard to future home sales over the life of the community, projected margins with regard to future land sales and the estimated fair value of the land itself. The Company pays particular attention to communities in which inventory is moving at a slower than anticipated absorption pace and communities whose average sales price and/or margins are trending downward and are anticipated to continue to trend downward. From this review, the Company identifies communities in which to assess if the carrying values exceed their undiscounted projected cash flows. The Company estimates the fair value of its communities using a discounted cash flow model. The projected cash flows for each community are significantly impacted by estimates related to market supply and demand, product type by community, homesite sizes, sales pace, sales prices, sales incentives, construction costs, sales and marketing expenses, the local economy, competitive conditions, labor costs, costs of materials and other factors for that particular community. Every division evaluates the historical performance of each of its communities as well as current trends in the market and economy impacting the community and its surrounding areas. These trends are analyzed for each of the estimates listed above. Each of the homebuilding markets in which the Company operates is unique, as homebuilding has historically been a local business driven by local market conditions and demographics. Each of the Company’s homebuilding markets has specific supply and demand relationships reflective of local economic conditions. The Company’s projected cash flows are impacted by many assumptions. Some of the most critical assumptions in the Company’s cash flow model are projected absorption pace for home sales, sales prices and costs to build and deliver homes on a community by community basis. In order to arrive at the assumed absorption pace for home sales and the assumed sales prices included in the Company’s cash flow model, the Company analyzes its historical absorption pace and historical sales prices in the community and in other comparable communities in the geographical area. In addition, the Company considers internal and external market studies and places greater emphasis on more current metrics and trends, which generally include, but are not limited to, statistics and forecasts on population demographics and on sales prices in neighboring communities, unemployment rates and availability and sales prices of competing product in the geographical area where the community is located as well as the absorption pace realized in its most recent quarters and the sales prices included in the Company's current backlog for such communities. Generally, if the Company notices a variation from historical results over a span of two fiscal quarters, the Company considers such variation to be the establishment of a trend and adjusts its historical information accordingly in order to develop assumptions on the projected absorption pace and sales prices in the cash flow model for a community. In order to arrive at the Company’s assumed costs to build and deliver homes, the Company generally assumes a cost structure reflecting contracts currently in place with its vendors adjusted for any anticipated cost reduction initiatives or increases in cost structure. Those costs assumed are used in the cash flow model for the Company’s communities. Since the estimates and assumptions included in the Company’s cash flow models are based upon historical results and projected trends, they do not anticipate unexpected changes in market conditions or strategies that may lead the Company to incur additional impairment charges in the future. The determination of fair value requires discounting the estimated cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. The Company generally uses a discount rate of approximately 20% , subject to the perceived risks associated with the community’s cash flow streams relative to its inventory. | |
Inventories, Land Under Option Contracts | The Company also has access to land inventory through option contracts, which generally enables the Company to defer acquiring portions of properties owned by third parties and unconsolidated entities until it has determined whether to exercise its option. A majority of the Company’s option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land. The Company’s option contracts sometimes include price adjustment provisions, which adjust the purchase price of the land to its approximate fair value at the time of acquisition or are based on the fair value at the time of takedown. In determining whether to walk away from an option contract, the Company evaluates the option primarily based upon its expected cash flows from the property under option. If the Company intends to walk away from an option contract, it records a charge to earnings in the period such decision is made for the deposit amount and any related pre-acquisition costs associated with the option contract. | |
Lennar Homebuilding and Lennar Multifamily Investments in Unconsolidated Entities | The Company evaluates the long-lived assets in unconsolidated entities for indicators of impairment during each reporting period. If a valuation adjustment is recorded by an unconsolidated entity related to its assets, the Company generally uses a discount rate between 10% and 20% , subject to the perceived risks associated with the community’s cash flow streams relative to its inventory or operating assets. The Company’s proportionate share of a valuation adjustment is reflected in the Company's Lennar Homebuilding or Lennar Multifamily equity in earnings (loss) from unconsolidated entities with a corresponding decrease to its Lennar Homebuilding or Lennar Multifamily investment in unconsolidated entities. Additionally, the Company evaluates if a decrease in the value of an investment below its carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions and (3) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status and liquidity needs of the unconsolidated entity. If the decline in the fair value of the investment is other-than-temporary, then these losses are included in Lennar Homebuilding other income, net or Lennar Multifamily costs and expenses. | |
Consolidation Of Variable Interest Entities | GAAP requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s variable interest in VIEs may be in the form of (1) equity ownership, (2) contracts to purchase assets, (3) management and development agreements between the Company and a VIE, (4) loans provided by the Company to a VIE or other partner and/or (5) guarantees provided by members to banks and other third parties. The Company examines specific criteria and uses its judgment when determining if it is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality, if any, between the Company and the other partner(s) and contracts to purchase assets from VIEs. The determination whether an entity is a VIE and, if so, whether the Company is the primary beneficiary may require it to exercise significant judgment. Generally, all major decision making in the Company’s joint ventures is shared among all partners. In particular, business plans and budgets are generally required to be unanimously approved by all partners. Usually, management and other fees earned by the Company are nominal and believed to be at market and there is no significant economic disproportionality between the Company and other partners. Generally, the Company purchases less than a majority of the JV’s assets and the purchase prices under its option contracts are believed to be at market. | |
Operating Properties And Equipment | Operating properties and equipment are recorded at cost and are included in other assets in the consolidated balance sheets. The assets are depreciated over their estimated useful lives using the straight-line method. At the time operating properties and equipment are disposed of, the asset and related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to earnings. The estimated useful life for operating properties is 30 years , for furniture, fixtures and equipment is two to ten years and for leasehold improvements is five | |
Investment Securities | Investment securities are classified as available-for-sale unless they are classified as trading or held-to-maturity. Securities classified as trading are carried at fair value and unrealized holding gains and losses are recorded in earnings. Available-for-sale securities are recorded at fair value. Any unrealized holding gains or losses on available-for-sale securities are reported as accumulated other comprehensive gain or loss, which is a separate component of stockholders’ equity, net of tax, until realized. Securities classified as held-to-maturity are carried at amortized cost because they are purchased with the intent and ability to hold to maturity. At November 30, 2018 and 2017 , the Lennar Financial Services segment had investment securities classified as held-to-maturity totaling $52.5 million and $52.3 million , respectively, which consist mainly of corporate debt obligations, U.S. government agency obligations, certificates of deposit and U.S. treasury securities that mature at various dates, mainly within three years. Also, at November 30, 2018 and 2017 , the Lennar Financial Services segment had available-for-sale securities totaling $4.2 million and $57.4 million | |
Income Taxes | The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and attributable to operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or paid. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted. Interest related to unrecognized tax benefits is recognized in the financial statements as a component of income tax expense. A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed each reporting period by the Company based on the consideration of all available positive and negative evidence using a "more-likely-than-not" standard with respect to whether deferred tax assets will be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, actual earnings, forecasts of future profitability, the duration of statutory carryforward periods, the Company’s experience with loss carryforwards not expiring unused and tax planning alternatives. | |
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 consolidated balance sheets. | |
Self-Insurance | Certain insurable risks such as construction defects, general liability, medical and workers’ compensation are self-insured by the Company up to certain limits. Undiscounted accruals for claims under the Company’s self-insurance program are based on claims filed and estimates for claims incurred but not yet reported. The Company’s self-insurance reserve as of November 30, 2018 and 2017 was $101.4 million and $90.2 million of which $60.3 million and $57.7 million , respectively, was included in Lennar Financial Services’ other liabilities as of November 30, 2018 and 2017 | |
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 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. | |
Loans Held-for-Sale | The originated mortgage loans are classified as loans held-for-sale and are recorded at fair value. The Company elected the fair value option for RMF's loans held-for-sale in accordance with Accounting Standards Codification ("ASC") 825, Financial Instruments In addition, the Lennar Financial Services segment 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' other assets as of November 30, 2018 and 2017 | |
Provision for Losses | The Company establishes reserves for possible losses associated with mortgage loans previously originated and sold to investors 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. Loan origination liabilities are included in Lennar Financial Services’ liabilities in the consolidated balance sheets. | |
Loans Held-for-Investment, Net | Loans for which the Company has the positive intent and ability to hold to maturity consist of mortgage loans carried at the principal amount outstanding, net of unamortized discounts and allowance for loan losses. Discounts are amortized over the estimated lives of the loans using the interest method.The Lennar Financial Services segment also provides an allowance for loan losses. The provision recorded and the adequacy of the related allowance is determined by management’s continuing evaluation of the loan portfolio in light of past loan loss experience, credit worthiness and nature of underlying collateral, present economic conditions and other factors considered relevant by the Company’s management. Anticipated changes in economic factors, which may influence the level of the allowance, are considered in the evaluation by the Company’s management when the likelihood of the changes can be reasonably determined. While the Company’s management uses the best information available to make such evaluations, future adjustments to the allowance may be necessary as a result of future economic and other conditions that may be beyond management’s control. | |
Derivative Financial Instruments | The Lennar Financial Services segment, in the normal course of business, uses derivative financial instruments to reduce its exposure to fluctuations in mortgage-related interest rates. The segment uses mortgage-backed securities ("MBS") forward commitments, option contracts, future contracts and investor commitments to protect the value of fixed rate-locked loan commitments and loans held-for-sale from fluctuations in mortgage-related interest rates. These derivative financial instruments are carried at fair value with the changes in fair value included in Lennar Financial Services revenues. | |
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. ASU 2014-09 became effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The Company had 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. Subsequent to the issuance of ASU 2014-09, the FASB has issued several ASUs such as ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients among others. These ASUs do not change the core principle of the guidance stated in ASU 2014-09, instead these amendments are intended to clarify and improve operability of certain topics included within the revenue standard. These ASUs have the same effective date and transition requirements as ASU 2014-09. The Company is adopting the modified retrospective method. The Company has substantially completed its evaluation and does not expect the adoption of these ASUs and ASU 2014-09 will have a material impact on the Company's consolidated financial statements and disclosures. 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 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 consolidated financial statements. Subsequent to the issuance of ASU 2016-02, the FASB issued ASUs 2018-01, Land Easement Practical Expedient for Transition to Topic 842, 2018-10, Codification Improvements to Topic 842, Leases, 2018-11, Leases (Topic 842): Targeted Improvements and 2018-20, Narrow-Scope Improvements for Lessors. These ASUs do not change the core principle of the guidance in ASU 2016-02, instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. This ASU will have the same effective date and transition requirements as ASU 2016-02. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 is effective for the Company's fiscal year beginning December 1, 2020 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements. Subsequent to the issuance of ASU 2016-13, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. This ASU does not change the core principle of the guidance in ASU 2016-13, instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. This ASU will have the same effective date and transition requirements as ASU 2016-13. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 reduces the existing diversity in practice in financial reporting across all industries by clarifying certain existing principles in ASC 230, Statement of Cash Flows , including providing additional guidance on how and what an entity should consider in determining the classification of certain cash flows. Additionally, in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash ("ASU 2016-18"). ASU 2016-18 clarifies certain existing principles in ASC 230, Statement of Cash Flows , including providing additional guidance related to transfers between cash and restricted cash and how entities present, in their statement of cash flows, the cash receipts and cash payments that directly affect the restricted cash accounts. Both ASU 2016-15 and ASU 2016-18 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The adoption of ASU 2016-15 will modify the Company's current disclosures and reclassifications within the consolidated statement of cash flows but is not expected to have a material effect on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business ("ASU 2017-01"). ASU 2017-01 clarifies the definition of a business with the objective of addressing whether transactions involving in-substance nonfinancial assets, held directly or in a subsidiary, should be accounted for as acquisitions or disposals of nonfinancial assets or of businesses. ASU 2017-01 will be effective for the Company’s fiscal year beginning December 1, 2018 and subsequent interim periods. The adoption of ASU 2017-01 is not expected to have a material effect on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Accounting for Goodwill Impairment |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Significant Unobservable Inputs Used to Determine Fair Value of Communities | The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the years ended November 30, 2018 and 2017 : Years ended November 30, 2018 2017 Unobservable inputs Range Range Average selling price $233,000 - $843,000 $125,000 - $567,000 Absorption rate per quarter (homes) 4 - 16 4 - 10 Discount rate 20% 20% |
Schedule Of Interest Expense | Interest expense was included in costs of homes sold, costs of land sold and other interest expense as follows: Years Ended November 30, (In thousands) 2018 2017 2016 Interest expense in costs of homes sold $ 301,339 260,650 235,148 Interest expense in costs of land sold 3,567 9,995 5,287 Other interest expense (1) 11,258 7,164 4,626 Total interest expense $ 316,164 277,809 245,061 (1) |
Schedule Of Warranty Reserve | The activity in the Company’s warranty reserve was as follows: Years Ended November 30, (In thousands) 2018 2017 Warranty reserve, beginning of year $ 164,619 135,403 Warranties issued 175,410 109,359 Adjustments to pre-existing warranties from changes in estimates (1) 3,116 16,027 Warranties assumed related to acquisitions 140,959 6,345 Payments (164,995 ) (102,515 ) Warranty reserve, end of year $ 319,109 164,619 (1) The adjustments to pre-existing warranties from changes in estimates during the years ended November 30, 2018 and 2017 |
Loan Origination Liabilities | The activity in the Company’s loan origination liabilities was as follows: Years Ended November 30, (In thousands) 2018 2017 Loan origination liabilities, beginning of year $ 22,543 24,905 Provision for losses 5,787 3,861 Adjustments to pre-existing provisions for losses from changes in estimates 4,625 (4,440 ) Origination liabilities assumed related to CalAtlantic acquisition 29,959 — Payments/settlements (14,330 ) (1,783 ) Loan origination liabilities, end of year $ 48,584 22,543 |
Business Acquisition (Tables)
Business Acquisition (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | The following table summarizes the purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition: (In thousands) Assets: Cash and cash equivalents, restricted cash and receivables, net $ 42,079 Inventories 613,495 Intangible assets (1) 59,283 Goodwill (2) 156,566 Deferred tax assets, net 88,147 Other assets 66,173 Total assets 1,025,743 Liabilities: Accounts payable 26,735 Senior notes and other debts payable 282,793 Other liabilities 73,593 Total liabilities 383,121 Total purchase price $ 642,622 (1) Intangible assets include non-compete agreements and a trade name. The amortization period for these intangible assets was six months for the non-compete agreements and 20 years for the trade name. (2) Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of purchasing and other synergies resulting from the merger, expected production, savings in corporate and division overhead costs and expected expanded opportunities for growth through a higher-end more luxurious product, greater presence in the state of Florida and customer diversity. The amount of goodwill allocated to the Company's Homebuilding East segment was $136.6 million and to the Lennar Financial Services segment was $20.0 million . These amounts were based on the relative fair value of each acquired reporting unit in accordance with ASC 350, (Dollars in thousands) CalAtlantic shares of common stock outstanding 118,025,879 CalAtlantic shares electing cash conversion 24,083,091 CalAtlantic shares exchanged 93,942,788 Exchange ratio for Class A common stock 0.885 Exchange ratio for Class B common stock 0.0177 Number of shares of Lennar Class A common stock issued in exchange 83,138,277 Number of shares of Lennar Class B common stock issued in exchange (due to Class B common stock dividend) 1,662,172 Consideration attributable to Class A common stock $ 4,933,425 Consideration attributable to Class B common stock 77,823 Consideration attributable to equity awards that convert upon change of control 58,758 Consideration attributable to cash including fractional shares 1,162,341 Total purchase price $ 6,232,347 |
Schedule of Assets and Liabilities Assumed | (In thousands) ASSETS Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 55,191 Inventories 6,239,147 Intangible asset (1) 8,000 Investments in unconsolidated entities 151,900 Goodwill (2) 3,305,792 Other assets 561,151 Total Homebuilding assets 10,321,181 Financial Services (2) 355,128 Total assets $ 10,676,309 LIABILITIES Homebuilding: Accounts payable $ 306 Senior notes payable and other debts 3,926,152 Other liabilities (3) 374,656 Total Homebuilding liabilities 4,301,114 Financial Services 124,418 Total liabilities 4,425,532 Noncontrolling interests (4) 18,430 Total purchase price $ 6,232,347 (1) Intangible asset includes trade name. The amortization period for the trade name was approximately six months . (2) Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is generally not deductible for income tax purposes. As of the Merger date, goodwill consisted primarily of expected greater efficiencies and opportunities due to increased concentration of local market share, reduced general and administrative costs and reduced homebuilding costs resulting from the merger and cost savings as a result of additional homebuilding and non-homebuilding synergies. The assignment of goodwill among the Company's reporting segments included $ 1.1 billion to Homebuilding East, $ 495.0 million to Homebuilding Central, $ 342.2 million to Homebuilding Texas, $ 1.4 billion to Homebuilding West, and $175.4 million to Lennar Financial Services. (3) Other liabilities includes contingencies assumed at the Merger date, which includes warranty and legal reserves. Warranty 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. Warranty reserves are determined based on historical data and trends with respect to similar product types and geographical areas. Consistent with ASC 450, Contingencies, ("ASC450") legal reserves are established when a loss is considered probable and the amount of loss can be reasonably estimated. (4) |
Business Acquisition, Pro Forma Information | The following presents summarized unaudited supplemental pro forma operating results as if CalAtlantic had been included in the Company's Consolidated Statements of Operations beginning December 1, 2016. Years Ended November 30, (Dollars in thousands, except per share amounts) 2018 2017 Revenues from home sales $ 20,355,615 17,471,128 Net earnings (1) $ 1,693,325 1,232,917 Earnings per share: Basic $ 5.19 3.78 Diluted $ 5.18 3.75 (1) Net earnings for the year ended November 30, 2018 include a pre-tax impact from acquisition and integration costs related to CalAtlantic of $153.0 million . Additionally, net earnings for the year ended November 30, 2018 include purchase accounting adjustments of $414.6 million |
Operating And Reporting Segme_2
Operating And Reporting Segments (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Financial information relating to the Company’s operations was as follows: November 30, (In thousands) 2018 2017 2016 Assets: Homebuilding East $ 7,183,758 3,817,454 2,824,403 Homebuilding Central 2,522,799 1,275,623 1,014,099 Homebuilding Texas 2,311,760 1,199,971 1,229,696 Homebuilding West 10,291,385 5,432,485 4,565,911 Homebuilding Other 1,140,092 1,125,160 1,044,049 Lennar Financial Services 2,346,899 1,689,508 1,754,672 Lennar Multifamily 874,219 710,725 526,131 Rialto 894,245 1,153,840 1,276,210 Corporate and unallocated 1,001,024 2,340,268 1,126,610 Total assets $ 28,566,181 18,745,034 15,361,781 Lennar Homebuilding investments in unconsolidated entities: Homebuilding East $ 76,627 68,670 62,200 Homebuilding Central 6,510 2,971 3,770 Homebuilding Texas 1,902 — 41 Homebuilding West 311,200 225,803 217,322 Homebuilding Other 600,687 603,325 528,390 Total Lennar Homebuilding investments in unconsolidated entities (1) $ 996,926 900,769 811,723 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 318,559 Rialto investments in unconsolidated entities $ 297,379 265,418 245,741 Lennar Homebuilding goodwill (2) $ 3,442,359 136,566 — Lennar Financial Services goodwill (2) $ 237,688 59,838 39,838 Rialto goodwill $ — 5,396 5,396 (1) Does not include the ($62.0) million investment balance for one unconsolidated entity as it was reclassed to other liabilities. (2) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The assignment of goodwill among the Company's reporting segments included $ 1.1 billion to Homebuilding East, $ 495.0 million to Homebuilding Central, $ 342.2 million to Homebuilding Texas, $ 1.4 billion to Homebuilding West, and $175.4 million to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Years Ended November 30, (In thousands) 2018 2017 2016 Revenues: Homebuilding East $ 6,249,864 4,054,849 3,326,550 Homebuilding Central 2,290,887 923,518 928,980 Homebuilding Texas 2,421,399 1,697,731 1,543,112 Homebuilding West 8,059,850 4,447,084 3,848,539 Homebuilding Other 55,597 77,060 94,156 Lennar Financial Services 867,831 770,109 687,255 Lennar Multifamily 421,132 394,771 287,441 Rialto 205,071 281,243 233,966 Total revenues (1) $ 20,571,631 12,646,365 10,949,999 Operating earnings (loss): Homebuilding East $ 759,221 575,701 562,075 Homebuilding Central (2) 182,608 (52,301 ) 88,134 Homebuilding Texas 172,449 180,212 170,311 Homebuilding West 1,082,302 615,916 585,873 Homebuilding Other (3) 58,070 (50,489 ) (61,461 ) Lennar Financial Services 187,430 155,524 163,617 Lennar Multifamily (4) 42,695 73,432 71,174 Rialto (5) (21,584 ) (22,495 ) (16,692 ) Total operating earnings 2,463,191 1,475,500 1,563,031 Gain on sale of Rialto investment and asset management platform 296,407 — — Acquisition and integration costs related to CalAtlantic 152,980 — — Corporate general and administrative expenses 343,934 285,889 232,562 Earnings before income taxes $ 2,262,684 1,189,611 1,330,469 (1) Total revenues were net of sales incentives of $1.1 billion ( $23,500 per home delivered) for the year ended November 30, 2018 , $665.7 million ( $22,700 per home delivered) for the year ended November 30, 2017 and $596.3 million ( $22,500 per home delivered) for the year ended November 30, 2016 . (2) Homebuilding Central operating loss for the year ended November 30, 2017 included a $140 million loss due to litigation (see Note 17). (3) For the year ended November 30, 2018 , Homebuilding Other's operating earnings includes a $164.9 million gain on the sale of an 80% interest in one of the Company's strategic joint ventures, Treasure Island Holdings. For the years ended November 30, 2018 and 2017 , Homebuilding Other's operating earnings (loss) included an equity in loss from unconsolidated entities of $92.0 million and $47.6 million , respectively. (4) For the years ended November 30, 2018 , 2017 and 2016 , Lennar Multifamily's operating earnings included $35.6 million , $85.7 million and $85.5 million , respectively, of equity in earnings from unconsolidated entities and other gain primarily as a result of $61.2 million share of gains from the sale of six operating properties and an investment in an operating property for the year ended November 30, 2018 , and $96.7 million and $91.0 million share of gains from the sale of seven operating properties for the years ended November 30, 2017 and 2016, respectively, by its unconsolidated entities. (5) For the year ended November 30, 2018 , Rialto's operating loss was primarily as a result of non-recurring expenses, partially offset by a decrease in real estate owned and loan impairments due to the liquidation of the FDIC and bank portfolios and a decrease in interest expense. For the year ended November 30, 2017 , Rialto's operating loss included $ 96.2 million of gross REO and loan impairments ( $44.7 million net of noncontrolling interests) as Rialto liquidated most of the remaining assets of the FDIC portfolio. Years Ended November 30, (In thousands) 2018 2017 2016 Lennar Homebuilding interest expense: Homebuilding East $ 98,478 85,761 76,170 Homebuilding Central 28,471 21,061 22,530 Homebuilding Texas 32,930 34,237 33,009 Homebuilding West 151,823 135,574 111,784 Homebuilding Other 4,462 1,176 1,568 Total Lennar Homebuilding interest expense $ 316,164 277,809 245,061 Lennar Financial Services interest income, net $ 18,968 13,331 12,388 Rialto interest expense $ 24,312 42,004 40,303 Depreciation and amortization: Homebuilding East $ 20,614 17,258 16,268 Homebuilding Central 5,285 3,879 3,727 Homebuilding Texas 9,041 8,228 7,370 Homebuilding West 36,013 27,403 23,391 Homebuilding Other 1,022 2,447 2,284 Lennar Financial Services 13,437 9,992 7,667 Lennar Multifamily 4,357 2,910 2,472 Rialto 5,723 5,194 7,590 Corporate and unallocated 66,261 50,369 34,966 Total depreciation and amortization $ 161,753 127,680 105,735 Net additions to (disposals of) operating properties and equipment: Homebuilding East $ 26,402 (27 ) (10,452 ) Homebuilding Central 14,677 32 33 Homebuilding Texas 200 (40 ) 2,340 Homebuilding West 42,525 32,995 43,479 Homebuilding Other 15,549 10,833 7,771 Lennar Financial Services 7,703 11,185 6,218 Lennar Multifamily 1,558 12,657 1,666 Rialto 6,416 4,115 1,908 Corporate and unallocated 55,364 40,023 12,645 Total net additions (disposals of) operating properties and equipment $ 170,394 111,773 65,608 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities: Homebuilding East $ (818 ) (754 ) (230 ) Homebuilding Central 691 (255 ) (74 ) Homebuilding Texas 469 8 364 Homebuilding West (212 ) (13,095 ) (2,052 ) Homebuilding Other (1) (92,045 ) (47,612 ) (47,283 ) Total Lennar Homebuilding equity in loss from unconsolidated entities $ (91,915 ) (61,708 ) (49,275 ) Lennar Multifamily equity in earnings from unconsolidated entities $ 51,322 85,739 85,519 Rialto equity in earnings from unconsolidated entities $ 25,816 25,447 18,961 (1) For the year ended November 30, 2018 , equity in loss included the Company's share of operational net losses from unconsolidated entities driven by valuation adjustments and general and administrative expenses, partially offset by profits from land sales. For the years ended November 30, 2017 and 2016 , equity in loss included the Company's share of operational net losses from unconsolidated entities driven by general and administrative expenses and valuation adjustments, partially offset by profits from land sales. November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 185,990 117,410 Restricted cash 15,251 12,006 Receivables, net (1) 512,732 313,252 Loans held-for-sale (2) 1,152,198 937,516 Loans held-for-investment, net 70,216 44,193 Investments held-to-maturity 52,490 52,327 Investments available-for-sale (3) 4,161 57,439 Goodwill (4) 237,688 59,838 Other assets (5) 116,173 95,527 $ 2,346,899 1,689,508 Liabilities: Notes and other debts payable $ 1,256,174 937,431 Other liabilities (6) 281,586 240,383 $ 1,537,760 1,177,814 (1) Receivables, net, primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2018 and 2017 , 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 November 30, 2018 , goodwill included $20 million related to the WCI acquisition and a provisional amount of $175.4 million related to the CalAtlantic acquisition (See Note 2). (5) As of November 30, 2018 and 2017 , other assets included mortgage loan commitments carried at fair value of $16.4 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $37.2 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 , respectively. (6) As of November 30, 2018 and 2017 , other liabilities included $60.3 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation, and forward contracts carried at fair value of $10.4 million as of November 30, 2018 November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 7,832 8,676 Receivables (1) 73,829 69,678 Land under development 277,894 208,618 Investments in unconsolidated entities 481,129 407,544 Other assets 33,535 16,209 $ 874,219 710,725 Liabilities: Accounts payable and other liabilities $ 170,616 149,715 $ 170,616 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of November 30, 2018 and 2017 November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 26,829 241,861 Restricted cash (1) 9,868 22,466 Receivables, net (2) 218,437 — Loans held-for-sale (3) 61,691 236,018 Real estate owned, net 25,632 86,047 Investments in unconsolidated entities 297,379 265,418 Investments held-to-maturity 196,956 179,659 Other assets 57,453 122,371 $ 894,245 1,153,840 Liabilities: Notes and other debts payable (4) $ 317,016 625,081 Other liabilities 80,934 94,975 $ 397,950 720,056 (1) As of November 30, 2018 and 2017 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated and 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, is primarily related to loans sold but not settled as of November 30, 2018 . (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC carried at lower of cost or market. (4) In March 2018, Rialto paid off the remaining principal balance of the 7.00% senior notes due 2018 (the " 7.00% Senior Notes"). As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% Senior Notes. In addition, as of November 30, 2018 and November 30, 2017 , notes and other debt payable included $178.8 million and $162.1 million |
Lennar Homebuilding Receivabl_2
Lennar Homebuilding Receivables (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Receivables [Abstract] | |
Schedule Of Lennar Homebuilding Receivables | November 30, (In thousands) 2018 2017 Accounts receivable $ 115,642 59,733 Mortgage and notes receivable 123,796 80,602 239,438 140,335 Allowance for doubtful accounts (2,597 ) (2,668 ) $ 236,841 137,667 |
Lennar Homebuilding Investmen_2
Lennar Homebuilding Investments In Unconsolidated Entities (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Unconsolidated Entities | Balance Sheets November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 782,565 953,261 Inventories 4,291,470 3,751,525 Other assets 1,251,884 1,061,507 $ 6,325,919 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 875,380 832,151 Debt (1) 1,212,274 737,331 Equity 4,238,265 4,196,811 $ 6,325,919 5,766,293 Lennar Homebuilding investments in unconsolidated entities (2) $ 996,926 900,769 (1) Debt presented above is net of debt issuance costs of $12.4 million and $5.7 million , as of November 30, 2018 and 2017 , respectively. The increase in debt in 2018 was primarily related to $500 million of senior notes issued by FivePoint. (2) Does not include the ($62.0) million Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 525,931 471,899 439,874 Costs and expenses 729,700 616,217 578,831 Other income (1) 186,982 23,253 — Net loss of unconsolidated entities (1) $ (16,787 ) (121,065 ) (138,957 ) Lennar Homebuilding equity in loss from unconsolidated entities (1) $ (91,915 ) (61,708 ) (49,275 ) November 30, (Dollars in thousands) 2018 2017 Non-recourse bank debt and other debt (partner’s share of several recourse) $ 48,313 64,197 Non-recourse land seller debt and other debt — 1,997 Non-recourse debt with completion guarantees 239,568 255,903 Non-recourse debt without completion guarantees (1) 871,088 351,800 Non-recourse debt to the Company 1,158,969 673,897 The Company’s maximum recourse exposure (2) 65,707 69,181 Debt issuance costs (12,402 ) (5,747 ) Total debt $ 1,212,274 737,331 The Company’s maximum recourse exposure as a % of total JV debt 5 % 9 % (1) The increase in non-recourse debt without completion guarantees was primarily related to $500 million of senior notes issued by FivePoint. (2) As of November 30, 2018 and 2017 , the Company's maximum recourse exposure was primarily related to the Company providing a repayment guarantee on four unconsolidated entities' debt and three 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 61,571 37,073 Operating properties and equipment 3,708,613 2,952,070 Other assets 40,899 36,772 $ 3,811,083 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 199,119 212,123 Notes payable (1) 1,381,656 879,047 Equity 2,230,308 1,934,745 $ 3,811,083 3,025,915 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 (1) Notes payable are net of debt issuance costs of $15.7 million and $17.6 million , as of November 30, 2018 and 2017 , respectively. Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 117,985 67,578 45,287 Costs and expenses 172,089 108,610 68,976 Other income, net 93,778 207,793 191,385 Net earnings of unconsolidated entities $ 39,674 166,761 167,696 Lennar Multifamily equity in earnings from unconsolidated entities and other gain (1) $ 51,322 85,739 85,519 (1) During the year ended November 30, 2018 , the Lennar Multifamily segment sold, through its unconsolidated entities, six operating properties and an investment in an operating property resulting in the segment's $61.2 million share of gains. The gain of $15.7 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Lennar Multifamily equity in earnings from unconsolidated entities and other gain, and are not included in net earnings of unconsolidated entities. During the years ended November 30, 2017 and 2016 , the Lennar Multifamily segment sold seven operating properties, through its unconsolidated entities resulting in the segment's $96.7 million and $91.0 million 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 50,043 95,552 Loans receivable 705,414 538,317 Real estate owned 273,802 348,601 Investment securities 2,296,768 1,849,795 Investments in partnerships 380,290 393,874 Other assets 38,682 42,949 $ 3,744,999 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 30,236 48,374 Notes payable (1) 595,491 576,810 Equity 3,119,272 2,643,904 $ 3,744,999 3,269,088 Rialto's investments in unconsolidated entities $ 297,379 265,418 (1) Notes payable are net of debt issuance costs of $4.6 million and $3.1 million , as of November 30, 2018 and 2017 , respectively. Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 373,355 238,981 200,346 Costs and expenses 103,138 104,343 96,343 Other income, net (1) (58,757 ) 109,927 49,342 Net earnings of unconsolidated entities $ 211,460 244,565 153,345 Rialto equity in earnings from unconsolidated entities $ 25,816 25,447 18,961 (1) |
Lennar Homebuilding Operating_2
Lennar Homebuilding Operating Properties And Equipment (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Operating Properties And Equipment | Operating properties and equipment are included in Lennar Homebuilding other assets in the consolidated balance sheets and were as follows: November 30, (In thousands) 2018 2017 Operating properties (1) $ 255,203 188,073 Leasehold improvements (2) 61,990 52,185 Furniture, fixtures and equipment (2) 141,466 79,082 458,659 319,340 Accumulated depreciation and amortization (138,798 ) (104,272 ) $ 319,861 215,068 (1) Operating properties primarily include rental operations and commercial properties. During the year ended November 30, 2017 , the Company acquired an operating property with an allocated fair value of $34.0 million as part of the WCI acquisition and sold an operating property with a basis of $47.0 million . (2) |
Lennar Homebuilding Senior No_2
Lennar Homebuilding Senior Notes And Other Debts Payable (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Senior Notes And Other Debts Payable | November 30, (Dollars in thousands) 2018 2017 0.25% convertible senior notes due 2019 $ 1,291 — 4.500% senior notes due 2019 499,585 498,793 4.50% senior notes due 2019 599,176 598,325 6.625% senior notes due 2020 (1) 311,735 — 2.95% senior notes due 2020 298,838 298,305 8.375% senior notes due 2021 (1) 435,897 — 4.750% senior notes due 2021 498,111 497,329 6.25% senior notes due December 2021 (1) 315,283 — 4.125% senior notes due 2022 596,894 595,904 5.375% senior notes due 2022 (1) 261,055 — 4.750% senior notes due 2022 570,564 569,484 4.875% senior notes due December 2023 395,759 394,964 4.500% senior notes due 2024 646,078 645,353 5.875% senior notes due 2024 (1) 452,833 — 4.750% senior notes due 2025 497,114 496,671 5.25% senior notes due 2026 (1) 409,133 — 5.00% senior notes due 2027 (1) 353,275 — 4.75% senior notes due 2027 892,297 892,657 4.125% senior notes due December 2018 — 274,459 6.95% senior notes due 2018 — 249,342 Mortgage notes on land and other debt 508,950 398,417 $ 8,543,868 6,410,003 November 30, 2018 were as follows: Senior Notes Outstanding (1) Principal Amount Net Proceeds (2) Price Dates Issued (Dollars in thousands) 0.25% convertible senior notes due 2019 $ 1,300 (3) (3) (3) 4.500% senior notes due 2019 500,000 $ 495,725 (4) February 2014 4.50% senior notes due 2019 600,000 595,801 (5) November 2014, February 2015 6.625% senior notes due 2020 300,000 (3) (3) (3) 2.95% senior notes due 2020 300,000 298,800 100 % November 2017 8.375% senior notes due 2021 400,000 (3) (3) (3) 4.750% senior notes due 2021 500,000 495,974 100 % March 2016 6.25% senior notes due December 2021 300,000 (3) (3) (3) 4.125% senior notes due 2022 600,000 595,160 100 % January 2017 5.375% senior notes due 2022 250,000 (3) (3) (3) 4.750% senior notes due 2022 575,000 567,585 (6) October 2012, February 2013, April 2013 4.875% senior notes due December 2023 400,000 393,622 99.169 % November 2015 4.500% senior notes due 2024 650,000 644,838 100 % April 2017 5.875% senior notes due 2024 425,000 (3) (3) (3) 4.750% senior notes due 2025 500,000 495,528 100 % April 2015 5.25% senior notes due 2026 400,000 (3) (3) (3) 5.00% senior notes due 2027 350,000 (3) (3) (3) 4.75% senior notes due 2027 900,000 894,650 100 % November 2017 (1) Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. (2) The Company generally uses the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes. (3) These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of the Company. As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018). (4) The Company issued $400 million aggregate principal amount at a price of 100% and $100 million aggregate principal amount at a price of 100.5% . (5) The Company issued $350 million aggregate principal amount at a price of 100% and $250 million aggregate principal amount at a price of 100.25% . (6) The Company issued $350 million aggregate principal amount at a price of 100% , $175 million aggregate principal amount at a price of 98.073% and $50 million aggregate principal amount at a price of 98.250% |
Schedule Of Maturities Of Senior Notes And Other Debts Payable | The minimum aggregate principal maturities of senior notes and other debts payable during the five years subsequent to November 30, 2018 and thereafter are as follows: (In thousands) Debt Maturities 2019 $ 1,270,534 2020 738,921 2021 973,451 2022 1,745,130 2023 64,366 Thereafter 3,674,746 |
Lennar Financial Services Seg_2
Lennar Financial Services Segment (Tables) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Segment Reporting [Abstract] | ||
Schedule Of Assets And Liabilities | Financial information relating to the Company’s operations was as follows: November 30, (In thousands) 2018 2017 2016 Assets: Homebuilding East $ 7,183,758 3,817,454 2,824,403 Homebuilding Central 2,522,799 1,275,623 1,014,099 Homebuilding Texas 2,311,760 1,199,971 1,229,696 Homebuilding West 10,291,385 5,432,485 4,565,911 Homebuilding Other 1,140,092 1,125,160 1,044,049 Lennar Financial Services 2,346,899 1,689,508 1,754,672 Lennar Multifamily 874,219 710,725 526,131 Rialto 894,245 1,153,840 1,276,210 Corporate and unallocated 1,001,024 2,340,268 1,126,610 Total assets $ 28,566,181 18,745,034 15,361,781 Lennar Homebuilding investments in unconsolidated entities: Homebuilding East $ 76,627 68,670 62,200 Homebuilding Central 6,510 2,971 3,770 Homebuilding Texas 1,902 — 41 Homebuilding West 311,200 225,803 217,322 Homebuilding Other 600,687 603,325 528,390 Total Lennar Homebuilding investments in unconsolidated entities (1) $ 996,926 900,769 811,723 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 318,559 Rialto investments in unconsolidated entities $ 297,379 265,418 245,741 Lennar Homebuilding goodwill (2) $ 3,442,359 136,566 — Lennar Financial Services goodwill (2) $ 237,688 59,838 39,838 Rialto goodwill $ — 5,396 5,396 (1) Does not include the ($62.0) million investment balance for one unconsolidated entity as it was reclassed to other liabilities. (2) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The assignment of goodwill among the Company's reporting segments included $ 1.1 billion to Homebuilding East, $ 495.0 million to Homebuilding Central, $ 342.2 million to Homebuilding Texas, $ 1.4 billion to Homebuilding West, and $175.4 million to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Years Ended November 30, (In thousands) 2018 2017 2016 Revenues: Homebuilding East $ 6,249,864 4,054,849 3,326,550 Homebuilding Central 2,290,887 923,518 928,980 Homebuilding Texas 2,421,399 1,697,731 1,543,112 Homebuilding West 8,059,850 4,447,084 3,848,539 Homebuilding Other 55,597 77,060 94,156 Lennar Financial Services 867,831 770,109 687,255 Lennar Multifamily 421,132 394,771 287,441 Rialto 205,071 281,243 233,966 Total revenues (1) $ 20,571,631 12,646,365 10,949,999 Operating earnings (loss): Homebuilding East $ 759,221 575,701 562,075 Homebuilding Central (2) 182,608 (52,301 ) 88,134 Homebuilding Texas 172,449 180,212 170,311 Homebuilding West 1,082,302 615,916 585,873 Homebuilding Other (3) 58,070 (50,489 ) (61,461 ) Lennar Financial Services 187,430 155,524 163,617 Lennar Multifamily (4) 42,695 73,432 71,174 Rialto (5) (21,584 ) (22,495 ) (16,692 ) Total operating earnings 2,463,191 1,475,500 1,563,031 Gain on sale of Rialto investment and asset management platform 296,407 — — Acquisition and integration costs related to CalAtlantic 152,980 — — Corporate general and administrative expenses 343,934 285,889 232,562 Earnings before income taxes $ 2,262,684 1,189,611 1,330,469 (1) Total revenues were net of sales incentives of $1.1 billion ( $23,500 per home delivered) for the year ended November 30, 2018 , $665.7 million ( $22,700 per home delivered) for the year ended November 30, 2017 and $596.3 million ( $22,500 per home delivered) for the year ended November 30, 2016 . (2) Homebuilding Central operating loss for the year ended November 30, 2017 included a $140 million loss due to litigation (see Note 17). (3) For the year ended November 30, 2018 , Homebuilding Other's operating earnings includes a $164.9 million gain on the sale of an 80% interest in one of the Company's strategic joint ventures, Treasure Island Holdings. For the years ended November 30, 2018 and 2017 , Homebuilding Other's operating earnings (loss) included an equity in loss from unconsolidated entities of $92.0 million and $47.6 million , respectively. (4) For the years ended November 30, 2018 , 2017 and 2016 , Lennar Multifamily's operating earnings included $35.6 million , $85.7 million and $85.5 million , respectively, of equity in earnings from unconsolidated entities and other gain primarily as a result of $61.2 million share of gains from the sale of six operating properties and an investment in an operating property for the year ended November 30, 2018 , and $96.7 million and $91.0 million share of gains from the sale of seven operating properties for the years ended November 30, 2017 and 2016, respectively, by its unconsolidated entities. (5) For the year ended November 30, 2018 , Rialto's operating loss was primarily as a result of non-recurring expenses, partially offset by a decrease in real estate owned and loan impairments due to the liquidation of the FDIC and bank portfolios and a decrease in interest expense. For the year ended November 30, 2017 , Rialto's operating loss included $ 96.2 million of gross REO and loan impairments ( $44.7 million net of noncontrolling interests) as Rialto liquidated most of the remaining assets of the FDIC portfolio. Years Ended November 30, (In thousands) 2018 2017 2016 Lennar Homebuilding interest expense: Homebuilding East $ 98,478 85,761 76,170 Homebuilding Central 28,471 21,061 22,530 Homebuilding Texas 32,930 34,237 33,009 Homebuilding West 151,823 135,574 111,784 Homebuilding Other 4,462 1,176 1,568 Total Lennar Homebuilding interest expense $ 316,164 277,809 245,061 Lennar Financial Services interest income, net $ 18,968 13,331 12,388 Rialto interest expense $ 24,312 42,004 40,303 Depreciation and amortization: Homebuilding East $ 20,614 17,258 16,268 Homebuilding Central 5,285 3,879 3,727 Homebuilding Texas 9,041 8,228 7,370 Homebuilding West 36,013 27,403 23,391 Homebuilding Other 1,022 2,447 2,284 Lennar Financial Services 13,437 9,992 7,667 Lennar Multifamily 4,357 2,910 2,472 Rialto 5,723 5,194 7,590 Corporate and unallocated 66,261 50,369 34,966 Total depreciation and amortization $ 161,753 127,680 105,735 Net additions to (disposals of) operating properties and equipment: Homebuilding East $ 26,402 (27 ) (10,452 ) Homebuilding Central 14,677 32 33 Homebuilding Texas 200 (40 ) 2,340 Homebuilding West 42,525 32,995 43,479 Homebuilding Other 15,549 10,833 7,771 Lennar Financial Services 7,703 11,185 6,218 Lennar Multifamily 1,558 12,657 1,666 Rialto 6,416 4,115 1,908 Corporate and unallocated 55,364 40,023 12,645 Total net additions (disposals of) operating properties and equipment $ 170,394 111,773 65,608 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities: Homebuilding East $ (818 ) (754 ) (230 ) Homebuilding Central 691 (255 ) (74 ) Homebuilding Texas 469 8 364 Homebuilding West (212 ) (13,095 ) (2,052 ) Homebuilding Other (1) (92,045 ) (47,612 ) (47,283 ) Total Lennar Homebuilding equity in loss from unconsolidated entities $ (91,915 ) (61,708 ) (49,275 ) Lennar Multifamily equity in earnings from unconsolidated entities $ 51,322 85,739 85,519 Rialto equity in earnings from unconsolidated entities $ 25,816 25,447 18,961 (1) For the year ended November 30, 2018 , equity in loss included the Company's share of operational net losses from unconsolidated entities driven by valuation adjustments and general and administrative expenses, partially offset by profits from land sales. For the years ended November 30, 2017 and 2016 , equity in loss included the Company's share of operational net losses from unconsolidated entities driven by general and administrative expenses and valuation adjustments, partially offset by profits from land sales. November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 185,990 117,410 Restricted cash 15,251 12,006 Receivables, net (1) 512,732 313,252 Loans held-for-sale (2) 1,152,198 937,516 Loans held-for-investment, net 70,216 44,193 Investments held-to-maturity 52,490 52,327 Investments available-for-sale (3) 4,161 57,439 Goodwill (4) 237,688 59,838 Other assets (5) 116,173 95,527 $ 2,346,899 1,689,508 Liabilities: Notes and other debts payable $ 1,256,174 937,431 Other liabilities (6) 281,586 240,383 $ 1,537,760 1,177,814 (1) Receivables, net, primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2018 and 2017 , 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 November 30, 2018 , goodwill included $20 million related to the WCI acquisition and a provisional amount of $175.4 million related to the CalAtlantic acquisition (See Note 2). (5) As of November 30, 2018 and 2017 , other assets included mortgage loan commitments carried at fair value of $16.4 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $37.2 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 , respectively. (6) As of November 30, 2018 and 2017 , other liabilities included $60.3 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation, and forward contracts carried at fair value of $10.4 million as of November 30, 2018 November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 7,832 8,676 Receivables (1) 73,829 69,678 Land under development 277,894 208,618 Investments in unconsolidated entities 481,129 407,544 Other assets 33,535 16,209 $ 874,219 710,725 Liabilities: Accounts payable and other liabilities $ 170,616 149,715 $ 170,616 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of November 30, 2018 and 2017 November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 26,829 241,861 Restricted cash (1) 9,868 22,466 Receivables, net (2) 218,437 — Loans held-for-sale (3) 61,691 236,018 Real estate owned, net 25,632 86,047 Investments in unconsolidated entities 297,379 265,418 Investments held-to-maturity 196,956 179,659 Other assets 57,453 122,371 $ 894,245 1,153,840 Liabilities: Notes and other debts payable (4) $ 317,016 625,081 Other liabilities 80,934 94,975 $ 397,950 720,056 (1) As of November 30, 2018 and 2017 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated and 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, is primarily related to loans sold but not settled as of November 30, 2018 . (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC carried at lower of cost or market. (4) In March 2018, Rialto paid off the remaining principal balance of the 7.00% senior notes due 2018 (the " 7.00% Senior Notes"). As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% Senior Notes. In addition, as of November 30, 2018 and November 30, 2017 , notes and other debt payable included $178.8 million and $162.1 million | |
Schedule of Line of Credit Facilities | At November 30, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures December 2018 (1) $ 400,000 364-day warehouse repurchase facility that matures March 2019 (2) 300,000 364-day warehouse repurchase facility that matures June 2019 700,000 364-day warehouse repurchase facility that matures October 2019 (3) 500,000 Total $ 1,900,000 (1) Subsequent to November 30, 2018 , the maturity date was extended to February 2019. Maximum aggregate commitment includes an uncommitted amount of $250 million . (2) Maximum aggregate commitment includes an uncommitted amount of $300 million | At November 30, 2018 , RMF warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures November 2019 $ 200,000 364-day warehouse repurchase facility that matures December 2019 200,000 364-day warehouse repurchase facility that matures December 2019 250,000 364-day warehouse repurchase facility that matures December 2019 200,000 Total - Loans origination and securitization business 850,000 Warehouse repurchase facility that matures December 2019 (two - one year extensions) (1) 50,000 Total $ 900,000 (1) RMF uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both November 30, 2018 and 2017 |
Lennar Multifamily Segment (Tab
Lennar Multifamily Segment (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule Of Assets And Liabilities | Financial information relating to the Company’s operations was as follows: November 30, (In thousands) 2018 2017 2016 Assets: Homebuilding East $ 7,183,758 3,817,454 2,824,403 Homebuilding Central 2,522,799 1,275,623 1,014,099 Homebuilding Texas 2,311,760 1,199,971 1,229,696 Homebuilding West 10,291,385 5,432,485 4,565,911 Homebuilding Other 1,140,092 1,125,160 1,044,049 Lennar Financial Services 2,346,899 1,689,508 1,754,672 Lennar Multifamily 874,219 710,725 526,131 Rialto 894,245 1,153,840 1,276,210 Corporate and unallocated 1,001,024 2,340,268 1,126,610 Total assets $ 28,566,181 18,745,034 15,361,781 Lennar Homebuilding investments in unconsolidated entities: Homebuilding East $ 76,627 68,670 62,200 Homebuilding Central 6,510 2,971 3,770 Homebuilding Texas 1,902 — 41 Homebuilding West 311,200 225,803 217,322 Homebuilding Other 600,687 603,325 528,390 Total Lennar Homebuilding investments in unconsolidated entities (1) $ 996,926 900,769 811,723 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 318,559 Rialto investments in unconsolidated entities $ 297,379 265,418 245,741 Lennar Homebuilding goodwill (2) $ 3,442,359 136,566 — Lennar Financial Services goodwill (2) $ 237,688 59,838 39,838 Rialto goodwill $ — 5,396 5,396 (1) Does not include the ($62.0) million investment balance for one unconsolidated entity as it was reclassed to other liabilities. (2) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The assignment of goodwill among the Company's reporting segments included $ 1.1 billion to Homebuilding East, $ 495.0 million to Homebuilding Central, $ 342.2 million to Homebuilding Texas, $ 1.4 billion to Homebuilding West, and $175.4 million to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Years Ended November 30, (In thousands) 2018 2017 2016 Revenues: Homebuilding East $ 6,249,864 4,054,849 3,326,550 Homebuilding Central 2,290,887 923,518 928,980 Homebuilding Texas 2,421,399 1,697,731 1,543,112 Homebuilding West 8,059,850 4,447,084 3,848,539 Homebuilding Other 55,597 77,060 94,156 Lennar Financial Services 867,831 770,109 687,255 Lennar Multifamily 421,132 394,771 287,441 Rialto 205,071 281,243 233,966 Total revenues (1) $ 20,571,631 12,646,365 10,949,999 Operating earnings (loss): Homebuilding East $ 759,221 575,701 562,075 Homebuilding Central (2) 182,608 (52,301 ) 88,134 Homebuilding Texas 172,449 180,212 170,311 Homebuilding West 1,082,302 615,916 585,873 Homebuilding Other (3) 58,070 (50,489 ) (61,461 ) Lennar Financial Services 187,430 155,524 163,617 Lennar Multifamily (4) 42,695 73,432 71,174 Rialto (5) (21,584 ) (22,495 ) (16,692 ) Total operating earnings 2,463,191 1,475,500 1,563,031 Gain on sale of Rialto investment and asset management platform 296,407 — — Acquisition and integration costs related to CalAtlantic 152,980 — — Corporate general and administrative expenses 343,934 285,889 232,562 Earnings before income taxes $ 2,262,684 1,189,611 1,330,469 (1) Total revenues were net of sales incentives of $1.1 billion ( $23,500 per home delivered) for the year ended November 30, 2018 , $665.7 million ( $22,700 per home delivered) for the year ended November 30, 2017 and $596.3 million ( $22,500 per home delivered) for the year ended November 30, 2016 . (2) Homebuilding Central operating loss for the year ended November 30, 2017 included a $140 million loss due to litigation (see Note 17). (3) For the year ended November 30, 2018 , Homebuilding Other's operating earnings includes a $164.9 million gain on the sale of an 80% interest in one of the Company's strategic joint ventures, Treasure Island Holdings. For the years ended November 30, 2018 and 2017 , Homebuilding Other's operating earnings (loss) included an equity in loss from unconsolidated entities of $92.0 million and $47.6 million , respectively. (4) For the years ended November 30, 2018 , 2017 and 2016 , Lennar Multifamily's operating earnings included $35.6 million , $85.7 million and $85.5 million , respectively, of equity in earnings from unconsolidated entities and other gain primarily as a result of $61.2 million share of gains from the sale of six operating properties and an investment in an operating property for the year ended November 30, 2018 , and $96.7 million and $91.0 million share of gains from the sale of seven operating properties for the years ended November 30, 2017 and 2016, respectively, by its unconsolidated entities. (5) For the year ended November 30, 2018 , Rialto's operating loss was primarily as a result of non-recurring expenses, partially offset by a decrease in real estate owned and loan impairments due to the liquidation of the FDIC and bank portfolios and a decrease in interest expense. For the year ended November 30, 2017 , Rialto's operating loss included $ 96.2 million of gross REO and loan impairments ( $44.7 million net of noncontrolling interests) as Rialto liquidated most of the remaining assets of the FDIC portfolio. Years Ended November 30, (In thousands) 2018 2017 2016 Lennar Homebuilding interest expense: Homebuilding East $ 98,478 85,761 76,170 Homebuilding Central 28,471 21,061 22,530 Homebuilding Texas 32,930 34,237 33,009 Homebuilding West 151,823 135,574 111,784 Homebuilding Other 4,462 1,176 1,568 Total Lennar Homebuilding interest expense $ 316,164 277,809 245,061 Lennar Financial Services interest income, net $ 18,968 13,331 12,388 Rialto interest expense $ 24,312 42,004 40,303 Depreciation and amortization: Homebuilding East $ 20,614 17,258 16,268 Homebuilding Central 5,285 3,879 3,727 Homebuilding Texas 9,041 8,228 7,370 Homebuilding West 36,013 27,403 23,391 Homebuilding Other 1,022 2,447 2,284 Lennar Financial Services 13,437 9,992 7,667 Lennar Multifamily 4,357 2,910 2,472 Rialto 5,723 5,194 7,590 Corporate and unallocated 66,261 50,369 34,966 Total depreciation and amortization $ 161,753 127,680 105,735 Net additions to (disposals of) operating properties and equipment: Homebuilding East $ 26,402 (27 ) (10,452 ) Homebuilding Central 14,677 32 33 Homebuilding Texas 200 (40 ) 2,340 Homebuilding West 42,525 32,995 43,479 Homebuilding Other 15,549 10,833 7,771 Lennar Financial Services 7,703 11,185 6,218 Lennar Multifamily 1,558 12,657 1,666 Rialto 6,416 4,115 1,908 Corporate and unallocated 55,364 40,023 12,645 Total net additions (disposals of) operating properties and equipment $ 170,394 111,773 65,608 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities: Homebuilding East $ (818 ) (754 ) (230 ) Homebuilding Central 691 (255 ) (74 ) Homebuilding Texas 469 8 364 Homebuilding West (212 ) (13,095 ) (2,052 ) Homebuilding Other (1) (92,045 ) (47,612 ) (47,283 ) Total Lennar Homebuilding equity in loss from unconsolidated entities $ (91,915 ) (61,708 ) (49,275 ) Lennar Multifamily equity in earnings from unconsolidated entities $ 51,322 85,739 85,519 Rialto equity in earnings from unconsolidated entities $ 25,816 25,447 18,961 (1) For the year ended November 30, 2018 , equity in loss included the Company's share of operational net losses from unconsolidated entities driven by valuation adjustments and general and administrative expenses, partially offset by profits from land sales. For the years ended November 30, 2017 and 2016 , equity in loss included the Company's share of operational net losses from unconsolidated entities driven by general and administrative expenses and valuation adjustments, partially offset by profits from land sales. November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 185,990 117,410 Restricted cash 15,251 12,006 Receivables, net (1) 512,732 313,252 Loans held-for-sale (2) 1,152,198 937,516 Loans held-for-investment, net 70,216 44,193 Investments held-to-maturity 52,490 52,327 Investments available-for-sale (3) 4,161 57,439 Goodwill (4) 237,688 59,838 Other assets (5) 116,173 95,527 $ 2,346,899 1,689,508 Liabilities: Notes and other debts payable $ 1,256,174 937,431 Other liabilities (6) 281,586 240,383 $ 1,537,760 1,177,814 (1) Receivables, net, primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2018 and 2017 , 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 November 30, 2018 , goodwill included $20 million related to the WCI acquisition and a provisional amount of $175.4 million related to the CalAtlantic acquisition (See Note 2). (5) As of November 30, 2018 and 2017 , other assets included mortgage loan commitments carried at fair value of $16.4 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $37.2 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 , respectively. (6) As of November 30, 2018 and 2017 , other liabilities included $60.3 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation, and forward contracts carried at fair value of $10.4 million as of November 30, 2018 November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 7,832 8,676 Receivables (1) 73,829 69,678 Land under development 277,894 208,618 Investments in unconsolidated entities 481,129 407,544 Other assets 33,535 16,209 $ 874,219 710,725 Liabilities: Accounts payable and other liabilities $ 170,616 149,715 $ 170,616 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of November 30, 2018 and 2017 November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 26,829 241,861 Restricted cash (1) 9,868 22,466 Receivables, net (2) 218,437 — Loans held-for-sale (3) 61,691 236,018 Real estate owned, net 25,632 86,047 Investments in unconsolidated entities 297,379 265,418 Investments held-to-maturity 196,956 179,659 Other assets 57,453 122,371 $ 894,245 1,153,840 Liabilities: Notes and other debts payable (4) $ 317,016 625,081 Other liabilities 80,934 94,975 $ 397,950 720,056 (1) As of November 30, 2018 and 2017 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated and 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, is primarily related to loans sold but not settled as of November 30, 2018 . (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC carried at lower of cost or market. (4) In March 2018, Rialto paid off the remaining principal balance of the 7.00% senior notes due 2018 (the " 7.00% Senior Notes"). As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% Senior Notes. In addition, as of November 30, 2018 and November 30, 2017 , notes and other debt payable included $178.8 million and $162.1 million |
