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Stockholders' Equity (Tables) | 6 Months Ended
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May 31, 2022
Equity [Abstract] |
Schedule of Changes in 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, 2022 and 2021:
|  |  | Three Months Ended May 31, 2022 |  |
(In thousands) | Total Equity |  | Class A Common Stock |  | Class B Common Stock |  | Additional Paid - in Capital |  | Treasury Stock |  | Accumulated Other Comprehensive Income |  | Retained Earnings |  | Noncontrolling Interests
Balance at February 28, 2022 | $ | 20,847,432 |  |  | 30,243 |  |  | 3,944 |  |  | 8,855,151 |  |  | (3,290,748) |  |  | 1,686 |  |  | 15,078,788 |  |  | 168,368 |
Net earnings (including net earnings attributable to noncontrolling interests) | 1,322,558 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,320,756 |  |  | 1,802 |
Employee stock and directors plans | (2,533) |  |  | 6 |  |  | — |  |  | 994 |  |  | (3,533) |  |  | — |  |  | — |  |  | — |
Retirement of treasury stock | — |  |  | (4,667) |  |  | (284) |  |  | (3,533,425) |  |  | 3,538,376 |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (320,710) |  |  | — |  |  | — |  |  | — |  |  | (320,710) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 35,053 |  |  | — |  |  | — |  |  | 35,053 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (110,846) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (110,846) |  |  | — |
Receipts related to noncontrolling interests | 11,111 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,111 |
Payments related to noncontrolling interests | (3,708) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,708) |
Non-cash purchase or activity of noncontrolling interests, net | 11,355 |  |  | — |  |  | — |  |  | (2,591) |  |  | — |  |  | — |  |  | — |  |  | 13,946 |
Total other comprehensive income, net of tax | 62 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 62 |  |  | — |  |  | — |
Balance at May 31, 2022 | $ | 21,789,774 |  |  | 25,582 |  |  | 3,660 |  |  | 5,355,182 |  |  | (76,615) |  |  | 1,748 |  |  | 16,288,698 |  |  | 191,519 |
|  |  | 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 |
|  |  | Six Months Ended May 31, 2022 |  |
(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, 2021 | $ | 20,996,282 |  |  | 30,050 |  |  | 3,944 |  |  | 8,807,891 |  |  | (2,709,448) |  |  | (1,341) |  |  | 14,685,329 |  |  | 179,857 |
Net earnings (including net earnings attributable to noncontrolling interests) | 1,831,873 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,824,337 |  |  | 7,536 |
Employee stock and directors plans | (57,419) |  |  | 199 |  |  | — |  |  | 854 |  |  | (58,472) |  |  | — |  |  | — |  |  | — |
Retirement of treasury stock | — |  |  | (4,667) |  |  | (284) |  |  | (3,533,425) |  |  | 3,538,376 |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (847,071) |  |  | — |  |  | — |  |  | — |  |  | (847,071) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 116,510 |  |  | — |  |  | — |  |  | 116,510 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (220,968) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | — |  | (220,968) |  |  | — |
Receipts related to noncontrolling interests | 18,095 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18,095 |
Payments related to noncontrolling interests | (65,521) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (65,521) |
Non-cash purchase or activity of noncontrolling interests, net | 14,904 |  |  | — |  |  | — |  |  | (36,648) |  |  | — |  |  | — |  |  | — |  |  | 51,552 |
Total other comprehensive income, net of tax | 3,089 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,089 |  |  | — |  |  | — |
Balance at May 31, 2022 | $ | 21,789,774 |  |  | 25,582 |  |  | 3,660 |  |  | 5,355,182 |  |  | (76,615) |  |  | 1,748 |  |  | 16,288,698 |  |  | 191,519 |
|  |  | 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 |
The following table represents the repurchases of the Company's Class A and Class B common stocks under the authorized repurchase programs for the three and six months ended May 31, 2022 and 2021:
| Three Months Ended |  | Six Months Ended
| May 31, |  | May 31
| 2022 |  | 2021 |  | 2022 |  | 2021
(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 | 3,630,000 |  |  | 470,000 |  |  | 1,000,000 |  |  | — |  |  | 8,246,000 |  |  | 1,122,000 |  |  | 1,510,000 |  |  | — |
Total purchase price | $ | 289,358 |  |  | $ | 31,270 |  |  | $ | 98,440 |  |  | $ | — |  |  | $ | 762,282 |  |  | $ | 84,601 |  |  | $ | 141,540 |  |  | $ | — |
Average price per share | $ | 79.71 |  |  | $ | 66.53 |  |  | $ | 98.44 |  |  | $ | — |  |  | $ | 92.44 |  |  | $ | 75.40 |  |  | $ | 93.73 |  |  | $ | — |

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- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644 + Details
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