Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 53

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 8
Chunk 53
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 debts payable during the five years subsequent to November 30, 2024 and thereafter are as follows:(In thousands)Debt Maturities2025$532,097 2026620,942 20271,062,192 202814,099 202911,463 Thereafter16,647 The Company expects to pay its near-term maturities as they come due through either cash generated from operations, the issuance of additional debt or equity offerings or borrowings under the Company's Credit Facility.

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Table of ContentsLENNAR CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

5. Income Taxes

The provision for income taxes consisted of the following:Years Ended November 30,(In thousands)202420232022Current:Federal$863,867 1,037,229 1,282,037 State292,960 271,752 330,681 $1,156,827 1,308,981 1,612,718 Deferred:Federal$48,080 (53,474)(193,667)State12,346 (14,494)(52,986)60,426 (67,968)(246,653)$1,217,253 1,241,013 1,366,065 A reconciliation of the statutory rate and the effective tax rate was as follows:Percentage of Pretax Income202420232022Statutory rate21.00 %21.00 %21.00 %State income taxes, net of federal income tax benefit4.74 4.09 4.52 Tax credits (1)(1.85)(1.48)(2.16)Tax reserves and interest expense, net (2)(0.01)— (0.83)Deferred tax asset valuation allowance, net— (0.01)— Other(0.24)0.36 0.31 Effective rate23.64 %23.96 %22.84 %(1)During 2022, Congress enacted the Inflation Reduction Act which included a retroactive extension of the new energy efficient        home tax credit through 2032.(2)Includes a $50.2 million benefit related to the resolution of an uncertain tax position during 2022.

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Table of ContentsLENNAR CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL