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Stockholders' Equity (Tables) | 9 Months Ended
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Aug. 31, 2024
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 nine months ended August 31, 2024 and 2023:
| Three Months Ended August 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 May 31, 2024 | $ | 27,015,753 |  |  | 25,996 |  |  | 3,660 |  |  | 5,674,733 |  |  | (2,597,806) |  |  | 6,596 |  |  | 23,764,695 |  |  | 137,879 |
Net earnings (including net earnings attributable to noncontrolling interests) | 1,187,274 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,162,674 |  |  | 24,600 |
Employee stock and directors plans | 10 |  |  | 2 |  |  | — |  |  | 70 |  |  | (62) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (524,540) |  |  | — |  |  | — |  |  | — |  |  | (524,540) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 31,908 |  |  | — |  |  | — |  |  | 31,908 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (135,850) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (135,850) |  |  | — |
Receipts related to noncontrolling interests | 2,322 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,322 |
Payments related to noncontrolling interests | (19,173) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (19,173) |
Non-cash purchase or activity of noncontrolling interests, net | (440) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (440) |
Total other comprehensive income, net of tax | 444 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 444 |  |  | — |  |  | — |
Balance at August 31, 2024 | $ | 27,557,708 |  |  | 25,998 |  |  | 3,660 |  |  | 5,706,711 |  |  | (3,122,408) |  |  | 7,040 |  |  | 24,791,519 |  |  | 145,188 |
| Three Months Ended August 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 May 31, 2023 | $ | 25,161,119 |  |  | 25,843 |  |  | 3,660 |  |  | 5,546,128 |  |  | (675,686) |  |  | 3,832 |  |  | 20,111,368 |  |  | 145,974 |
Net earnings (including net earnings attributable to noncontrolling interests) | 1,116,952 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,108,996 |  |  | 7,956 |
Employee stock and directors plans | (8,552) |  |  | 1 |  |  | — |  |  | (620) |  |  | (7,933) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (368,381) |  |  | — |  |  | — |  |  | — |  |  | (368,381) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 12,885 |  |  | — |  |  | — |  |  | 12,885 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (107,082) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (107,082) |  |  | — |
Receipts related to noncontrolling interests | 1,391 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,391 |
Payments related to noncontrolling interests | (22,795) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (22,795) |
Non-cash purchase or activity of noncontrolling interests, net | 2,797 |  |  | — |  |  | — |  |  | 3,400 |  |  | — |  |  | — |  |  | — |  |  | (603) |
Total other comprehensive income, net of tax | 208 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 208 |  |  | — |  |  | — |
Balance at August 31, 2023 | $ | 25,788,542 |  |  | 25,844 |  |  | 3,660 |  |  | 5,561,793 |  |  | (1,052,000) |  |  | 4,040 |  |  | 21,113,282 |  |  | 131,923 |
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 August 31, |  | Nine Months Ended August 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 | 2,892,320 |  |  | 462,906 |  |  | 2,305,300 |  |  | 694,700 |  |  | 9,311,923 |  |  | 1,243,303 |  |  | 5,021,186 |  |  | 1,978,814 |
Total purchase price | $ | 447,845 |  |  | $ | 71,434 |  |  | $ | 287,024 |  |  | $ | 78,855 |  |  | $ | 1,445,909 |  |  | $ | 182,641 |  |  | $ | 568,892 |  |  | $ | 193,970 |
Average price per share | $ | 154.84 |  |  | $ | 154.32 |  |  | $ | 124.51 |  |  | $ | 113.51 |  |  | $ | 155.27 |  |  | $ | 146.90 |  |  | $ | 113.30 |  |  | $ | 98.02 |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2 + Details
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