Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 13

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 8
Chunk 13
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82,960 14,004 $4,990,210 6,570,938 4,815,770 Supplemental disclosures of cash flow information:Cash paid for interest, net of amounts capitalized$54,921 81,223 67,842 Cash paid for income taxes, net$790,476 1,864,941 1,273,166 Supplemental disclosures of non-cash investing and financing activities:Purchases of inventories financed by sellers$35,292 13,500 36,947 Net non-cash contributions to unconsolidated entities23,354 367 232,616 Consolidation/deconsolidation of unconsolidated/consolidated entities, net:Inventories— — (101,946)Operating properties and equipment and other assets— — 33,200 Investments in unconsolidated entities— — 7,303 Other liabilities— — 6,203 Noncontrolling interests— — 55,240 

See accompanying notes to consolidated financial statements.54

LENNAR CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies

Basis of ConsolidationThe accompanying consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 8) in which Lennar Corporation is deemed the primary beneficiary (the "Company"). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation.Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.Revenue RecognitionHomebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the homebuyer. In order to promote sales of homes, the Company may offer sales incentives to homebuyers. The types of incentives vary on a community-by-community basis and home-by-home