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Stockholders' Equity

6 Months Ended

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

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