Schedule of Unconsolidated Entities | Balance Sheets November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 782,565 953,261 Inventories 4,291,470 3,751,525 Other assets 1,251,884 1,061,507 $ 6,325,919 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 875,380 832,151 Debt (1) 1,212,274 737,331 Equity 4,238,265 4,196,811 $ 6,325,919 5,766,293 Lennar Homebuilding investments in unconsolidated entities (2) $ 996,926 900,769 (1) Debt presented above is net of debt issuance costs of $12.4 million and $5.7 million , as of November 30, 2018 and 2017 , respectively. The increase in debt in 2018 was primarily related to $500 million of senior notes issued by FivePoint. (2) Does not include the ($62.0) million Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 525,931 471,899 439,874 Costs and expenses 729,700 616,217 578,831 Other income (1) 186,982 23,253 — Net loss of unconsolidated entities (1) $ (16,787 ) (121,065 ) (138,957 ) Lennar Homebuilding equity in loss from unconsolidated entities (1) $ (91,915 ) (61,708 ) (49,275 ) November 30, (Dollars in thousands) 2018 2017 Non-recourse bank debt and other debt (partner’s share of several recourse) $ 48,313 64,197 Non-recourse land seller debt and other debt — 1,997 Non-recourse debt with completion guarantees 239,568 255,903 Non-recourse debt without completion guarantees (1) 871,088 351,800 Non-recourse debt to the Company 1,158,969 673,897 The Company’s maximum recourse exposure (2) 65,707 69,181 Debt issuance costs (12,402 ) (5,747 ) Total debt $ 1,212,274 737,331 The Company’s maximum recourse exposure as a % of total JV debt 5 % 9 % (1) The increase in non-recourse debt without completion guarantees was primarily related to $500 million of senior notes issued by FivePoint. (2) As of November 30, 2018 and 2017 , the Company's maximum recourse exposure was primarily related to the Company providing a repayment guarantee on four unconsolidated entities' debt and three 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 61,571 37,073 Operating properties and equipment 3,708,613 2,952,070 Other assets 40,899 36,772 $ 3,811,083 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 199,119 212,123 Notes payable (1) 1,381,656 879,047 Equity 2,230,308 1,934,745 $ 3,811,083 3,025,915 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 (1) Notes payable are net of debt issuance costs of $15.7 million and $17.6 million , as of November 30, 2018 and 2017 , respectively. Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 117,985 67,578 45,287 Costs and expenses 172,089 108,610 68,976 Other income, net 93,778 207,793 191,385 Net earnings of unconsolidated entities $ 39,674 166,761 167,696 Lennar Multifamily equity in earnings from unconsolidated entities and other gain (1) $ 51,322 85,739 85,519 (1) During the year ended November 30, 2018 , the Lennar Multifamily segment sold, through its unconsolidated entities, six operating properties and an investment in an operating property resulting in the segment's $61.2 million share of gains. The gain of $15.7 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Lennar Multifamily equity in earnings from unconsolidated entities and other gain, and are not included in net earnings of unconsolidated entities. During the years ended November 30, 2017 and 2016 , the Lennar Multifamily segment sold seven operating properties, through its unconsolidated entities resulting in the segment's $96.7 million and $91.0 million 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 50,043 95,552 Loans receivable 705,414 538,317 Real estate owned 273,802 348,601 Investment securities 2,296,768 1,849,795 Investments in partnerships 380,290 393,874 Other assets 38,682 42,949 $ 3,744,999 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 30,236 48,374 Notes payable (1) 595,491 576,810 Equity 3,119,272 2,643,904 $ 3,744,999 3,269,088 Rialto's investments in unconsolidated entities $ 297,379 265,418 (1) Notes payable are net of debt issuance costs of $4.6 million and $3.1 million , as of November 30, 2018 and 2017 , respectively. Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 373,355 238,981 200,346 Costs and expenses 103,138 104,343 96,343 Other income, net (1) (58,757 ) 109,927 49,342 Net earnings of unconsolidated entities $ 211,460 244,565 153,345 Rialto equity in earnings from unconsolidated entities $ 25,816 25,447 18,961 (1) |
Rialto Segment (Tables)
Rialto Segment (Tables) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Segment Reporting [Abstract] | ||
Schedule Of Assets And Liabilities | Financial information relating to the Company’s operations was as follows: November 30, (In thousands) 2018 2017 2016 Assets: Homebuilding East $ 7,183,758 3,817,454 2,824,403 Homebuilding Central 2,522,799 1,275,623 1,014,099 Homebuilding Texas 2,311,760 1,199,971 1,229,696 Homebuilding West 10,291,385 5,432,485 4,565,911 Homebuilding Other 1,140,092 1,125,160 1,044,049 Lennar Financial Services 2,346,899 1,689,508 1,754,672 Lennar Multifamily 874,219 710,725 526,131 Rialto 894,245 1,153,840 1,276,210 Corporate and unallocated 1,001,024 2,340,268 1,126,610 Total assets $ 28,566,181 18,745,034 15,361,781 Lennar Homebuilding investments in unconsolidated entities: Homebuilding East $ 76,627 68,670 62,200 Homebuilding Central 6,510 2,971 3,770 Homebuilding Texas 1,902 — 41 Homebuilding West 311,200 225,803 217,322 Homebuilding Other 600,687 603,325 528,390 Total Lennar Homebuilding investments in unconsolidated entities (1) $ 996,926 900,769 811,723 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 318,559 Rialto investments in unconsolidated entities $ 297,379 265,418 245,741 Lennar Homebuilding goodwill (2) $ 3,442,359 136,566 — Lennar Financial Services goodwill (2) $ 237,688 59,838 39,838 Rialto goodwill $ — 5,396 5,396 (1) Does not include the ($62.0) million investment balance for one unconsolidated entity as it was reclassed to other liabilities. (2) In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion . The assignment of goodwill among the Company's reporting segments included $ 1.1 billion to Homebuilding East, $ 495.0 million to Homebuilding Central, $ 342.2 million to Homebuilding Texas, $ 1.4 billion to Homebuilding West, and $175.4 million to Lennar Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. Years Ended November 30, (In thousands) 2018 2017 2016 Revenues: Homebuilding East $ 6,249,864 4,054,849 3,326,550 Homebuilding Central 2,290,887 923,518 928,980 Homebuilding Texas 2,421,399 1,697,731 1,543,112 Homebuilding West 8,059,850 4,447,084 3,848,539 Homebuilding Other 55,597 77,060 94,156 Lennar Financial Services 867,831 770,109 687,255 Lennar Multifamily 421,132 394,771 287,441 Rialto 205,071 281,243 233,966 Total revenues (1) $ 20,571,631 12,646,365 10,949,999 Operating earnings (loss): Homebuilding East $ 759,221 575,701 562,075 Homebuilding Central (2) 182,608 (52,301 ) 88,134 Homebuilding Texas 172,449 180,212 170,311 Homebuilding West 1,082,302 615,916 585,873 Homebuilding Other (3) 58,070 (50,489 ) (61,461 ) Lennar Financial Services 187,430 155,524 163,617 Lennar Multifamily (4) 42,695 73,432 71,174 Rialto (5) (21,584 ) (22,495 ) (16,692 ) Total operating earnings 2,463,191 1,475,500 1,563,031 Gain on sale of Rialto investment and asset management platform 296,407 — — Acquisition and integration costs related to CalAtlantic 152,980 — — Corporate general and administrative expenses 343,934 285,889 232,562 Earnings before income taxes $ 2,262,684 1,189,611 1,330,469 (1) Total revenues were net of sales incentives of $1.1 billion ( $23,500 per home delivered) for the year ended November 30, 2018 , $665.7 million ( $22,700 per home delivered) for the year ended November 30, 2017 and $596.3 million ( $22,500 per home delivered) for the year ended November 30, 2016 . (2) Homebuilding Central operating loss for the year ended November 30, 2017 included a $140 million loss due to litigation (see Note 17). (3) For the year ended November 30, 2018 , Homebuilding Other's operating earnings includes a $164.9 million gain on the sale of an 80% interest in one of the Company's strategic joint ventures, Treasure Island Holdings. For the years ended November 30, 2018 and 2017 , Homebuilding Other's operating earnings (loss) included an equity in loss from unconsolidated entities of $92.0 million and $47.6 million , respectively. (4) For the years ended November 30, 2018 , 2017 and 2016 , Lennar Multifamily's operating earnings included $35.6 million , $85.7 million and $85.5 million , respectively, of equity in earnings from unconsolidated entities and other gain primarily as a result of $61.2 million share of gains from the sale of six operating properties and an investment in an operating property for the year ended November 30, 2018 , and $96.7 million and $91.0 million share of gains from the sale of seven operating properties for the years ended November 30, 2017 and 2016, respectively, by its unconsolidated entities. (5) For the year ended November 30, 2018 , Rialto's operating loss was primarily as a result of non-recurring expenses, partially offset by a decrease in real estate owned and loan impairments due to the liquidation of the FDIC and bank portfolios and a decrease in interest expense. For the year ended November 30, 2017 , Rialto's operating loss included $ 96.2 million of gross REO and loan impairments ( $44.7 million net of noncontrolling interests) as Rialto liquidated most of the remaining assets of the FDIC portfolio. Years Ended November 30, (In thousands) 2018 2017 2016 Lennar Homebuilding interest expense: Homebuilding East $ 98,478 85,761 76,170 Homebuilding Central 28,471 21,061 22,530 Homebuilding Texas 32,930 34,237 33,009 Homebuilding West 151,823 135,574 111,784 Homebuilding Other 4,462 1,176 1,568 Total Lennar Homebuilding interest expense $ 316,164 277,809 245,061 Lennar Financial Services interest income, net $ 18,968 13,331 12,388 Rialto interest expense $ 24,312 42,004 40,303 Depreciation and amortization: Homebuilding East $ 20,614 17,258 16,268 Homebuilding Central 5,285 3,879 3,727 Homebuilding Texas 9,041 8,228 7,370 Homebuilding West 36,013 27,403 23,391 Homebuilding Other 1,022 2,447 2,284 Lennar Financial Services 13,437 9,992 7,667 Lennar Multifamily 4,357 2,910 2,472 Rialto 5,723 5,194 7,590 Corporate and unallocated 66,261 50,369 34,966 Total depreciation and amortization $ 161,753 127,680 105,735 Net additions to (disposals of) operating properties and equipment: Homebuilding East $ 26,402 (27 ) (10,452 ) Homebuilding Central 14,677 32 33 Homebuilding Texas 200 (40 ) 2,340 Homebuilding West 42,525 32,995 43,479 Homebuilding Other 15,549 10,833 7,771 Lennar Financial Services 7,703 11,185 6,218 Lennar Multifamily 1,558 12,657 1,666 Rialto 6,416 4,115 1,908 Corporate and unallocated 55,364 40,023 12,645 Total net additions (disposals of) operating properties and equipment $ 170,394 111,773 65,608 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities: Homebuilding East $ (818 ) (754 ) (230 ) Homebuilding Central 691 (255 ) (74 ) Homebuilding Texas 469 8 364 Homebuilding West (212 ) (13,095 ) (2,052 ) Homebuilding Other (1) (92,045 ) (47,612 ) (47,283 ) Total Lennar Homebuilding equity in loss from unconsolidated entities $ (91,915 ) (61,708 ) (49,275 ) Lennar Multifamily equity in earnings from unconsolidated entities $ 51,322 85,739 85,519 Rialto equity in earnings from unconsolidated entities $ 25,816 25,447 18,961 (1) For the year ended November 30, 2018 , equity in loss included the Company's share of operational net losses from unconsolidated entities driven by valuation adjustments and general and administrative expenses, partially offset by profits from land sales. For the years ended November 30, 2017 and 2016 , equity in loss included the Company's share of operational net losses from unconsolidated entities driven by general and administrative expenses and valuation adjustments, partially offset by profits from land sales. November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 185,990 117,410 Restricted cash 15,251 12,006 Receivables, net (1) 512,732 313,252 Loans held-for-sale (2) 1,152,198 937,516 Loans held-for-investment, net 70,216 44,193 Investments held-to-maturity 52,490 52,327 Investments available-for-sale (3) 4,161 57,439 Goodwill (4) 237,688 59,838 Other assets (5) 116,173 95,527 $ 2,346,899 1,689,508 Liabilities: Notes and other debts payable $ 1,256,174 937,431 Other liabilities (6) 281,586 240,383 $ 1,537,760 1,177,814 (1) Receivables, net, primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2018 and 2017 , 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 November 30, 2018 , goodwill included $20 million related to the WCI acquisition and a provisional amount of $175.4 million related to the CalAtlantic acquisition (See Note 2). (5) As of November 30, 2018 and 2017 , other assets included mortgage loan commitments carried at fair value of $16.4 million and $9.9 million , respectively, and mortgage servicing rights carried at fair value of $37.2 million and $31.2 million , respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million as of November 30, 2017 , respectively. (6) As of November 30, 2018 and 2017 , other liabilities included $60.3 million and $57.7 million , respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation, and forward contracts carried at fair value of $10.4 million as of November 30, 2018 November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 7,832 8,676 Receivables (1) 73,829 69,678 Land under development 277,894 208,618 Investments in unconsolidated entities 481,129 407,544 Other assets 33,535 16,209 $ 874,219 710,725 Liabilities: Accounts payable and other liabilities $ 170,616 149,715 $ 170,616 149,715 (1) Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of November 30, 2018 and 2017 November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 26,829 241,861 Restricted cash (1) 9,868 22,466 Receivables, net (2) 218,437 — Loans held-for-sale (3) 61,691 236,018 Real estate owned, net 25,632 86,047 Investments in unconsolidated entities 297,379 265,418 Investments held-to-maturity 196,956 179,659 Other assets 57,453 122,371 $ 894,245 1,153,840 Liabilities: Notes and other debts payable (4) $ 317,016 625,081 Other liabilities 80,934 94,975 $ 397,950 720,056 (1) As of November 30, 2018 and 2017 , restricted cash primarily consisted of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated and 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, is primarily related to loans sold but not settled as of November 30, 2018 . (3) Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC carried at lower of cost or market. (4) In March 2018, Rialto paid off the remaining principal balance of the 7.00% senior notes due 2018 (the " 7.00% Senior Notes"). As of November 30, 2017 , notes and other debts payable primarily included $349.4 million related to Rialto's 7.00% Senior Notes. In addition, as of November 30, 2018 and November 30, 2017 , notes and other debt payable included $178.8 million and $162.1 million | |
Schedule of Line of Credit Facilities | At November 30, 2018 , the Lennar Financial Services segment warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures December 2018 (1) $ 400,000 364-day warehouse repurchase facility that matures March 2019 (2) 300,000 364-day warehouse repurchase facility that matures June 2019 700,000 364-day warehouse repurchase facility that matures October 2019 (3) 500,000 Total $ 1,900,000 (1) Subsequent to November 30, 2018 , the maturity date was extended to February 2019. Maximum aggregate commitment includes an uncommitted amount of $250 million . (2) Maximum aggregate commitment includes an uncommitted amount of $300 million | At November 30, 2018 , RMF warehouse facilities were as follows: (In thousands) Maximum Aggregate Commitment 364-day warehouse repurchase facility that matures November 2019 $ 200,000 364-day warehouse repurchase facility that matures December 2019 200,000 364-day warehouse repurchase facility that matures December 2019 250,000 364-day warehouse repurchase facility that matures December 2019 200,000 Total - Loans origination and securitization business 850,000 Warehouse repurchase facility that matures December 2019 (two - one year extensions) (1) 50,000 Total $ 900,000 (1) RMF uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of both November 30, 2018 and 2017 |
Schedule of Unconsolidated Entities | Balance Sheets November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 782,565 953,261 Inventories 4,291,470 3,751,525 Other assets 1,251,884 1,061,507 $ 6,325,919 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 875,380 832,151 Debt (1) 1,212,274 737,331 Equity 4,238,265 4,196,811 $ 6,325,919 5,766,293 Lennar Homebuilding investments in unconsolidated entities (2) $ 996,926 900,769 (1) Debt presented above is net of debt issuance costs of $12.4 million and $5.7 million , as of November 30, 2018 and 2017 , respectively. The increase in debt in 2018 was primarily related to $500 million of senior notes issued by FivePoint. (2) Does not include the ($62.0) million Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 525,931 471,899 439,874 Costs and expenses 729,700 616,217 578,831 Other income (1) 186,982 23,253 — Net loss of unconsolidated entities (1) $ (16,787 ) (121,065 ) (138,957 ) Lennar Homebuilding equity in loss from unconsolidated entities (1) $ (91,915 ) (61,708 ) (49,275 ) November 30, (Dollars in thousands) 2018 2017 Non-recourse bank debt and other debt (partner’s share of several recourse) $ 48,313 64,197 Non-recourse land seller debt and other debt — 1,997 Non-recourse debt with completion guarantees 239,568 255,903 Non-recourse debt without completion guarantees (1) 871,088 351,800 Non-recourse debt to the Company 1,158,969 673,897 The Company’s maximum recourse exposure (2) 65,707 69,181 Debt issuance costs (12,402 ) (5,747 ) Total debt $ 1,212,274 737,331 The Company’s maximum recourse exposure as a % of total JV debt 5 % 9 % (1) The increase in non-recourse debt without completion guarantees was primarily related to $500 million of senior notes issued by FivePoint. (2) As of November 30, 2018 and 2017 , the Company's maximum recourse exposure was primarily related to the Company providing a repayment guarantee on four unconsolidated entities' debt and three 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 61,571 37,073 Operating properties and equipment 3,708,613 2,952,070 Other assets 40,899 36,772 $ 3,811,083 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 199,119 212,123 Notes payable (1) 1,381,656 879,047 Equity 2,230,308 1,934,745 $ 3,811,083 3,025,915 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 (1) Notes payable are net of debt issuance costs of $15.7 million and $17.6 million , as of November 30, 2018 and 2017 , respectively. Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 117,985 67,578 45,287 Costs and expenses 172,089 108,610 68,976 Other income, net 93,778 207,793 191,385 Net earnings of unconsolidated entities $ 39,674 166,761 167,696 Lennar Multifamily equity in earnings from unconsolidated entities and other gain (1) $ 51,322 85,739 85,519 (1) During the year ended November 30, 2018 , the Lennar Multifamily segment sold, through its unconsolidated entities, six operating properties and an investment in an operating property resulting in the segment's $61.2 million share of gains. The gain of $15.7 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Lennar Multifamily equity in earnings from unconsolidated entities and other gain, and are not included in net earnings of unconsolidated entities. During the years ended November 30, 2017 and 2016 , the Lennar Multifamily segment sold seven operating properties, through its unconsolidated entities resulting in the segment's $96.7 million and $91.0 million 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 50,043 95,552 Loans receivable 705,414 538,317 Real estate owned 273,802 348,601 Investment securities 2,296,768 1,849,795 Investments in partnerships 380,290 393,874 Other assets 38,682 42,949 $ 3,744,999 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 30,236 48,374 Notes payable (1) 595,491 576,810 Equity 3,119,272 2,643,904 $ 3,744,999 3,269,088 Rialto's investments in unconsolidated entities $ 297,379 265,418 (1) Notes payable are net of debt issuance costs of $4.6 million and $3.1 million , as of November 30, 2018 and 2017 , respectively. Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 373,355 238,981 200,346 Costs and expenses 103,138 104,343 96,343 Other income, net (1) (58,757 ) 109,927 49,342 Net earnings of unconsolidated entities $ 211,460 244,565 153,345 Rialto equity in earnings from unconsolidated entities $ 25,816 25,447 18,961 (1) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Benefit (Provision) for Income Taxes | The provision for income taxes consisted of the following: Years Ended November 30, (In thousands) 2018 2017 2016 Current: Federal $ 246,604 309,235 300,116 State 30,530 17,572 19,777 $ 277,134 326,807 319,893 Deferred: Federal $ 189,096 40,641 43,775 State 78,941 50,409 53,710 268,037 91,050 97,485 $ 545,171 417,857 417,378 |
Reconciliation Of Statutory Rate And Effective Tax Rate | A reconciliation of the statutory rate and the effective tax rate was as follows: Percentage of Pretax Income 2018 2017 2016 Statutory rate 22.22 % 35.00 % 35.00 % State income taxes, net of federal income tax benefit 3.81 3.29 3.21 Domestic production activities deduction (1.71 ) (2.77 ) (2.78 ) Tax reserves and interest expense, net (0.39 ) 0.27 (0.89 ) Deferred tax asset valuation allowance, net (0.03 ) 0.17 (0.01 ) Accounting method changes (1.47 ) — — Changes in tax law (1) 3.06 — — Tax credits (1.60 ) (2.03 ) (3.46 ) Other 0.44 0.09 0.33 Effective rate 24.33 % 34.02 % 31.40 % |
Schedule of Deferred Income Taxes Assets And Liabilities | The tax effects of significant temporary differences that give rise to the net deferred tax assets were as follows: November 30, (In thousands) 2018 2017 Deferred tax assets: Inventory valuation adjustments $ 315,006 54,511 Reserves and accruals 175,626 164,868 Net operating loss carryforwards 138,094 100,338 Rialto investments in partnerships 5,938 15,705 Capitalized expenses 51,477 197,204 Investments in unconsolidated entities 63,339 38,627 Other assets 115,266 68,857 Total deferred tax assets 864,746 640,110 Valuation allowance (7,219 ) (6,423 ) Total deferred tax assets after valuation allowance 857,527 633,687 Deferred tax liabilities: Capitalized expenses 153,392 79,440 Deferred income 156,376 244,969 Other liabilities 32,271 11,583 Total deferred tax liabilities 342,039 335,992 Net deferred tax assets $ 515,488 297,695 Years Ended November 30, (In thousands) 2018 2017 Net deferred tax assets (liabilities): (1) Lennar Homebuilding $ 477,676 279,900 Lennar Financial Services 5,075 (1,176 ) Lennar Multifamily 15,272 (2,973 ) Rialto 17,465 21,944 Net deferred tax assets $ 515,488 297,695 (1) |
Summary Of Changes In Gross Unrecognized Tax Benefits | The following summarizes the changes in interest and penalties accrued with respect to gross unrecognized tax benefits: Years Ended November 30, (In thousands) 2018 2017 Accrued interest and penalties, beginning of the year $ 49,723 45,973 Additional interest and penalties (related to the acquisition of CalAtlantic) 1,515 — Accrual of interest and penalties (primarily related to federal and state audits) 1,894 4,184 Reduction of interest and penalties (190 ) (434 ) Accrued interest and penalties, end of the year $ 52,942 49,723 Years Ended November 30, (In thousands) 2018 2017 2016 Gross unrecognized tax benefits, beginning of year $ 12,285 12,285 12,285 Increases due to tax positions taken during prior period 222 — — Decreases due to tax positions taken during prior period (2,805 ) — — Lapse of statute of limitations (2,052 ) — — Decreases due to settlements with tax authorities (6,493 ) — — Increases due to the CalAtlantic acquisition 13,510 — — Gross unrecognized tax benefits, end of year $ 14,667 12,285 12,285 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share were calculated as follows: Years Ended November 30, (In thousands, except per share amounts) 2018 2017 2016 Numerator: Net earnings attributable to Lennar $ 1,695,831 810,480 911,844 Less: distributed earnings allocated to nonvested shares 429 377 337 Less: undistributed earnings allocated to nonvested shares 14,438 7,447 8,852 Numerator for basic earnings per share 1,680,964 802,656 902,655 Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) 3,320 1,009 1,028 Plus: interest on convertible senior notes 80 — 5,528 Plus: undistributed earnings allocated to convertible shares 2,904 — 8,852 Less: undistributed earnings reallocated to convertible shares 2,899 — 8,438 Numerator for diluted earnings per share $ 1,677,729 801,647 907,569 Denominator: Denominator for basic earnings per share - weighted average common shares outstanding 307,968 237,155 223,079 Effect of dilutive securities: Share-based payments 48 1 3 Convertible senior notes 549 — 12,288 Denominator for diluted earnings per share - weighted average common shares outstanding 308,565 237,156 235,370 Basic earnings per share $ 5.46 3.38 4.05 Diluted earnings per share $ 5.44 3.38 3.86 (1) |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Expense Related to the Company's Share-based Awards | Compensation expense related to the Company’s share-based awards was as follows: Years ended November 30, (In thousands) 2018 2017 2016 Total compensation expense for nonvested share-based awards $ 72,655 61,356 55,516 |
Schedule of Nonvested Shares Activity | A summary of the Company’s nonvested shares activity for the year ended November 30, 2018 , adjusted for the Class B stock dividend, was as follows: Shares Weighted Average Grant Date Fair Value Nonvested shares at November 30, 2017 2,399,866 $ 49.33 Grants 2,658,928 $ 55.84 Vested (2,166,772 ) $ 53.37 Forfeited (154,670 ) $ 50.94 Nonvested shares at November 30, 2018 2,737,352 $ 52.37 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosure (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Estimated Fair Value of Financial Instruments | The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at November 30, 2018 and 2017 , 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. November 30, 2018 2017 Fair Value Carrying Fair Carrying Fair (In thousands) Hierarchy Amount Value Amount Value ASSETS Lennar Financial Services: Loans held-for-investment, net Level 3 $ 70,216 63,794 44,193 41,795 Investments held-to-maturity Level 2 $ 52,490 52,220 52,327 52,189 Rialto: Investments held-to-maturity Level 3 $ 196,956 222,753 179,659 199,190 LIABILITIES Lennar Homebuilding senior notes and other debts payable Level 2 $ 8,543,868 8,336,166 6,410,003 6,598,848 Lennar Financial Services notes and other debts payable Level 2 $ 1,256,174 1,256,174 937,431 937,431 Rialto notes and other debts payable Level 2 $ 317,016 318,032 625,081 644,644 |
Fair Value Measured on a 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 November 30, 2018 Fair Value at November 30, 2017 Lennar Financial Services Assets: Loans held-for-sale (1) Level 2 $ 1,152,198 937,516 Investments available-for-sale Level 1 $ 4,161 57,439 Mortgage loan commitments Level 2 $ 16,373 9,873 Forward contracts Level 2 $ (10,360 ) 1,681 Mortgage servicing rights Level 3 $ 37,206 31,163 Rialto Financial Assets: RMF loans held-for-sale (2) Level 3 $ 61,691 234,403 (1) The aggregate fair value of Lennar Financial Services loans held-for-sale of $1.2 billion at November 30, 2018 exceeded their aggregate principal balance of $1.1 billion by $37.3 million . The aggregate fair value of Lennar Financial Services loans held-for-sale of $937.5 million at November 30, 2017 exceeded their aggregate principal balance of $908.8 million by $28.7 million . (2) The aggregate fair value of Rialto loans held-for-sale of $61.7 million at November 30, 2018 exceeded their aggregate principal balance of $61.0 million by $0.7 million . The aggregate fair value of Rialto loans held-for-sale of $234.4 million at November 30, 2017 were below their aggregate principal balance of $235.4 million by $1.0 million |
Schedule of Gains and Losses of Financial Instruments Measured on a Recurring Basis | 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: Years Ended November 30, (In thousands) 2018 2017 2016 Changes in fair value included in Lennar Financial Services revenues: Loans held-for-sale $ 8,621 20,309 (19,865 ) Mortgage loan commitments $ 6,500 2,436 (5,623 ) Forward contracts $ (12,041 ) (24,786 ) 25,936 Investments available-for-sale $ (234 ) (12 ) 53 Changes in fair value included in other comprehensive income (loss), net of tax: Lennar Financial Services investments available-for-sale $ (1,634 ) 1,331 (295 ) |
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: Years Ended November 30, 2018 2017 Lennar Financial Services Rialto Lennar Financial Services Rialto (In thousands) Mortgage servicing rights RMF loans held-for-sale Mortgage servicing rights RMF loans held-for-sale Beginning of year $ 31,163 234,403 23,930 126,947 Purchases/loan originations 7,841 1,350,091 10,479 1,583,876 Sales/loan originations sold, including those not settled — (1,504,554 ) — (1,474,714 ) Disposals/settlements (6,948 ) (19,600 ) (3,912 ) — Changes in fair value (1) 5,150 1,481 666 (301 ) Interest and principal paydowns — (130 ) — (1,405 ) End of year $ 37,206 61,691 31,163 234,403 (1) |
Schedule of Fair Value Measurements, Nonrecurring | The assets measured at fair value on a nonrecurring basis are summarized below: Years Ended November 30, 2018 2017 2016 (In thousands) Fair Value Hierarchy Carrying Value Fair Value Total (Losses), Net (1) Carrying Value Fair Value Total (Losses), Net (1) Carrying Value Fair Value Total Gains (Losses), Net (1) Financial assets Rialto: Impaired loans receivable Level 3 $ — — — 31,561 18,885 (12,676 ) 79,581 61,352 (18,229 ) FDIC portfolios loans held-for-sale Level 3 $ — — — 32,018 12,072 (19,946 ) — — — Non-financial assets Lennar Homebuilding: Finished homes and construction in progress (2) Level 3 $ 4,019 3,473 (546 ) 8,601 4,227 (4,374 ) — — — Land and land under development (2) Level 3 $ 96,093 62,850 (33,243 ) 6,771 3,094 (3,677 ) 29,418 22,925 (6,493 ) Rialto: REO, net (3) Upon acquisition/transfer Level 3 $ — — — 27,640 26,591 (1,049 ) 53,154 54,443 1,289 Upon management periodic valuations Level 3 $ 58,721 25,632 (33,089 ) 145,251 81,677 (63,574 ) 105,830 81,454 (24,376 ) (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 year. (2) Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's consolidated statement of operations for the years ended November 30, 2018 , 2017 and 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 gains (losses) upon the transfer or acquisition of REO and impairments were included in Rialto other income (expense), net, in the Company’s consolidated statement of operations for the years ended November 30, 2018 , 2017 and 2016 |
Consolidation Of Variable Int_2
Consolidation Of Variable Interest Entities (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Unconsolidated Entities | Balance Sheets November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 782,565 953,261 Inventories 4,291,470 3,751,525 Other assets 1,251,884 1,061,507 $ 6,325,919 5,766,293 Liabilities and equity: Accounts payable and other liabilities $ 875,380 832,151 Debt (1) 1,212,274 737,331 Equity 4,238,265 4,196,811 $ 6,325,919 5,766,293 Lennar Homebuilding investments in unconsolidated entities (2) $ 996,926 900,769 (1) Debt presented above is net of debt issuance costs of $12.4 million and $5.7 million , as of November 30, 2018 and 2017 , respectively. The increase in debt in 2018 was primarily related to $500 million of senior notes issued by FivePoint. (2) Does not include the ($62.0) million Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 525,931 471,899 439,874 Costs and expenses 729,700 616,217 578,831 Other income (1) 186,982 23,253 — Net loss of unconsolidated entities (1) $ (16,787 ) (121,065 ) (138,957 ) Lennar Homebuilding equity in loss from unconsolidated entities (1) $ (91,915 ) (61,708 ) (49,275 ) November 30, (Dollars in thousands) 2018 2017 Non-recourse bank debt and other debt (partner’s share of several recourse) $ 48,313 64,197 Non-recourse land seller debt and other debt — 1,997 Non-recourse debt with completion guarantees 239,568 255,903 Non-recourse debt without completion guarantees (1) 871,088 351,800 Non-recourse debt to the Company 1,158,969 673,897 The Company’s maximum recourse exposure (2) 65,707 69,181 Debt issuance costs (12,402 ) (5,747 ) Total debt $ 1,212,274 737,331 The Company’s maximum recourse exposure as a % of total JV debt 5 % 9 % (1) The increase in non-recourse debt without completion guarantees was primarily related to $500 million of senior notes issued by FivePoint. (2) As of November 30, 2018 and 2017 , the Company's maximum recourse exposure was primarily related to the Company providing a repayment guarantee on four unconsolidated entities' debt and three 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 61,571 37,073 Operating properties and equipment 3,708,613 2,952,070 Other assets 40,899 36,772 $ 3,811,083 3,025,915 Liabilities and equity: Accounts payable and other liabilities $ 199,119 212,123 Notes payable (1) 1,381,656 879,047 Equity 2,230,308 1,934,745 $ 3,811,083 3,025,915 Lennar Multifamily investments in unconsolidated entities $ 481,129 407,544 (1) Notes payable are net of debt issuance costs of $15.7 million and $17.6 million , as of November 30, 2018 and 2017 , respectively. Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 117,985 67,578 45,287 Costs and expenses 172,089 108,610 68,976 Other income, net 93,778 207,793 191,385 Net earnings of unconsolidated entities $ 39,674 166,761 167,696 Lennar Multifamily equity in earnings from unconsolidated entities and other gain (1) $ 51,322 85,739 85,519 (1) During the year ended November 30, 2018 , the Lennar Multifamily segment sold, through its unconsolidated entities, six operating properties and an investment in an operating property resulting in the segment's $61.2 million share of gains. The gain of $15.7 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Lennar Multifamily equity in earnings from unconsolidated entities and other gain, and are not included in net earnings of unconsolidated entities. During the years ended November 30, 2017 and 2016 , the Lennar Multifamily segment sold seven operating properties, through its unconsolidated entities resulting in the segment's $96.7 million and $91.0 million 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets November 30, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 50,043 95,552 Loans receivable 705,414 538,317 Real estate owned 273,802 348,601 Investment securities 2,296,768 1,849,795 Investments in partnerships 380,290 393,874 Other assets 38,682 42,949 $ 3,744,999 3,269,088 Liabilities and equity: Accounts payable and other liabilities $ 30,236 48,374 Notes payable (1) 595,491 576,810 Equity 3,119,272 2,643,904 $ 3,744,999 3,269,088 Rialto's investments in unconsolidated entities $ 297,379 265,418 (1) Notes payable are net of debt issuance costs of $4.6 million and $3.1 million , as of November 30, 2018 and 2017 , respectively. Statements of Operations Years Ended November 30, (In thousands) 2018 2017 2016 Revenues $ 373,355 238,981 200,346 Costs and expenses 103,138 104,343 96,343 Other income, net (1) (58,757 ) 109,927 49,342 Net earnings of unconsolidated entities $ 211,460 244,565 153,345 Rialto equity in earnings from unconsolidated entities $ 25,816 25,447 18,961 (1) |
Schedule of Estimated Maximum Exposure To Loss | At November 30, 2018 and 2017 , the Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows: November 30, 2018 2017 (In thousands) Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Investments in Unconsolidated VIEs Lennar’s Maximum Exposure to Loss Lennar Homebuilding (1) $ 127,009 188,890 181,804 248,909 Lennar Multifamily (2) 463,534 710,754 345,175 503,364 Rialto (3) 196,956 196,956 179,659 179,659 $ 787,499 1,096,600 706,638 931,932 (1) At both November 30, 2018 and 2017 , 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 repayment guarantees of unconsolidated entities' debt of $54.8 million and $61.6 million , respectively. (2) As of November 30, 2018 , the remaining equity commitment of $237.0 million to fund the Venture Fund and Venture Fund II for future expenditures related to the construction and development of its projects was included in Lennar maximum exposure to loss. As of November 30, 2017 , the remaining equity commitment of $153.3 million to fund the Venture Fund was included in Lennar's maximum exposure to loss. In addition, at both November 30, 2018 and 2017 , the maximum exposure to loss of Lennar Multifamily's investments in unconsolidated VIEs also included its investments in the unconsolidated VIEs, except with regard to $4.6 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. (3) At both November 30, 2018 and 2017 , the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated entities VIEs. At November 30, 2018 and 2017 , investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $197.0 million and $179.7 million |
Commitments And Contingent Li_2
Commitments And Contingent Liabilities (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Operating Leases | The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at November 30, 2018 were as follows: (In thousands) Lease Payments 2019 $ 50,433 2020 47,764 2021 38,878 2022 27,148 2023 19,743 Thereafter 42,068 |
Supplemental Financial Inform_2
Supplemental Financial Information Supplemental Financial Information (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidating Balance Sheet | Supplemental information for the subsidiaries that were guarantor subsidiaries at November 30, 2018 was as follows: Consolidating Balance Sheet November 30, 2018 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 637,083 886,059 63,905 — 1,587,047 Inventories — 16,679,245 389,459 — 17,068,704 Investments in unconsolidated entities — 983,963 12,963 — 996,926 Goodwill — 3,442,359 — — 3,442,359 Other assets 339,307 878,582 164,848 (26,955 ) 1,355,782 Investments in subsidiaries 10,562,273 89,044 — (10,651,317 ) — Intercompany 11,815,491 — — (11,815,491 ) — 23,354,154 22,959,252 631,175 (22,493,763 ) 24,450,818 Lennar Financial Services — 232,632 2,115,156 (889 ) 2,346,899 Lennar Multifamily — — 874,219 — 874,219 Rialto — — 894,245 — 894,245 Total assets $ 23,354,154 23,191,884 4,514,795 (22,494,652 ) 28,566,181 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 804,232 1,977,579 303,473 (27,844 ) 3,057,440 Liabilities related to consolidated inventory not owned — 162,090 13,500 — 175,590 Senior notes and other debts payable 7,968,387 523,589 51,892 — 8,543,868 Intercompany — 10,116,590 1,698,901 (11,815,491 ) — 8,772,619 12,779,848 2,067,766 (11,843,335 ) 11,776,898 Lennar Financial Services — 51,535 1,486,225 — 1,537,760 Lennar Multifamily — — 170,616 — 170,616 Rialto — — 397,950 — 397,950 Total liabilities $ 8,772,619 12,831,383 4,122,557 (11,843,335 ) 13,883,224 Stockholders’ equity 14,581,535 10,360,501 290,816 (10,651,317 ) 14,581,535 Noncontrolling interests — — 101,422 — 101,422 Total equity 14,581,535 10,360,501 392,238 (10,651,317 ) 14,682,957 Total liabilities and equity $ 23,354,154 23,191,884 4,514,795 (22,494,652 ) 28,566,181 Consolidating Balance Sheet November 30, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total ASSETS Lennar Homebuilding: Cash and cash equivalents, restricted cash and receivables, net $ 1,945,024 462,336 21,972 — 2,429,332 Inventories — 10,560,996 299,894 — 10,860,890 Investments in unconsolidated entities — 884,294 16,475 — 900,769 Goodwill — 136,566 — — 136,566 Other assets 246,490 520,899 114,431 (18,416 ) 863,404 Investments in subsidiaries 4,446,309 52,237 — (4,498,546 ) — Intercompany 7,881,306 — — (7,881,306 ) — 14,519,129 12,617,328 452,772 (12,398,268 ) 15,190,961 Lennar Financial Services — 130,184 1,561,525 (2,201 ) 1,689,508 Lennar Multifamily — — 710,725 — 710,725 Rialto — — 1,153,840 — 1,153,840 Total assets $ 14,519,129 12,747,512 3,878,862 (12,400,469 ) 18,745,034 LIABILITIES AND EQUITY Lennar Homebuilding: Accounts payable and other liabilities $ 635,227 1,011,051 294,933 (20,617 ) 1,920,594 Liabilities related to consolidated inventory not owned — 367,220 13,500 — 380,720 Senior notes and other debts payable 6,011,585 394,365 4,053 — 6,410,003 Intercompany — 6,775,719 1,105,587 (7,881,306 ) — 6,646,812 8,548,355 1,418,073 (7,901,923 ) 8,711,317 Lennar Financial Services — 48,700 1,129,114 — 1,177,814 Lennar Multifamily — — 149,715 — 149,715 Rialto — — 720,056 — 720,056 Total liabilities $ 6,646,812 8,597,055 3,416,958 (7,901,923 ) 10,758,902 Stockholders’ equity 7,872,317 4,150,457 348,089 (4,498,546 ) 7,872,317 Noncontrolling interests — — 113,815 — 113,815 Total equity 7,872,317 4,150,457 461,904 (4,498,546 ) 7,986,132 Total liabilities and equity $ 14,519,129 12,747,512 3,878,862 (12,400,469 ) 18,745,034 |
Consolidating Statement of Operations and Comprehensive Income (Loss) | Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended November 30, 2018 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 18,972,723 104,874 — 19,077,597 Lennar Financial Services — 371,063 516,691 (19,923 ) 867,831 Lennar Multifamily — — 421,132 — 421,132 Rialto — — 205,071 — 205,071 Total revenues — 19,343,786 1,247,768 (19,923 ) 20,571,631 Cost and expenses: Lennar Homebuilding — 16,831,780 104,950 143 16,936,873 Lennar Financial Services — 339,211 372,672 (31,482 ) 680,401 Lennar Multifamily — — 429,759 — 429,759 Rialto — — 198,861 (8,448 ) 190,413 Acquisition and integration costs related to CalAtlantic — 152,980 — — 152,980 Corporate general and administrative 336,355 2,417 — 5,162 343,934 Total costs and expenses 336,355 17,326,388 1,106,242 (34,625 ) 18,734,360 Lennar Homebuilding equity in (loss) earnings from unconsolidated entities — (92,317 ) 402 — (91,915 ) Lennar Homebuilding other income, net 14,740 192,951 12,852 (14,702 ) 205,841 Lennar Multifamily equity in earnings from unconsolidated entities and other gain — — 51,322 — 51,322 Rialto equity in earnings from unconsolidated entities — — 25,816 — 25,816 Rialto other expense, net — — (62,058 ) — (62,058 ) Gain on sale of Rialto investment and asset management platform — — 296,407 — 296,407 Earnings (loss) before income taxes (321,615 ) 2,118,032 466,267 — 2,262,684 Benefit (provision) for income taxes 78,249 (498,424 ) (124,996 ) — (545,171 ) Equity in earnings from subsidiaries 1,939,197 93,612 — (2,032,809 ) — Net earnings (including net earnings attributable to noncontrolling interests) 1,695,831 1,713,220 341,271 (2,032,809 ) 1,717,513 Less: Net earnings attributable to noncontrolling interests — — 21,682 — 21,682 Net earnings attributable to Lennar $ 1,695,831 1,713,220 319,589 (2,032,809 ) 1,695,831 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (1,634 ) — (1,634 ) Reclassification adjustments for losses included in net earnings, net of tax — — 234 — 234 Total other comprehensive loss, net of tax — — (1,400 ) — (1,400 ) Total comprehensive income attributable to Lennar $ 1,695,831 1,713,220 318,189 (2,032,809 ) 1,694,431 Total comprehensive earnings attributable to noncontrolling interests $ — — 21,682 — 21,682 Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended November 30, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 11,118,553 81,689 — 11,200,242 Lennar Financial Services — 307,892 482,227 (20,010 ) 770,109 Lennar Multifamily — — 394,906 (135 ) 394,771 Rialto — — 281,243 — 281,243 Total revenues — 11,426,445 1,240,065 (20,145 ) 12,646,365 Cost and expenses: Lennar Homebuilding — 9,676,548 79,338 (3,617 ) 9,752,269 Lennar Financial Services — 280,349 355,147 (20,911 ) 614,585 Lennar Multifamily — — 407,078 — 407,078 Rialto — — 247,762 (213 ) 247,549 Corporate general and administrative 279,490 1,338 — 5,061 285,889 Total costs and expenses 279,490 9,958,235 1,089,325 (19,680 ) 11,307,370 Lennar Homebuilding equity in loss from unconsolidated entities — (61,400 ) (308 ) — (61,708 ) Lennar Homebuilding other income (expense), net (427 ) 17,488 5,248 465 22,774 Lennar Homebuilding loss due to litigation — (140,000 ) — — (140,000 ) Lennar Multifamily equity in earnings from unconsolidated entities — — 85,739 — 85,739 Rialto equity in earnings from unconsolidated entities — — 25,447 — 25,447 Rialto other expense, net — — (81,636 ) — (81,636 ) Earnings (loss) before income taxes (279,917 ) 1,284,298 185,230 — 1,189,611 Benefit (provision) for income taxes 95,228 (427,961 ) (85,124 ) — (417,857 ) Equity in earnings from subsidiaries 995,169 72,104 — (1,067,273 ) — Net earnings (including net loss attributable to noncontrolling interests) 810,480 928,441 100,106 (1,067,273 ) 771,754 Less: Net loss attributable to noncontrolling interests — — (38,726 ) — (38,726 ) Net earnings attributable to Lennar $ 810,480 928,441 138,832 (1,067,273 ) 810,480 Other comprehensive income, net of tax: Net unrealized gain on securities available-for-sale $ — — 1,331 — 1,331 Reclassification adjustments for losses included in net earnings, net of tax $ — — 12 — 12 Total other comprehensive income, net of tax — — 1,343 — 1,343 Total comprehensive income attributable to Lennar $ 810,480 928,441 140,175 (1,067,273 ) 811,823 Total comprehensive loss attributable to noncontrolling interests $ — — (38,726 ) — (38,726 ) Consolidating Statement of Operations and Comprehensive Income (Loss) Year Ended November 30, 2016 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues: Lennar Homebuilding $ — 9,731,122 10,215 — 9,741,337 Lennar Financial Services — 215,737 491,536 (20,018 ) 687,255 Lennar Multifamily — — 287,527 (86 ) 287,441 Rialto — — 233,966 — 233,966 Total revenues — 9,946,859 1,023,244 (20,104 ) 10,949,999 Cost and expenses: Lennar Homebuilding — 8,389,469 23,424 (13,012 ) 8,399,881 Lennar Financial Services — 192,572 340,463 (9,397 ) 523,638 Lennar Multifamily — — 301,786 — 301,786 Rialto — — 230,565 (796 ) 229,769 Corporate general and administrative 226,482 1,019 — 5,061 232,562 Total costs and expenses 226,482 8,583,060 896,238 (18,144 ) 9,687,636 Lennar Homebuilding equity in earnings (loss) from unconsolidated entities — (49,662 ) 387 — (49,275 ) Lennar Homebuilding other income (expense), net (1,922 ) 49,976 2,737 1,960 52,751 Lennar Multifamily equity in earnings from unconsolidated entities — — 85,519 — 85,519 Rialto equity in earnings from unconsolidated entities — — 18,961 — 18,961 Rialto other income, net — — (39,850 ) — (39,850 ) Earnings (loss) before income taxes (228,404 ) 1,364,113 194,760 — 1,330,469 Benefit (provision) for income taxes 71,719 (419,596 ) (69,501 ) — (417,378 ) Equity in earnings from subsidiaries 1,068,529 63,278 — (1,131,807 ) — Net earnings (including earnings attributable to noncontrolling interests) 911,844 1,007,795 125,259 (1,131,807 ) 913,091 Less: Net earnings attributable to noncontrolling interests — — 1,247 — 1,247 Net earnings attributable to Lennar $ 911,844 1,007,795 124,012 (1,131,807 ) 911,844 Other comprehensive loss, net of tax: Net unrealized loss on securities available-for-sale $ — — (295 ) — (295 ) Reclassification adjustments for gains included in net earnings $ — — (53 ) — (53 ) Total other comprehensive loss, net of tax — — (348 ) — (348 ) Total comprehensive income attributable to Lennar $ 911,844 1,007,795 123,664 (1,131,807 ) 911,496 Total comprehensive income attributable to noncontrolling interests $ — — 1,247 — 1,247 |
Consolidating Statement of Cash Flows | Consolidating Statement of Cash Flows Year Ended November 30, 2018 (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) $ 1,695,831 1,713,220 341,271 (2,032,809 ) 1,717,513 Distributions of earnings from guarantor and non-guarantor subsidiaries 1,939,197 93,612 — (2,032,809 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities (1,731,335 ) 598,250 (905,628 ) 2,032,809 (5,904 ) Net cash provided by (used in) operating activities 1,903,693 2,405,082 (564,357 ) (2,032,809 ) 1,711,609 Cash flows from investing activities: Proceeds from sale of operating properties — 38,633 — — 38,633 (Investments in and contributions to) and distributions of capital from unconsolidated entities, net — (94,937 ) 51,906 — (43,031 ) Proceeds from sales of real estate owned — — 32,221 — 32,221 Proceeds from sale of investment in unconsolidated entity — 199,654 25,613 — 225,267 Proceeds from sale of commercial mortgage-backed securities bonds — — 14,222 — 14,222 Proceeds from sale of Rialto investment and asset management platform — — 340,000 — 340,000 Purchases of commercial mortgage-backed securities bonds — — (31,068 ) — (31,068 ) Acquisition, net of cash acquired (1,162,342 ) 22,716 36,351 — (1,103,275 ) Other (56,050 ) (35,982 ) 10,941 — (81,091 ) Distributions of capital from guarantor and non-guarantor subsidiaries 94,987 40,987 — (135,974 ) — Intercompany (728,546 ) — — 728,546 — Net cash (used in) provided by investing activities (1,851,951 ) 171,071 480,186 592,572 (608,122 ) Cash flows from financing activities: Net repayments under unsecured revolving credit facility — (454,700 ) — — (454,700 ) Net (repayments) borrowings under warehouse facilities — (108 ) 273,028 — 272,920 Debt issuance costs (9,189 ) — (5,472 ) — (14,661 ) Redemption of senior notes (1,010,626 ) (89,374 ) — — (1,100,000 ) Conversions and exchanges of convertible senior notes — (59,145 ) — — (59,145 ) Net payments on other borrowings, other liabilities, Rialto Senior Notes and other notes payable — (128,685 ) (294,250 ) — (422,935 ) Net payments related to noncontrolling interests — — (71,449 ) — (71,449 ) Common stock: Issuances 3,061 — — — 3,061 Repurchases (299,833 ) — — — (299,833 ) Dividends (49,159 ) (1,799,207 ) (369,576 ) 2,168,783 (49,159 ) Intercompany — 306,199 422,347 (728,546 ) — Net cash used in financing activities (1,365,746 ) (2,225,020 ) (45,372 ) 1,440,237 (2,195,901 ) Net (decrease) increase in cash and cash equivalents (1,314,004 ) 351,133 (129,543 ) — (1,092,414 ) Cash and cash equivalents at beginning of period 1,937,674 359,087 354,111 — 2,650,872 Cash and cash equivalents at end of period $ 623,670 710,220 224,568 — 1,558,458 Consolidating Statement of Cash Flows Year Ended November 30, 2017 (In thousands) Lennar Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Cash flows from operating activities: Net earnings (including net loss attributable to noncontrolling interests) $ 810,480 928,441 100,106 (1,067,273 ) 771,754 Distributions of earnings from guarantor and non-guarantor subsidiaries 995,169 72,104 — (1,067,273 ) — Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities (739,947 ) (246,983 ) 144,767 1,067,273 225,110 Net cash provided by operating activities 1,065,702 753,562 244,873 (1,067,273 ) 996,864 Cash flows from investing activities: Proceeds from sale of operating properties — 60,326 — — 60,326 Investments in and contributions to unconsolidated entities, net of distributions of capital — (181,101 ) (41,876 ) — (222,977 ) Proceeds from sales of real estate owned — — 86,565 — 86,565 Receipts of principal payments on loans held-for-sale — — 11,251 — 11,251 Originations of loans receivable — — (98,375 ) — (98,375 ) Purchases of commercial mortgage-backed securities bonds — — (107,262 ) — (107,262 ) Acquisition, net of cash acquired (611,103 ) — — — (611,103 ) Other (35,251 ) (49,356 ) 96,365 — 11,758 Distributions of capital from guarantor and non-guarantor subsidiaries 115,000 80,000 — (195,000 ) — Intercompany (865,364 ) — — 865,364 — Net cash used in investing activities (1,396,718 ) (90,131 ) (53,332 ) 670,364 (869,817 ) Cash flows from financing activities: Net repayments under warehouse facilities — (104 ) (199,580 ) — (199,684 ) Proceeds from senior notes and debt issuance costs 2,433,539 — (12,129 ) — 2,421,410 Redemption of senior notes (800,000 ) (258,595 ) — — (1,058,595 ) Net proceeds from Rialto notes payable — — 74,666 — 74,666 Net proceeds on other borrowings — (104,471 ) (4,024 ) — (108,495 ) Proceeds on other liabilities — — 195,541 — 195,541 Net payments related to noncontrolling interests — — (68,586 ) — (68,586 ) Excess tax benefits from share-based awards 1,981 — — — 1,981 Common stock: Issuances 720 — — — 720 Repurchases (27,054 ) — — — (27,054 ) Dividends (37,608 ) (1,018,441 ) (243,832 ) 1,262,273 (37,608 ) Intercompany — 700,197 165,167 (865,364 ) — Net cash provided by (used in) financing activities 1,571,578 (681,414 ) (92,777 ) 396,909 1,194,296 Net increase (decrease) in cash and cash equivalents 1,240,562 (17,983 ) 98,764 — 1,321,343 Cash and cash equivalents at beginning of period 697,112 377,070 255,347 — 1,329,529 Cash and cash equivalents at end of period $ 1,937,674 359,087 354,111 — 2,650,872 Consolidating Statement of Cash Flows Year Ended November 30, 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) $ 911,844 1,007,795 125,259 (1,131,807 ) 913,091 Distributions of earnings from guarantor and non-guarantor subsidiaries 1,068,529 63,278 — (1,131,807 ) — Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities (1,083,418 ) (231,877 ) (221,799 ) 1,131,807 (405,287 ) Net cash provided by (used in) operating activities 896,955 839,196 (96,540 ) (1,131,807 ) 507,804 Cash flows from investing activities: Proceeds from sale of operating properties — 25,288 — — 25,288 (Investments in and contributions to) and distributions of capital from unconsolidated entities, net — (139,533 ) 36,962 — (102,571 ) Proceeds from sales of real estate owned — — 97,871 — 97,871 Receipts of principal payments on loans receivable and other — — 84,433 — 84,433 Originations of loans receivable — — (56,507 ) — (56,507 ) Purchases of commercial mortgage-backed securities bonds — — (42,436 ) — (42,436 ) Other (11,709 ) (56,627 ) (23,579 ) — (91,915 ) Distributions of capital from guarantor and non-guarantor subsidiaries 40,000 34,000 — (74,000 ) — Intercompany (787,185 ) — — 787,185 — Net cash provided by (used in) investing activities (758,894 ) (136,872 ) 96,744 713,185 (85,837 ) Cash flows from financing activities: Net borrowings under warehouse facilities — 116 107,349 — 107,465 Proceeds from senior notes and debt issuance costs 495,974 — (1,690 ) — 494,284 Redemption of senior notes (250,000 ) — — — (250,000 ) Conversions and exchanges of convertible senior notes (234,028 ) — — — (234,028 ) Principal payments on Rialto notes payable including structured notes — — (39,026 ) — (39,026 ) Net payments on other borrowings — (165,463 ) (8,342 ) — (173,805 ) Net payments related to noncontrolling interests — — (127,057 ) — (127,057 ) Excess tax benefits from share-based awards 7,039 — — — 7,039 Common stock: Issuances 19,471 — — — 19,471 Repurchases (19,902 ) — — — (19,902 ) Dividends (35,324 ) (1,047,795 ) (158,012 ) 1,205,807 (35,324 ) Intercompany — 551,840 235,345 (787,185 ) — Net cash provided by (used in) financing activities (16,770 ) (661,302 ) 8,567 418,622 (250,883 ) Net increase in cash and cash equivalents 121,291 41,022 8,771 — 171,084 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 $ 697,112 377,070 255,347 — 1,329,529 |
Quarterly Data (unaudited) (Tab
Quarterly Data (unaudited) (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | First Second Third Fourth (In thousands, except per share amounts) 2018 Revenues $ 2,980,791 5,459,061 5,672,569 6,459,210 Gross profit from sales of homes $ 516,628 840,042 1,057,903 1,274,241 Earnings before income taxes $ 269,428 390,810 565,918 1,036,528 Net earnings attributable to Lennar $ 136,215 310,257 453,211 796,148 Earnings per share: Basic $ 0.53 0.95 1.37 2.42 Diluted $ 0.53 0.94 1.37 2.42 2017 Revenues $ 2,337,428 3,261,892 3,261,476 3,785,569 Gross profit from sales of homes $ 419,165 616,875 650,411 747,502 Earnings before income taxes $ 49,643 309,600 368,385 461,983 Net earnings attributable to Lennar $ 38,080 213,645 249,165 309,590 Earnings per share: Basic $ 0.16 0.89 1.04 1.29 Diluted $ 0.16 0.89 1.04 1.29 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |||||
Nov. 30, 2018USD ($)communitiescommunityhomes | Nov. 30, 2017USD ($)communitiescommunityhomes | Nov. 30, 2016USD ($) | ||||
Segment Reporting Information [Line Items] | ||||||
Advertising costs | $ 72,100,000 | $ 47,000,000 | $ 40,900,000 | |||
Cash held in escrow | $ 926,100,000 | $ 569,800,000 | ||||
Escrow deposit period | 3 days | |||||
Number of active communities | communities | 1,324 | 761 | ||||
Number of communities with potential indicators of impairment | communities | 25 | 10 | ||||
Number of homesites with potential indicators of impairment | homes | 1,121 | 630 | ||||
Carrying value of homesites with potential indicators of impairment | $ 211,300,000 | $ 100,400,000 | ||||
Valuation adjustments for homesites | $ 31,300,000 | $ 7,900,000 | ||||
Number of homesites impaired | homes | 733 | 473 | ||||
Number of communities impaired | community | 6 | 7 | ||||
Trading securities | $ 0 | $ 0 | ||||
Deferred tax assets, valuation allowance | 7,219,000 | 6,423,000 | ||||
Self-insurance reserve | 101,400,000 | 90,200,000 | ||||
Assets | 28,566,181,000 | [1] | 18,745,034,000 | [1] | 15,361,781,000 | |
Liabilities | [2] | 13,883,224,000 | 10,758,902,000 | |||
Variable Interest Entity, Primary Beneficiary | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 666,200,000 | 799,400,000 | ||||
Liabilities | 242,500,000 | $ 389,700,000 | ||||
Operating properties | ||||||
Segment Reporting Information [Line Items] | ||||||
Estimated useful life | 30 years | |||||
Leasehold improvements | ||||||
Segment Reporting Information [Line Items] | ||||||
Estimated useful life | 5 years | |||||
Lennar Financial Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Held-to-maturity securities | 52,490,000 | $ 52,327,000 | ||||
Held-to-maturity securities, term | 3 years | |||||
Available-for-sale securities | 4,161,000 | $ 57,439,000 | ||||
Self-insurance reserve | 60,300,000 | 57,700,000 | ||||
Assets | [1] | 2,346,899,000 | 1,689,508,000 | |||
Liabilities | [2] | 1,537,760,000 | 1,177,814,000 | |||
Loans held-for-investment, net | 70,216,000 | 44,193,000 | ||||
Rialto | ||||||
Segment Reporting Information [Line Items] | ||||||
Held-to-maturity securities | 196,956,000 | 179,659,000 | ||||
Assets | [1] | 894,245,000 | 1,153,840,000 | |||
Liabilities | [2] | 397,950,000 | 720,056,000 | |||
Rialto | Variable Interest Entity, Primary Beneficiary | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | 10,300,000 | 48,800,000 | ||||
Liabilities | 1,000,000 | 2,200,000 | ||||
Lennar Homebuilding | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest incurred | 423,700,000 | 290,300,000 | 281,400,000 | |||
Interest capitalized | 412,500,000 | 283,200,000 | $ 276,800,000 | |||
Assets | [1] | 24,450,818,000 | 15,190,961,000 | |||
Liabilities | [2] | 11,776,898,000 | $ 8,711,317,000 | |||
Minimum | Furniture, Fixtures and Equipment | ||||||
Segment Reporting Information [Line Items] | ||||||
Estimated useful life | 2 years | |||||
Maximum | Furniture, Fixtures and Equipment | ||||||
Segment Reporting Information [Line Items] | ||||||
Estimated useful life | 10 years | |||||
Level 3 | ||||||
Segment Reporting Information [Line Items] | ||||||
Carrying value of homesites impaired | $ 64,600,000 | $ 13,900,000 | ||||
Stock Option Awards | ||||||
Segment Reporting Information [Line Items] | ||||||
Expiration period | 10 years | 10 years | ||||
Discount rate | ||||||
Segment Reporting Information [Line Items] | ||||||
Communities, unobservable inputs | 0.20 | |||||
Discount rate | Minimum | ||||||
Segment Reporting Information [Line Items] | ||||||
Communities, unobservable inputs | 0.10 | |||||
Discount rate | Maximum | ||||||
Segment Reporting Information [Line Items] | ||||||
Communities, unobservable inputs | 0.20 | |||||
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million | |||||
[2] | As of November 30, 2018 , total liabilities include $242.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $11.4 million is included in Lennar Homebuilding accounts payable, $51.9 million in Lennar Homebuilding senior notes and other debts payable, $175.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.6 million in Lennar Homebuilding other liabilities and $1.0 million in Rialto liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $2.2 million |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Unobservable inputs) (Details) | Nov. 30, 2018USD ($)homes | Nov. 30, 2017USD ($)homes |
Average selling price | Level 3 | Discounted Cash Flow Model | Fair Value, Measurements, Nonrecurring | Minimum | ||
Segment Reporting Information [Line Items] | ||
Communities, unobservable inputs | $ | 233,000 | 125,000 |
Average selling price | Level 3 | Discounted Cash Flow Model | Fair Value, Measurements, Nonrecurring | Maximum | ||
Segment Reporting Information [Line Items] | ||
Communities, unobservable inputs | $ | 843,000 | 567,000 |
Absorption rate per quarter (homes) | Level 3 | Discounted Cash Flow Model | Fair Value, Measurements, Nonrecurring | Minimum | ||
Segment Reporting Information [Line Items] | ||
Communities, unobservable inputs | homes | 4 | 4 |
Absorption rate per quarter (homes) | Level 3 | Discounted Cash Flow Model | Fair Value, Measurements, Nonrecurring | Maximum | ||
Segment Reporting Information [Line Items] | ||
Communities, unobservable inputs | homes | 16 | 10 |
Discount rate | ||
Segment Reporting Information [Line Items] | ||
Communities, unobservable inputs | 0.20 | |
Discount rate | Minimum | ||
Segment Reporting Information [Line Items] | ||
Communities, unobservable inputs | 0.10 | |
Discount rate | Maximum | ||
Segment Reporting Information [Line Items] | ||
Communities, unobservable inputs | 0.20 | |
Discount rate | Level 3 | Discounted Cash Flow Model | Fair Value, Measurements, Nonrecurring | Minimum | ||
Segment Reporting Information [Line Items] | ||
Communities, unobservable inputs | 0.20 | |
Discount rate | Level 3 | Discounted Cash Flow Model | Fair Value, Measurements, Nonrecurring | Maximum | ||
Segment Reporting Information [Line Items] | ||
Communities, unobservable inputs | 0.20 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Interest Expense) (Details) - Lennar Homebuilding - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Segment Reporting Information [Line Items] | |||
Other interest expense | $ 11,258 | $ 7,164 | $ 4,626 |
Total interest expense | 316,164 | 277,809 | 245,061 |
Inventory, Homes | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 301,339 | 260,650 | 235,148 |
Inventory, Land | |||
Segment Reporting Information [Line Items] | |||
Interest expense | $ 3,567 | $ 9,995 | $ 5,287 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Schedule Of Warranty Reserve) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Warranty reserve, beginning of year | $ 164,619 | $ 135,403 |
Warranties issued | 175,410 | 109,359 |
Adjustments to pre-existing warranties from changes in estimates | 3,116 | 16,027 |
Standard Product Warranty Accrual, Additions from Business Acquisition | 140,959 | 6,345 |
Payments | (164,995) | (102,515) |
Warranty reserve, end of year | $ 319,109 | $ 164,619 |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies (Loan Origination Liabilities) (Details) - Lennar Financial Services - Loan Origination Liabilities - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Loan Origination Liabilities [Roll Forward] | ||
Loan origination liabilities, beginning of year | $ 22,543 | $ 24,905 |
Provision for losses | 5,787 | 3,861 |
Adjustments to pre-existing provisions for losses from changes in estimates | 4,625 | (4,440) |
Origination liabilities assumed related to CalAtlantic acquisition | 29,959 | 0 |
Payments/settlements | (14,330) | (1,783) |
Loan origination liabilities, end of year | $ 48,584 | $ 22,543 |
Business Acquisition (Narrative
Business Acquisition (Narrative) (Details) $ in Thousands | Feb. 12, 2018USD ($)metropolitan_areastate | Feb. 10, 2017USD ($) | Nov. 30, 2018USD ($) | Nov. 30, 2017USD ($) | Nov. 30, 2016USD ($) | May 31, 2018 | |
Business Acquisition [Line Items] | |||||||
Transaction costs | $ 152,980 | $ 0 | $ 0 | ||||
Lennar Financial Services | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 237,688 | 59,838 | 39,838 | ||||
Lennar Homebuilding | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 3,442,359 | [1] | 136,566 | $ 0 | |||
Interest rate | 7.50% | ||||||
Lennar Homebuilding | 4.125% senior notes due 2022 | |||||||
Business Acquisition [Line Items] | |||||||
Interest rate | 4.125% | ||||||
Senior Notes | Lennar Homebuilding | 4.125% senior notes due 2022 | |||||||
Business Acquisition [Line Items] | |||||||
Interest rate | 4.125% | ||||||
CalAtlantic Group, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Number of metropolitan areas | metropolitan_area | 43 | ||||||
Number of states | state | 19 | ||||||
Goodwill | $ 3,300,000 | ||||||
Revenue since acquisition | $ 7,000,000 | ||||||
Pre-tax earnings since acquisition | 491,300 | ||||||
Transaction costs | $ 153,000 | ||||||
Consideration attributable to cash including fractional shares | 1,162,341 | ||||||
CalAtlantic Group, Inc. | Lennar Financial Services | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 175,400 | ||||||
CalAtlantic Group, Inc. | Lennar Homebuilding | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 3,305,792 | ||||||
CalAtlantic Group, Inc. | Senior Notes | |||||||
Business Acquisition [Line Items] | |||||||
Interest rate | 1.625% | ||||||
WCI Communities, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 156,566 | ||||||
Revenue since acquisition | 494,700 | ||||||
Pre-tax earnings since acquisition | 51,700 | ||||||
Transaction costs | $ 28,100 | ||||||
Consideration attributable to cash including fractional shares | 642,600 | ||||||
WCI Communities, Inc. | Lennar Financial Services | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 20,000 | ||||||
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million |
Business Acquisition (Purchase
Business Acquisition (Purchase Price) (Details) $ in Thousands | Feb. 12, 2018USD ($)shares |
CalAtlantic Group, Inc. | |
Business Acquisition [Line Items] | |
CalAtlantic shares assumed to elect cash conversion (in shares) | shares | 24,083,091 |
CalAtlantic shares assumed to exchange (in shares) | shares | 93,942,788 |
Consideration attributable to cash including fractional shares | $ | $ 1,162,341 |
Total purchase price | $ | $ 6,232,347 |
CalAtlantic Group, Inc. | Class A Common Stock | |
Business Acquisition [Line Items] | |
Exchange ratio for Class A common stock | 0.885 |
Number of shares of common stock to be issued in exchange (in shares) | shares | 83,138,277 |
Consideration attributable to common stock and equity awards (in shares) | $ | $ 4,933,425 |
CalAtlantic Group, Inc. | Class B Common Stock | |
Business Acquisition [Line Items] | |
Exchange ratio for Class A common stock | 0.0177 |
Number of shares of common stock to be issued in exchange (in shares) | shares | 1,662,172 |
Consideration attributable to common stock and equity awards (in shares) | $ | $ 77,823 |
CalAtlantic Group, Inc. | |
Business Acquisition [Line Items] | |
Common stock outstanding (in shares) | shares | 118,025,879 |
Equity Awards Convertible Upon Change in Control | CalAtlantic Group, Inc. | |
Business Acquisition [Line Items] | |
Consideration attributable to common stock and equity awards (in shares) | $ | $ 58,758 |
Business Acquisition (Schedule
Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Feb. 12, 2018 | Feb. 10, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Lennar Homebuilding | ||||||
ASSETS | ||||||
Goodwill | $ 3,442,359 | [1] | $ 136,566 | $ 0 | ||
Lennar Financial Services | ||||||
ASSETS | ||||||
Goodwill | $ 237,688 | $ 59,838 | $ 39,838 | |||
CalAtlantic Group, Inc. | ||||||
ASSETS | ||||||
Goodwill | $ 3,300,000 | |||||
Total assets | 10,676,309 | |||||
LIABILITIES | ||||||
Total liabilities | 4,425,532 | |||||
Noncontrolling interests | 18,430 | |||||
Total purchase price | 6,232,347 | |||||
CalAtlantic Group, Inc. | Lennar Homebuilding | ||||||
ASSETS | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 55,191 | |||||
Inventories | 6,239,147 | |||||
Intangible assets | 8,000 | |||||
Investments in unconsolidated entities | 151,900 | |||||
Goodwill | 3,305,792 | |||||
Other assets | 561,151 | |||||
Total assets | 10,321,181 | |||||
LIABILITIES | ||||||
Accounts payable | 306 | |||||
Senior notes payable and other debts | 3,926,152 | |||||
Other liabilities | 374,656 | |||||
Total liabilities | 4,301,114 | |||||
CalAtlantic Group, Inc. | Lennar Financial Services | ||||||
ASSETS | ||||||
Goodwill | 175,400 | |||||
Total assets | 355,128 | |||||
LIABILITIES | ||||||
Total liabilities | 124,418 | |||||
CalAtlantic Group, Inc. | Homebuilding East | ||||||
ASSETS | ||||||
Goodwill | 1,100,000 | |||||
CalAtlantic Group, Inc. | Homebuilding Central | ||||||
ASSETS | ||||||
Goodwill | 495,000 | |||||
CalAtlantic Group, Inc. | Homebuilding Texas | ||||||
ASSETS | ||||||
Goodwill | 342,200 | |||||
CalAtlantic Group, Inc. | Homebuilding West | ||||||
ASSETS | ||||||
Goodwill | $ 1,400,000 | |||||
CalAtlantic Group, Inc. | Trade Name | Lennar Homebuilding | ||||||
LIABILITIES | ||||||
Amortization period | 6 months | |||||
WCI Communities, Inc. | ||||||
ASSETS | ||||||
Cash and cash equivalents, restricted cash and receivables, net | $ 42,079 | |||||
Inventories | 613,495 | |||||
Intangible assets | 59,283 | |||||
Goodwill | 156,566 | |||||
Deferred tax assets, net | 88,147 | |||||
Other assets | 66,173 | |||||
Total assets | 1,025,743 | |||||
LIABILITIES | ||||||
Accounts payable | 26,735 | |||||
Senior notes payable and other debts | 282,793 | |||||
Other liabilities | 73,593 | |||||
Total liabilities | 383,121 | |||||
Total purchase price | 642,622 | |||||
WCI Communities, Inc. | Lennar Financial Services | ||||||
ASSETS | ||||||
Goodwill | 20,000 | |||||
WCI Communities, Inc. | Homebuilding East | ||||||
ASSETS | ||||||
Goodwill | $ 136,600 | |||||
WCI Communities, Inc. | Non-compete Agreements | ||||||
LIABILITIES | ||||||
Amortization period | 6 months | |||||
WCI Communities, Inc. | Trade Name | ||||||
LIABILITIES | ||||||
Amortization period | 20 years | |||||
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million |
Business Acquisition (Summary o
Business Acquisition (Summary of Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Earnings per share: | |||
Acquisition and integration costs related to CalAtlantic | $ 152,980 | $ 0 | $ 0 |
CalAtlantic Group, Inc. | |||
Business Acquisition [Line Items] | |||
Revenues from home sales | 20,355,615 | 17,471,128 | |
Net earnings | $ 1,693,325 | $ 1,232,917 | |
Earnings per share: | |||
Basic (in shares) | $ 5.19 | $ 3.78 | |
Diluted (in shares) | $ 5.18 | $ 3.75 | |
Acquisition and integration costs related to CalAtlantic | $ 153,000 | ||
Purchase accounting adjustments | $ 414,600 | ||
WCI Communities, Inc. | |||
Earnings per share: | |||
Acquisition and integration costs related to CalAtlantic | $ 28,100 |
Operating and Reporting Segme_3
Operating and Reporting Segments (Narrative) (Details) - Operating Segments - Rialto $ in Millions | Nov. 30, 2018USD ($) |
Segment Reporting Information [Line Items] | |
Limited partnership interests | $ 297.4 |
Investment commitment | $ 71.6 |
Operating And Reporting Segme_4
Operating And Reporting Segments (Schedule of Segment Assets, Investments in Unconsolidated Entities, and Goodwill) (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Feb. 12, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |||
Segment Reporting Information [Line Items] | |||||||
Assets | $ 28,566,181 | [1] | $ 18,745,034 | [1] | $ 15,361,781 | ||
Lennar Homebuilding | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | [1] | 24,450,818 | 15,190,961 | ||||
Investments in unconsolidated entities | 996,926 | [1] | 900,769 | [1] | 811,723 | ||
Goodwill | 3,442,359 | [1] | 136,566 | 0 | |||
Investments in unconsolidated entities | (62,000) | ||||||
Rialto | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | [1] | 894,245 | 1,153,840 | ||||
Investments in unconsolidated entities | 297,379 | 265,418 | |||||
Goodwill | 0 | 5,396 | 5,396 | ||||
Lennar Financial Services | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | [1] | 2,346,899 | 1,689,508 | ||||
Goodwill | 237,688 | 59,838 | 39,838 | ||||
Lennar Multifamily | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | [1] | 874,219 | 710,725 | ||||
Investments in unconsolidated entities | 481,129 | 407,544 | |||||
Operating Segments | Homebuilding East | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 7,183,758 | 3,817,454 | 2,824,403 | ||||
Investments in unconsolidated entities | 76,627 | 68,670 | 62,200 | ||||
Operating Segments | Homebuilding Central | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 2,522,799 | 1,275,623 | 1,014,099 | ||||
Investments in unconsolidated entities | 6,510 | 2,971 | 3,770 | ||||
Operating Segments | Homebuilding Texas | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 2,311,760 | 1,199,971 | 1,229,696 | ||||
Investments in unconsolidated entities | 1,902 | 0 | 41 | ||||
Operating Segments | Homebuilding West | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 10,291,385 | 5,432,485 | 4,565,911 | ||||
Investments in unconsolidated entities | 311,200 | 225,803 | 217,322 | ||||
Operating Segments | Rialto | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 894,245 | 1,153,840 | 1,276,210 | ||||
Investments in unconsolidated entities | 297,379 | 265,418 | 245,741 | ||||
Operating Segments | Lennar Financial Services | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 2,346,899 | 1,689,508 | 1,754,672 | ||||
Operating Segments | Lennar Multifamily | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 874,219 | 710,725 | 526,131 | ||||
Investments in unconsolidated entities | 481,129 | 407,544 | 318,559 | ||||
Homebuilding Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | 1,140,092 | 1,125,160 | 1,044,049 | ||||
Investments in unconsolidated entities | 600,687 | 603,325 | 528,390 | ||||
Corporate and unallocated | |||||||
Segment Reporting Information [Line Items] | |||||||
Assets | $ 1,001,024 | $ 2,340,268 | $ 1,126,610 | ||||
CalAtlantic Group, Inc. | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill | $ 3,300,000 | ||||||
CalAtlantic Group, Inc. | Homebuilding East | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill | 1,100,000 | ||||||
CalAtlantic Group, Inc. | Homebuilding Central | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill | 495,000 | ||||||
CalAtlantic Group, Inc. | Homebuilding Texas | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill | 342,200 | ||||||
CalAtlantic Group, Inc. | Homebuilding West | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill | 1,400,000 | ||||||
CalAtlantic Group, Inc. | Lennar Homebuilding | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill | 3,305,792 | ||||||
CalAtlantic Group, Inc. | Lennar Financial Services | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill | $ 175,400 | ||||||
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million |
Operating and Reporting Segme_5
Operating and Reporting Segments (Schedule of Segment Revenues, Operating Earnings (Loss), General and Administrative Expenses, and Earnings Before Income Taxes) (Details) $ in Thousands | Nov. 30, 2018USD ($) | Jan. 31, 2018 | Nov. 30, 2018USD ($) | Aug. 31, 2018USD ($) | May 31, 2018USD ($) | Feb. 28, 2018USD ($) | Nov. 30, 2017USD ($) | Aug. 31, 2017USD ($) | May 31, 2017USD ($) | Feb. 28, 2017USD ($) | Nov. 30, 2018USD ($)property$ / homes | Nov. 30, 2017USD ($)property$ / homes | Nov. 30, 2016USD ($)property$ / homes |
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues | $ 6,459,210 | $ 5,672,569 | $ 5,459,061 | $ 2,980,791 | $ 3,785,569 | $ 3,261,476 | $ 3,261,892 | $ 2,337,428 | $ 20,571,631 | $ 12,646,365 | $ 10,949,999 | ||
Operating earnings (loss) | 2,463,191 | 1,475,500 | 1,563,031 | ||||||||||
Acquisition and integration costs related to CalAtlantic | 152,980 | 0 | 0 | ||||||||||
Corporate general and administrative expenses | 343,934 | 285,889 | 232,562 | ||||||||||
Earnings (loss) before income taxes | $ 1,036,528 | $ 565,918 | $ 390,810 | $ 269,428 | $ 461,983 | $ 368,385 | $ 309,600 | $ 49,643 | 2,262,684 | 1,189,611 | 1,330,469 | ||
Sales incentives | $ 1,100,000 | $ 665,700 | $ 596,300 | ||||||||||
Sales incentives per home delivered (in USD per share) | $ / homes | 23,500 | 22,700 | 22,500 | ||||||||||
Gain on sale of nonconsolidated entity | $ 164,880 | $ 0 | $ 0 | ||||||||||
Equity in earnings (loss) from unconsolidated entities | (30,518) | 49,478 | 55,205 | ||||||||||
Lennar Financial Services | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues | 867,831 | 770,109 | 687,255 | ||||||||||
Rialto | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues | 205,071 | 281,243 | 233,966 | ||||||||||
Gain on sale of Rialto investment and asset management platform | 296,407 | 0 | 0 | ||||||||||
Equity in earnings (loss) from unconsolidated entities | 25,816 | 25,447 | 18,961 | ||||||||||
Write-off of uncollectible receivables | 96,200 | ||||||||||||
Write-off of uncollectible receivables, net of noncontrolling interest | 44,700 | ||||||||||||
Lennar Multifamily | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues | 421,132 | 394,771 | 287,441 | ||||||||||
Equity in earnings (loss) from unconsolidated entities | 51,322 | 85,739 | 85,519 | ||||||||||
Gain on disposition of assets | $ 61,200 | $ 96,700 | $ 91,000 | ||||||||||
Number of operating properties sold | property | 6 | 7 | 7 | ||||||||||
Lennar Homebuilding | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues | $ 19,077,597 | $ 11,200,242 | $ 9,741,337 | ||||||||||
Loss due to litigation | 0 | 140,000 | 0 | ||||||||||
Equity in earnings (loss) from unconsolidated entities | (91,915) | (61,708) | (49,275) | ||||||||||
Operating Segments | Homebuilding East | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues | 6,249,864 | 4,054,849 | 3,326,550 | ||||||||||
Operating earnings (loss) | 759,221 | 575,701 | 562,075 | ||||||||||
Loss due to litigation | 140,000 | ||||||||||||
Equity in earnings (loss) from unconsolidated entities | (818) | (754) | (230) | ||||||||||
Operating Segments | Homebuilding Central | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues | 2,290,887 | 923,518 | 928,980 | ||||||||||
Operating earnings (loss) | 182,608 | (52,301) | 88,134 | ||||||||||
Equity in earnings (loss) from unconsolidated entities | 691 | (255) | (74) | ||||||||||
Operating Segments | Homebuilding Texas | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues | 2,421,399 | 1,697,731 | 1,543,112 | ||||||||||
Operating earnings (loss) | 172,449 | 180,212 | 170,311 | ||||||||||
Equity in earnings (loss) from unconsolidated entities | 469 | 8 | 364 | ||||||||||
Operating Segments | Homebuilding West | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues | 8,059,850 | 4,447,084 | 3,848,539 | ||||||||||
Operating earnings (loss) | 1,082,302 | 615,916 | 585,873 | ||||||||||
Equity in earnings (loss) from unconsolidated entities | (212) | (13,095) | (2,052) | ||||||||||
Operating Segments | Lennar Financial Services | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues | 867,831 | 770,109 | 687,255 | ||||||||||
Operating earnings (loss) | 187,430 | 155,524 | 163,617 | ||||||||||
Operating Segments | Rialto | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues | 205,071 | 281,243 | 233,966 | ||||||||||
Operating earnings (loss) | (21,584) | (22,495) | (16,692) | ||||||||||
Gain on sale of Rialto investment and asset management platform | $ 296,400 | 296,407 | 0 | 0 | |||||||||
Equity in earnings (loss) from unconsolidated entities | 25,816 | 25,447 | 18,961 | ||||||||||
Operating Segments | Lennar Multifamily | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues | 421,132 | 394,771 | 287,441 | ||||||||||
Operating earnings (loss) | 42,695 | 73,432 | 71,174 | ||||||||||
Equity in earnings (loss) from unconsolidated entities | 51,322 | 85,739 | 85,519 | ||||||||||
Equity in earnings (loss) from disposed unconsolidated entities | 35,600 | 85,700 | 85,500 | ||||||||||
Homebuilding Other | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues | 55,597 | 77,060 | 94,156 | ||||||||||
Operating earnings (loss) | 58,070 | (50,489) | (61,461) | ||||||||||
Equity in earnings (loss) from unconsolidated entities | (92,045) | $ (47,612) | $ (47,283) | ||||||||||
Treasure Island Holdings | Lennar Homebuilding | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Gain on sale of nonconsolidated entity | $ 164,900 | ||||||||||||
Percentage ownership of nonconsolidated entity sold | 80.00% |
Operating and Reporting Segme_6
Operating and Reporting Segments (Schedule of Other Segment Financial Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 161,753 | $ 127,680 | $ 105,735 |
Net additions to (disposals of) operating properties and equipment | 170,394 | 111,773 | 65,608 |
Equity in earnings (loss) from unconsolidated entities | (30,518) | 49,478 | 55,205 |
Lennar Homebuilding | |||
Segment Reporting Information [Line Items] | |||
Total interest expense | 316,164 | 277,809 | 245,061 |
Equity in earnings (loss) from unconsolidated entities | (91,915) | (61,708) | (49,275) |
Rialto | |||
Segment Reporting Information [Line Items] | |||
Equity in earnings (loss) from unconsolidated entities | 25,816 | 25,447 | 18,961 |
Lennar Multifamily | |||
Segment Reporting Information [Line Items] | |||
Equity in earnings (loss) from unconsolidated entities | 51,322 | 85,739 | 85,519 |
Operating Segments | Homebuilding East | |||
Segment Reporting Information [Line Items] | |||
Total interest expense | 98,478 | 85,761 | 76,170 |
Depreciation and amortization | 20,614 | 17,258 | 16,268 |
Net additions to (disposals of) operating properties and equipment | 26,402 | (27) | (10,452) |
Equity in earnings (loss) from unconsolidated entities | (818) | (754) | (230) |
Operating Segments | Homebuilding Central | |||
Segment Reporting Information [Line Items] | |||
Total interest expense | 28,471 | 21,061 | 22,530 |
Depreciation and amortization | 5,285 | 3,879 | 3,727 |
Net additions to (disposals of) operating properties and equipment | 14,677 | 32 | 33 |
Equity in earnings (loss) from unconsolidated entities | 691 | (255) | (74) |
Operating Segments | Homebuilding Texas | |||
Segment Reporting Information [Line Items] | |||
Total interest expense | 32,930 | 34,237 | 33,009 |
Depreciation and amortization | 9,041 | 8,228 | 7,370 |
Net additions to (disposals of) operating properties and equipment | 200 | (40) | 2,340 |
Equity in earnings (loss) from unconsolidated entities | 469 | 8 | 364 |
Operating Segments | Homebuilding West | |||
Segment Reporting Information [Line Items] | |||
Total interest expense | 151,823 | 135,574 | 111,784 |
Depreciation and amortization | 36,013 | 27,403 | 23,391 |
Net additions to (disposals of) operating properties and equipment | 42,525 | 32,995 | 43,479 |
Equity in earnings (loss) from unconsolidated entities | (212) | (13,095) | (2,052) |
Operating Segments | Lennar Financial Services | |||
Segment Reporting Information [Line Items] | |||
Interest income, net | 18,968 | 13,331 | 12,388 |
Depreciation and amortization | 13,437 | 9,992 | 7,667 |
Net additions to (disposals of) operating properties and equipment | 7,703 | 11,185 | 6,218 |
Operating Segments | Rialto | |||
Segment Reporting Information [Line Items] | |||
Total interest expense | 24,312 | 42,004 | 40,303 |
Depreciation and amortization | 5,723 | 5,194 | 7,590 |
Net additions to (disposals of) operating properties and equipment | 6,416 | 4,115 | 1,908 |
Equity in earnings (loss) from unconsolidated entities | 25,816 | 25,447 | 18,961 |
Operating Segments | Lennar Multifamily | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 4,357 | 2,910 | 2,472 |
Net additions to (disposals of) operating properties and equipment | 1,558 | 12,657 | 1,666 |
Equity in earnings (loss) from unconsolidated entities | 51,322 | 85,739 | 85,519 |
Corporate and unallocated | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 66,261 | 50,369 | 34,966 |
Net additions to (disposals of) operating properties and equipment | 55,364 | 40,023 | 12,645 |
Homebuilding Other | |||
Segment Reporting Information [Line Items] | |||
Total interest expense | 4,462 | 1,176 | 1,568 |
Depreciation and amortization | 1,022 | 2,447 | 2,284 |
Net additions to (disposals of) operating properties and equipment | 15,549 | 10,833 | 7,771 |
Equity in earnings (loss) from unconsolidated entities | $ (92,045) | $ (47,612) | $ (47,283) |
Lennar Homebuilding Receivabl_3
Lennar Homebuilding Receivables (Schedule Of Lennar Homebuilding Receivables) (Details) - Lennar Homebuilding - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 115,642 | $ 59,733 |
Mortgage and notes receivable | 123,796 | 80,602 |
Receivable, gross | 239,438 | 140,335 |
Allowance for doubtful accounts | (2,597) | (2,668) |
Receivable, net | $ 236,841 | $ 137,667 |
Lennar Homebuilding Investmen_3
Lennar Homebuilding Investments In Unconsolidated Entities (Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Lennar Homebuilding equity in loss from unconsolidated entities (1) | $ (30,518) | $ 49,478 | $ 55,205 |
Lennar Homebuilding | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 525,931 | 471,899 | 439,874 |
Costs and expenses | 729,700 | 616,217 | 578,831 |
Other income | 186,982 | 23,253 | 0 |
Net earnings of unconsolidated entities | (16,787) | (121,065) | (138,957) |
Lennar Homebuilding equity in loss from unconsolidated entities (1) | $ (91,915) | $ (61,708) | (49,275) |
FivePoint Unconsolidated Entity | Lennar Homebuilding | |||
Schedule of Equity Method Investments [Line Items] | |||
Lennar Homebuilding equity in loss from unconsolidated entities (1) | $ 42,600 | ||
Interest in TRA agreement | 70.00% |
Lennar Homebuilding Investmen_4
Lennar Homebuilding Investments In Unconsolidated Entities (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jan. 31, 2018 | May 31, 2017USD ($) | Nov. 30, 2018USD ($)investment | Aug. 31, 2018USD ($) | May 31, 2018USD ($) | Feb. 28, 2018USD ($) | Nov. 30, 2017USD ($) | Aug. 31, 2017USD ($) | May 31, 2017USD ($) | Feb. 28, 2017USD ($) | Nov. 30, 2018USD ($)investment | Nov. 30, 2017USD ($)homes | Nov. 30, 2016USD ($) | |||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Lennar Homebuilding equity in loss from unconsolidated entities (1) | $ (30,518) | $ 49,478 | $ 55,205 | ||||||||||||||
Additional investment | 405,547 | 430,304 | 425,761 | ||||||||||||||
Gain on sale of nonconsolidated entity | 164,880 | 0 | 0 | ||||||||||||||
Total revenues | $ 6,459,210 | $ 5,672,569 | $ 5,459,061 | $ 2,980,791 | $ 3,785,569 | $ 3,261,476 | $ 3,261,892 | $ 2,337,428 | $ 20,571,631 | 12,646,365 | 10,949,999 | ||||||
FivePoint Unconsolidated Entity | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Additional investment | $ 100,000 | ||||||||||||||||
Ownership percentage | 40.00% | 40.00% | |||||||||||||||
Investments in unconsolidated entities | $ 342,700 | $ 342,700 | |||||||||||||||
Lennar Homebuilding | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Sale of homesites | 169,500 | 226,200 | 130,400 | ||||||||||||||
Lennar Homebuilding equity in loss from unconsolidated entities (1) | (91,915) | (61,708) | (49,275) | ||||||||||||||
Investments in unconsolidated entities | 996,926 | [1] | 900,769 | [1] | 996,926 | [1] | 900,769 | [1] | 811,723 | ||||||||
Underlying equity in unconsolidated partners' net assets | $ 1,300,000 | 1,300,000 | |||||||||||||||
Total revenues | $ 19,077,597 | 11,200,242 | 9,741,337 | ||||||||||||||
Lennar Homebuilding | FivePoint Unconsolidated Entity | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Lennar Homebuilding equity in loss from unconsolidated entities (1) | 42,600 | ||||||||||||||||
Lennar Homebuilding | Unconsolidated Entity One | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Sale of homesites | 11,900 | ||||||||||||||||
Deferred equity in earnings | $ 4,900 | ||||||||||||||||
Lennar Homebuilding | Unconsolidated Entity Two | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Lennar Homebuilding equity in loss from unconsolidated entities (1) | 12,700 | ||||||||||||||||
Lennar Homebuilding | Joint Ventures Previously Managed by FivePoint Communities | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Strategic joint ventures contributed | investment | 3 | 3 | |||||||||||||||
Lennar Homebuilding | Treasure Island Holdings | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Percentage ownership of nonconsolidated entity sold | 80.00% | ||||||||||||||||
Gain on sale of nonconsolidated entity | $ 164,900 | ||||||||||||||||
Variable Interest Entity, Not Primary Beneficiary | Lennar Homebuilding | Unconsolidated Entity One | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Number of properties sold | homes | 475 | ||||||||||||||||
Held-for-sale | Lennar Homebuilding | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Investments in unconsolidated entities | $ 33,300 | $ 33,300 | |||||||||||||||
Fee Income | Lennar Homebuilding | Unconsolidated Entities | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Total revenues | $ 7,000 | $ 4,400 | $ 13,200 | ||||||||||||||
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million |
Lennar Homebuilding Investmen_5
Lennar Homebuilding Investments In Unconsolidated Entities (Balance Sheets) (Details) - USD ($) | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | ||
Lennar Homebuilding | |||||
Assets: | |||||
Cash and cash equivalents | $ 782,565,000 | $ 953,261,000 | |||
Inventories | 4,291,470,000 | 3,751,525,000 | |||
Other assets | 1,251,884,000 | 1,061,507,000 | |||
Assets | 6,325,919,000 | 5,766,293,000 | |||
Liabilities and equity: | |||||
Accounts payable and other liabilities | 875,380,000 | 832,151,000 | |||
Debt | 1,212,274,000 | 737,331,000 | |||
Equity | 4,238,265,000 | 4,196,811,000 | |||
Liabilities and equity | 6,325,919,000 | 5,766,293,000 | |||
Investments in unconsolidated entities | 996,926,000 | [1] | 900,769,000 | [1] | $ 811,723,000 |
Debt issuance costs | 12,402,000 | $ 5,747,000 | |||
Investments in unconsolidated entities | (62,000,000) | ||||
FivePoint Unconsolidated Entity | Senior Notes | |||||
Liabilities and equity: | |||||
Principal amount | $ 500,000,000 | ||||
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million |
Lennar Homebuilding Investmen_6
Lennar Homebuilding Investments In Unconsolidated Entities (Total Debt Of Unconsolidated Entities) (Details) | 12 Months Ended | |
Nov. 30, 2018USD ($)joint_venture | Nov. 30, 2017USD ($)joint_venture | |
Schedule of Equity Method Investments [Line Items] | ||
Number of repayment guarantees | joint_venture | 4 | 3 |
Lennar Homebuilding | ||
Schedule of Equity Method Investments [Line Items] | ||
Non-recourse bank debt and other debt (partner’s share of several recourse) | $ 48,313,000 | $ 64,197,000 |
Non-recourse land seller debt and other debt | 0 | 1,997,000 |
Non-recourse debt with completion guarantees | 239,568,000 | 255,903,000 |
Non-recourse debt without completion guarantees | 871,088,000 | 351,800,000 |
Non-recourse debt to the Company | 1,158,969,000 | 673,897,000 |
The Company’s maximum recourse exposure | 65,707,000 | 69,181,000 |
Debt issuance costs | (12,402,000) | (5,747,000) |
Total debt | $ 1,212,274,000 | $ 737,331,000 |
The Company’s maximum recourse exposure as a % of total JV debt | 5.00% | 9.00% |
FivePoint Unconsolidated Entity | Senior Notes | ||
Schedule of Equity Method Investments [Line Items] | ||
Principal amount | $ 500,000,000 |
Lennar Homebuilding Operating_3
Lennar Homebuilding Operating Properties And Equipment (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 |
Property, Plant and Equipment [Line Items] | ||
Operating properties and equipment, gross | $ 458,659 | $ 319,340 |
Accumulated depreciation and amortization | (138,798) | (104,272) |
Operating properties and equipment, net | 319,861 | 215,068 |
Operating properties | ||
Property, Plant and Equipment [Line Items] | ||
Operating properties and equipment, gross | 255,203 | 188,073 |
Operating properties acquired | 34,000 | |
Operating properties sold | 47,000 | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Operating properties and equipment, gross | 61,990 | 52,185 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Operating properties and equipment, gross | $ 141,466 | $ 79,082 |
Lennar Homebuilding Senior No_3
Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule Of Senior Notes And Other Debts Payable) (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Aug. 31, 2018 | Jun. 30, 2018 | May 31, 2018 | Feb. 12, 2018 | Nov. 30, 2017 | |
Lennar Homebuilding | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | [1] | $ 8,543,868 | $ 6,410,003 | ||||
Interest rate | 7.50% | ||||||
Lennar Homebuilding | 4.125% senior notes due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.125% | ||||||
Lennar Homebuilding | 4.500% senior notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.50% | ||||||
Senior Notes | 4.500% senior notes due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.50% | ||||||
Senior Notes | 4.50% senior notes due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.50% | ||||||
Senior Notes | 6.625% senior notes due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6.625% | ||||||
Senior Notes | 2.95% senior notes due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.95% | ||||||
Senior Notes | 8.375% senior notes due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 8.375% | ||||||
Senior Notes | 4.750% senior notes due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.75% | ||||||
Senior Notes | 6.25% senior notes due December 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6.25% | ||||||
Senior Notes | 5.375% senior notes due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.375% | ||||||
Senior Notes | 4.750% senior notes due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.75% | ||||||
Senior Notes | 4.875% senior notes due December 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.875% | ||||||
Senior Notes | 5.875% senior notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.875% | ||||||
Senior Notes | 4.750% senior notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.75% | ||||||
Senior Notes | 5.25% senior notes due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.25% | ||||||
Senior Notes | 5.00% senior notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.00% | ||||||
Senior Notes | 4.75% senior notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.75% | ||||||
Senior Notes | 4.125% senior notes due December 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.125% | ||||||
Senior Notes | Lennar Homebuilding | 0.25% convertible senior notes due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 1,291 | 0 | |||||
Interest rate | 0.25% | ||||||
Senior Notes | Lennar Homebuilding | 4.500% senior notes due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 499,585 | 498,793 | |||||
Interest rate | 4.50% | ||||||
Senior Notes | Lennar Homebuilding | 4.50% senior notes due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 599,176 | 598,325 | |||||
Interest rate | 4.50% | ||||||
Senior Notes | Lennar Homebuilding | 6.625% senior notes due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 311,735 | 0 | |||||
Interest rate | 6.625% | 6.625% | |||||
Senior Notes | Lennar Homebuilding | 2.95% senior notes due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 298,838 | 298,305 | |||||
Interest rate | 2.95% | ||||||
Senior Notes | Lennar Homebuilding | 8.375% senior notes due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 435,897 | 0 | |||||
Interest rate | 8.375% | 8.375% | |||||
Senior Notes | Lennar Homebuilding | 4.750% senior notes due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 498,111 | 497,329 | |||||
Interest rate | 4.75% | ||||||
Senior Notes | Lennar Homebuilding | 6.25% senior notes due December 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 315,283 | 0 | |||||
Interest rate | 6.25% | 6.25% | |||||
Senior Notes | Lennar Homebuilding | 4.125% senior notes due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 596,894 | 595,904 | |||||
Interest rate | 4.125% | ||||||
Senior Notes | Lennar Homebuilding | 5.375% senior notes due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 261,055 | 0 | |||||
Interest rate | 5.375% | 5.375% | |||||
Senior Notes | Lennar Homebuilding | 4.750% senior notes due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 570,564 | 569,484 | |||||
Interest rate | 4.75% | ||||||
Senior Notes | Lennar Homebuilding | 4.875% senior notes due December 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 395,759 | 394,964 | |||||
Interest rate | 4.875% | ||||||
Senior Notes | Lennar Homebuilding | 4.500% senior notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 646,078 | 645,353 | |||||
Interest rate | 4.50% | ||||||
Senior Notes | Lennar Homebuilding | 5.875% senior notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 452,833 | 0 | |||||
Interest rate | 5.875% | 5.875% | |||||
Senior Notes | Lennar Homebuilding | 4.750% senior notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 497,114 | 496,671 | |||||
Interest rate | 4.75% | ||||||
Senior Notes | Lennar Homebuilding | 5.25% senior notes due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 409,133 | 0 | |||||
Interest rate | 5.25% | 5.25% | |||||
Senior Notes | Lennar Homebuilding | 5.00% senior notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 353,275 | 0 | |||||
Interest rate | 5.00% | 5.00% | |||||
Senior Notes | Lennar Homebuilding | 4.75% senior notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 892,297 | 892,657 | |||||
Interest rate | 4.75% | ||||||
Senior Notes | Lennar Homebuilding | 4.125% senior notes due December 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 0 | 274,459 | |||||
Interest rate | 4.125% | ||||||
Senior Notes | Lennar Homebuilding | 6.95% senior notes due 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 0 | 249,342 | |||||
Interest rate | 6.95% | 6.95% | |||||
Mortgage notes on land and other debt | Lennar Homebuilding | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 508,950 | $ 398,417 | |||||
CalAtlantic Group, Inc. | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 1.625% | ||||||
CalAtlantic Group, Inc. | Senior Notes | 0.25% convertible senior notes due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 0.25% | ||||||
CalAtlantic Group, Inc. | Senior Notes | 6.625% senior notes due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 267,700 | ||||||
CalAtlantic Group, Inc. | Senior Notes | 8.375% senior notes due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | 397,600 | ||||||
CalAtlantic Group, Inc. | Senior Notes | 6.25% senior notes due December 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | 292,000 | ||||||
CalAtlantic Group, Inc. | Senior Notes | 5.375% senior notes due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | 240,800 | ||||||
CalAtlantic Group, Inc. | Senior Notes | 5.875% senior notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | 421,400 | ||||||
CalAtlantic Group, Inc. | Senior Notes | 5.25% senior notes due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | 395,500 | ||||||
CalAtlantic Group, Inc. | Senior Notes | 5.00% senior notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes and other debts payable | $ 347,300 | ||||||
[1] | As of November 30, 2018 , total liabilities include $242.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $11.4 million is included in Lennar Homebuilding accounts payable, $51.9 million in Lennar Homebuilding senior notes and other debts payable, $175.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.6 million in Lennar Homebuilding other liabilities and $1.0 million in Rialto liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $2.2 million |
Lennar Homebuilding Senior No_4
Lennar Homebuilding Senior Notes And Other Debts Payable (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Nov. 30, 2018 | Jun. 30, 2018 | May 31, 2018 | May 31, 2018 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Feb. 28, 2018 | Feb. 12, 2018 | Jan. 31, 2018 | ||
Debt Instrument [Line Items] | |||||||||||
Letters of credit outstanding | $ 763,800,000 | ||||||||||
Mortgages notes on land and other debt retired | $ 138,475,000 | 139,725,000 | $ 210,968,000 | ||||||||
Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Payment of cash to noteholders | $ 59,100,000 | ||||||||||
Principal amount | $ 1,300,000 | $ 1,300,000 | |||||||||
Senior Notes | 4.125% senior notes due December 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 4.125% | 4.125% | |||||||||
Lennar Homebuilding | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior notes and other debts payable | [1] | $ 8,543,868,000 | $ 8,543,868,000 | 6,410,003,000 | |||||||
Interest rate | 7.50% | 7.50% | |||||||||
Minimum required guarantee of debt by subsidiaries to be a guarantor | $ 75,000,000 | ||||||||||
Weighted average interest rate | 3.20% | 3.20% | |||||||||
Lennar Homebuilding | Surety Bond | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding surety bonds | $ 2,700,000,000 | $ 2,700,000,000 | |||||||||
Anticipated future costs to complete site improvements | 1,400,000,000 | $ 1,400,000,000 | |||||||||
Anticipated future costs to complete site improvements as a percent | 52.00% | ||||||||||
Lennar Homebuilding | Unsecured Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowings | $ 2,600,000,000 | $ 2,000,000,000 | |||||||||
Accordion feature | 315,000,000 | $ 315,000,000 | |||||||||
Senior notes and other debts payable | 0 | 0 | 0 | ||||||||
Lennar Homebuilding | Unsecured Revolving Credit Facility | Credit Facility Due in April 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowings | 2,200,000,000 | ||||||||||
Lennar Homebuilding | Unsecured Revolving Credit Facility | Credit Facility Due in June 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowings | 70,000,000 | ||||||||||
Lennar Homebuilding | Unsecured Revolving Credit Facility | Credit Facility Due in June 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowings | $ 50,000,000 | ||||||||||
Lennar Homebuilding | Letters of Credit | Letters of Credit Available for Issuance Under Unsecured Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowings | 500,000,000 | 500,000,000 | |||||||||
Lennar Homebuilding | Letters of Credit | Letters of Credit Available for Issuance from Other Financial Institutions | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowings | 285,000,000 | 285,000,000 | |||||||||
Lennar Homebuilding | Performance Letters Of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letters of credit outstanding | 598,400,000 | 598,400,000 | 384,400,000 | ||||||||
Lennar Homebuilding | Financial Letters Of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letters of credit outstanding | 165,400,000 | 165,400,000 | 127,400,000 | ||||||||
Lennar Homebuilding | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance costs | 31,200,000 | 31,200,000 | 33,500,000 | ||||||||
Lennar Homebuilding | Senior Notes | 0.25% convertible senior notes due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior notes and other debts payable | $ 1,291,000 | $ 1,291,000 | 0 | ||||||||
