Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 155

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 7
Chunk 155
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% with coupon rates ranging from 3.0% to 3.4%, stated and assumed final distribution dates between September 2025 and March 2026, and stated maturity dates between September 2058 and March 2059. We review changes in estimated cash flows periodically to determine if an other-than-temporary impairment has occurred on our CMBS. Based on management’s assessment, no impairment charges were recorded during the years ended November 30, 2024 and 2023. We classify these securities as held-for-sale at November 30, 2024 and 2023. 

Financial Condition and Capital Resources

At November 30, 2024, we had cash and cash equivalents and restricted cash related to our homebuilding, financial services, multifamily and other operations of $5.0 billion, compared to $6.6 billion at November 30, 2023.

We finance all of our activities including homebuilding, financial services, multifamily, other and general operating needs primarily with cash generated from our operations, debt issuances and investor funds as well as cash borrowed under our warehouse lines of credit and our unsecured revolving credit facility (the "Credit Facility"). At November 30, 2024, we had $4.7 billion of Homebuilding cash and cash equivalents and no outstanding borrowings under our $2.9 billion Credit Facility, thereby approximately $7.6 billion of available capacity.

Operating Cash Flow Activities

During 2024 and 2023, cash provided by operating activities totaled $2.4 billion and $5.2 billion, respectively. During 2024, cash provided by operating activities was positively impacted by our net earnings and an increase in accounts payable and other liabilities of $380 million. This was offset by an increase in inventories due to our growth strategy, strategic land purchases, land development and construction costs of $285 million, an increase in deposits and pre-acquisition costs on real estate of $1.6 billion as we increased the percentage of controlled homesites, and an increase in loans held-for-sale of $218 million primarily related to the sale of loans originated by our Financial Services segment.

 During 2023, cash provided by operating activities was positively impacted by our net earnings and $2.3 billion decrease in inventories due to our strategy of controlling more homesites and acquiring finished homesites, thus reducing the amount of spend related to inventory. This was partially offset by a decrease in accounts payable and other liabilities $626 million, primarily due to the