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

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 8
Chunk 23
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 removed from the accounts and any resulting gain or loss is credited or charged to earnings. The estimated useful life for operating properties is 30 years, for furniture, fixtures and equipment is two to 10 years and for leasehold improvements is five years or the life of the lease, whichever is shorter. Operating properties are reviewed for possible impairment if there are indicators that their carrying amounts are not recoverable.Operating properties and equipment are included in Homebuilding other assets in the consolidated balance sheets and were as follows:At November 30,(In thousands)20242023Operating properties (1)$358,130 300,351 Leasehold improvements77,921 72,994 Furniture, fixtures and equipment371,567 297,275 807,618 670,620 Accumulated depreciation and amortization(291,420)(265,831)Total$516,198 404,789 (1)Operating properties primarily include solar systems, rental operations and commercial properties.

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

Investment SecuritiesThe Company holds investment securities classified as available-for-sale or held-to-maturity. Available-for-sale securities are recorded at fair value. Any unrealized holding gains or losses on available-for-sale securities are reported as accumulated other comprehensive income or loss, which is a separate component of stockholders’ equity, net of tax, until realized. Securities classified as held-to-maturity are carried at amortized cost because they are purchased with the intent and ability to hold to maturity.At November 30, 2024 and 2023, the Financial Services segment had investment securities classified as held-to-maturity totaling $135.6 million and $140.7 million, respectively, which consist mainly of commercial mortgage-backed securities ("CMBS"), corporate debt obligations, U.S. government agency obligations, certificates of deposit and U.S. treasury securities that mature at various dates, mainly within three years.At November 30, 2024 and 2023, the Lennar Other segment had investment securities classified as held-for-sale totaling $40.6 million and $38.0 million, respectively. Additionally, the Lennar Other segment had investments in equity securities with a readily determinable fair value (publicly traded common stock), not accounted for under the equity method, that are recorded at fair value with unrealized gains and losses included in earnings. For equity securities without a readily determinable fair