Principal amount | $ 1,300,000 | ||||||||||
Interest rate | 0.25% | 0.25% | |||||||||
Lennar Homebuilding | Senior Notes | 4.125% senior notes due December 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior notes and other debts payable | $ 0 | $ 0 | 274,459,000 | ||||||||
Interest rate | 4.125% | 4.125% | |||||||||
Principal amount | $ 275,000,000 | $ 275,000,000 | |||||||||
Redemption price percentage | 100.00% | ||||||||||
Lennar Homebuilding | Senior Notes | 8.375% senior notes due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 8.375% | 8.375% | |||||||||
Redemption price percentage | 100.00% | ||||||||||
Lennar Homebuilding | Senior Notes | 6.95% senior notes due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior notes and other debts payable | $ 0 | $ 0 | 249,342,000 | ||||||||
Interest rate | 6.95% | 6.95% | 6.95% | ||||||||
Principal amount | $ 250,000,000 | ||||||||||
Redemption price percentage | 100.00% | ||||||||||
Lennar Homebuilding | Mortgage notes on land and other debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior notes and other debts payable | $ 508,950,000 | $ 508,950,000 | 398,417,000 | ||||||||
Mortgages notes on land and other debt retired | $ 128,300,000 | $ 139,700,000 | |||||||||
CalAtlantic Group, Inc. | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 1.625% | 1.625% | |||||||||
Debt converted | $ 6,700,000 | ||||||||||
CalAtlantic Group, Inc. | Senior Notes | 0.25% convertible senior notes due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 0.25% | 0.25% | |||||||||
Debt converted | $ 266,200,000 | ||||||||||
CalAtlantic Group, Inc. | Senior Notes | 8.375% senior notes due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior notes and other debts payable | $ 485,600,000 | ||||||||||
Principal amount | $ 575,000,000 | $ 575,000,000 | |||||||||
Class A Common Stock | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Shares issued upon conversion of convertible debt (in shares) | 3,654,000 | ||||||||||
Class B Common Stock | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Shares issued upon conversion of convertible debt (in shares) | 72,000 | ||||||||||
[1] | As of November 30, 2018 , total liabilities include $242.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $11.4 million is included in Lennar Homebuilding accounts payable, $51.9 million in Lennar Homebuilding senior notes and other debts payable, $175.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.6 million in Lennar Homebuilding other liabilities and $1.0 million in Rialto liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $2.2 million |
Lennar Homebuilding Senior No_5
Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule of Senior and Convertible Senior Notes) (Details) - USD ($) | 1 Months Ended | 4 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Mar. 31, 2016 | Nov. 30, 2015 | Apr. 30, 2015 | Feb. 28, 2014 | Feb. 28, 2015 | Apr. 30, 2013 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Feb. 12, 2018 | |
Debt Instrument [Line Items] | |||||||||||||
Net Proceeds | $ 0 | $ 2,450,000,000 | $ 499,024,000 | ||||||||||
Lennar Homebuilding | Senior Notes | 0.25% convertible senior notes due 2019 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 1,300,000 | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2019 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 500,000,000 | ||||||||||||
Net Proceeds | 495,725,000 | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2019 issued at a price of 100% | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 400,000,000 | ||||||||||||
Price | 100.00% | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2019 issued at a price of 100.5% | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 100,000,000 | ||||||||||||
Price | 100.50% | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.50% senior notes due 2019 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 600,000,000 | ||||||||||||
Net Proceeds | 595,801,000 | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.50% senior notes due 2019 issued at a price of 100% | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 350,000,000 | ||||||||||||
Price | 100.00% | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.50% senior notes due 2019 issued at a price of 100.25% | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 250,000,000 | ||||||||||||
Price | 100.25% | ||||||||||||
Lennar Homebuilding | Senior Notes | 6.625% senior notes due 2020 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | 300,000,000 | ||||||||||||
Lennar Homebuilding | Senior Notes | 2.95% senior notes due 2020 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 300,000,000 | $ 300,000,000 | |||||||||||
Net Proceeds | $ 298,800,000 | ||||||||||||
Price | 100.00% | 100.00% | |||||||||||
Lennar Homebuilding | Senior Notes | 8.375% senior notes due 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | 400,000,000 | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 500,000,000 | ||||||||||||
Net Proceeds | $ 495,974,000 | ||||||||||||
Price | 100.00% | ||||||||||||
Lennar Homebuilding | Senior Notes | 6.25% senior notes due December 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | 300,000,000 | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.125% senior notes due 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 600,000,000 | ||||||||||||
Net Proceeds | $ 595,160,000 | ||||||||||||
Price | 100.00% | ||||||||||||
Lennar Homebuilding | Senior Notes | 5.375% senior notes due 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | 250,000,000 | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 575,000,000 | ||||||||||||
Net Proceeds | 567,585,000 | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2022 issued at a price of 100% | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 350,000,000 | ||||||||||||
Price | 100.00% | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2022 issued at a price of 98.073% | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 175,000,000 | ||||||||||||
Price | 98.073% | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2022 issued at a price of 98.250% | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 50,000,000 | ||||||||||||
Price | 98.25% | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.875% senior notes due December 2023 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 400,000,000 | ||||||||||||
Net Proceeds | $ 393,622,000 | ||||||||||||
Price | 99.169% | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2024 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 650,000,000 | ||||||||||||
Net Proceeds | $ 644,838,000 | ||||||||||||
Price | 100.00% | ||||||||||||
Lennar Homebuilding | Senior Notes | 5.875% senior notes due 2024 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | 425,000,000 | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 500,000,000 | ||||||||||||
Net Proceeds | $ 495,528,000 | ||||||||||||
Price | 100.00% | ||||||||||||
Lennar Homebuilding | Senior Notes | 5.25% senior notes due 2026 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | 400,000,000 | ||||||||||||
Lennar Homebuilding | Senior Notes | 5.00% senior notes due 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 350,000,000 | ||||||||||||
Lennar Homebuilding | Senior Notes | 4.75% senior notes due 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal Amount | $ 900,000,000 | $ 900,000,000 | |||||||||||
Net Proceeds | $ 894,650,000 | ||||||||||||
Price | 100.00% | 100.00% |
Lennar Homebuilding Senior No_6
Lennar Homebuilding Senior Notes And Other Debts Payable (Schedule Of Maturities Of Senior Notes And Other Debts Payable) (Details) - Lennar Homebuilding $ in Thousands | Nov. 30, 2018USD ($) |
Segment Reporting Information [Line Items] | |
2,019 | $ 1,270,534 |
2,020 | 738,921 |
2,021 | 973,451 |
2,022 | 1,745,130 |
2,023 | 64,366 |
Thereafter | $ 3,674,746 |
Lennar Financial Services Seg_3
Lennar Financial Services Segment (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |||
Assets: | |||||||
Cash and cash equivalents | $ 1,558,458 | $ 2,650,872 | $ 1,329,529 | $ 1,158,445 | |||
Total assets | 28,566,181 | [1] | 18,745,034 | [1] | 15,361,781 | ||
Liabilities: | |||||||
Total liabilities | [2] | 13,883,224 | 10,758,902 | ||||
Self insurance reserve | 101,400 | 90,200 | |||||
Lennar Financial Services | |||||||
Assets: | |||||||
Cash and cash equivalents | 185,990 | 117,410 | |||||
Restricted cash | 15,251 | 12,006 | |||||
Receivables, net | 512,732 | 313,252 | |||||
Loans held-for-sale | 1,152,198 | 937,516 | |||||
Loans held-for-investment, net | 70,216 | 44,193 | |||||
Investments held-to-maturity | 52,490 | 52,327 | |||||
Investments available-for-sale | 4,161 | 57,439 | |||||
Goodwill | 237,688 | 59,838 | $ 39,838 | ||||
Other assets | 116,173 | 95,527 | |||||
Total assets | [1] | 2,346,899 | 1,689,508 | ||||
Liabilities: | |||||||
Notes and other debts payable | 1,256,174 | 937,431 | |||||
Other liabilities | 281,586 | 240,383 | |||||
Total liabilities | [2] | 1,537,760 | 1,177,814 | ||||
Self insurance reserve | 60,300 | 57,700 | |||||
Lennar Financial Services | Mortgage servicing rights | |||||||
Liabilities: | |||||||
Mortgage servicing rights | 37,200 | 31,200 | |||||
Lennar Financial Services | Mortgage loan commitments | |||||||
Liabilities: | |||||||
Other assets | 16,400 | 9,900 | |||||
Lennar Financial Services | Forward contracts | |||||||
Liabilities: | |||||||
Other assets | $ (10,400) | $ 1,700 | |||||
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million | ||||||
[2] | As of November 30, 2018 , total liabilities include $242.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $11.4 million is included in Lennar Homebuilding accounts payable, $51.9 million in Lennar Homebuilding senior notes and other debts payable, $175.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.6 million in Lennar Homebuilding other liabilities and $1.0 million in Rialto liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $2.2 million |
Lennar Financial Services Seg_4
Lennar Financial Services Segment (Warehouse Repurchase Facilities) (Details) - Lennar Financial Services - Warehouse Repurchase Facility | 12 Months Ended |
Nov. 30, 2018USD ($) | |
Line of Credit Facility [Line Items] | |
Maximum Aggregate Commitment | $ 1,900,000,000 |
Warehouse repurchase facility that matures December 2018 | |
Line of Credit Facility [Line Items] | |
Maximum Aggregate Commitment | $ 400,000,000 |
Warehouse repurchase facility term | 364 days |
Maximum Aggregate Commitment, uncommitted amount | $ 250,000,000 |
Warehouse repurchase facility that matures March 2019 | |
Line of Credit Facility [Line Items] | |
Maximum Aggregate Commitment | $ 300,000,000 |
Warehouse repurchase facility term | 364 days |
Maximum Aggregate Commitment, uncommitted amount | $ 300,000,000 |
Warehouse repurchase facility that matures June 2019 | |
Line of Credit Facility [Line Items] | |
Maximum Aggregate Commitment | $ 700,000,000 |
Warehouse repurchase facility term | 364 days |
Warehouse repurchase facility that matures October 2019 | |
Line of Credit Facility [Line Items] | |
Maximum Aggregate Commitment | $ 500,000,000 |
Warehouse repurchase facility term | 364 days |
Maximum Aggregate Commitment, uncommitted amount | $ 400,000,000 |
Lennar Financial Services Seg_5
Lennar Financial Services Segment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 30, 2018 | Nov. 30, 2017 | Feb. 10, 2017 | Nov. 30, 2016 | |
Lennar Financial Services | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | $ 237,688 | $ 59,838 | $ 39,838 | |
Borrowings under facilities | 1,256,174 | 937,431 | ||
Collateralized loans | 1,300,000 | 974,100 | ||
Lennar Financial Services | Warehouse Repurchase Facility | ||||
Segment Reporting Information [Line Items] | ||||
Borrowings under facilities | $ 1,300,000 | $ 937,200 | ||
Interest rate | 4.50% | |||
WCI Communities, Inc. | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | $ 156,566 | |||
WCI Communities, Inc. | Lennar Financial Services | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | $ 20,000 |
Lennar Multifamily Segment (Ass
Lennar Multifamily Segment (Assets and Liabilities Related to the Multifamily Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | ||||
Segment Reporting Information [Line Items] | |||||||
Distributions of capital from unconsolidated entities | $ 362,516 | $ 207,327 | $ 323,190 | ||||
Assets: | |||||||
Cash and cash equivalents | 1,558,458 | 2,650,872 | 1,329,529 | $ 1,158,445 | |||
Total assets | 28,566,181 | [1] | 18,745,034 | [1] | $ 15,361,781 | ||
Liabilities: | |||||||
Total liabilities | [2] | 13,883,224 | 10,758,902 | ||||
Lennar Multifamily | |||||||
Assets: | |||||||
Cash and cash equivalents | 7,832 | 8,676 | |||||
Receivables, net | 73,829 | 69,678 | |||||
Land under development | 277,894 | 208,618 | |||||
Investments in unconsolidated entities | 481,129 | 407,544 | |||||
Other assets | 33,535 | 16,209 | |||||
Total assets | [1] | 874,219 | 710,725 | ||||
Liabilities: | |||||||
Accounts payable and other liabilities | 170,616 | 149,715 | |||||
Total liabilities | [2] | $ 170,616 | $ 149,715 | ||||
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million | ||||||
[2] | As of November 30, 2018 , total liabilities include $242.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $11.4 million is included in Lennar Homebuilding accounts payable, $51.9 million in Lennar Homebuilding senior notes and other debts payable, $175.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.6 million in Lennar Homebuilding other liabilities and $1.0 million in Rialto liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $2.2 million |
Lennar Multifamily Segment (Nar
Lennar Multifamily Segment (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2018USD ($)apartment | Aug. 31, 2018USD ($) | May 31, 2018USD ($) | Feb. 28, 2018USD ($) | Nov. 30, 2017USD ($) | Aug. 31, 2017USD ($) | May 31, 2017USD ($) | Feb. 28, 2017USD ($) | Nov. 30, 2018USD ($)apartmentassetproperty | Nov. 30, 2017USD ($)property | Nov. 30, 2016USD ($)property | |
Segment Reporting Information [Line Items] | |||||||||||
Letters of credit outstanding | $ 763,800 | $ 763,800 | |||||||||
Total revenues | $ 6,459,210 | $ 5,672,569 | $ 5,459,061 | $ 2,980,791 | 3,785,569 | $ 3,261,476 | $ 3,261,892 | $ 2,337,428 | $ 20,571,631 | 12,646,365 | $ 10,949,999 |
Distributions of capital from unconsolidated entities | $ 362,516 | $ 207,327 | $ 323,190 | ||||||||
Lennar Multifamily | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of operating properties sold | property | 6 | 7 | 7 | ||||||||
Unconsolidated entities non-recourse debt with completion guarantees | 1,000,000 | 896,700 | $ 1,000,000 | $ 896,700 | |||||||
Total revenues | 421,132 | 394,771 | $ 287,441 | ||||||||
Investments in unconsolidated entities | 481,129 | 407,544 | 481,129 | 407,544 | |||||||
Lennar Multifamily | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Remaining equity commitment | 237,000 | 153,300 | 237,000 | 153,300 | |||||||
Lennar Multifamily | Lennar Multifamily Venture | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total equity commitments | 2,200,000 | 2,200,000 | |||||||||
Equity commitments | 504,000 | 504,000 | |||||||||
Equity commitments called | 384,300 | ||||||||||
Equity commitment called | 90,100 | ||||||||||
Distributions of capital from unconsolidated entities | 18,000 | ||||||||||
Equity commitments called | 1,800,000 | 1,800,000 | |||||||||
Funds contributed by the company | 440,800 | 440,800 | |||||||||
Investments in unconsolidated entities | 383,400 | 323,800 | 383,400 | 323,800 | |||||||
Lennar Multifamily | Lennar Multifamily Venture | Variable Interest Entity, Not Primary Beneficiary | Equity Commitments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Remaining equity commitment | 63,200 | 63,200 | |||||||||
Lennar Multifamily | Lennar Multifamily Venture II LP | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total equity commitments | 787,000 | 787,000 | |||||||||
Equity commitments | 255,000 | 255,000 | |||||||||
Equity commitments called | 252,100 | ||||||||||
Equity commitment called | 81,200 | ||||||||||
Equity commitment, inventory and cash contributions | 188,400 | ||||||||||
Distributions of capital from unconsolidated entities | 107,200 | ||||||||||
Remaining equity commitment | 173,800 | 173,800 | |||||||||
Investments in unconsolidated entities | $ 63,000 | $ 63,000 | |||||||||
Number of assets seeded | asset | 8 | ||||||||||
Number of apartments | apartment | 3,000 | 3,000 | |||||||||
Projected project costs | $ 1,300,000 | $ 1,300,000 | |||||||||
Lennar Multifamily | Financial Letters Of Credit | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Letters of credit outstanding | $ 4,600 | $ 4,700 | 4,600 | 4,700 | |||||||
Fee Income | Lennar Multifamily | Unconsolidated Entities | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 48,800 | 53,800 | 38,500 | ||||||||
General Contractor | Lennar Multifamily | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 353,200 | 341,000 | 237,100 | ||||||||
Costs | $ 338,700 | $ 330,400 | $ 228,600 |
Lennar Multifamily Segment (Con
Lennar Multifamily Segment (Condensed Financial Information by Equity Method Investment) (Details) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018USD ($)property | Nov. 30, 2017USD ($)property | Nov. 30, 2016USD ($)property | |
Statement of Operations | |||
Lennar Homebuilding equity in loss from unconsolidated entities (1) | $ (30,518) | $ 49,478 | $ 55,205 |
Lennar Multifamily | |||
Assets: | |||
Cash and cash equivalents | 61,571 | 37,073 | |
Operating properties and equipment | 3,708,613 | 2,952,070 | |
Other assets | 40,899 | 36,772 | |
Assets | 3,811,083 | 3,025,915 | |
Liabilities and equity: | |||
Accounts payable and other liabilities | 199,119 | 212,123 | |
Notes payable (1) | 1,381,656 | 879,047 | |
Equity | 2,230,308 | 1,934,745 | |
Liabilities and equity | 3,811,083 | 3,025,915 | |
Investments in unconsolidated entities | 481,129 | 407,544 | |
Debt issuance costs | 15,700 | 17,600 | |
Statement of Operations | |||
Revenues | 117,985 | 67,578 | 45,287 |
Costs and expenses | 172,089 | 108,610 | 68,976 |
Other income | 93,778 | 207,793 | 191,385 |
Net earnings of unconsolidated entities | 39,674 | 166,761 | 167,696 |
Lennar Homebuilding equity in loss from unconsolidated entities (1) | 51,322 | 85,739 | 85,519 |
Gain on disposition of assets | 61,200 | $ 96,700 | $ 91,000 |
Recognition of deferred development fees | $ 15,700 | ||
Number of operating properties sold | property | 6 | 7 | 7 |
Rialto Segment (Assets And Liab
Rialto Segment (Assets And Liabilities Related To The Rialto Segment) (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |||
Assets: | |||||||
Cash and cash equivalents | $ 1,558,458 | $ 2,650,872 | $ 1,329,529 | $ 1,158,445 | |||
Total assets | 28,566,181 | [1] | 18,745,034 | [1] | $ 15,361,781 | ||
Liabilities: | |||||||
Total liabilities | [2] | 13,883,224 | 10,758,902 | ||||
Rialto | |||||||
Assets: | |||||||
Cash and cash equivalents | 26,829 | 241,861 | |||||
Restricted cash | 9,868 | 22,466 | |||||
Receivables, net | 218,437 | 0 | |||||
Loans held-for-sale | 61,691 | 236,018 | |||||
Real estate owned, net | 25,632 | 86,047 | |||||
Investments in unconsolidated entities | 297,379 | 265,418 | |||||
Investments held-to-maturity | 196,956 | 179,659 | |||||
Other assets | 57,453 | 122,371 | |||||
Total assets | [1] | 894,245 | 1,153,840 | ||||
Liabilities: | |||||||
Notes and other debts payable | 317,016 | 625,081 | |||||
Other liabilities | 80,934 | 94,975 | |||||
Total liabilities | [2] | 397,950 | $ 720,056 | ||||
7.00% Senior Notes due 2018 | Senior Notes | Rialto | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest rate | 7.00% | ||||||
Warehouse Repurchase Facility | Rialto | |||||||
Liabilities: | |||||||
Notes and other debts payable | $ 178,800 | $ 162,100 | |||||
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million | ||||||
[2] | As of November 30, 2018 , total liabilities include $242.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $11.4 million is included in Lennar Homebuilding accounts payable, $51.9 million in Lennar Homebuilding senior notes and other debts payable, $175.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.6 million in Lennar Homebuilding other liabilities and $1.0 million in Rialto liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $2.2 million |
Rialto Segment (Narrative) (Det
Rialto Segment (Narrative) (Details) | Nov. 30, 2018USD ($) | Nov. 30, 2018USD ($) | Aug. 31, 2018USD ($) | May 31, 2018USD ($) | Feb. 28, 2018USD ($) | Nov. 30, 2017USD ($) | Aug. 31, 2017USD ($) | May 31, 2017USD ($) | Feb. 28, 2017USD ($) | Nov. 30, 2018USD ($)transaction | Nov. 30, 2017USD ($)transaction | Nov. 30, 2016USD ($) | ||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | $ 28,566,181,000 | [1] | $ 28,566,181,000 | [1] | $ 18,745,034,000 | [1] | $ 28,566,181,000 | [1] | $ 18,745,034,000 | [1] | $ 15,361,781,000 | |||||||
Liabilities | [2] | 13,883,224,000 | 13,883,224,000 | 10,758,902,000 | 13,883,224,000 | 10,758,902,000 | ||||||||||||
Origination of loans | 98,375,000 | 56,507,000 | ||||||||||||||||
Total revenues | 6,459,210,000 | $ 5,672,569,000 | $ 5,459,061,000 | $ 2,980,791,000 | 3,785,569,000 | $ 3,261,476,000 | $ 3,261,892,000 | $ 2,337,428,000 | 20,571,631,000 | 12,646,365,000 | 10,949,999,000 | |||||||
Distributions of earnings from unconsolidated entities | 113,096,000 | 137,669,000 | 101,965,000 | |||||||||||||||
Variable Interest Entity, Primary Beneficiary | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 666,200,000 | 666,200,000 | 799,400,000 | 666,200,000 | 799,400,000 | |||||||||||||
Liabilities | 242,500,000 | 242,500,000 | 389,700,000 | 242,500,000 | 389,700,000 | |||||||||||||
Rialto | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | [1] | 894,245,000 | 894,245,000 | 1,153,840,000 | 894,245,000 | 1,153,840,000 | ||||||||||||
Liabilities | [2] | 397,950,000 | 397,950,000 | 720,056,000 | 397,950,000 | 720,056,000 | ||||||||||||
Gain on sale of Rialto investment and asset management platform | 296,407,000 | 0 | 0 | |||||||||||||||
Borrowings under facilities | $ 317,016,000 | $ 317,016,000 | 625,081,000 | $ 317,016,000 | 625,081,000 | |||||||||||||
Percentage interest in loans | 75.00% | 75.00% | 75.00% | |||||||||||||||
Total revenues | $ 205,071,000 | 281,243,000 | 233,966,000 | |||||||||||||||
Investments held-to-maturity | $ 196,956,000 | $ 196,956,000 | $ 179,659,000 | 196,956,000 | $ 179,659,000 | |||||||||||||
Rialto | Senior Notes | 7.00% Senior Notes due 2018 | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Interest rate | 7.00% | 7.00% | ||||||||||||||||
Outstanding borrowings | $ 349,400,000 | $ 349,400,000 | ||||||||||||||||
Rialto | Warehouse Repurchase Facility | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Borrowings under facilities | 178,800,000 | 178,800,000 | 162,100,000 | 178,800,000 | 162,100,000 | |||||||||||||
Borrowings under facilities that finance loan originations and securitization activities | 178,800,000 | 178,800,000 | 162,100,000 | 178,800,000 | 162,100,000 | |||||||||||||
Rialto | Rialto Mortgage Finance | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Origination of loans | 1,400,000,000 | 1,700,000,000 | ||||||||||||||||
Loans sold | $ 1,500,000,000 | $ 1,500,000,000 | ||||||||||||||||
Number of securitizations | transaction | 16 | 12 | ||||||||||||||||
Receivables from securitization | 218,400,000 | 218,400,000 | 0 | $ 218,400,000 | $ 0 | |||||||||||||
Rialto | Rialto Mortgage Finance | Accrual Loans | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Origination of loans | 98,400,000 | |||||||||||||||||
Rialto | Rialto Mortgage Finance | Loans held-for-sale | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Origination of loans | 1,600,000,000 | |||||||||||||||||
Rialto | Commercial Mortgage-Backed Securities | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Investments held-to-maturity | 197,000,000 | 197,000,000 | 179,700,000 | 197,000,000 | 179,700,000 | |||||||||||||
Impairment charges | 0 | 0 | ||||||||||||||||
Other-than-temporary Impairment Loss, Debt Securities, Held-to-maturity, before Tax | $ 0 | |||||||||||||||||
Rialto | Commercial Mortgage-Backed Securities | Maximum | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Discount rate | 84.00% | |||||||||||||||||
Coupon rate | 5.00% | |||||||||||||||||
Rialto | Commercial Mortgage-Backed Securities | Minimum | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Discount rate | 9.00% | |||||||||||||||||
Coupon rate | 1.30% | |||||||||||||||||
Rialto | Variable Interest Entity, Primary Beneficiary | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 10,300,000 | 10,300,000 | 48,800,000 | $ 10,300,000 | 48,800,000 | |||||||||||||
Liabilities | 1,000,000 | 1,000,000 | 2,200,000 | 1,000,000 | 2,200,000 | |||||||||||||
Rialto | Rialto Real Estate Fund, LP | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Distributions of earnings from unconsolidated entities | 12,700,000 | 36,800,000 | ||||||||||||||||
Advanced Distributions | Rialto | Real Estate Funds | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 12,800,000 | 7,300,000 | 10,100,000 | |||||||||||||||
Operating Segments | Rialto | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Assets | 894,245,000 | 894,245,000 | $ 1,153,840,000 | 894,245,000 | 1,153,840,000 | 1,276,210,000 | ||||||||||||
Gain on sale of Rialto investment and asset management platform | 296,400,000 | 296,407,000 | 0 | 0 | ||||||||||||||
Limited partnership interests | 297,400,000 | 297,400,000 | 297,400,000 | |||||||||||||||
Investment commitment | $ 71,600,000 | $ 71,600,000 | 71,600,000 | |||||||||||||||
Total revenues | $ 205,071,000 | $ 281,243,000 | $ 233,966,000 | |||||||||||||||
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million | |||||||||||||||||
[2] | As of November 30, 2018 , total liabilities include $242.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $11.4 million is included in Lennar Homebuilding accounts payable, $51.9 million in Lennar Homebuilding senior notes and other debts payable, $175.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.6 million in Lennar Homebuilding other liabilities and $1.0 million in Rialto liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $2.2 million |
Rialto Segment (Schedule of Cre
Rialto Segment (Schedule of Credit Facilities) (Details) - Rialto | 12 Months Ended | |
Nov. 30, 2018USD ($)extension | Nov. 30, 2017USD ($) | |
Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum Aggregate Commitment | $ 900,000,000 | |
364-day warehouse repurchase facility that matures November 2019 | ||
Line of Credit Facility [Line Items] | ||
Warehouse repurchase facility term | 364 days | |
364-day warehouse repurchase facility that matures November 2019 | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum Aggregate Commitment | $ 200,000,000 | |
364-day warehouse repurchase facility that matures December 2019 | ||
Line of Credit Facility [Line Items] | ||
Warehouse repurchase facility term | 364 days | |
364-day warehouse repurchase facility that matures December 2019 | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum Aggregate Commitment | $ 200,000,000 | |
364-day warehouse repurchase facility that matures December 2019 | ||
Line of Credit Facility [Line Items] | ||
Warehouse repurchase facility term | 364 days | |
364-day warehouse repurchase facility that matures December 2019 | ||
Line of Credit Facility [Line Items] | ||
Warehouse repurchase facility term | 364 days | |
364-day warehouse repurchase facility that matures December 2019 | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum Aggregate Commitment | $ 200,000,000 | |
Warehouse repurchase facility that matures December 2019 (two - one year extensions) | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum Aggregate Commitment | $ 50,000,000 | |
Warehouse repurchase facility extension term | 1 year | |
Warehouse repurchase facility number of extensions | extension | 2 | |
Borrowings under facility | $ 0 | $ 0 |
Rialto Mortgage Finance | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum Aggregate Commitment | 850,000,000 | |
Rialto Mortgage Finance | 364-day warehouse repurchase facility that matures December 2019 | Warehouse Repurchase Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum Aggregate Commitment | $ 250,000,000 |
Rialto Segment (Condensed Finan
Rialto Segment (Condensed Financial Information By Equity Method Investment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Statement of Operations | |||
Equity in earnings (loss) from unconsolidated entities | $ (30,518) | $ 49,478 | $ 55,205 |
Rialto | |||
Assets: | |||
Cash and cash equivalents | 50,043 | 95,552 | |
Loans receivable | 705,414 | 538,317 | |
Real estate owned | 273,802 | 348,601 | |
Investment securities | 2,296,768 | 1,849,795 | |
Investments in partnerships | 380,290 | 393,874 | |
Other assets | 38,682 | 42,949 | |
Assets | 3,744,999 | 3,269,088 | |
Liabilities and equity: | |||
Accounts payable and other liabilities | 30,236 | 48,374 | |
Notes payable (1) | 595,491 | 576,810 | |
Equity | 3,119,272 | 2,643,904 | |
Liabilities and equity | 3,744,999 | 3,269,088 | |
Debt issuance costs | 4,600 | 3,100 | |
Statement of Operations | |||
Revenues | 373,355 | 238,981 | 200,346 |
Costs and expenses | 103,138 | 104,343 | 96,343 |
Other income | (58,757) | 109,927 | 49,342 |
Net earnings of unconsolidated entities | 211,460 | 244,565 | 153,345 |
Equity in earnings (loss) from unconsolidated entities | 25,816 | 25,447 | $ 18,961 |
Investments in unconsolidated entities | $ 297,379 | $ 265,418 |
Income Taxes (Component Of Inco
Income Taxes (Component Of Income Taxes Benefit (Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Current: | |||
Federal | $ 246,604 | $ 309,235 | $ 300,116 |
State | 30,530 | 17,572 | 19,777 |
Current income tax benefit (expense) | 277,134 | 326,807 | 319,893 |
Deferred: | |||
Federal | 189,096 | 40,641 | 43,775 |
State | 78,941 | 50,409 | 53,710 |
Deferred income tax benefit (expense) | 268,037 | 91,050 | 97,485 |
Income tax benefit (expense) | $ 545,171 | $ 417,857 | $ 417,378 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Statutory Rate And Effective Tax Rate) (Details) | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 22.22% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 3.81% | 3.29% | 3.21% |
Domestic production activities deduction | (1.71%) | (2.77%) | (2.78%) |
Tax reserves and interest expense | (0.39%) | 0.27% | (0.89%) |
Deferred tax asset valuation reversal | (0.03%) | 0.17% | (0.01%) |
Accounting method changes | (1.47%) | 0.00% | 0.00% |
State net operating loss adjustment | 3.06% | 0.00% | 0.00% |
Tax credits | (1.60%) | (2.03%) | (3.46%) |
Other | 0.44% | 0.09% | 0.33% |
Effective rate | 24.33% | 34.02% | 31.40% |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Taxes Assets And Liabilities, Carrying Amount) (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 |
Deferred tax assets: | ||
Inventory valuation adjustments | $ 315,006 | $ 54,511 |
Reserves and accruals | 175,626 | 164,868 |
Net operating loss carryforwards | 138,094 | 100,338 |
Capitalized expenses | 51,477 | 197,204 |
Other assets | 115,266 | 68,857 |
Total deferred tax assets | 864,746 | 640,110 |
Valuation allowance | (7,219) | (6,423) |
Total deferred tax assets after valuation allowance | 857,527 | 633,687 |
Deferred tax liabilities: | ||
Capitalized expenses | 153,392 | 79,440 |
Deferred income | 156,376 | 244,969 |
Other liabilities | 32,271 | 11,583 |
Total deferred tax liabilities | 342,039 | 335,992 |
Net deferred tax assets | 515,488 | 297,695 |
Rialto | ||
Deferred tax assets: | ||
Investments in unconsolidated entities | 5,938 | 15,705 |
Deferred tax liabilities: | ||
Net deferred tax assets | 17,465 | 21,944 |
Segments Other than Rialto | ||
Deferred tax assets: | ||
Investments in unconsolidated entities | $ 63,339 | $ 38,627 |
Income Taxes (Net Deferred Tax
Income Taxes (Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 |
Segment Reporting Information [Line Items] | ||
Net deferred tax assets | $ 515,488 | $ 297,695 |
Lennar Homebuilding | ||
Segment Reporting Information [Line Items] | ||
Net deferred tax assets | 477,676 | 279,900 |
Rialto | ||
Segment Reporting Information [Line Items] | ||
Net deferred tax assets | 17,465 | 21,944 |
Lennar Financial Services | ||
Segment Reporting Information [Line Items] | ||
Net deferred tax assets | 5,075 | |
Net deferred tax liabilities | (1,176) | |
Lennar Multifamily | ||
Segment Reporting Information [Line Items] | ||
Net deferred tax assets | $ 15,272 | |
Net deferred tax liabilities | $ (2,973) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
Statutory rate | 22.22% | 35.00% | 35.00% |
Deferred tax assets, valuation allowance | $ 7,219 | $ 6,423 | |
Unrecognized tax benefits that would impact effective tax rate if recognized | 11,600 | ||
Impairment of deferred tax asset | 68,600 | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 44,800 | 34,100 | |
Net operating loss carryforward, term | 20 years | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 93,300 | $ 66,200 | |
State | Minimum | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforward, term | 5 years | ||
State | Maximum | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforward, term | 20 years |
Income Taxes (Summary Of Change
Income Taxes (Summary Of Changes In Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Gross Unrecognized Tax Benefits [Roll Forward] | |||
Gross unrecognized tax benefits, beginning of year | $ 12,285 | $ 12,285 | $ 12,285 |
Increases due to tax positions taken during prior period | 222 | 0 | 0 |
Decreases due to tax positions taken during prior period | (2,805) | 0 | 0 |
Lapse of statute of limitations | (2,052) | 0 | 0 |
Decreases due to settlements with tax authorities | (6,493) | 0 | 0 |
Increases due to the CalAtlantic acquisition | 13,510 | 0 | 0 |
Gross unrecognized tax benefits, end of year | $ 14,667 | $ 12,285 | $ 12,285 |
Effective income tax rate | 24.33% | 34.02% | 31.40% |
Income Taxes (Accrued Interests
Income Taxes (Accrued Interests and Penalties) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Accrued Interests and Penalties [Roll Forward] | ||
Accrued interest and penalties, beginning of the year | $ 49,723 | $ 45,973 |
Additional interest and penalties (related to the acquisition of CalAtlantic) | 1,515 | 0 |
Accrual of interest and penalties (primarily related to federal and state audits) | 1,894 | 4,184 |
Reduction of interest and penalties | (190) | (434) |
Accrued interest and penalties, end of the year | $ 52,942 | $ 49,723 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Numerator: | |||||||||||
Net earnings attributable to Lennar | $ 796,148 | $ 453,211 | $ 310,257 | $ 136,215 | $ 309,590 | $ 249,165 | $ 213,645 | $ 38,080 | $ 1,695,831 | $ 810,480 | $ 911,844 |
Less: distributed earnings allocated to nonvested shares | 429 | 377 | 337 | ||||||||
Less: undistributed earnings allocated to nonvested shares | 14,438 | 7,447 | 8,852 | ||||||||
Numerator for basic earnings per share | 1,680,964 | 802,656 | 902,655 | ||||||||
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan | 3,320 | 1,009 | 1,028 | ||||||||
Plus: undistributed earnings allocated to convertible shares | 2,904 | 0 | 8,852 | ||||||||
Less: undistributed earnings reallocated to convertible shares | 2,899 | 0 | 8,438 | ||||||||
Numerator for diluted earnings per share | $ 1,677,729 | $ 801,647 | $ 907,569 | ||||||||
Denominator: | |||||||||||
Denominator for basic earnings per share - weighted average common shares outstanding (in shares) | 307,968 | 237,155 | 223,079 | ||||||||
Effect of dilutive securities: | |||||||||||
Share-based payments (in shares) | 48 | 1 | 3 | ||||||||
Convertible senior notes (in shares) | 549 | 0 | 12,288 | ||||||||
Denominator for diluted earnings per share - weighted average common shares outstanding (in shares) | 308,565 | 237,156 | 235,370 | ||||||||
Basic earnings per share (in USD per share) | $ 2.42 | $ 1.37 | $ 0.95 | $ 0.53 | $ 1.29 | $ 1.04 | $ 0.89 | $ 0.16 | $ 5.46 | $ 3.38 | $ 4.05 |
Diluted earnings per share (in USD per share) | $ 2.42 | $ 1.37 | $ 0.94 | $ 0.53 | $ 1.29 | $ 1.04 | $ 0.89 | $ 0.16 | $ 5.44 | $ 3.38 | $ 3.86 |
Senior Notes | 0.25% Convertible Senior Notes Due 2021 | |||||||||||
Effect of dilutive securities: | |||||||||||
Interest rate | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | ||||||
Senior Notes | 1.625% Convertible Senior Notes Due 2021 | |||||||||||
Effect of dilutive securities: | |||||||||||
Interest rate | 1.625% | 1.625% | 1.625% | 1.625% | 1.625% | ||||||
Senior Notes | 3.25% convertible senior notes due 2021 | |||||||||||
Numerator: | |||||||||||
Plus: interest on convertible senior notes | $ 80 | $ 0 | $ 5,528 | ||||||||
Effect of dilutive securities: | |||||||||||
Interest rate | 3.20% | 3.25% | 3.20% | 3.25% | 3.25% |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Stock Option Awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase outstanding and anti-dilutive shares (in shares) | 0 | 0 | 0 |
Capital Stock (Details)
Capital Stock (Details) | Nov. 27, 2017 | Nov. 30, 2018USD ($)votes / shares$ / sharesshares | Nov. 30, 2017USD ($)$ / sharesshares | Nov. 30, 2016USD ($)$ / sharesshares | Nov. 30, 2015USD ($) | Jan. 28, 2019USD ($)shares |
Class of Stock [Line Items] | ||||||
Stock dividend rate | 0.02 | |||||
Originally authorized shares under the stock repurchase program (in shares) | 20,000,000 | |||||
Shares repurchased during period (in shares) | 6,000,000 | 0 | 0 | |||
Shares repurchased during period | $ | $ 249,900,000 | |||||
Average cost of shares repurchased in period (in usd per share) | $ / shares | $ 41.63 | |||||
Maximum dividend rate as a percentage of net income in the event of default | 50.00% | |||||
Compensation expense | $ | $ 25,300,000 | $ 17,200,000 | $ 15,700,000 | |||
Treasury Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares repurchased during period | $ | $ 249,910,000 | $ 0 | ||||
Increase in treasury stock during period (in shares) | 7,000,000 | 600,000 | ||||
Chief Executive Officer | ||||||
Class of Stock [Line Items] | ||||||
Voting power | 33.00% | |||||
Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized (in shares) | 500,000 | |||||
Preferred stock, par value (in usd per share) | $ / shares | $ 10 | |||||
Preferred stock, shares issued (in shares) | 0 | 0 | ||||
Participating Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | |||||
Preferred stock, par value (in usd per share) | $ / shares | $ 0.10 | |||||
Preferred stock, shares issued (in shares) | 0 | 0 | ||||
Class A Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, per share annual dividend (in usd per share) | $ / shares | $ 0.16 | $ 0.16 | $ 0.16 | |||
Votes per share | votes / shares | 1 | |||||
Class B Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, per share annual dividend (in usd per share) | $ / shares | $ 0.16 | $ 0.16 | $ 0.16 | |||
Votes per share | votes / shares | 10 | |||||
Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Originally authorized shares under the stock repurchase program (in shares) | 25,000,000 | |||||
Authorized amount under stock repurchase program | $ | $ 1,000,000,000 |
Share-Based Payments (Schedule
Share-Based Payments (Schedule of Compensation Expense Related to the Company's Share-Based Awards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense for nonvested share-based awards | $ 72,655 | $ 61,356 | $ 55,516 |
Share-Based Payments (Narrative
Share-Based Payments (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash flows resulting from tax benefits related to tax deductions in excess of compensation expense | $ 2.5 | $ 2 | $ 7 |
Nonvested shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value of nonvested shares granted (in USD per share) | $ 55.84 | $ 51.92 | $ 45.10 |
Unrecognized compensation expense related to unvested share-based awards granted | $ 96.3 | ||
Weighted average remaining contractual life of unrecognized compensation expense related to unvested share-based awards | 2 years | ||
Nonvested shares vested (in shares) | 2,166,772 | 1,200,000 | 1,100,000 |
Share-Based Payments (Schedul_2
Share-Based Payments (Schedule Of Nonvested Shares Activity) (Details) - Nonvested shares - $ / shares | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Shares | |||
Beginning balance (in shares) | 2,399,866 | ||
Grants (in shares) | 2,658,928 | ||
Vested (in shares) | (2,166,772) | (1,200,000) | (1,100,000) |
Forfeited (in shares) | (154,670) | ||
Ending balance (in shares) | 2,737,352 | 2,399,866 | |
Weighted Average Grant Date Fair Value | |||
Beginning balance (in USD per share) | $ 49.33 | ||
Grants (in USD per share) | 55.84 | $ 51.92 | $ 45.10 |
Vested (in USD per share) | 53.37 | ||
Forfeited (in USD per share) | 50.94 | ||
Ending balance (in USD per share) | $ 52.37 | $ 49.33 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosure (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 |
Level 3 | Rialto | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments held-to-maturity | $ 196,956 | $ 179,659 |
Level 3 | Rialto | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments held-to-maturity | 222,753 | 199,190 |
Level 3 | Lennar Financial Services | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 70,216 | 44,193 |
Level 3 | Lennar Financial Services | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 63,794 | 41,795 |
Level 2 | Lennar Homebuilding | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and other debts payable | 8,543,868 | 6,410,003 |
Level 2 | Lennar Homebuilding | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and other debts payable | 8,336,166 | 6,598,848 |
Level 2 | Rialto | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and other debts payable | 317,016 | 625,081 |
Level 2 | Rialto | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and other debts payable | 318,032 | 644,644 |
Level 2 | Lennar Financial Services | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments held-to-maturity | 52,490 | 52,327 |
Notes and other debts payable | 1,256,174 | 937,431 |
Level 2 | Lennar Financial Services | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments held-to-maturity | 52,220 | 52,189 |
Notes and other debts payable | $ 1,256,174 | $ 937,431 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosure (Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 |
Lennar Financial Services | ||
Financial Instruments [Line Items] | ||
Investments available-for-sale | $ 4,161 | $ 57,439 |
Lennar Financial Services | Mortgage loan commitments | ||
Financial Instruments [Line Items] | ||
Derivative assets | 16,400 | 9,900 |
Lennar Financial Services | Forward contracts | ||
Financial Instruments [Line Items] | ||
Derivative assets | (10,400) | 1,700 |
Fair Value, Measurements, Recurring | Rialto | Loans held-for-sale | ||
Financial Instruments [Line Items] | ||
Aggregate principal balance of loans held-for-sale | 61,000 | 235,400 |
Aggregate fair value of loans held-for-sale in excess of principal balance | 700 | (1,000) |
Fair Value, Measurements, Recurring | Rialto | Level 3 | ||
Financial Instruments [Line Items] | ||
Loans held-for-sale | 61,691 | 234,403 |
Fair Value, Measurements, Recurring | Lennar Financial Services | Loans held-for-sale | ||
Financial Instruments [Line Items] | ||
Aggregate principal balance of loans held-for-sale | 1,100,000 | 908,800 |
Aggregate fair value of loans held-for-sale in excess of principal balance | 37,300 | 28,700 |
Fair Value, Measurements, Recurring | Lennar Financial Services | Level 1 | ||
Financial Instruments [Line Items] | ||
Investments available-for-sale | 4,161 | 57,439 |
Fair Value, Measurements, Recurring | Lennar Financial Services | Level 2 | ||
Financial Instruments [Line Items] | ||
Loans held-for-sale | 1,152,198 | 937,516 |
Fair Value, Measurements, Recurring | Lennar Financial Services | Level 2 | Mortgage loan commitments | ||
Financial Instruments [Line Items] | ||
Derivative assets | 16,373 | 9,873 |
Fair Value, Measurements, Recurring | Lennar Financial Services | Level 2 | Forward contracts | ||
Financial Instruments [Line Items] | ||
Derivative assets (liabilities) | (10,360) | 1,681 |
Fair Value, Measurements, Recurring | Lennar Financial Services | Level 3 | ||
Financial Instruments [Line Items] | ||
Mortgage servicing rights | $ 37,206 | $ 31,163 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Disclosure (Narrative) (Details) $ in Billions | Nov. 30, 2018USD ($) |
Forward Commitments, Mortgage Backed Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Open commitments to sell MBS | $ 1.5 |
Mortgage Prepayment Rate | Lennar Financial Services | Mortgage servicing rights | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Mortgage servicing rights, key assumptions | 0.119 |
Discount Rate | Lennar Financial Services | Mortgage servicing rights | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Mortgage servicing rights, key assumptions | 0.125 |
Delinquency Rate | Lennar Financial Services | Mortgage servicing rights | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Mortgage servicing rights, key assumptions | 0.084 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Disclosure (Schedule Of Gains And Losses Of Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Changes in fair value included in other comprehensive income | $ (1,634) | $ 1,331 | $ (295) |
Fair Value, Measurements, Recurring | Lennar Financial Services | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Changes in fair value included in other comprehensive income | (1,634) | 1,331 | (295) |
Fair Value, Measurements, Recurring | Loans held-for-sale | Lennar Financial Services | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Changes in fair value included in revenue | 8,621 | 20,309 | (19,865) |
Fair Value, Measurements, Recurring | Mortgage loan commitments | Lennar Financial Services | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Changes in fair value included in revenue | 6,500 | 2,436 | (5,623) |
Fair Value, Measurements, Recurring | Forward contracts | Lennar Financial Services | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Changes in fair value included in revenue | (12,041) | (24,786) | 25,936 |
Fair Value, Measurements, Recurring | Investments available-for-sale | Lennar Financial Services | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Changes in fair value included in revenue | $ (234) | $ (12) | $ 53 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Disclosure (Reconciliation of Beginning and Ending Balance of the Company's Level 3 Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Mortgage servicing rights | Lennar Financial Services | ||
Fair Value Assets Measures on Recurring Basis, Unobservable Inputs [Roll Forward] | ||
Beginning of year | $ 31,163 | $ 23,930 |
Purchases/loan originations | 7,841 | 10,479 |
Sales/loan originations sold, including those not settled | 0 | 0 |
Disposals/settlements | (6,948) | (3,912) |
Changes in fair value | 5,150 | 666 |
Interest and principal paydowns | 0 | 0 |
End of year | 37,206 | 31,163 |
Loans held-for-sale | Rialto | ||
Fair Value Assets Measures on Recurring Basis, Unobservable Inputs [Roll Forward] | ||
Beginning of year | 234,403 | 126,947 |
Purchases/loan originations | 1,350,091 | 1,583,876 |
Sales/loan originations sold, including those not settled | (1,504,554) | (1,474,714) |
Disposals/settlements | (19,600) | 0 |
Changes in fair value | 1,481 | (301) |
Interest and principal paydowns | (130) | (1,405) |
End of year | $ 61,691 | $ 234,403 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Disclosure (Fair Value Assets Measured On Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Rialto | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans receivable, carrying value | $ 0 | $ 31,561 | $ 79,581 |
Impaired loans receivable, fair value | 0 | 18,885 | 61,352 |
Impaired loans receivable, total gains (losses) | 0 | (12,676) | (18,229) |
FDIC Portfolios loans held-for-sale, carrying value | 0 | 32,018 | 0 |
FDIC Portfolios loans held-for-sale, fair value | 0 | 12,072 | 0 |
FDIC Portfolios loans held-for-sale, total gains (losses) | 0 | (19,946) | 0 |
REO - held-for-sale upon acquisition/transfer, carrying value | 0 | 27,640 | 53,154 |
REO - held-for-sale upon acquisition/transfer, fair value | 0 | 26,591 | 54,443 |
REO - held-for-sale upon acquisition/transfer, total gains (losses) | 0 | (1,049) | 1,289 |
REO - held-for-sale upon management periodic valuations, carrying value | 58,721 | 145,251 | 105,830 |
REO - held-for-sale upon management periodic valuations, fair value | 25,632 | 81,677 | 81,454 |
REO - held-for-sale upon management periodic valuations, total gains (losses) | (33,089) | (63,574) | (24,376) |
Lennar Homebuilding | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Finished homes and construction in progress, carrying value | 4,019 | 8,601 | 0 |
Finished homes and construction in progress, fair value | 3,473 | 4,227 | 0 |
Finished homes and construction in progress, total gains and losses | (546) | (4,374) | 0 |
Land and land under development, carrying value | 96,093 | 6,771 | 29,418 |
Land and land under development, fair value | 62,850 | 3,094 | 22,925 |
Land and land under development, total gains (losses) | $ (33,243) | $ (3,677) | $ (6,493) |
Consolidation Of Variable Int_3
Consolidation Of Variable Interest Entities (Narrative) (Details) $ in Millions | 12 Months Ended | |
Nov. 30, 2018USD ($)joint_venture | Nov. 30, 2017USD ($)homesjoint_venture | |
Variable Interest Entity [Line Items] | ||
VIE assets consolidated during period | $ 57.3 | |
VIE assets deconsolidated during period | 48.1 | |
Consolidated VIEs assets | 666.2 | $ 799.4 |
Consolidated VIEs liabilities | $ 242.5 | 389.7 |
Letters of credit outstanding | $ 763.8 | |
Number of repayment guarantees | joint_venture | 4 | 3 |
Variable Interest Entity, Not Primary Beneficiary | Lennar Homebuilding | ||
Variable Interest Entity [Line Items] | ||
Obligations related to VIEs | $ 54.8 | $ 61.6 |
Number of repayment guarantees | joint_venture | 2 | |
Variable Interest Entity, Not Primary Beneficiary | Lennar Multifamily | Equity Commitments | ||
Variable Interest Entity [Line Items] | ||
Obligations related to VIEs | $ 237 | 153.3 |
Variable Interest Entity, Not Primary Beneficiary | Lennar Multifamily | Letters of Credit | ||
Variable Interest Entity [Line Items] | ||
Obligations related to VIEs | 4.6 | 4.6 |
Variable Interest Entity, Not Primary Beneficiary Including Third Parties | ||
Variable Interest Entity [Line Items] | ||
Non-refundable option deposits and pre-acquisition costs | 209.5 | 137 |
Increase in consolidated inventory not owned | 184.3 | |
Variable Interest Entity, Not Primary Beneficiary Including Third Parties | Letters of Credit | ||
Variable Interest Entity [Line Items] | ||
Letters of credit outstanding | $ 72.4 | $ 51.8 |
Unconsolidated Entity One | Variable Interest Entity, Not Primary Beneficiary | Lennar Homebuilding | ||
Variable Interest Entity [Line Items] | ||
Number of properties sold | homes | 475 |
Consolidation Of Variable Int_4
Consolidation Of Variable Interest Entities (Investment in Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | ||
Lennar Homebuilding | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated entities | $ 996,926 | [1] | $ 900,769 | [1] | $ 811,723 |
Rialto | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated entities | 297,379 | 265,418 | |||
Lennar Multifamily | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated entities | $ 481,129 | $ 407,544 | |||
[1] | Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations , ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million |
Consolidation Of Variable Int_5
Consolidation Of Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 |
Rialto | |||
Variable Interest Entity [Line Items] | |||
Investments held-to-maturity | $ 196,956 | $ 179,659 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Investments in Unconsolidated VIEs | 787,499 | 706,638 | |
Lennar’s Maximum Exposure to Loss | 1,096,600 | 931,932 | |
Variable Interest Entity, Not Primary Beneficiary | Lennar Homebuilding | |||
Variable Interest Entity [Line Items] | |||
Investments in Unconsolidated VIEs | 127,009 | 181,804 | |
Lennar’s Maximum Exposure to Loss | 188,890 | 248,909 | |
Obligations related to VIEs | 54,800 | 61,600 | |
Variable Interest Entity, Not Primary Beneficiary | Rialto | |||
Variable Interest Entity [Line Items] | |||
Investments in Unconsolidated VIEs | 196,956 | 179,659 | |
Lennar’s Maximum Exposure to Loss | 196,956 | 179,659 | |
Investments held-to-maturity | 197,000 | $ 179,700 | |
Variable Interest Entity, Not Primary Beneficiary | Lennar Multifamily | |||
Variable Interest Entity [Line Items] | |||
Investments in Unconsolidated VIEs | 463,534 | 345,175 | |
Lennar’s Maximum Exposure to Loss | 710,754 | 503,364 | |
Variable Interest Entity, Not Primary Beneficiary | Lennar Multifamily | Equity Commitments | |||
Variable Interest Entity [Line Items] | |||
Obligations related to VIEs | 237,000 | 153,300 | |
Variable Interest Entity, Not Primary Beneficiary | Lennar Multifamily | Letters of Credit | |||
Variable Interest Entity [Line Items] | |||
Obligations related to VIEs | $ 4,600 | $ 4,600 |
Commitments And Contingent Li_3
Commitments And Contingent Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Other Commitments [Line Items] | ||||
Non-refundable option deposits and pre-acquisition costs | $ 209,500 | |||
Rental expense | 98,400 | $ 74,600 | $ 63,200 | |
Letters of credit outstanding | 763,800 | |||
Costs to Complete Related to Site Improvements | ||||
Other Commitments [Line Items] | ||||
Costs to complete related to site improvements | $ 1,400,000 | |||
Costs to complete related to site improvements as a percent | 52.00% | |||
District of Maryland | ||||
Other Commitments [Line Items] | ||||
Lennar Homebuilding loss due to litigation | $ 140,000 | |||
District of Maryland | Judicial Ruling | ||||
Other Commitments [Line Items] | ||||
Purchase price in litigation | 114,000 | |||
Interest and other closing costs for litigation | $ 124,000 | |||
Lennar Homebuilding | ||||
Other Commitments [Line Items] | ||||
Lennar Homebuilding loss due to litigation | $ 0 | $ 140,000 | $ 0 | |
Lennar Homebuilding | Surety Bond | ||||
Other Commitments [Line Items] | ||||
Outstanding surety bonds | $ 2,700,000 |
Commitments And Contingent Li_4
Commitments And Contingent Liabilities (Schedule Of Operating Leases) (Details) $ in Thousands | Nov. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 50,433 |
2,020 | 47,764 |
2,021 | 38,878 |
2,022 | 27,148 |
2,023 | 19,743 |
Thereafter | $ 42,068 |
Supplemental Financial Inform_3
Supplemental Financial Information (Narrative) (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2018 | Aug. 31, 2018 | |
Senior Notes | 4.500% senior notes due 2019 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.50% | |
Senior Notes | 4.50% senior notes due 2019 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.50% | |
Senior Notes | 6.625% senior notes due 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.625% | |
Senior Notes | 2.95% senior notes due 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.95% | |
Senior Notes | 8.375% senior notes due 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate | 8.375% | |
Senior Notes | 4.750% senior notes due 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.75% | |
Senior Notes | 6.25% senior notes due December 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.25% | |
Senior Notes | 5.375% senior notes due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.375% | |
Senior Notes | 4.750% senior notes due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.75% | |
Senior Notes | 4.875% senior notes due December 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.875% | |
Senior Notes | 5.875% senior notes due 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.875% | |
Senior Notes | 4.750% senior notes due 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.75% | |
Senior Notes | 5.25% senior notes due 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.25% | |
Senior Notes | 5.00% senior notes due 2027 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.00% | |
Senior Notes | 4.75% senior notes due 2027 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.75% | |
Lennar Homebuilding | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.50% | |
Guarantee by subsidiaries | $ 75,000,000 | |
Lennar Homebuilding | 4.125% senior notes due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.125% | |
Lennar Homebuilding | 4.500% senior notes due 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.50% | |
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2019 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.50% | |
Lennar Homebuilding | Senior Notes | 4.50% senior notes due 2019 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.50% | |
Lennar Homebuilding | Senior Notes | 6.625% senior notes due 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.625% | 6.625% |
Lennar Homebuilding | Senior Notes | 2.95% senior notes due 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.95% | |
Lennar Homebuilding | Senior Notes | 8.375% senior notes due 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate | 8.375% | 8.375% |
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.75% | |
Lennar Homebuilding | Senior Notes | 6.25% senior notes due December 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.25% | 6.25% |
Lennar Homebuilding | Senior Notes | 4.125% senior notes due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.125% | |
Lennar Homebuilding | Senior Notes | 5.375% senior notes due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.375% | 5.375% |
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.75% | |
Lennar Homebuilding | Senior Notes | 4.875% senior notes due December 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.875% | |
Lennar Homebuilding | Senior Notes | 4.500% senior notes due 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.50% | |
Lennar Homebuilding | Senior Notes | 5.875% senior notes due 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.875% | 5.875% |
Lennar Homebuilding | Senior Notes | 4.750% senior notes due 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.75% | |
Lennar Homebuilding | Senior Notes | 5.25% senior notes due 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.25% | 5.25% |
Lennar Homebuilding | Senior Notes | 5.00% senior notes due 2027 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.00% | 5.00% |
Lennar Homebuilding | Senior Notes | 4.75% senior notes due 2027 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.75% |
Supplemental Financial Inform_4
Supplemental Financial Information (Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |||
Assets: | ||||||
Total assets | $ 28,566,181 | [1] | $ 18,745,034 | [1] | $ 15,361,781 | |
LIABILITIES AND EQUITY | ||||||
Total liabilities | [2] | 13,883,224 | 10,758,902 | |||
Stockholders’ equity | [2] | 14,581,535 | 7,872,317 | |||
Noncontrolling interests | [2] | 101,422 | 113,815 | |||
Total equity | 14,682,957 | [2] | 7,986,132 | [2] | 7,211,567 | |
Total liabilities and equity | [2] | 28,566,181 | 18,745,034 | |||
Lennar Homebuilding | ||||||
Assets: | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 1,587,047 | 2,429,332 | ||||
Inventories | 17,068,704 | 10,860,890 | ||||
Investments in unconsolidated entities | 996,926 | [1] | 900,769 | [1] | 811,723 | |
Goodwill | 3,442,359 | [1] | 136,566 | 0 | ||
Other assets | [1] | 1,355,782 | 863,404 | |||
Investments in subsidiaries | 0 | 0 | ||||
Intercompany | 0 | 0 | ||||
Total assets | [1] | 24,450,818 | 15,190,961 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable and other liabilities | 3,057,440 | 1,920,594 | ||||
Liabilities related to consolidated inventory not owned | [2] | 175,590 | 380,720 | |||
Senior notes and other debts payable | [2] | 8,543,868 | 6,410,003 | |||
Intercompany | 0 | 0 | ||||
Total liabilities | [2] | 11,776,898 | 8,711,317 | |||
Lennar Financial Services | ||||||
Assets: | ||||||
Goodwill | 237,688 | 59,838 | 39,838 | |||
Other assets | 116,173 | 95,527 | ||||
Total assets | [1] | 2,346,899 | 1,689,508 | |||
LIABILITIES AND EQUITY | ||||||
Total liabilities | [2] | 1,537,760 | 1,177,814 | |||
Lennar Multifamily | ||||||
Assets: | ||||||
Investments in unconsolidated entities | 481,129 | 407,544 | ||||
Other assets | 33,535 | 16,209 | ||||
Total assets | [1] | 874,219 | 710,725 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable and other liabilities | 170,616 | 149,715 | ||||
Total liabilities | [2] | 170,616 | 149,715 | |||
Rialto | ||||||
Assets: | ||||||
Investments in unconsolidated entities | 297,379 | 265,418 | ||||
Goodwill | 0 | 5,396 | $ 5,396 | |||
Other assets | 57,453 | 122,371 | ||||
Total assets | [1] | 894,245 | 1,153,840 | |||
LIABILITIES AND EQUITY | ||||||
Total liabilities | [2] | 397,950 | 720,056 | |||
Reportable Legal Entities | Lennar Corporation | ||||||
Assets: | ||||||
Total assets | 23,354,154 | 14,519,129 | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 8,772,619 | 6,646,812 | ||||
Stockholders’ equity | 14,581,535 | 7,872,317 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity | 14,581,535 | 7,872,317 | ||||
Total liabilities and equity | 23,354,154 | 14,519,129 | ||||
Reportable Legal Entities | Lennar Corporation | Lennar Homebuilding | ||||||
Assets: | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 637,083 | 1,945,024 | ||||
Inventories | 0 | 0 | ||||
Investments in unconsolidated entities | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 339,307 | 246,490 | ||||
Investments in subsidiaries | 10,562,273 | 4,446,309 | ||||
Intercompany | 11,815,491 | 7,881,306 | ||||
Total assets | 23,354,154 | 14,519,129 | ||||
LIABILITIES AND EQUITY | ||||||
Accounts payable and other liabilities | 804,232 | 635,227 | ||||
Liabilities related to consolidated inventory not owned | 0 | 0 | ||||
Senior notes and other debts payable | 7,968,387 | 6,011,585 | ||||
Intercompany | 0 | 0 | ||||
Total liabilities | 8,772,619 | 6,646,812 | ||||
Reportable Legal Entities | Lennar Corporation | Lennar Financial Services | ||||||
Assets: | ||||||
Total assets | 0 | 0 | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 0 | 0 | ||||
Reportable Legal Entities | Lennar Corporation | Lennar Multifamily | ||||||
Assets: | ||||||
Total assets | 0 | 0 | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 0 | 0 | ||||
Reportable Legal Entities | Lennar Corporation | Rialto | ||||||
Assets: | ||||||
Total assets | 0 | 0 | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 0 | 0 | ||||
Reportable Legal Entities | Guarantor Subsidiaries | ||||||
Assets: | ||||||
Total assets | 23,191,884 | 12,747,512 | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 12,831,383 | 8,597,055 | ||||
Stockholders’ equity | 10,360,501 | 4,150,457 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity | 10,360,501 | 4,150,457 | ||||
Total liabilities and equity | 23,191,884 | 12,747,512 | ||||
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Homebuilding | ||||||
Assets: | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 886,059 | 462,336 | ||||
Inventories | 16,679,245 | 10,560,996 | ||||
Investments in unconsolidated entities | 983,963 | 884,294 | ||||
Goodwill | 3,442,359 | 136,566 | ||||
Other assets | 878,582 | 520,899 | ||||
Investments in subsidiaries | 89,044 | 52,237 | ||||
Intercompany | 0 | 0 | ||||
Total assets | 22,959,252 | 12,617,328 | ||||
LIABILITIES AND EQUITY | ||||||
Accounts payable and other liabilities | 1,977,579 | 1,011,051 | ||||
Liabilities related to consolidated inventory not owned | 162,090 | 367,220 | ||||
Senior notes and other debts payable | 523,589 | 394,365 | ||||
Intercompany | 10,116,590 | 6,775,719 | ||||
Total liabilities | 12,779,848 | 8,548,355 | ||||
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Financial Services | ||||||
Assets: | ||||||
Total assets | 232,632 | 130,184 | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 51,535 | 48,700 | ||||
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Multifamily | ||||||
Assets: | ||||||
Total assets | 0 | 0 | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 0 | 0 | ||||
Reportable Legal Entities | Guarantor Subsidiaries | Rialto | ||||||
Assets: | ||||||
Total assets | 0 | |||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 0 | 0 | ||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||
Assets: | ||||||
Total assets | 4,514,795 | 3,878,862 | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 4,122,557 | 3,416,958 | ||||
Stockholders’ equity | 290,816 | 348,089 | ||||
Noncontrolling interests | 101,422 | 113,815 | ||||
Total equity | 392,238 | 461,904 | ||||
Total liabilities and equity | 4,514,795 | 3,878,862 | ||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Homebuilding | ||||||
Assets: | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 63,905 | 21,972 | ||||
Inventories | 389,459 | 299,894 | ||||
Investments in unconsolidated entities | 12,963 | 16,475 | ||||
Other assets | 164,848 | 114,431 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Intercompany | 0 | 0 | ||||
Total assets | 631,175 | 452,772 | ||||
LIABILITIES AND EQUITY | ||||||
Accounts payable and other liabilities | 303,473 | 294,933 | ||||
Liabilities related to consolidated inventory not owned | 13,500 | 13,500 | ||||
Senior notes and other debts payable | 51,892 | 4,053 | ||||
Intercompany | 1,698,901 | 1,105,587 | ||||
Total liabilities | 2,067,766 | 1,418,073 | ||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Financial Services | ||||||
Assets: | ||||||
Total assets | 2,115,156 | 1,561,525 | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 1,486,225 | 1,129,114 | ||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Multifamily | ||||||
Assets: | ||||||
Total assets | 874,219 | 710,725 | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 170,616 | 149,715 | ||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto | ||||||
Assets: | ||||||
Total assets | 894,245 | 1,153,840 | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 397,950 | 720,056 | ||||
Consolidating Adjustments | ||||||
Assets: | ||||||
Total assets | (22,494,652) | (12,400,469) | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | (11,843,335) | (7,901,923) | ||||
Stockholders’ equity | (10,651,317) | (4,498,546) | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity | (10,651,317) | (4,498,546) | ||||
Total liabilities and equity | (22,494,652) | (12,400,469) | ||||
Consolidating Adjustments | Lennar Homebuilding | ||||||
Assets: | ||||||
Cash and cash equivalents, restricted cash and receivables, net | 0 | 0 | ||||
Inventories | 0 | 0 | ||||
Investments in unconsolidated entities | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other assets | (26,955) | (18,416) | ||||
Investments in subsidiaries | (10,651,317) | (4,498,546) | ||||
Intercompany | (11,815,491) | (7,881,306) | ||||
Total assets | (22,493,763) | (12,398,268) | ||||
LIABILITIES AND EQUITY | ||||||
Accounts payable and other liabilities | (27,844) | (20,617) | ||||
Liabilities related to consolidated inventory not owned | 0 | 0 | ||||
Senior notes and other debts payable | 0 | 0 | ||||
Intercompany | (11,815,491) | (7,881,306) | ||||
Total liabilities | (11,843,335) | (7,901,923) | ||||
Consolidating Adjustments | Lennar Financial Services | ||||||
Assets: | ||||||
Total assets | (889) | (2,201) | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 0 | 0 | ||||
Consolidating Adjustments | Lennar Multifamily | ||||||
Assets: | ||||||
