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Stockholders' Equity | 6 Months Ended
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May 31, 2021
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three and six months ended May 31, 2021 and 2020:
|  |  | Three Months Ended May 31, 2021 |  |
(In thousands) | Total Equity |  | Class A Common Stock |  | Class B Common Stock |  | Additional Paid - in Capital |  | Treasury Stock |  | Accumulated Other Comprehensive Income (loss) |  | Retained Earnings |  | Noncontrolling Interests
Balance at February 28, 2021 | $ | 19,017,451 |  |  | 30,047 |  |  | 3,944 |  |  | 8,724,192 |  |  | (1,348,710) |  |  | (1,747) |  |  | 11,488,520 |  |  | 121,205 |
Net earnings (including net earnings attributable to noncontrolling interests) | 836,772 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 831,363 |  |  | 5,409 |
Employee stock and directors plans | (4,537) |  |  | 2 |  |  | — |  |  | 1,165 |  |  | (5,704) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (98,460) |  |  | — |  |  | — |  |  | — |  |  | (98,460) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 32,276 |  |  | — |  |  | — |  |  | 32,276 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (78,483) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | — |  | (78,483) |  |  | — |
Receipts related to noncontrolling interests | 5,009 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,009 |
Payments related to noncontrolling interests | (5,829) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,829) |
Non-cash purchase or activity of noncontrolling interests, net | (2,417) |  |  | — |  |  | — |  |  | (2,613) |  |  | — |  |  | — |  |  | — |  |  | 196 |
Total other comprehensive income, net of tax | 316 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 316 |  |  | — |  |  | — |
Balance at May 31, 2021 | $ | 19,702,098 |  |  | 30,049 |  |  | 3,944 |  |  | 8,755,020 |  |  | (1,452,874) |  |  | (1,431) |  |  | 12,241,400 |  |  | 125,990 |
|  |  | Three Months Ended May 31, 2020 |  |
(In thousands) | Total Equity |  | Class A Common Stock |  | Class B Common Stock |  | Additional Paid - in Capital |  | Treasury Stock |  | Accumulated Other Comprehensive Income (loss) |  | Retained Earnings |  | Noncontrolling Interests
Balance at February 29, 2020 | $ | 16,193,377 |  |  | 29,802 |  |  | 3,944 |  |  | 8,609,944 |  |  | (1,253,756) |  |  | 452 |  |  | 8,654,213 |  |  | 148,778 |
Net earnings (including net loss attributable to noncontrolling interests) | 516,098 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 517,406 |  |  | (1,308) |
Employee stock and directors plans | 651 |  |  | 2 |  |  | — |  |  | 756 |  |  | (107) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 23,286 |  |  | — |  |  | — |  |  | 23,286 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (38,905) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | — |  | (38,905) |  |  | — |
Receipts related to noncontrolling interests | 80,148 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 80,148 |
Payments related to noncontrolling interests | (4,767) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,767) |
Non-cash consolidations/deconsolidations, net | (131,306) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (131,306) |
Non-cash purchase or activity of noncontrolling interests, net | (5,168) |  |  | — |  |  | — |  |  | (3,544) |  |  | — |  |  | — |  |  | — |  |  | (1,624) |
Total other comprehensive loss, net of tax | (790) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (790) |  |  | — |  |  | — |
Balance at May 31, 2020 | $ | 16,632,624 |  |  | 29,804 |  |  | 3,944 |  |  | 8,630,442 |  |  | (1,253,863) |  |  | (338) |  |  | 9,132,714 |  |  | 89,921 |
|  |  | Six Months Ended May 31, 2021 |  |
(In thousands) | Total Equity |  | Class A Common Stock |  | Class B Common Stock |  | Additional Paid - in Capital |  | Treasury Stock |  | Accumulated Other Comprehensive Loss |  | Retained Earnings |  | Noncontrolling Interests
Balance at November 30, 2020 | $ | 18,099,401 |  |  | 29,894 |  |  | 3,944 |  |  | 8,676,056 |  |  | (1,279,227) |  |  | (805) |  |  | 10,564,994 |  |  | 104,545 |
Net earnings (including net earnings attributable to noncontrolling interests) | 1,853,681 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,832,732 |  |  | 20,949 |
Employee stock and directors plans | (30,816) |  |  | 155 |  |  | — |  |  | 1,106 |  |  | (32,077) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (141,570) |  |  | — |  |  | — |  |  | — |  |  | (141,570) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 81,094 |  |  | — |  |  | — |  |  | 81,094 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (156,326) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (156,326) |  |  | — |
