XML 19 R9.htm IDEA: XBRL DOCUMENT
v3.23.2

Stockholders' Equity | 6 Months Ended
--- | ---
May 31, 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 and six months ended May 31, 2023 and 2022:
| Three Months Ended May 31, 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 February 28, 2023 | $ | 24,555,287 |  |  | 25,834 |  |  | 3,660 |  |  | 5,503,789 |  |  | (468,347) |  |  | 3,259 |  |  | 19,350,060 |  |  | 137,032 |
Net earnings (including net earnings attributable to noncontrolling interests) | 877,742 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 871,694 |  |  | 6,048 |
Employee stock and directors plans | 4,229 |  |  | 9 |  |  | — |  |  | 1,631 |  |  | 2,589 |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (209,928) |  |  | — |  |  | — |  |  | — |  |  | (209,928) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 40,173 |  |  | — |  |  | — |  |  | 40,173 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (110,386) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (110,386) |  |  | — |
Receipts related to noncontrolling interests | 2,421 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,421 |
Non-cash purchase or activity of noncontrolling interests, net | 1,008 |  |  | — |  |  | — |  |  | 535 |  |  | — |  |  | — |  |  | — |  |  | 473 |
Total other comprehensive income, net of tax | 573 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 573 |  |  | — |  |  | — |
Balance at May 31, 2023 | $ | 25,161,119 |  |  | 25,843 |  |  | 3,660 |  |  | 5,546,128 |  |  | (675,686) |  |  | 3,832 |  |  | 20,111,368 |  |  | 145,974 |
| 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 |
| Six Months Ended May 31, 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) | 1,477,050 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,468,228 |  |  | 8,822 |
Employee stock and directors plans | (62,761) |  |  | 235 |  |  | — |  |  | 1,442 |  |  | (64,438) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (400,859) |  |  | — |  |  | — |  |  | — |  |  | (400,859) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 126,731 |  |  | — |  |  | — |  |  | 126,731 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (218,277) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | — |  | (218,277) |  |  | — |
Receipts related to noncontrolling interests | 4,918 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,918 |
Payments related to noncontrolling interests | (20,623) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (20,623) |
Non-cash purchase or activity of noncontrolling interests, net | 13,149 |  |  | — |  |  | — |  |  | 159 |  |  | — |  |  | — |  |  | — |  |  | 12,990 |
Total other comprehensive income, net of tax | 1,424 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,424 |  |  | — |  |  | — |
Balance at May 31, 2023 | $ | 25,161,119 |  |  | 25,843 |  |  | 3,660 |  |  | 5,546,128 |  |  | (675,686) |  |  | 3,832 |  |  | 20,111,368 |  |  | 145,974 |
| 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 loss, 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 |
On June 22, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.375 per share of both its Class A and Class B common stock, payable on July 21, 2023 to holders of record at the close of business on July 7, 2023. On May 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 April 26, 2023, as declared by its Board of Directors on April 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 sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs:
| Three Months Ended |  | Six Months Ended
| May 31, |  | May 31
| 2023 |  | 2022 |  | 2023 |  | 2022
(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 | 1,269,681 |  |  | 730,319 |  |  | 3,630,000 |  |  | 470,000 |  |  | 2,715,886 |  |  | 1,284,114 |  |  | 8,246,000 |  |  | 1,122,000 |
Total purchase price | $ | 138,800 |  |  | $ | 69,010 |  |  | $ | 289,358 |  |  | $ | 31,270 |  |  | $ | 281,868 |  |  | $ | 115,116 |  |  | $ | 762,282 |  |  | $ | 84,601 |
Average price per share | $ | 109.32 |  |  | $ | 94.49 |  |  | $ | 79.71 |  |  | $ | 66.53 |  |  | $ | 103.78 |  |  | $ | 89.65 |  |  | $ | 92.44 |  |  | $ | 75.40 |

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 equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration