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PHMPulteGroup

Consumer discretionary · Homebuilders · NYSE
PHM quote by TradingView
Employees
6,506
Headquarters
Atlanta, GA
Next results
around Jan 28, 2027
Compare with peers → Embed

10-K 0000822416-26-000007 (2026-02-04) vs 10-K 0000822416-25-000007 (2025-02-06)

SectionCompared textWords nowChanged
Risk FactorsItem 1A6,769 13.5%
MD&AItem 77,201 19.8%
Legal ProceedingsItem 3, via Note 11 – Commitments and contingencies2,823 6.9%
Accounting PoliciesItem 8, Note 1 – Summary of significant accounting policies3,984 8.4%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 141 words changed in this paragraph; it is 52% similar to last year's version.
Adjustments to reserves are recorded in the period in which the change in estimate occurs. During 2024 2025 and 2023, 2024, we reduced general liability reserves by $333.9 $42.3 million and $130.8 $333.9 million, respectively, as a result of changes in estimates resulting from actual claim experience observed being less than anticipated in previous actuarial projections. The changes in actuarial estimates were driven by changes in actual claims experience that, in turn, impacted actuarial estimates for potential future claims. These changes in actuarial estimates did not involve any significant changes in actuarial methodology but did impact the development of estimates for future periods, which resulted in adjustments to the IBNR portion of our recorded liabilities. There were no material adjustments to individual claims. Rather, the adjustments reflect an overall lower level of losses related to construction defect claims in recent years as compared with our previous experience. We attribute the favorable experience in more recent years to a variety of factors, including improved construction techniques, rising home values, and increased participation from our subcontractors in resolving claims. The cumulative effect of these factors, as evidenced by the favorable claims experience for an extended period, have resulted in our actuarial estimates placing less weight on older, higher cost policy years and relatively more weight on more recent, lower cost policy years.

Source: Item 7, 10-K 0000822416-26-000007 vs Item 7, 10-K 0000822416-25-000007

Legal Proceedings 117 words changed in this paragraph; it is 64% similar to last year's version.
$2.4 In the normal course of business, we post letters of credit and surety bonds pursuant to certain performance-related obligations, as security for certain land option agreements, and under various insurance programs. The majority of these letters of credit and surety bonds are in support of our land development and construction obligations to various municipalities, other government agencies, and utility companies related to the construction of roads, sewers, and other infrastructure. We had outstanding letters of credit and surety bonds totaling $357.1 million and $3.1 billion, respectively, at December 31, 2023. 2025, and $321.1 million and $2.9 billion, respectively, at December 31, 2024. In the event any such letter of credit or surety bonds is drawn, we would be obligated to reimburse the issuer of the letter of credit or surety bond. We do not believe that a material amount, if any, of the letters of credit or surety bonds will be drawn. Our surety bonds generally do not have stated expiration dates; rather, we are released from the surety bonds as the underlying contractual performance is completed. Because significant construction and development work has been performed related to the applicable projects but has not yet received final acceptance by the respective counterparties, the aggregate amount of surety bonds outstanding is in excess of the projected cost of the remaining work to be performed.

Source: Item 3, via Note 11 – Commitments and contingencies, 10-K 0000822416-26-000007 vs Item 3, via Note 11 – Commitments and contingencies, 10-K 0000822416-25-000007

Risk Factors 104 words changed in this paragraph; it is 33% similar to last year's version.
Our business was could be materially and adversely disrupted by the outbreak and worldwide spread of contagious diseases, including epidemics, pandemics, or other serious public health threats, such as the COVID-19 and could be materially and adversely disrupted pandemic, as well as by another epidemic or pandemic like COVID-19, or similar public threat, or the fear of such an event, and the events. Public health emergencies may result in measures that taken by international, federal, state state, and local governments, agencies, law enforcement and/or enforcement, and or health authorities implement to address it. authorities, including travel restrictions, quarantines, business closures, workforce limitations, and other regulatory or emergency actions. These measures could significantly disrupt or prevent us from operating our business in the ordinary course for an extended period of time.

Source: Item 1A, 10-K 0000822416-26-000007 vs Item 1A, 10-K 0000822416-25-000007

Accounting Policies 47 words changed in this paragraph; it is 57% similar to last year's version.
In December 2023, FASB issued 2025, we adopted ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires expanded disclosure of our income rate reconciliation and income taxes paid. We adopted ASU 2023-09 is effective for us for annual periods beginning after December 31, 2024. We are currently evaluating following the impact ASU 2023-09 will prospective method. Accordingly, prior period disclosures have on our financial statement disclosures. not been modified. See Note 8.

