XML 20 R9.htm IDEA: XBRL DOCUMENT v3.21.2

Stockholders' Equity

9 Months Ended

Aug. 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 nine months ended August 31, 2021 and 2020:

									Three Months Ended August 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 May 31, 2021			$	19,702,098					30,049						3,944						8,755,020						(1,452,874)						(1,431)						12,241,400						125,990
Net earnings (including net earnings attributable to noncontrolling interests)			1,409,218						—						—						—						—						—						1,406,888						2,330
Employee stock and directors plans			(32,426)						1						—						55						(32,482)						—						—						—
Purchases of treasury stock			(246,385)						—						—						—						(246,385)						—						—						—
Amortization of restricted stock			24,752						—						—						24,752						—						—						—						—
Cash dividends			(77,662)						—						—						—						—						—						(77,662)						—
Receipts related to noncontrolling interests			4,670						—						—						—						—						—						—						4,670
Payments related to noncontrolling interests			(3,633)						—						—						—						—						—						—						(3,633)
Non-cash purchase or activity of noncontrolling interests, net			(1,224)						—						—						(1,218)						—						—						—						(6)
Total other comprehensive income, net of tax			131						—						—						—						—						131						—						—
Balance at August 31, 2021			$	20,779,539					30,050						3,944						8,778,609						(1,731,741)						(1,300)						13,570,626						129,351

									Three Months Ended August 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 May 31, 2020			$	16,632,624					29,804						3,944						8,630,442						(1,253,863)						(338)						9,132,714						89,921
Net earnings (including net earnings attributable to noncontrolling interests)			669,323						—						—						—						—						—						666,418						2,905
Employee stock and directors plans			(22,843)						90						—						(105)						(22,828)						—						—						—
Amortization of restricted stock			28,658						—						—						28,658						—						—						—						—
Cash dividends			(38,967)						—						—						—						—						—						(38,967)						—
Receipts related to noncontrolling interests			6,504						—						—						—						—						—						—						6,504
Payments related to noncontrolling interests			(7,949)						—						—						—						—						—						—						(7,949)
Non-cash consolidations/deconsolidations, net			17,079						—						—						—						—						—						—						17,079
Non-cash purchase or activity of noncontrolling interests, net			(4,259)						—						—						(4,041)						—						—						—						(218)
Total other comprehensive loss, net of tax			175						—						—						—						—						175						—						—
Balance at August 31, 2020			$	17,280,345					29,894						3,944						8,654,954						(1,276,691)						(163)						9,760,165						108,242

									Nine Months Ended August 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)			3,262,899						—						—						—						—						—						3,239,620						23,279
Employee stock and directors plans			(63,242)						156						—						1,161						(64,559)						—						—						—
Purchases of treasury stock			(387,955)						—						—						—						(387,955)						—						—						—
Amortization of restricted stock			105,846						—						—						105,846						—						—						—						—
Cash dividends			(233,988)						—						—						—						—						—						(233,988)						—
Receipts related to noncontrolling interests			18,575						—						—						—						—						—						—						18,575
Payments related to noncontrolling interests			(20,859)						—						—						—						—						—						—						(20,859)
Non-cash purchase or activity of noncontrolling interests, net			(643)						—						—						(4,454)						—						—						—						3,811
Total other comprehensive loss, net of tax			(495)						—						—						—						—						(495)						—						—
Balance at August 31, 2021			$	20,779,539					30,050						3,944						8,778,609						(1,731,741)						(1,300)						13,570,626						129,351

									Nine Months Ended August 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)			1,576,644						—						—						—						—						—						1,582,276						(5,632)
Employee stock and directors plans			(29,616)						182						—						521						(30,319)						—						—						—
Purchases of treasury stock			(288,515)						—						—						—						(288,515)						—						—						—
Amortization of restricted stock			83,799						—						—						83,799						—						—						—						—
Cash dividends			(117,112)						—						—						—						—						—			—			(117,112)						—
Receipts related to noncontrolling interests			175,565						—						—						—						—						—						—						175,565
Payments related to noncontrolling interests			(29,450)						—						—						—						—						—						—						(29,450)
Non-cash consolidations/deconsolidations, net			(114,712)						—						—						—						—						—						—						(114,712)
Non-cash purchase or activity of noncontrolling interests, net			(9,427)						—						—						(7,585)						—						—						—						(1,842)
Total other comprehensive loss, net of tax			(661)						—						—						—						—						(661)						—						—
Balance at Aug 31, 2020			$	17,280,345					29,894						3,944						8,654,954						(1,276,691)						(163)						9,760,165						108,242

On September 29, 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 October 28, 2021 to holders of record at the close of business on October 14, 2021. On July 19, 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 July 2, 2021, as declared by its Board of Directors on June 18, 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 each of the first three quarters 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 nine months ended August 31, 2021 and 2020:

						Three Months Ended																								Nine Months Ended
						August 31, 2021												August 31, 2020												August 31, 2021												August 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						2,500,000						—						—						—						4,010,000						—						4,250,000						115,000
Total purchase price						$	246,335					$	—					$	—					$	—					$	387,875					$	—					$	282,274					$	6,155
Average price per share						$	98.53					$	—					$	—					$	—					$	96.73					$	—					$	66.42					$	53.52

X

- References

No definition available.

+ Details

Name:	us-gaap_EquityAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration