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10-Q Filing

LENNAR CORP /NEW/ CIK: 920760 Q1 2018
Filing Information
Form Type 10-Q
Accession Number 0001628280-18-004111
Period End Date 20180228
Filing Date 20180409
Fiscal Year 2018
Fiscal Period Q1
XBRL Instance len-2018228x10qq1_htm.xml
Filing Contents

This filing contains the following financial statements:

Balance Sheet 36 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $929.06M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.33B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $2.65B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.03B USD Point-in-time
Total assets Assets $27.94B USD Point-in-time
Total assets Assets $18.75B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $929.06M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.33B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $2.65B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.03B USD Point-in-time
Total assets Assets $27.94B USD Point-in-time
Total assets Assets $18.75B USD Point-in-time
Total liabilities Liabilities $14.77B USD Point-in-time
Total liabilities Liabilities $10.76B USD Point-in-time
Total liabilities Liabilities $14.77B USD Point-in-time
Total liabilities Liabilities $10.76B USD Point-in-time
Preferred stock PreferredStockValue - USD Point-in-time
Preferred stock PreferredStockValue - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $3.14B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $8.22B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $4.84B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $4.97B USD Point-in-time
Treasury stock, at cost; February 28, 2018 - 1,917,513 shares of Class A common stock and 1,688,366 shares of Class B common stock; November 30, 2017 - 1,473,590 shares of Class A common stock and 1,679,650 shares of Class B common stock TreasuryStockValue $136.02M USD Point-in-time
Treasury stock, at cost; February 28, 2018 - 1,917,513 shares of Class A common stock and 1,688,366 shares of Class B common stock; November 30, 2017 - 1,473,590 shares of Class A common stock and 1,679,650 shares of Class B common stock TreasuryStockValue $161.38M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $1.03M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $376.00K USD Point-in-time
Total stockholders equity StockholdersEquity $13.06B USD Point-in-time
Total stockholders equity StockholdersEquity $7.87B USD Point-in-time
Noncontrolling interests MinorityInterest $113.81M USD Point-in-time
Noncontrolling interests MinorityInterest $113.15M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $7.99B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $13.17B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $7.21B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $7.26B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $27.94B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $18.75B USD Point-in-time
Income Statement 33 line items
Line Item Tag Value Unit Period
Revenues Revenues $2.98B USD 1 Quarter
Revenues Revenues $2.34B USD 1 Quarter
Acquisition and integration costs related to CalAtlantic BusinessCombinationAcquisitionRelatedCosts $104.19M USD 1 Quarter
Acquisition and integration costs related to CalAtlantic BusinessCombinationAcquisitionRelatedCosts - USD 1 Quarter
Corporate general and administrative GeneralAndAdministrativeExpense $60.70M USD 1 Quarter
Corporate general and administrative GeneralAndAdministrativeExpense $67.81M USD 1 Quarter
Total costs and expenses CostsAndExpenses $2.15B USD 1 Quarter
Total costs and expenses CostsAndExpenses $2.87B USD 1 Quarter
Equity in earnings (loss) from unconsolidated entities IncomeLossFromEquityMethodInvestments $-2.43M USD 1 Quarter
Equity in earnings (loss) from unconsolidated entities IncomeLossFromEquityMethodInvestments $12.34M USD 1 Quarter
Earnings before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $269.43M USD 1 Quarter
Earnings before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $49.64M USD 1 Quarter
Provision for income taxes (1) IncomeTaxExpenseBenefit $19.97M USD 1 Quarter
Provision for income taxes (1) IncomeTaxExpenseBenefit $132.61M USD 1 Quarter
Net earnings (including net earnings (loss) attributable to noncontrolling interests) ProfitLoss $136.82M USD 1 Quarter
Net earnings (including net earnings (loss) attributable to noncontrolling interests) ProfitLoss $29.67M USD 1 Quarter
Less: Net earnings (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $602.00K USD 1 Quarter
Less: Net earnings (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-8.41M USD 1 Quarter
Net earnings attributable to Lennar NetIncomeLoss $38.08M USD 1 Quarter
Net earnings attributable to Lennar NetIncomeLoss $136.22M USD 1 Quarter
Net unrealized gain (loss) on securities available-for-sale OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-658.00K USD 1 Quarter
Net unrealized gain (loss) on securities available-for-sale OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $972.00K USD 1 Quarter
Total other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $972.00K USD 1 Quarter
Total other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-658.00K USD 1 Quarter
Total comprehensive income attributable to Lennar ComprehensiveIncomeNetOfTax $135.56M USD 1 Quarter
Total comprehensive income attributable to Lennar ComprehensiveIncomeNetOfTax $39.05M USD 1 Quarter
Total comprehensive income (loss) attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $602.00K USD 1 Quarter
Total comprehensive income (loss) attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-8.41M USD 1 Quarter
Basic earnings per share (in dollars per share) EarningsPerShareBasic $0.16 USD 1 Quarter
Basic earnings per share (in dollars per share) EarningsPerShareBasic $0.53 USD 1 Quarter
Diluted earnings per share (in dollars per share) EarningsPerShareDiluted $0.16 USD 1 Quarter
Diluted earnings per share (in dollars per share) EarningsPerShareDiluted $0.53 USD 1 Quarter
Write down of deferred tax asset resulting from Tax Cuts and Jobs Act TaxCutsandJobsActIncompleteAccountingChangeinTaxRateDeferredTaxAssetProvisionalIncomeTaxExpense $68.60M USD 1 Quarter
Cash Flow Statement 110 line items
Line Item Tag Value Unit Period
Net earnings (including net earnings (loss) attributable to noncontrolling interests) ProfitLoss $136.82M USD 1 Quarter
Net earnings (including net earnings (loss) attributable to noncontrolling interests) ProfitLoss $29.67M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $19.57M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $11.74M USD 1 Quarter
Amortization of discount/premium and accretion on debt, net AmortizationOfDebtDiscountPremium $40.00K USD 1 Quarter
Amortization of discount/premium and accretion on debt, net AmortizationOfDebtDiscountPremium $3.13M USD 1 Quarter
Equity in (earnings) loss from unconsolidated entities IncomeLossFromEquityMethodInvestments $-2.43M USD 1 Quarter
Equity in (earnings) loss from unconsolidated entities IncomeLossFromEquityMethodInvestments $12.34M USD 1 Quarter
Distributions of earnings from unconsolidated entities EquityMethodInvestmentDividendsOrDistributions $31.95M USD 1 Quarter
Distributions of earnings from unconsolidated entities EquityMethodInvestmentDividendsOrDistributions $3.54M USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $17.77M USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $12.51M USD 1 Quarter
Excess tax benefits from share-based awards ExcessTaxBenefitFromShareBasedCompensationOperatingActivities - USD 1 Quarter
Excess tax benefits from share-based awards ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $1.95M USD 1 Quarter
Deferred income tax (benefit) expense DeferredIncomeTaxesAndTaxCredits $33.79M USD 1 Quarter
Deferred income tax (benefit) expense DeferredIncomeTaxesAndTaxCredits $-36.23M USD 1 Quarter
Gain on sale of operating properties and equipment GainLossOnSaleOfPropertyPlantEquipment $207.00K USD 1 Quarter
Gain on sale of operating properties and equipment GainLossOnSaleOfPropertyPlantEquipment - USD 1 Quarter
Gain on sale of interest in unconsolidated entity EquityMethodInvestmentRealizedGainLossOnDisposal - USD 1 Quarter
Gain on sale of interest in unconsolidated entity EquityMethodInvestmentRealizedGainLossOnDisposal $164.88M USD 1 Quarter
Unrealized and realized gains on real estate owned GainsLossesOnSalesOfOtherRealEstate $1.70M USD 1 Quarter