Source: Item 8, Note 1 – Summary of significant accounting policies, 10-K 0000822416-26-000007 vs Item 8, Note 1 – Summary of significant accounting policies, 10-K 0000822416-25-000007

Every change, by type

Sentences and paragraphs of PHM's Risk Factors and MD&A, 10-K 2026-02-04 against 10-K 2025-02-06. Each links to the text at sec.gov.

All 91 Added 12Removed 14Reworded 63Quiet changes 2

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
homes may raise our costs for these items or for the products made with them. All of these factors have caused and could in the future cause an increase in the effective cost of our homes.

Read it in 10-K 2026-02-04 at sec.gov ↗

AddedRisk Factors
Across various regions in which we operate, costs associated with homeowner, hazard, and flood insurance have increased in recent years, driven in part by the increasing frequency and severity of weather‑related losses. In some cases, these conditions have constrained homeowners’ ability to obtain adequate coverage. While these issues have not had a material impact on our business thus far, continued increases in insurance costs, further limitations on coverage availability, or insufficient insurance coverage for business interruptions or losses could adversely affect home affordability, demand, and our operating results in the future.

Read it in 10-K 2026-02-04 at sec.gov ↗

AddedRisk Factors
Any epidemic, pandemic, or similar public health issue, including events like COVID-19, and the related governmental, regulatory, or private sector responses could adversely affect our operations, supply chain, workforce availability, customer demand, and ability to deliver products or services. Such events and responses could also contribute to broader macroeconomic effects, including inflation, labor shortages, changes in consumer behavior, and supply chain disruptions, which could further negatively impact our business, financial condition, and results of operations.

Read it in 10-K 2026-02-04 at sec.gov ↗

AddedRisk Factors
The extent to which future public health emergencies may affect our business will depend on a number of factors, including the duration and severity of the outbreak, the timing and effectiveness of containment measures, the impact on global and regional economic conditions, and our ability to adapt our operations in response to changing circumstances. Any of these factors, individually or in the aggregate, could have a material adverse impact on our consolidated financial statements.

Read it in 10-K 2026-02-04 at sec.gov ↗

RemovedRisk Factors
Our ability to utilize net operating losses (“NOLs”) and other tax attributes to offset our future taxable income or income tax would be limited if we were to undergo an “ownership change” within the meaning of Section 382 of the Internal Revenue Code ("Section 382"). An "ownership change" under Section 382 would establish an annual limitation to the amount of NOLs and other tax attributes we could utilize to offset our taxable income or income tax in any single year. The application of these limitations might prevent full utilization of the deferred tax assets. To preserve our ability to utilize NOLs and other tax attributes in the future without a Section 382 limitation, we adopted a shareholder rights plan (the “Rights Plan”), which is triggered upon certain transfers of our securities, and amended our by-laws to prohibit certain transfers of our securities. The Rights Plan, as amended, expires June 1, 2025, unless our Board of Directors and shareholders approve an amendment to extend the term prior thereto. At a meeting of the Board of Directors held on February 5, 2025, due to the limited NOLs and other tax attributes remaining that would be affected by an “ownership change” under Section 382, the Board of Directors determined not to approve an amendment to extend the term of the Rights Plan beyond its expiration date of June 1, 2025 and determined to consider, at a future meeting of the Board of Directors, amendments to the provisions of the Company’s by-laws that prohibit certain transfers of our securities. Notwithstanding the foregoing measures, and in particular if they are no longer in place, there can be no assurance that we will not undergo an ownership change within the meaning of Section 382 at a time when NOLs and other tax attributes that would be affected by an “ownership change” under Section 382 exist. In addition, our Rights Plan, while in effect, may adversely affect the marketability of our common stock, because any non-exempt third party that acquires shares of our common stock in excess of the applicable threshold would suffer substantial dilution of its ownership interest.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedRisk Factors
us to deploy substantial amounts of our own funds, could delay the time when we recognize revenues from home sales on our statements of operations.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedRisk Factors
Our business was materially and adversely disrupted by the outbreak and worldwide spread of COVID-19 and could be materially and adversely disrupted by another epidemic or pandemic like COVID-19, or similar public threat, or fear of such an event, and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it.

Read it in 10-K 2025-02-06 at sec.gov ↗

RewordedRisk Factors
While to our knowledge we have not experienced a significant cybersecurity incident that has materially affected our business strategy, results of operations or financial condition in the last three years, and we are frequently working to improve our information technology systems and provide employee awareness training around phishing, malware, and other cyber risks to enhance our levels of protection, to the extent possible, against cyber risks and security breaches, and to enhance our monitoring to prevent, detect, contain, address, and mitigate the risk of unauthorized access, misuse, computer viruses, and other events that could have an impact on our business, there is no assurance that advances in computer capabilities, new technologies, methods, or other developments will detect or prevent security breaches and safeguard access to proprietary or confidential information or otherwise prevent material consequences for our business and reputation.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedRisk Factors
If we were unable to sell loans into the secondary mortgage market or directly to Fannie Mae and Freddie Mac, we would have to either (a) curtail our origination of residential mortgage loans, which, among other things, could significantly reduce our ability to sell homes, or (b) commit our own funds to long-term investments in mortgage loans, which, in addition to requiring us to deploy substantial amounts of our own funds, could delay the time when we recognize revenues from home sales on our statements of operations.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedRisk Factors
Any epidemic, pandemic, or similar serious public health issue, and the These measures undertaken by governmental authorities to address it, could significantly disrupt or prevent us from operating our business in the ordinary course for an extended period. period of time.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedRisk Factors
If housing demand decreases below what we anticipated when we acquired our inventory, we may not our profitability could be able to make profits similar to what we have made in the past, adversely affected, we may experience less-than-anticipated profits, and/or we may not be able to recover our costs when we sell and build homes.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedRisk Factors
If the inflationary environment in recent years continues inflation persists or worsens, increases, we may not be able to adjust the pricing we charge for homes to offset these increased costs in the future, costs, which would adversely impact our results of operations and cash flows.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedRisk Factors
As a result, In addition, we cannot predict future developments in AI and related impacts to or their potential impact on our business and our industry.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedRisk Factors
Supply shortages and other risks related to the demand for skilled labor and building materials increased could increase costs and delayed deliveries and could continue to do so. delay deliveries.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedRisk Factors
Additionally, the supply of certain building materials, especially lumber, wood-based materials such as roof and floor trusses and oriented strand boards, steel, resin, concrete, copper, and petroleum-based materials, is could be limited and has been impacted by the combination of factors such as strong consumer demand, disruptions in the global supply chain, and major weather events at the point of manufacture of certain products.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedRisk Factors
In an inflationary environment like the one we have experienced in recent years, years following the COVID-19 pandemic, economic conditions and other market factors may make it difficult for us to raise home prices enough to keep up with the rate of inflation, which could reduce our profit margins or reduce the number of consumers who can afford to purchase one of our homes.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedRisk Factors
In addition, significant inflation is often accompanied by higher interest rates, which recently have had a negative impact on demand for our homes. homes in recent years.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedRisk Factors
In addition, inflation through the broader economy, especially when combined with higher mortgage interest rates, has can negatively impacted impact home affordability and consumer sentiment and created some significant volatility in demand for new housing.

Read it in 10-K 2026-02-04 at sec.gov ↗

Quiet changesRisk Factors
Several of these factors, along with the consolidation of ownership of the source of supply for certain building materials, have resulted could result in increases to the prices of some materials.

Read it in 10-K 2026-02-04 at sec.gov ↗

AddedMD&A
In 2025, consumer demand weakened due to ongoing affordability challenges, resulting from elevated mortgage interest rates and higher housing costs, as well as volatility in other macroeconomic and geopolitical conditions, including higher job losses and weakened consumer confidence. We have responded to these conditions by adjusting production cadence and sales prices where necessary and focusing sales incentives on discounts on spec inventory (houses without customer orders) and closing cost incentives, especially mortgage interest rate buydowns. Despite these efforts, net new orders in units decreased 4% in 2025 versus 2024.

Read it in 10-K 2026-02-04 at sec.gov ↗

AddedMD&A
In response to the significant shift in market conditions in 2025, we have slowed the pace of our housing starts, have increased sales incentives, and are taking additional pricing actions in many of our communities, which resulted in $77.4 million of land inventory impairments in 2025. We continue to update the underwriting for our land option contracts prior to buying additional land and have made decisions to walk away from a number of land option agreements, which resulted in write-offs of deposits and pre-acquisition costs totaling $48.4 million in 2025. We will continue working with our trade partners to update the costs for materials, labor, and services to reflect changes in market conditions and will continue to adjust our overhead cost structure as necessary to align with demand.

Read it in 10-K 2026-02-04 at sec.gov ↗

AddedMD&A
Although elevated mortgage interest rates and volatile macroeconomic and geopolitical conditions may persist for some time, we believe the demographics supporting housing demand remain favorable over the long term. Inventories of new and existing homes have increased in the majority of our geographies as a result of the weakened demand experienced this year, so we are taking a measured approach to our capital allocation strategy as we anticipate continued volatility in demand. Accordingly, we

Read it in 10-K 2026-02-04 at sec.gov ↗

AddedMD&A
Home sale gross margins were 26.3% in 2025, compared with 28.9% in 2024. The lower home sale gross margins were primarily attributable to the aforementioned pricing actions we took in 2025, including elevated sales incentives, increased land acquisition and development costs, and higher land impairments as the result of the more challenging market conditions. We expect these factors to continue to impact our gross margins over the near term. Gross margins in 2025 were also unfavorably impacted by our efforts to reduce completed spec inventory to more appropriate levels, which we expect will continue to be an area of focus in 2026. While we have made significant progress in reducing the level of spec inventory during 2025, the level of completed spec inventory remains elevated for the current demand environment.

Read it in 10-K 2026-02-04 at sec.gov ↗

AddedMD&A
(b)Other income (expense), net includes impairments in 2025 resulting from our expected divestiture of certain manufacturing assets. The net assets and operating results related to such manufacturing assets are immaterial.

Read it in 10-K 2026-02-04 at sec.gov ↗

AddedMD&A
Total Financial Services revenues during 2025 decreased 10% compared with 2024 reflective of the lower homebuilding volume and lower margins on loan production in a more competitive environment. Insurance agency commissions reflect lower policy retention and commission rates as a result of the evolving environment for home insurance as carriers adjust their premiums, geographic markets, and product coverages.

Read it in 10-K 2026-02-04 at sec.gov ↗

AddedMD&A
flows, we determine the fair value of the community and impairment charges are recorded if the fair value of the community’s inventory is less than its carrying value.

Read it in 10-K 2026-02-04 at sec.gov ↗

RemovedMD&A
In 2022, the Federal Reserve began raising its benchmark interest rate in response to persistent inflation that began after the onset of the COVID-19 pandemic. These actions drove national mortgage and other interest rates significantly higher and negatively impacted home affordability and consumer sentiment. The Federal Reserve cut their benchmark interest rate by 100 bps from September 2024 to December 2024. Despite this reduction, national mortgage interest rates increased nearly 100 bps from September 2024 to December 2024 with a cumulative increase of approximately 400 bps since the beginning of 2022. These higher financing costs, coupled with increases in the cost of land inventory and construction labor, as well as elevated overall inflation in recent years as compared with historical levels, have created affordability challenges for new homebuyers, resulting in decreased demand in the second half of 2024 as mortgage interest rates increased.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
Despite these affordability challenges, interest in new homes remained at high levels in 2024, aided by a continuing limited supply of existing home inventory in combination with the market slowly adjusting to a higher interest rate environment, which has resulted in increased volatility in our new order pace over 2023 and 2024. We have responded to these affordability challenges by adjusting sales prices where necessary and focusing sales incentives on closing cost incentives, especially mortgage interest rate buydowns. These strategic decisions contributed to 2% growth in new orders from 2023 to 2024 but also drove a slight decrease in gross margins from 2023 to 2024.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
We operate our business to generate a cadence of house starts to align with the sales environment, and an appropriate inventory of quick move-in speculative ("spec") homes as we focus on turning our assets and delivering high returns on investment, which has allowed us to achieve an effective balance of price and pace. The supply chain constraints that arose in connection with the COVID-19 pandemic have largely subsided. As a result, our production cycle times improved over the course of 2023 and 2024 and have now returned to near historical norms. This decrease in cycle times, coupled with our strong backlog and focus on spec home production, contributed to a 9% increase in closings in 2024 as compared to 2023.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
Within an evolving macroeconomic environment, consumers across all buyer segments and price points have continued demonstrating a strong desire for homeownership despite continued interest rate variability. During 2023 and 2024, through a combination of our ongoing construction cost reduction initiatives, construction pacing, and sales strategies that capitalized on periods of strong consumer demand, we were able to achieve historically strong financial results, including higher income before income taxes than in any previous year.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
Home sale gross margins were 28.9% in 2024, compared with 29.3% in 2023. Gross margins remained strong in both 2024 and 2023 relative to historical levels. Due to the low supply of new and existing homes for sale, we were generally able to maintain net sales pricing to substantially offset increases in house and land costs and higher sales incentives over these periods. However, we expect sales incentives, especially mortgage interest rate buydowns, to remain elevated to address buyer affordability challenges, along with higher land and house costs, which may continue to impact our gross margins in the near term.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
Interest income began to increase significantly in 2023 and has remained elevated in 2024 as the result of higher returns on invested cash balances due to the elevated interest rate environment.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
Net new orders in units increased 2% in 2024 compared with 2023, while net new orders in dollars increased by 8% compared with 2023. The increased net new order volume in 2024 was primarily due to a 4% increase in average active communities. The increase in net new orders in dollars was primarily attributable to the higher unit volume along with geographic mix, including

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
Total Financial Services revenues during 2024 increased 35% compared with 2023 primarily due to an increase in origination volumes resulting from increased closings within Homebuilding and improved capture rates. Revenues per loan also increased as the result of a more favorable operating environment for our mortgage operations. The increased use of closing cost incentives in the form of mortgage interest rate buydowns has also contributed favorably to our mortgage operations volumes and revenues per loan.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
During the twelve months ended 2024, we completed repurchases of $193.4 million and $106.6 million of our unsecured senior notes scheduled to mature in 2026 and 2027, respectively, through a cash tender offer. Our total repurchases during the twelve months ended 2024, including open market repurchases, were $310.2 million.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
cancel a large portion of such land option agreements, which would generally result in the write-off of the related deposits and pre-acquisition costs.

Read it in 10-K 2025-02-06 at sec.gov ↗

RewordedMD&A
Ending backlog dollars, which represents orders for homes that have not yet closed, decreased 11% 19% in 2024 2025 compared with 2023, primarily as a result of decreased demand in 2024 due to the second half of 2024 as mortgage interest rates increased and improved construction cycle times. aforementioned lower order volume.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedMD&A
Also includes insurance reserve reversals of $42.3 million and $333.9 million in 2025 and $130.8 million in 2024 and 2023, 2024, respectively (Note 11), goodwill impairment of $28.6 million in 2025 (Note 1), impairment of property and equipment of $49.6 million in 2025 (Note 1), and a gain of $39.5 million in 2024 related to the sale of our minority interest in a joint venture.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedMD&A
We declared quarterly cash dividends totaling $183.0 million and $171.4 million in 2025 and $149.8 million in 2024 and 2023, 2024, respectively, and repurchased 10.1 10.6 million and 13.8 10.1 million shares in 2024 2025 and 2023, 2024, respectively, for a total of $1.2 billion and $1.0 $1.2 billion in 2024 2025 and 2023, 2024, respectively.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedMD&A
In the event of an extended economic slowdown, we could elect to cancel a large portion of such land option agreements, which would generally result in the write-off of the related deposits and pre-acquisition costs.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedMD&A
For 2024, Southeast 2025, West home sale revenues increased 8% decreased 1% compared with 2023 2024 primarily due to a 10% increase an 7% decrease in closings partially offset by 1% decrease a 6% increase in average selling price.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedMD&A
For 2024, Florida 2025, Southeast home sale revenues increased 1% 3% compared with 2023 2024 due to a 2% 5% increase in closings average selling price partially offset by a 1% 2% decrease in average selling price. closings.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedMD&A
For 2024, Midwest 2025, Florida home sale revenues increased 24% decreased 9% compared with 2023 2024 due to a 20% increase 6% decrease in closings combined with a 3% increase 4% decrease in average selling price.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedMD&A
The increase decrease in closings occurred across the majority of all markets, while the increase decrease in average selling price was mixed among markets. primarily due to decreases in Central Texas.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedMD&A
Income before income taxes increased 5%, decreased 31%, primarily due to increased revenues decreased gross margin across the majority of markets and increased gross margins, which were mixed among markets.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedMD&A
The 2024 2025 cash outflows primarily reflect capital expenditures of $118.5 $122.7 million related to our ongoing investment in new communities, construction operations, and information technology applications. applications, partially offset by distributions of capital from unconsolidated entities of $63.7 million.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedMD&A
This decrease was primarily due to a decreased number of sold homes due to lower backlog order volumes and improved production cycle times, which reduces the length of time a home sits in inventory. remains under construction.

Read it in 10-K 2026-02-04 at sec.gov ↗

RewordedMD&A
We maintain As of December 31, 2025, we maintained a revolving credit facility ("Revolving Credit Facility") maturing scheduled to mature in June 2027 that has with a maximum borrowing capacity of $1.3 billion and contains an uncommitted accordion feature that could increase the capacity to $1.8 billion, subject to certain conditions and availability of additional bank commitments.

Read it in 10-K 2026-02-04 at sec.gov ↗

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