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, 2020 and 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended August 31, 2020 | | | (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 May 31, 2020 | $ | 16,632,624 |
| | 29,804 |
| | 3,944 |
| | 8,630,442 |
| | (1,253,863 | ) | | (338 | ) | | 9,132,714 |
| | 89,921 |
| Net earnings (including net earnings attributable to noncontrolling interests) | 669,323 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 666,418 |
| | 2,905 |
| Employee stock and directors plans | (22,843 | ) | | 90 |
| | — |
| | (105 | ) | | (22,828 | ) | | — |
| | — |
| | — |
| Amortization of restricted stock | 28,658 |
| | — |
| | — |
| | 28,658 |
| | — |
| | — |
| | — |
| | — |
| Cash dividends | (38,967 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (38,967 | ) | | — |
| Receipts related to noncontrolling interests | 6,504 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 6,504 |
| Payments related to noncontrolling interests | (7,949 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (7,949 | ) | Non-cash purchase or activity of noncontrolling interests, net
| (4,259 | ) | | — |
| | — |
| | (4,041 | ) | | — |
| | — |
| | — |
| | (218 | ) | Non-cash consolidations/deconsolidations, net | 17,079 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 17,079 |
| Total other comprehensive income, net of tax | 175 |
| | — |
| | — |
| | — |
| | — |
| | 175 |
| | — |
| | — |
| Balance at August 31, 2020 | $ | 17,280,345 |
| | 29,894 |
| | 3,944 |
| | 8,654,954 |
| | (1,276,691 | ) | | (163 | ) | | 9,760,165 |
| | 108,242 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended August 31, 2019 | | | (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, 2019 | $ | 15,246,535 |
| | 29,503 |
| | 3,944 |
| | 8,529,828 |
| | (537,106 | ) | | 227 |
| | 7,132,908 |
| | 87,231 |
| Net earnings (including net loss attributable to noncontrolling interests) | 512,643 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 513,366 |
| | (723 | ) | Employee stock and directors plans | (22,359 | ) | | 206 |
| | — |
| | (400 | ) | | (22,165 | ) | | — |
| | — |
| | — |
| Purchases of treasury stock | (295,930 | ) | | — |
| | — |
| | — |
| | (295,930 | ) | | — |
| | — |
| | — |
| Amortization of restricted stock | 34,048 |
| | — |
| | — |
| | 34,048 |
| | — |
| | — |
| | — |
| | — |
| Cash dividends | (12,899 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| — |
| (12,899 | ) | | — |
| Receipts related to noncontrolling interests | 18,458 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 18,458 |
| Payments related to noncontrolling interests | (12,372 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (12,372 | ) | Non-cash activity related to noncontrolling interests | (2,357 | ) | | — |
| | — |
| | (3,772 | ) | | — |
| | — |
| | — |
| | 1,415 |
| Total other comprehensive income, net of tax | 180 |
| | — |
| | — |
| | — |
| | — |
| | 180 |
| | — |
| | — |
| Balance at August 31, 2019 | $ | 15,465,947 |
| | 29,709 |
| | 3,944 |
| | 8,559,704 |
| | (855,201 | ) | | 407 |
| | 7,633,375 |
| | 94,009 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended August 31, 2020 | | | (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, 2019 | $ | 16,033,830 |
| | 29,712 |
| | 3,944 |
| | 8,578,219 |
| | (957,857 | ) | | 498 |
| | 8,295,001 |
| | 84,313 |
| Net earnings (including net loss attributable to noncontrolling interests) | 1,576,644 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1,582,276 |
| | (5,632 | ) | Employee stock and directors plans | (29,616 | ) | | 182 |
| | — |
| | 521 |
| | (30,319 | ) | | — |
| | — |
| | — |
| Purchases of treasury stock | (288,515 | ) | | — |
| | — |
| | — |
| | (288,515 | ) | | — |
| | — |
| | — |
| Amortization of restricted stock | 83,799 |
| | — |
| | — |
| | 83,799 |
| | — |
| | — |
| | — |
| | — |
| Cash dividends | (117,112 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| — |
| (117,112 | ) | | — |
| Receipts related to noncontrolling interests | 175,565 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 175,565 |
| Payments related to noncontrolling interests | (29,450 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (29,450 | ) | Non-cash purchase or activity of noncontrolling interests, net
| (9,427 | ) | | — |
| | — |
| | (7,585 | ) | | — |
| | — |
| | — |
| | (1,842 | ) | Non-cash consolidations/deconsolidations, net | (114,712 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (114,712 | ) | Total other comprehensive loss, net of tax | (661 | ) | | — |
| | — |
| | — |
| | — |
| | (661 | ) | | — |
| | — |
| Balance at August 31, 2020 | $ | 17,280,345 |
| | 29,894 |
| | 3,944 |
| | 8,654,954 |
| | (1,276,691 | ) | | (163 | ) | | 9,760,165 |
| | 108,242 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended August 31, 2019 | | | (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, 2018 | $ | 14,682,957 |
| | 29,499 |
| | 3,944 |
| | 8,496,677 |
| | (435,869 | ) | | (366 | ) | | 6,487,650 |
| | 101,422 |
| Net earnings (including net loss attributable to noncontrolling interests) | 1,170,936 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1,174,748 |
| | (3,812 | ) | Employee stock and directors plans | (23,050 | ) | | 210 |
| | — |
| | 1,361 |
| | (24,621 | ) | | — |
| | — |
| | — |
| Purchases of treasury stock | (394,711 | ) | | — |
| | — |
| | — |
| | (394,711 | ) | | — |
| | — |
| | — |
| Amortization of restricted stock | 65,438 |
| | — |
| | — |
| | 65,438 |
| | — |
| | — |
| | — |
| | — |
| Cash dividends | (38,776 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| — |
| (38,776 | ) | | — |
| Receipts related to noncontrolling interests | 27,395 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 27,395 |
| Payments related to noncontrolling interests | (35,689 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (35,689 | ) | Non-cash consolidations, net | 8,894 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 8,894 |
| Cumulative-effect of accounting change | 9,753 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 9,753 |
| | — |
| Non cash activity related to noncontrolling interests | (7,973 | ) | | — |
| | — |
| | (3,772 | ) | | — |
| | — |
| | — |
| | (4,201 | ) | Total other comprehensive income, net of tax | 773 |
| | — |
| | — |
| | — |
| | — |
| | 773 |
| | — |
| | — |
| Balance at August 31, 2019 | $ | 15,465,947 |
| | 29,709 |
| | 3,944 |
| | 8,559,704 |
| | (855,201 | ) | | 407 |
| | 7,633,375 |
| | 94,009 |
|
The following table represents the repurchase of the Company's Class A and Class B common stocks, under this program, for the three and nine months ended August 31, 2020 and 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | August 31, 2020 | | August 31, 2019 | | August 31, 2020 | | August 31, 2019 | (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 | | — |
| | — |
| | 6,110,000 |
| | — |
| | 4,250,000 |
| | 115,000 |
| | 8,110,000 |
| | — |
| Principal | | $ | — |
| | $ | — |
| | $ | 295,930 |
| | $ | — |
| | $ | 282,274 |
| | $ | 6,155 |
| | $ | 394,710 |
| | $ | — |
| Average price per share | | $ | — |
| | $ | — |
| | $ | 48.41 |
| | $ | — |
| | $ | 66.42 |
| | $ | 53.52 |
| | $ | 48.65 |
| | $ | — |
|
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