Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 169

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 7
Chunk 169
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ations and Commercial Commitments

The following table summarizes certain of our contractual obligations at November 30, 2024:

Payments Due by Period(In thousands)TotalLess than1 year1 to 3years3 to 5yearsMore than5 yearsHomebuilding - senior notes and other debts payable (1)$2,257,440 532,097 1,683,134 25,562 16,647 Land purchase contract obligations (2)1,507,964 582,683 830,565 94,716 — Financial Services - notes and other debts payable1,930,956 1,800,944 3,848 — 126,164 Interest commitments under interest bearing debt (3)230,794 109,869 116,132 3,737 1,056 Operating lease obligations293,806 98,143 100,150 50,273 45,240 Other contractual obligations (4)20,374 20,374 — — — Total contractual obligations$6,241,334 3,144,110 2,733,829 174,288 189,107 

(1)The amounts presented in the table above exclude debt issuance costs and any discounts/premiums and purchase accounting adjustments.

(2)Amount includes purchase commitments due to land banks upon maturity of the contracts. Our intention is to have a land bank close on the land purchase commitments and we will option land from the land bank. 

(3)Interest commitments on variable interest-bearing debt are determined based on the interest rate as of November 30, 2024.

(4)Amounts include $20.4 million of remaining equity investment commitment to Upward America. 

We are subject to the usual obligations associated with entering into contracts (including option contracts) for the purchase, development and sale of real estate in the routine conduct of our business. Option contracts for the purchase of land generally reduce our financial risk and costs of capital associated with land holdings. At November 30, 2024, we had access to 393,649 homesites through option contracts with third parties and unconsolidated entities in which we have investments. At November 30, 2024, we had $3.5 billion of non-refundable option deposits and pre-acquisition costs related to certain of these homesites and had posted $341.8 million of letters of credit in lieu of cash deposits under certain land and