Total assets | 0 | 0 | ||||
LIABILITIES AND EQUITY | ||||||
Total liabilities | 0 | 0 | ||||
Consolidating Adjustments | Rialto | ||||||
Assets: | ||||||
Total assets | 0 | |||||
LIABILITIES AND EQUITY | ||||||
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 consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of November 30, 2018 , total assets include $666.2 million related to consolidated VIEs of which $57.6 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $81.7 million in Lennar Homebuilding finished homes and construction in progress, $293.1 million in Lennar Homebuilding land and land under development, $209.0 million in Lennar Homebuilding consolidated inventory not owned, $3.8 million in Lennar Homebuilding investments in unconsolidated entities, $10.5 million in Lennar Homebuilding other assets and $10.3 million in Rialto assets. As of November 30, 2017 , total assets include $799.4 million related to consolidated VIEs of which $15.8 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $53.2 million in Lennar Homebuilding finished homes and construction in progress, $229.0 million in Lennar Homebuilding land and land under development, $393.3 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $11.8 million in Lennar Homebuilding other assets, $42.7 million in Lennar Multifamily assets and $48.8 million | |||||
[2] | As of November 30, 2018 , total liabilities include $242.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $11.4 million is included in Lennar Homebuilding accounts payable, $51.9 million in Lennar Homebuilding senior notes and other debts payable, $175.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.6 million in Lennar Homebuilding other liabilities and $1.0 million in Rialto liabilities. As of November 30, 2017 , total liabilities include $389.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.0 million is included in Lennar Homebuilding accounts payable, $380.7 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.8 million in Lennar Homebuilding other liabilities, $2.2 million |
Supplemental Financial Inform_5
Supplemental Financial Information (Condensed Consolidating Statement Of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Revenues: | |||||||||||
Total revenues | $ 6,459,210 | $ 5,672,569 | $ 5,459,061 | $ 2,980,791 | $ 3,785,569 | $ 3,261,476 | $ 3,261,892 | $ 2,337,428 | $ 20,571,631 | $ 12,646,365 | $ 10,949,999 |
Costs and Expenses [Abstract] | |||||||||||
Acquisition and integration costs related to CalAtlantic | 152,980 | 0 | 0 | ||||||||
Corporate general and administrative expenses | 343,934 | 285,889 | 232,562 | ||||||||
Total costs and expenses | 18,734,360 | 11,307,370 | 9,687,636 | ||||||||
Equity in earnings (loss) from unconsolidated entities | (30,518) | 49,478 | 55,205 | ||||||||
Earnings (loss) before income taxes | 1,036,528 | 565,918 | 390,810 | 269,428 | 461,983 | 368,385 | 309,600 | 49,643 | 2,262,684 | 1,189,611 | 1,330,469 |
Benefit (provision) for income taxes | (545,171) | (417,857) | (417,378) | ||||||||
Equity in earnings from subsidiaries | 0 | 0 | 0 | ||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 1,717,513 | 771,754 | 913,091 | ||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | 21,682 | (38,726) | 1,247 | ||||||||
Net earnings attributable to Lennar | $ 796,148 | $ 453,211 | $ 310,257 | $ 136,215 | $ 309,590 | $ 249,165 | $ 213,645 | $ 38,080 | 1,695,831 | 810,480 | 911,844 |
Other comprehensive income (loss), net of tax: | |||||||||||
Net unrealized gain (loss) on securities available-for-sale | (1,634) | 1,331 | (295) | ||||||||
Reclassification adjustments for (gains) loss included in net earnings | 234 | 12 | (53) | ||||||||
Total other comprehensive income (loss), net of tax | (1,400) | 1,343 | (348) | ||||||||
Total comprehensive income attributable to Lennar | 1,694,431 | 811,823 | 911,496 | ||||||||
Total comprehensive income (loss) attributable to noncontrolling interests | 21,682 | (38,726) | 1,247 | ||||||||
Lennar Homebuilding | |||||||||||
Revenues: | |||||||||||
Total revenues | 19,077,597 | 11,200,242 | 9,741,337 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 16,936,873 | 9,752,269 | 8,399,881 | ||||||||
Equity in earnings (loss) from unconsolidated entities | (91,915) | (61,708) | (49,275) | ||||||||
Other income (expense), net | 205,841 | 22,774 | 52,751 | ||||||||
Lennar Homebuilding loss due to litigation | 0 | (140,000) | 0 | ||||||||
Lennar Financial Services | |||||||||||
Revenues: | |||||||||||
Total revenues | 867,831 | 770,109 | 687,255 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 680,401 | 614,585 | 523,638 | ||||||||
Lennar Multifamily | |||||||||||
Revenues: | |||||||||||
Total revenues | 421,132 | 394,771 | 287,441 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 429,759 | 407,078 | 301,786 | ||||||||
Equity in earnings (loss) from unconsolidated entities | 51,322 | 85,739 | 85,519 | ||||||||
Rialto | |||||||||||
Revenues: | |||||||||||
Total revenues | 205,071 | 281,243 | 233,966 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 190,413 | 247,549 | 229,769 | ||||||||
Equity in earnings (loss) from unconsolidated entities | 25,816 | 25,447 | 18,961 | ||||||||
Other income (expense), net | (62,058) | (81,636) | (39,850) | ||||||||
Gain on sale of Rialto investment and asset management platform | 296,407 | 0 | 0 | ||||||||
Reportable Legal Entities | Lennar Corporation | |||||||||||
Revenues: | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Acquisition and integration costs related to CalAtlantic | 0 | ||||||||||
Corporate general and administrative expenses | 336,355 | 279,490 | 226,482 | ||||||||
Total costs and expenses | 336,355 | 279,490 | 226,482 | ||||||||
Earnings (loss) before income taxes | (321,615) | (279,917) | (228,404) | ||||||||
Benefit (provision) for income taxes | 78,249 | 95,228 | 71,719 | ||||||||
Equity in earnings from subsidiaries | 1,939,197 | 995,169 | 1,068,529 | ||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 1,695,831 | 810,480 | 911,844 | ||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net earnings attributable to Lennar | 1,695,831 | 810,480 | 911,844 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Net unrealized gain (loss) on securities available-for-sale | 0 | 0 | 0 | ||||||||
Reclassification adjustments for (gains) loss included in net earnings | 0 | 0 | 0 | ||||||||
Total other comprehensive income (loss), net of tax | 0 | 0 | 0 | ||||||||
Total comprehensive income attributable to Lennar | 1,695,831 | 810,480 | 911,844 | ||||||||
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Reportable Legal Entities | Lennar Corporation | Lennar Homebuilding | |||||||||||
Revenues: | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | ||||||||
Other income (expense), net | 14,740 | (427) | (1,922) | ||||||||
Lennar Homebuilding loss due to litigation | 0 | ||||||||||
Reportable Legal Entities | Lennar Corporation | Lennar Financial Services | |||||||||||
Revenues: | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 0 | 0 | 0 | ||||||||
Reportable Legal Entities | Lennar Corporation | Lennar Multifamily | |||||||||||
Revenues: | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | ||||||||
Reportable Legal Entities | Lennar Corporation | Rialto | |||||||||||
Revenues: | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | ||||||||
Other income (expense), net | 0 | 0 | 0 | ||||||||
Gain on sale of Rialto investment and asset management platform | 0 | ||||||||||
Reportable Legal Entities | Guarantor Subsidiaries | |||||||||||
Revenues: | |||||||||||
Total revenues | 19,343,786 | 11,426,445 | 9,946,859 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Acquisition and integration costs related to CalAtlantic | 152,980 | ||||||||||
Corporate general and administrative expenses | 2,417 | 1,338 | 1,019 | ||||||||
Total costs and expenses | 17,326,388 | 9,958,235 | 8,583,060 | ||||||||
Earnings (loss) before income taxes | 2,118,032 | 1,284,298 | 1,364,113 | ||||||||
Benefit (provision) for income taxes | (498,424) | (427,961) | (419,596) | ||||||||
Equity in earnings from subsidiaries | 93,612 | 72,104 | 63,278 | ||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 1,713,220 | 928,441 | 1,007,795 | ||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net earnings attributable to Lennar | 1,713,220 | 928,441 | 1,007,795 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Net unrealized gain (loss) on securities available-for-sale | 0 | 0 | 0 | ||||||||
Reclassification adjustments for (gains) loss included in net earnings | 0 | 0 | 0 | ||||||||
Total other comprehensive income (loss), net of tax | 0 | 0 | 0 | ||||||||
Total comprehensive income attributable to Lennar | 1,713,220 | 928,441 | 1,007,795 | ||||||||
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Homebuilding | |||||||||||
Revenues: | |||||||||||
Total revenues | 18,972,723 | 11,118,553 | 9,731,122 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 16,831,780 | 9,676,548 | 8,389,469 | ||||||||
Equity in earnings (loss) from unconsolidated entities | (92,317) | (61,400) | (49,662) | ||||||||
Other income (expense), net | 192,951 | 17,488 | 49,976 | ||||||||
Lennar Homebuilding loss due to litigation | (140,000) | ||||||||||
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Financial Services | |||||||||||
Revenues: | |||||||||||
Total revenues | 371,063 | 307,892 | 215,737 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 339,211 | 280,349 | 192,572 | ||||||||
Reportable Legal Entities | Guarantor Subsidiaries | Lennar Multifamily | |||||||||||
Revenues: | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | ||||||||
Reportable Legal Entities | Guarantor Subsidiaries | Rialto | |||||||||||
Revenues: | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | ||||||||
Other income (expense), net | 0 | 0 | 0 | ||||||||
Gain on sale of Rialto investment and asset management platform | 0 | ||||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Revenues: | |||||||||||
Total revenues | 1,247,768 | 1,240,065 | 1,023,244 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Corporate general and administrative expenses | 0 | 0 | 0 | ||||||||
Total costs and expenses | 1,106,242 | 1,089,325 | 896,238 | ||||||||
Earnings (loss) before income taxes | 466,267 | 185,230 | 194,760 | ||||||||
Benefit (provision) for income taxes | (124,996) | (85,124) | (69,501) | ||||||||
Equity in earnings from subsidiaries | 0 | 0 | 0 | ||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | 341,271 | 100,106 | 125,259 | ||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | 21,682 | (38,726) | 1,247 | ||||||||
Net earnings attributable to Lennar | 319,589 | 138,832 | 124,012 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Net unrealized gain (loss) on securities available-for-sale | (1,634) | 1,331 | (295) | ||||||||
Reclassification adjustments for (gains) loss included in net earnings | 234 | 12 | (53) | ||||||||
Total other comprehensive income (loss), net of tax | (1,400) | 1,343 | (348) | ||||||||
Total comprehensive income attributable to Lennar | 318,189 | 140,175 | 123,664 | ||||||||
Total comprehensive income (loss) attributable to noncontrolling interests | 21,682 | (38,726) | 1,247 | ||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Homebuilding | |||||||||||
Revenues: | |||||||||||
Total revenues | 104,874 | 81,689 | 10,215 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 104,950 | 79,338 | 23,424 | ||||||||
Equity in earnings (loss) from unconsolidated entities | 402 | (308) | 387 | ||||||||
Other income (expense), net | 12,852 | 5,248 | 2,737 | ||||||||
Lennar Homebuilding loss due to litigation | 0 | ||||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Financial Services | |||||||||||
Revenues: | |||||||||||
Total revenues | 516,691 | 482,227 | 491,536 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 372,672 | 355,147 | 340,463 | ||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Lennar Multifamily | |||||||||||
Revenues: | |||||||||||
Total revenues | 421,132 | 394,906 | 287,527 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 429,759 | 407,078 | 301,786 | ||||||||
Equity in earnings (loss) from unconsolidated entities | 51,322 | 85,739 | 85,519 | ||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto | |||||||||||
Revenues: | |||||||||||
Total revenues | 205,071 | 281,243 | 233,966 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 198,861 | 247,762 | 230,565 | ||||||||
Equity in earnings (loss) from unconsolidated entities | 25,816 | 25,447 | 18,961 | ||||||||
Other income (expense), net | (62,058) | (81,636) | (39,850) | ||||||||
Gain on sale of Rialto investment and asset management platform | 296,407 | ||||||||||
Consolidating Adjustments | |||||||||||
Revenues: | |||||||||||
Total revenues | (19,923) | (20,145) | (20,104) | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Acquisition and integration costs related to CalAtlantic | 0 | ||||||||||
Corporate general and administrative expenses | 5,162 | 5,061 | 5,061 | ||||||||
Total costs and expenses | (34,625) | (19,680) | (18,144) | ||||||||
Earnings (loss) before income taxes | 0 | 0 | 0 | ||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||||||||
Equity in earnings from subsidiaries | (2,032,809) | (1,067,273) | (1,131,807) | ||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | (2,032,809) | (1,067,273) | (1,131,807) | ||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net earnings attributable to Lennar | (2,032,809) | (1,067,273) | (1,131,807) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Net unrealized gain (loss) on securities available-for-sale | 0 | 0 | 0 | ||||||||
Reclassification adjustments for (gains) loss included in net earnings | 0 | 0 | 0 | ||||||||
Total other comprehensive income (loss), net of tax | 0 | 0 | 0 | ||||||||
Total comprehensive income attributable to Lennar | (2,032,809) | (1,067,273) | (1,131,807) | ||||||||
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Consolidating Adjustments | Lennar Homebuilding | |||||||||||
Revenues: | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 143 | (3,617) | (13,012) | ||||||||
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | ||||||||
Other income (expense), net | (14,702) | 465 | 1,960 | ||||||||
Lennar Homebuilding loss due to litigation | 0 | ||||||||||
Consolidating Adjustments | Lennar Financial Services | |||||||||||
Revenues: | |||||||||||
Total revenues | (19,923) | (20,010) | (20,018) | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | (31,482) | (20,911) | (9,397) | ||||||||
Consolidating Adjustments | Lennar Multifamily | |||||||||||
Revenues: | |||||||||||
Total revenues | 0 | (135) | (86) | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | ||||||||
Consolidating Adjustments | Rialto | |||||||||||
Revenues: | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Costs and Expenses [Abstract] | |||||||||||
Costs and expenses | (8,448) | (213) | (796) | ||||||||
Equity in earnings (loss) from unconsolidated entities | 0 | 0 | 0 | ||||||||
Other income (expense), net | 0 | $ 0 | $ 0 | ||||||||
Gain on sale of Rialto investment and asset management platform | $ 0 |
Supplemental Financial Inform_6
Supplemental Financial Information (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Cash flows from operating activities: | |||
Net earnings (including net earnings attributable to noncontrolling interests) | $ 1,717,513 | $ 771,754 | $ 913,091 |
Distributions of earnings from guarantor and non-guarantor subsidiaries | 0 | 0 | 0 |
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities | (5,904) | 225,110 | (405,287) |
Net cash provided by (used in) operating activities | 1,711,609 | 996,864 | 507,804 |
Cash flows from investing activities: | |||
Proceeds from sale of operating properties | 38,633 | 60,326 | 25,288 |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | (43,031) | (222,977) | (102,571) |
Proceeds from sales of real estate owned | 32,221 | 86,565 | 97,871 |
Proceeds from sale of investment in unconsolidated entity | 225,267 | 0 | 0 |
Proceeds from sale of commercial mortgage-backed securities bonds | 14,222 | 0 | 0 |
Proceeds from sale of Rialto investment and asset management platform | 340,000 | 0 | 0 |
Receipts of principal payments on loans held-for-sale | 11,251 | ||
Receipts of principal payments on loans receivable and other | 4,339 | 165,413 | 84,433 |
Originations of loans receivable | (98,375) | (56,507) | |
Purchases of commercial mortgage-backed securities bonds | (31,068) | (107,262) | (42,436) |
Acquisitions, net of cash acquired | (1,103,275) | (611,103) | (725) |
Other | (81,091) | 11,758 | (91,915) |
Distributions of capital from guarantor and non-guarantor subsidiaries | 0 | 0 | 0 |
Intercompany | 0 | 0 | 0 |
Net cash used in investing activities | (608,122) | (869,817) | (85,837) |
Cash flows from financing activities: | |||
Debt issuance costs | (14,661) | (28,590) | (4,740) |
Proceeds from senior notes and debt issuance costs | 2,421,410 | 494,284 | |
Redemption of senior notes | (1,100,000) | (1,058,595) | (250,000) |
Conversions and exchanges on convertible senior notes | (59,145) | 0 | (234,028) |
Net proceeds (payments) on other borrowings | (422,935) | (108,495) | (173,805) |
Proceeds from other liabilities | (3,542) | 195,541 | 0 |
Net payments related to noncontrolling interests | (71,449) | (68,586) | (127,057) |
Excess tax benefits from share-based awards | 0 | 1,981 | 7,039 |
Common stock: | |||
Issuances | 3,061 | 720 | 19,471 |
Repurchases | (299,833) | (27,054) | (19,902) |
Dividends | (49,159) | (37,608) | (35,324) |
Intercompany | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | (2,195,901) | 1,194,296 | (250,883) |
Net increase (decrease) in cash and cash equivalents | (1,092,414) | 1,321,343 | 171,084 |
Cash and cash equivalents at beginning of year | 2,650,872 | 1,329,529 | 1,158,445 |
Cash and cash equivalents at end of year | 1,558,458 | 2,650,872 | 1,329,529 |
Rialto | |||
Cash flows from investing activities: | |||
Proceeds from sale of Rialto investment and asset management platform | 340,000 | ||
Cash flows from financing activities: | |||
Net proceeds from Rialto notes payable | 74,666 | ||
Principal payments on Rialto notes payable including structured notes | (359,016) | (24,964) | (39,026) |
Common stock: | |||
Cash and cash equivalents at beginning of year | 241,861 | ||
Cash and cash equivalents at end of year | 26,829 | 241,861 | |
Reportable Legal Entities | Lennar Corporation | |||
Cash flows from operating activities: | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 1,695,831 | 810,480 | 911,844 |
Distributions of earnings from guarantor and non-guarantor subsidiaries | 1,939,197 | 995,169 | 1,068,529 |
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities | (1,731,335) | (739,947) | (1,083,418) |
Net cash provided by (used in) operating activities | 1,903,693 | 1,065,702 | 896,955 |
Cash flows from investing activities: | |||
Proceeds from sale of operating properties | 0 | 0 | 0 |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | 0 | 0 | 0 |
Proceeds from sales of real estate owned | 0 | 0 | 0 |
Proceeds from sale of investment in unconsolidated entity | 0 | ||
Proceeds from sale of commercial mortgage-backed securities bonds | 0 | ||
Receipts of principal payments on loans held-for-sale | 0 | ||
Receipts of principal payments on loans receivable and other | 0 | ||
Originations of loans receivable | 0 | 0 | |
Purchases of commercial mortgage-backed securities bonds | 0 | 0 | 0 |
Acquisitions, net of cash acquired | (1,162,342) | (611,103) | |
Other | (56,050) | (35,251) | (11,709) |
Distributions of capital from guarantor and non-guarantor subsidiaries | 94,987 | 115,000 | 40,000 |
Intercompany | (728,546) | (865,364) | (787,185) |
Net cash used in investing activities | (1,851,951) | (1,396,718) | (758,894) |
Cash flows from financing activities: | |||
Debt issuance costs | (9,189) | ||
Proceeds from senior notes and debt issuance costs | 2,433,539 | 495,974 | |
Redemption of senior notes | (1,010,626) | (800,000) | (250,000) |
Conversions and exchanges on convertible senior notes | (234,028) | ||
Net proceeds (payments) on other borrowings | 0 | 0 | |
Proceeds from other liabilities | 0 | ||
Net payments related to noncontrolling interests | 0 | 0 | 0 |
Excess tax benefits from share-based awards | 1,981 | 7,039 | |
Common stock: | |||
Issuances | 3,061 | 720 | 19,471 |
Repurchases | (299,833) | (27,054) | (19,902) |
Dividends | (49,159) | (37,608) | (35,324) |
Intercompany | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | (1,365,746) | 1,571,578 | (16,770) |
Net increase (decrease) in cash and cash equivalents | (1,314,004) | 1,240,562 | 121,291 |
Cash and cash equivalents at beginning of year | 1,937,674 | 697,112 | 575,821 |
Cash and cash equivalents at end of year | 623,670 | 1,937,674 | 697,112 |
Reportable Legal Entities | Lennar Corporation | Rialto | |||
Cash flows from investing activities: | |||
Proceeds from sale of Rialto investment and asset management platform | 0 | ||
Cash flows from financing activities: | |||
Net proceeds from Rialto notes payable | 0 | ||
Principal payments on Rialto notes payable including structured notes | 0 | ||
Reportable Legal Entities | Guarantor Subsidiaries | |||
Cash flows from operating activities: | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 1,713,220 | 928,441 | 1,007,795 |
Distributions of earnings from guarantor and non-guarantor subsidiaries | 93,612 | 72,104 | 63,278 |
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities | 598,250 | (246,983) | (231,877) |
Net cash provided by (used in) operating activities | 2,405,082 | 753,562 | 839,196 |
Cash flows from investing activities: | |||
Proceeds from sale of operating properties | 38,633 | 60,326 | 25,288 |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | (94,937) | (181,101) | (139,533) |
Proceeds from sales of real estate owned | 0 | 0 | 0 |
Proceeds from sale of investment in unconsolidated entity | 199,654 | ||
Proceeds from sale of commercial mortgage-backed securities bonds | 0 | ||
Receipts of principal payments on loans held-for-sale | 0 | ||
Receipts of principal payments on loans receivable and other | 0 | ||
Originations of loans receivable | 0 | 0 | |
Purchases of commercial mortgage-backed securities bonds | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 22,716 | 0 | |
Other | (35,982) | (49,356) | (56,627) |
Distributions of capital from guarantor and non-guarantor subsidiaries | 40,987 | 80,000 | 34,000 |
Intercompany | 0 | 0 | 0 |
Net cash used in investing activities | 171,071 | (90,131) | (136,872) |
Cash flows from financing activities: | |||
Debt issuance costs | 0 | ||
Proceeds from senior notes and debt issuance costs | 0 | 0 | |
Redemption of senior notes | (89,374) | (258,595) | 0 |
Conversions and exchanges on convertible senior notes | (59,145) | 0 | |
Net proceeds (payments) on other borrowings | (128,685) | (104,471) | (165,463) |
Net payments related to noncontrolling interests | 0 | 0 | 0 |
Excess tax benefits from share-based awards | 0 | 0 | |
Common stock: | |||
Issuances | 0 | 0 | 0 |
Repurchases | 0 | 0 | 0 |
Dividends | (1,799,207) | (1,018,441) | (1,047,795) |
Intercompany | 306,199 | 700,197 | 551,840 |
Net cash (used in) provided by financing activities | (2,225,020) | (681,414) | (661,302) |
Net increase (decrease) in cash and cash equivalents | 351,133 | (17,983) | 41,022 |
Cash and cash equivalents at beginning of year | 359,087 | 377,070 | 336,048 |
Cash and cash equivalents at end of year | 710,220 | 359,087 | 377,070 |
Reportable Legal Entities | Guarantor Subsidiaries | Rialto | |||
Cash flows from investing activities: | |||
Proceeds from sale of Rialto investment and asset management platform | 0 | ||
Cash flows from financing activities: | |||
Net proceeds from Rialto notes payable | 0 | ||
Principal payments on Rialto notes payable including structured notes | 0 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||
Cash flows from operating activities: | |||
Net earnings (including net earnings attributable to noncontrolling interests) | 341,271 | 100,106 | 125,259 |
Distributions of earnings from guarantor and non-guarantor subsidiaries | 0 | 0 | 0 |
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities | (905,628) | 144,767 | (221,799) |
Net cash provided by (used in) operating activities | (564,357) | 244,873 | (96,540) |
Cash flows from investing activities: | |||
Proceeds from sale of operating properties | 0 | 0 | 0 |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | 51,906 | (41,876) | 36,962 |
Proceeds from sales of real estate owned | 32,221 | 86,565 | 97,871 |
Proceeds from sale of investment in unconsolidated entity | 25,613 | ||
Proceeds from sale of commercial mortgage-backed securities bonds | 14,222 | ||
Receipts of principal payments on loans held-for-sale | 11,251 | ||
Receipts of principal payments on loans receivable and other | 84,433 | ||
Originations of loans receivable | (98,375) | (56,507) | |
Purchases of commercial mortgage-backed securities bonds | (31,068) | (107,262) | (42,436) |
Acquisitions, net of cash acquired | 36,351 | 0 | |
Other | 10,941 | 96,365 | (23,579) |
Distributions of capital from guarantor and non-guarantor subsidiaries | 0 | 0 | 0 |
Intercompany | 0 | 0 | 0 |
Net cash used in investing activities | 480,186 | (53,332) | 96,744 |
Cash flows from financing activities: | |||
Debt issuance costs | (5,472) | ||
Proceeds from senior notes and debt issuance costs | (12,129) | (1,690) | |
Redemption of senior notes | 0 | 0 | 0 |
Conversions and exchanges on convertible senior notes | 0 | 0 | |
Net proceeds (payments) on other borrowings | (294,250) | (4,024) | (8,342) |
Proceeds from other liabilities | 195,541 | ||
Net payments related to noncontrolling interests | (71,449) | (68,586) | (127,057) |
Excess tax benefits from share-based awards | 0 | 0 | |
Common stock: | |||
Issuances | 0 | 0 | 0 |
Repurchases | 0 | 0 | 0 |
Dividends | (369,576) | (243,832) | (158,012) |
Intercompany | 422,347 | 165,167 | 235,345 |
Net cash (used in) provided by financing activities | (45,372) | (92,777) | 8,567 |
Net increase (decrease) in cash and cash equivalents | (129,543) | 98,764 | 8,771 |
Cash and cash equivalents at beginning of year | 354,111 | 255,347 | 246,576 |
Cash and cash equivalents at end of year | 224,568 | 354,111 | 255,347 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | Rialto | |||
Cash flows from investing activities: | |||
Proceeds from sale of Rialto investment and asset management platform | 340,000 | ||
Cash flows from financing activities: | |||
Net proceeds from Rialto notes payable | 74,666 | ||
Principal payments on Rialto notes payable including structured notes | (39,026) | ||
Consolidating Adjustments | |||
Cash flows from operating activities: | |||
Net earnings (including net earnings attributable to noncontrolling interests) | (2,032,809) | (1,067,273) | (1,131,807) |
Distributions of earnings from guarantor and non-guarantor subsidiaries | (2,032,809) | (1,067,273) | (1,131,807) |
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities | 2,032,809 | 1,067,273 | 1,131,807 |
Net cash provided by (used in) operating activities | (2,032,809) | (1,067,273) | (1,131,807) |
Cash flows from investing activities: | |||
Proceeds from sale of operating properties | 0 | 0 | 0 |
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net | 0 | 0 | 0 |
Proceeds from sales of real estate owned | 0 | 0 | 0 |
Proceeds from sale of investment in unconsolidated entity | 0 | ||
Proceeds from sale of commercial mortgage-backed securities bonds | 0 | ||
Receipts of principal payments on loans held-for-sale | 0 | ||
Receipts of principal payments on loans receivable and other | 0 | ||
Originations of loans receivable | 0 | 0 | |
Purchases of commercial mortgage-backed securities bonds | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | |
Other | 0 | 0 | 0 |
Distributions of capital from guarantor and non-guarantor subsidiaries | (135,974) | (195,000) | (74,000) |
Intercompany | 728,546 | 865,364 | 787,185 |
Net cash used in investing activities | 592,572 | 670,364 | 713,185 |
Cash flows from financing activities: | |||
Debt issuance costs | 0 | ||
Proceeds from senior notes and debt issuance costs | 0 | 0 | |
Redemption of senior notes | 0 | 0 | 0 |
Conversions and exchanges on convertible senior notes | 0 | 0 | |
Net proceeds (payments) on other borrowings | 0 | 0 | 0 |
Proceeds from other liabilities | 0 | ||
Net payments related to noncontrolling interests | 0 | 0 | 0 |
Excess tax benefits from share-based awards | 0 | 0 | |
Common stock: | |||
Issuances | 0 | 0 | 0 |
Repurchases | 0 | 0 | 0 |
Dividends | 2,168,783 | 1,262,273 | 1,205,807 |
Intercompany | (728,546) | (865,364) | (787,185) |
Net cash (used in) provided by financing activities | 1,440,237 | 396,909 | 418,622 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
Consolidating Adjustments | Rialto | |||
Cash flows from investing activities: | |||
Proceeds from sale of Rialto investment and asset management platform | 0 | ||
Cash flows from financing activities: | |||
Net proceeds from Rialto notes payable | 0 | ||
Principal payments on Rialto notes payable including structured notes | 0 | ||
Unsecured Revolving Credit Facility | |||
Cash flows from financing activities: | |||
Net (repayments) borrowings under credit facilities | (454,700) | 0 | 0 |
Unsecured Revolving Credit Facility | Reportable Legal Entities | Lennar Corporation | |||
Cash flows from financing activities: | |||
Net (repayments) borrowings under credit facilities | 0 | ||
Unsecured Revolving Credit Facility | Reportable Legal Entities | Guarantor Subsidiaries | |||
Cash flows from financing activities: | |||
Net (repayments) borrowings under credit facilities | (454,700) | ||
Unsecured Revolving Credit Facility | Reportable Legal Entities | Non-Guarantor Subsidiaries | |||
Cash flows from financing activities: | |||
Net (repayments) borrowings under credit facilities | 0 | ||
Unsecured Revolving Credit Facility | Consolidating Adjustments | |||
Cash flows from financing activities: | |||
Net (repayments) borrowings under credit facilities | 0 | ||
Warehouse Repurchase Facility | |||
Cash flows from financing activities: | |||
Net (repayments) borrowings under credit facilities | 272,920 | (199,684) | 107,465 |
Warehouse Repurchase Facility | Reportable Legal Entities | Lennar Corporation | |||
Cash flows from financing activities: | |||
Net (repayments) borrowings under credit facilities | 0 | 0 | 0 |
Warehouse Repurchase Facility | Reportable Legal Entities | Guarantor Subsidiaries | |||
Cash flows from financing activities: | |||
Net (repayments) borrowings under credit facilities | (108) | (104) | 116 |
Warehouse Repurchase Facility | Reportable Legal Entities | Non-Guarantor Subsidiaries | |||
Cash flows from financing activities: | |||
Net (repayments) borrowings under credit facilities | 273,028 | (199,580) | 107,349 |
Warehouse Repurchase Facility | Consolidating Adjustments | |||
Cash flows from financing activities: | |||
Net (repayments) borrowings under credit facilities | $ 0 | $ 0 | $ 0 |
Quarterly Data (unaudited) (Sch
Quarterly Data (unaudited) (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Nov. 27, 2017 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenues | $ 6,459,210 | $ 5,672,569 | $ 5,459,061 | $ 2,980,791 | $ 3,785,569 | $ 3,261,476 | $ 3,261,892 | $ 2,337,428 | $ 20,571,631 | $ 12,646,365 | $ 10,949,999 | |
Gross profit from sales of homes | 1,274,241 | 1,057,903 | 840,042 | 516,628 | 747,502 | 650,411 | 616,875 | 419,165 | ||||
Earnings before income taxes | 1,036,528 | 565,918 | 390,810 | 269,428 | 461,983 | 368,385 | 309,600 | 49,643 | 2,262,684 | 1,189,611 | 1,330,469 | |
Net earnings attributable to Lennar | $ 796,148 | $ 453,211 | $ 310,257 | $ 136,215 | $ 309,590 | $ 249,165 | $ 213,645 | $ 38,080 | $ 1,695,831 | $ 810,480 | $ 911,844 | |
Earnings per share: | ||||||||||||
Basic (in USD per share) | $ 2.42 | $ 1.37 | $ 0.95 | $ 0.53 | $ 1.29 | $ 1.04 | $ 0.89 | $ 0.16 | $ 5.46 | $ 3.38 | $ 4.05 | |
Diluted (in USD per share) | $ 2.42 | $ 1.37 | $ 0.94 | $ 0.53 | $ 1.29 | $ 1.04 | $ 0.89 | $ 0.16 | $ 5.44 | $ 3.38 | $ 3.86 | |
Class B Common Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares distributed as part of stock dividend (in shares) | 4.7 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 28, 2019 | Nov. 30, 2018 |
Subsequent Event [Line Items] | ||
Originally authorized shares under the stock repurchase program (in shares) | 20,000,000 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Authorized amount under stock repurchase program | $ 1,000,000,000 | |
Originally authorized shares under the stock repurchase program (in shares) | 25,000,000 |
Schedule II-Valuation And Qua_2
Schedule II-Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Allowances for doubtful accounts and notes and other receivables | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 2,849 | $ 328 | $ 768 |
Additions, Charged to costs and expenses | 246 | 260 | 125 |
Additions, Charged (credited) to other accounts | (156) | 2,463 | (88) |
Deductions | (146) | (202) | (477) |
Ending balance | 2,793 | 2,849 | 328 |
Allowance for loan losses and loans receivable | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 3,192 | 33,575 | 39,486 |
Additions, Charged to costs and expenses | 2,177 | 32,850 | 18,818 |
Additions, Charged (credited) to other accounts | 3,890 | (1) | 0 |
Deductions | (3,105) | (63,232) | (24,729) |
Ending balance | 6,154 | 3,192 | 33,575 |
Allowance against net deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 6,423 | 5,773 | 5,945 |
Additions, Charged to costs and expenses | 796 | 650 | 0 |
Additions, Charged (credited) to other accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | (172) |
Ending balance | $ 7,219 | $ 6,423 | $ 5,773 |