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Stockholders' Equity | 6 Months Ended
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May 31, 2024
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, 2024 and 2023:
| Three Months Ended May 31, 2024
(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 29, 2024 | $ | 26,777,930 |  |  | 25,983 |  |  | 3,660 |  |  | 5,651,836 |  |  | (1,988,200) |  |  | 5,241 |  |  | 22,949,315 |  |  | 130,095 |
Net earnings (including net earnings attributable to noncontrolling interests) | 960,586 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 954,311 |  |  | 6,275 |
Employee stock and directors plans | (1,046) |  |  | 13 |  |  | — |  |  | 1,277 |  |  | (2,336) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (607,270) |  |  | — |  |  | — |  |  | — |  |  | (607,270) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 34,506 |  |  | — |  |  | — |  |  | 34,506 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (138,931) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (138,931) |  |  | — |
Receipts related to noncontrolling interests | 8,926 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,926 |
Payments related to noncontrolling interests | (24,667) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (24,667) |
Non-cash purchase or activity of noncontrolling interests, net | 4,364 |  |  | — |  |  | — |  |  | (12,886) |  |  | — |  |  | — |  |  | — |  |  | 17,250 |
Total other comprehensive income, net of tax | 1,355 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,355 |  |  | — |  |  | — |
Balance at May 31, 2024 | $ | 27,015,753 |  |  | 25,996 |  |  | 3,660 |  |  | 5,674,733 |  |  | (2,597,806) |  |  | 6,596 |  |  | 23,764,695 |  |  | 137,879 |
| 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 |
| Six Months Ended May 31, 2024
(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, 2023 | $ | 26,701,966 |  |  | 25,848 |  |  | 3,660 |  |  | 5,570,009 |  |  | (1,393,100) |  |  | 4,879 |  |  | 22,369,368 |  |  | 121,302 |
Net earnings (including net earnings attributable to noncontrolling interests) | 1,680,507 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,673,645 |  |  | 6,862 |
Employee stock and directors plans | (84,519) |  |  | 148 |  |  | — |  |  | 1,212 |  |  | (85,879) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (1,118,827) |  |  | — |  |  | — |  |  | — |  |  | (1,118,827) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 122,186 |  |  | — |  |  | — |  |  | 122,186 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (278,318) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | — |  | (278,318) |  |  | — |
Receipts related to noncontrolling interests | 14,722 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,722 |
Payments related to noncontrolling interests | (26,646) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (26,646) |
Non-cash purchase or activity of noncontrolling interests, net | 2,965 |  |  | — |  |  | — |  |  | (18,674) |  |  | — |  |  | — |  |  | — |  |  | 21,639 |
Total other comprehensive income, net of tax | 1,717 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,717 |  |  | — |  |  | — |
Balance at May 31, 2024 | $ | 27,015,753 |  |  | 25,996 |  |  | 3,660 |  |  | 5,674,733 |  |  | (2,597,806) |  |  | 6,596 |  |  | 23,764,695 |  |  | 137,879 |
| 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 loss, 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 |
On June 20, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.50 per share on both its Class A and Class B common stock, payable on July 19, 2024 to holders of record at the close of business on July 5, 2024. On May 8, 2024, the Company paid a quarterly cash dividend of $0.50 per share for both of its Class A and Class B common stock to holders of record at the close of business on April 24, 2024, as declared by its Board of Directors on April 10, 2024. The Company approved and paid cash dividends of $0.375 per share for each of the four quarters of 2023 for both its Class A and Class B common stock. In January 2024, the Company's Board of Directors authorized an increase to its stock repurchase program to enable it to repurchase up to an additional $5 billion in value of its outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. The repurchase authorization has no expiration date. 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 May 31, |  | Six Months Ended May 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
(Dollars in thousands, except price per share amounts) | Class A |  | Class B |  | Class A |  | Class B |  | Class A |  | Class B |  | Class A |  | Class B
Shares repurchased | 3,393,475 |  |  | 406,525 |  |  | 1,269,681 |  |  | 730,319 |  |  | 6,419,603 |  |  | 780,397 |  |  | 2,715,886 |  |  | 1,284,114 |
Total purchase price | $ | 543,276 |  |  | $ | 59,570 |  |  | $ | 138,800 |  |  | $ | 69,010 |  |  | $ | 998,064 |  |  | $ | 111,207 |  |  | $ | 281,868 |  |  | $ | 115,116 |
Average price per share | $ | 160.09 |  |  | $ | 146.54 |  |  | $ | 109.32 |  |  | $ | 94.49 |  |  | $ | 155.47 |  |  | $ | 142.50 |  |  | $ | 103.78 |  |  | $ | 89.65 |

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