Unrealized and realized gains on real estate owned GainsLossesOnSalesOfOtherRealEstate $883.00K USD 1 Quarter
Impairments of loans receivable and real estate owned ImpairmentofLoansReceivableandRealEstateOwned $25.48M USD 1 Quarter
Impairments of loans receivable and real estate owned ImpairmentofLoansReceivableandRealEstateOwned $5.49M USD 1 Quarter
Valuation adjustments and write-offs of option deposits and pre-acquisition costs ValuationAdjustmentsandWriteoffsofOptionDepositsPreacquisitionsCostsandOtherAssets $1.93M USD 1 Quarter
Valuation adjustments and write-offs of option deposits and pre-acquisition costs ValuationAdjustmentsandWriteoffsofOptionDepositsPreacquisitionsCostsandOtherAssets $12.05M USD 1 Quarter
Decrease in restricted cash IncreaseDecreaseInRestrictedCashForOperatingActivities $-12.80M USD 1 Quarter
Decrease in restricted cash IncreaseDecreaseInRestrictedCashForOperatingActivities $-10.84M USD 1 Quarter
(Increase) decrease in receivables IncreaseDecreaseInReceivables $-264.71M USD 1 Quarter
(Increase) decrease in receivables IncreaseDecreaseInReceivables $22.41M USD 1 Quarter
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs IncreaseDecreaseInInventories $548.73M USD 1 Quarter
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs IncreaseDecreaseInInventories $601.71M USD 1 Quarter
(Increase) decrease in other assets IncreaseDecreaseInOtherOperatingAssets $26.58M USD 1 Quarter
(Increase) decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-12.85M USD 1 Quarter
Decrease in loans held-for-sale IncreaseDecreaseInLoansHeldForSale $-422.99M USD 1 Quarter
Decrease in loans held-for-sale IncreaseDecreaseInLoansHeldForSale $-339.49M USD 1 Quarter
Decrease in accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-11.06M USD 1 Quarter
Decrease in accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-46.33M USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $-142.73M USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $79.32M USD 1 Quarter
Net additions of operating properties and equipment PaymentsToAcquirePropertyPlantAndEquipment $25.79M USD 1 Quarter
Net additions of operating properties and equipment PaymentsToAcquirePropertyPlantAndEquipment $40.81M USD 1 Quarter
Proceeds from sale of investment in unconsolidated entity ProceedsFromSaleOfEquityMethodInvestments $175.18M USD 1 Quarter
Proceeds from sale of investment in unconsolidated entity ProceedsFromSaleOfEquityMethodInvestments - USD 1 Quarter
Investments in and contributions to unconsolidated entities PaymentsToAcquireEquityMethodInvestments $62.58M USD 1 Quarter
Investments in and contributions to unconsolidated entities PaymentsToAcquireEquityMethodInvestments $151.71M USD 1 Quarter
Distributions of capital from unconsolidated entities ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $39.96M USD 1 Quarter
Distributions of capital from unconsolidated entities ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $20.93M USD 1 Quarter
Proceeds from sales of real estate owned ProceedsFromSaleOfForeclosedAssets $18.08M USD 1 Quarter
Proceeds from sales of real estate owned ProceedsFromSaleOfForeclosedAssets $24.21M USD 1 Quarter
Other proceeds, net ProceedsFromSaleOfOtherAssetsInvestingActivities $2.03M USD 1 Quarter
Other proceeds, net ProceedsFromSaleOfOtherAssetsInvestingActivities $2.63M USD 1 Quarter
Originations of loans receivable PaymentsforOriginationofLoansReceivable - USD 1 Quarter
Originations of loans receivable PaymentsforOriginationofLoansReceivable $9.33M USD 1 Quarter
Purchases of commercial mortgage-backed securities bonds PaymentsToAcquireMortgageBackedSecuritiesMBSCategorizedAsHeldToMaturity $31.07M USD 1 Quarter
Purchases of commercial mortgage-backed securities bonds PaymentsToAcquireMortgageBackedSecuritiesMBSCategorizedAsHeldToMaturity $40.36M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $1.10B USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $596.17M USD 1 Quarter
Decrease (increase) in Lennar Financial Services loans held-for-investment, net PaymentsForProceedsFromLoansAndLeases $-1.59M USD 1 Quarter
Decrease (increase) in Lennar Financial Services loans held-for-investment, net PaymentsForProceedsFromLoansAndLeases $2.02M USD 1 Quarter
