Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 98

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 8
Chunk 98
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 bonds are disclosed below:(In thousands)February 28, 2025November 30, 2024Performance letters of credit$1,748,316 1,668,061 Financial letters of credit924,248 745,578 Surety bonds5,257,345 5,140,432 Anticipated future costs primarily for site improvements related to performance surety bonds2,875,118 2,766,088 

All of the senior notes are guaranteed by certain of the Company's 100% owned subsidiaries, which are primarily homebuilding subsidiaries. The guarantees are full and unconditional. The terms of guarantees are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2024. 

(9)Financial Instruments and Fair Value Disclosures

The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at February 28, 2025 and November 30, 2024, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.At February 28, 2025At November 30, 2024(In thousands)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair ValueASSETSFinancial Services:Loans held-for-investment, netLevel 3$52,674 52,674 60,969 61,044 Investments held-to-maturityLevel 3134,369 136,366 135,646 138,160 LIABILITIESHomebuilding senior notes and other debt payable, netLevel 2$2,211,272 $2,215,537 2,258,283 2,264,375 Financial Services notes and other debt payable, netLevel 21,397,125 1,397,646 1,930,956 1,931,515 The following methods and assumptions are used by the Company in estimating fair values:Financial Services - The fair values above are based on quoted market prices, if available