Receipts related to noncontrolling interests | 13,905 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,905 |
Payments related to noncontrolling interests | (17,226) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (17,226) |
Non-cash purchase or activity of noncontrolling interests, net | 581 |  |  | — |  |  | — |  |  | (3,236) |  |  | — |  |  | — |  |  | — |  |  | 3,817 |
Total other comprehensive loss, net of tax | (626) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (626) |  |  | — |  |  | — |
Balance at May 31, 2021 | $ | 19,702,098 |  |  | 30,049 |  |  | 3,944 |  |  | 8,755,020 |  |  | (1,452,874) |  |  | (1,431) |  |  | 12,241,400 |  |  | 125,990 |
|  |  | Six Months Ended May 31, 2020 |  |
(In thousands) | Total Equity |  | Class A Common Stock |  | Class B Common Stock |  | Additional Paid - in Capital |  | Treasury Stock |  | Accumulated Other Comprehensive Income (loss) |  | Retained Earnings |  | Noncontrolling Interests
Balance at November 30, 2019 | $ | 16,033,830 |  |  | 29,712 |  |  | 3,944 |  |  | 8,578,219 |  |  | (957,857) |  |  | 498 |  |  | 8,295,001 |  |  | 84,313 |
Net earnings (including net loss attributable to noncontrolling interests) | 907,321 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 915,858 |  |  | (8,537) |
Employee stock and directors plans | (6,773) |  |  | 92 |  |  | — |  |  | 626 |  |  | (7,491) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (288,515) |  |  | — |  |  | — |  |  | — |  |  | (288,515) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 55,141 |  |  | — |  |  | — |  |  | 55,141 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (78,145) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | — |  | (78,145) |  |  | — |
Receipts related to noncontrolling interests | 169,061 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 169,061 |
Payments related to noncontrolling interests | (21,501) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (21,501) |
Non-cash consolidations/deconsolidations, net | (131,791) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (131,791) |
Non-cash purchase or activity of noncontrolling interests, net | (5,168) |  |  | — |  |  | — |  |  | (3,544) |  |  | — |  |  | — |  |  | — |  |  | (1,624) |
Total other comprehensive loss, net of tax | (836) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (836) |  |  | — |  |  | — |
Balance at May 31, 2020 | $ | 16,632,624 |  |  | 29,804 |  |  | 3,944 |  |  | 8,630,442 |  |  | (1,253,863) |  |  | (338) |  |  | 9,132,714 |  |  | 89,921 |
On June 18, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.25 per share on both its Class A and Class B common stock, payable on July 19, 2021 to holders of record at the close of business on July 2, 2021. On May 5, 2021, the Company paid cash dividends of $0.25 per share on both its Class A and Class B common stock to holders of record at the close of business on April 21, 2021, as declared by its Board of Directors on April 7, 2021. The Company approved and paid cash dividends of $0.125 per share for each of the first three quarters of 2020 and $0.25 per share in the fourth quarter of 2020 and first two quarter of 2021 on both its Class A and Class B common stock. In January 2021, the Company's Board of Directors authorized the repurchase of up to the lesser of $1 billion in value, excluding commissions, or 25 million in shares, of the Company's outstanding Class A and Class B common stock. The repurchase has no expiration date. The following table represents the repurchase of the Company's Class A and Class B common stocks under this program and its predecessor for the three and six months ended May 31, 2021 and 2020:
|  | Three Months Ended |  | Six Months Ended
|  | May 31, 2021 |  | May 31, 2020 |  | May 31, 2021 |  | May 31, 2020
(Dollars in thousands, except price per share) |  | Class A |  | Class B |  | Class A |  | Class B |  | Class A |  | Class B |  | Class A |  | Class B
Shares repurchased |  | 1,000,000 |  |  | — |  |  | — |  |  | — |  |  | 1,510,000 |  |  | — |  |  | 4,250,000 |  |  | 115,000 |
Principal |  | $ | 98,440 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 141,540 |  |  | $ | — |  |  | $ | 282,274 |  |  | $ | 6,155 |
Average price per share |  | $ | 98.44 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 93.73 |  |  | $ | — |  |  | $ | 66.42 |  |  | $ | 53.52 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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