Purchases of Lennar Financial Services investment securities PaymentsToAcquireMarketableSecurities $20.89M USD 1 Quarter
Purchases of Lennar Financial Services investment securities PaymentsToAcquireMarketableSecurities $12.20M USD 1 Quarter
Proceeds from maturities/sales of Lennar Financial Services investments securities ProceedsFromSaleMaturityAndCollectionsOfInvestments $10.47M USD 1 Quarter
Proceeds from maturities/sales of Lennar Financial Services investments securities ProceedsFromSaleMaturityAndCollectionsOfInvestments $5.29M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-766.08M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-1.03B USD 1 Quarter
Proceeds from senior notes ProceedsFromIssuanceOfSeniorLongTermDebt - USD 1 Quarter
Proceeds from senior notes ProceedsFromIssuanceOfSeniorLongTermDebt $600.00M USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $12.04M USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $10.85M USD 1 Quarter
Proceeds from other borrowings ProceedsFromOtherDebt $581.00K USD 1 Quarter
Proceeds from other borrowings ProceedsFromOtherDebt $7.39M USD 1 Quarter
Payments related to other liabilities ProceedsfromOtherLiabilities - USD 1 Quarter
Payments related to other liabilities ProceedsfromOtherLiabilities $-1.48M USD 1 Quarter
Principal payments on other borrowings RepaymentsOfOtherDebt $16.24M USD 1 Quarter
Principal payments on other borrowings RepaymentsOfOtherDebt $15.39M USD 1 Quarter
Receipts related to noncontrolling interests ProceedsFromMinorityShareholders $153.00K USD 1 Quarter
Receipts related to noncontrolling interests ProceedsFromMinorityShareholders $3.85M USD 1 Quarter
Payments related to noncontrolling interests PaymentsToMinorityShareholders $23.76M USD 1 Quarter
Payments related to noncontrolling interests PaymentsToMinorityShareholders $25.87M USD 1 Quarter
Excess tax benefits from share-based awards ExcessTaxBenefitFromShareBasedCompensationFinancingActivities - USD 1 Quarter
Excess tax benefits from share-based awards ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $1.95M USD 1 Quarter
Issuances ProceedsFromIssuanceOfCommonStock $99.00K USD 1 Quarter
Issuances ProceedsFromIssuanceOfCommonStock - USD 1 Quarter
Repurchases PaymentsForRepurchaseOfCommonStock $83.00K USD 1 Quarter
Repurchases PaymentsForRepurchaseOfCommonStock $25.36M USD 1 Quarter
Dividends PaymentsOfDividendsCommonStock $9.40M USD 1 Quarter
Dividends PaymentsOfDividendsCommonStock $9.62M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $286.29M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-450.35M USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-1.62B USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-400.47M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $929.06M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $1.33B USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $2.65B USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $1.03B USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $929.06M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $1.33B USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $2.65B USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $1.03B USD Point-in-time
Non-cash increase in consolidated inventory not owned NoncashIncreaseinLandUnderPurchaseOptionsRecorded $115.00M USD 1 Quarter
Non-cash increase in consolidated inventory not owned NoncashIncreaseinLandUnderPurchaseOptionsRecorded - USD 1 Quarter
Inventories NoncashConsolidationDeconsolidationInventory $35.43M USD 1 Quarter
Inventories NoncashConsolidationDeconsolidationInventory - USD 1 Quarter
Receivables NoncashConsolidationDeconsolidationReceivables - USD 1 Quarter
Receivables NoncashConsolidationDeconsolidationReceivables $7.20M USD 1 Quarter
Investments in unconsolidated entities NoncashConsolidationDeconsolidationEquityMethodInvestments $-25.61M USD 1 Quarter
Investments in unconsolidated entities NoncashConsolidationDeconsolidationEquityMethodInvestments - USD 1 Quarter
Other liabilities NoncashConsolidationDeconsolidationOtherLiabilities - USD 1 Quarter
Other liabilities NoncashConsolidationDeconsolidationOtherLiabilities $-17.01M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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