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Stockholders' Equity | 6 Months Ended
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May 31, 2022
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, 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 |
On June 22, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.375 per share on both its Class A and Class B common stock, payable on July 21, 2022 to holders of record at the close of business on July 7, 2022. On May 10, 2022, the Company paid cash dividends of $0.375 per share on both its Class A and Class B common stock to holders of record at the close of business on April 26, 2022, as declared by its Board of Directors on April 12, 2022. The Company approved and paid cash dividends of $0.250 per share for each of the four quarters of 2021 on both its Class A and Class B common stock. During the three months ended May 31, 2022, the Company retired 46.7 million and 2.8 million treasury shares of Class A and Class B common stock, respectively, as authorized by the Company's Board of Directors. The retirement of Class A and Class B common stock in treasury resulted in a reclass between treasury stock and additional paid-in capital within stockholders' equity. In October 2021, the Company's Board of Directors authorized an increase to the Company's stock repurchase program to enable the Company to repurchase up to the lesser of an additional $1 billion in value or 25 million in shares, of its outstanding Class A or Class B common stock. As a result of prior authorizations being almost exhausted, in March 2022, the Company's Board of Directors approved an additional authorization for the Company to repurchase up to the lesser of $2 billion in value, or 30 million in shares, of its outstanding Class A or Class B common stock. The repurchase authorization has no expiration date. 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 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 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: 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 + Details
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