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Stockholders' Equity | 3 Months Ended
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Feb. 28, 2023
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 months ended February 28, 2023 and 2022:
|  |  | Three Months Ended February 28, 2023 |  |
(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 November 30, 2022 | $ | 24,240,367 |  |  | 25,608 |  |  | 3,660 |  |  | 5,417,796 |  |  | (210,389) |  |  | 2,408 |  |  | 18,861,417 |  |  | 139,867 |
Net earnings (including net earnings attributable to noncontrolling interests) | 599,308 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 596,534 |  |  | 2,774 |
Employee stock and directors plans | (66,990) |  |  | 226 |  |  | — |  |  | (189) |  |  | (67,027) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (190,931) |  |  | — |  |  | — |  |  | — |  |  | (190,931) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 86,558 |  |  | — |  |  | — |  |  | 86,558 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (107,891) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (107,891) |  |  | — |
Receipts related to noncontrolling interests | 2,497 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,497 |
Payments related to noncontrolling interests | (21,256) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (21,256) |
Non-cash purchase or activity of noncontrolling interests, net | 12,774 |  |  | — |  |  | — |  |  | (376) |  |  | — |  |  | — |  |  | — |  |  | 13,150 |
Total other comprehensive income, net of tax | 851 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 851 |  |  | — |  |  | — |
Balance at February 28, 2023 | $ | 24,555,287 |  |  | 25,834 |  |  | 3,660 |  |  | 5,503,789 |  |  | (468,347) |  |  | 3,259 |  |  | 19,350,060 |  |  | 137,032 |
|  |  | Three Months Ended February 28, 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) | 509,315 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 503,581 |  |  | 5,734 |
Employee stock and directors plans | (54,886) |  |  | 193 |  |  | — |  |  | (140) |  |  | (54,939) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (526,361) |  |  | — |  |  | — |  |  | — |  |  | (526,361) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 81,457 |  |  | — |  |  | — |  |  | 81,457 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (110,122) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (110,122) |  |  | — |
Receipts related to noncontrolling interests | 6,984 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,984 |
Payments related to noncontrolling interests | (59,388) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (59,388) |
Non-cash purchase or activity of noncontrolling interests, net | 1,124 |  |  | — |  |  | — |  |  | (34,057) |  |  | — |  |  | — |  |  | — |  |  | 35,181 |
Total other comprehensive income, net of tax | 3,027 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,027 |  |  | — |  |  | — |
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 |
On February 10, 2023, 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 January 27, 2023, as declared by its Board of Directors on January 12, 2023. The Company approved and paid cash dividends of $0.375 per share for each of the four quarters of 2022 on both its Class A and Class B common stock. In March 2022, the Company's Board of Directors approved an 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 authorization was in addition to what was remaining of the October 2021 stock repurchase program. The following table represents the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs:
| Three Months Ended |  |
| February 28, |  |
| 2023 |  | 2022 |  |  |  |
(Dollars in thousands, except price per share) | Class A |  | Class B |  | Class A |  | Class B |  |  |  |  |  |  |  |
Shares repurchased | 1,446,205 |  |  | 553,795 |  |  | 4,616,000 |  |  | 652,000 |  |  |  |  |  |  |  |  |
Total purchase price | $ | 143,068 |  |  | $ | 46,105 |  |  | $ | 472,924 |  |  | $ | 53,331 |  |  |  |  |  |  |  |  |
Average price per share | $ | 98.93 |  |  | $ | 83.25 |  |  | $ | 102.45 |  |  | $ | 81.80 |  |  |  |  |  |  |  |  |

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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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