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🟡 Modified Disclosure change6/10

Changes in tax laws and regulations could have a material adverse impact on our results of operations and financial condition.

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Sentence-level differences:

Reworded sentence: "Federal, state and foreign tax laws and regulations, or their interpretation and application, are subject to significant changes that may have a material adverse impact on our results of operations and financial condition."

Current (2025):

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Federal, state and foreign tax laws and regulations, or their interpretation and application, are subject to significant changes that may have a material adverse impact on our results of operations and financial condition. For example, the Corporate Alternative Minimum Tax (“CAMT”), part of the Inflation Reduction Act of 2022, imposes a 15% minimum tax on corporations with annual adjusted financial income exceeding $1 billion and an excise tax of 1% on stock repurchases of publicly traded U.S. corporations (“Applicable Corporation”). Although we are not currently an Applicable Corporation, we are monitoring CAMT for future applicability. In addition, the Organization for Economic Co-operation and Development’s Pillars Two Model Rules which include new digital taxes and a 15% global minimum tax on income, could increase our tax burden. Many jurisdictions where we operate, including Japan, the European Union, and the United Kingdom, have adopted Pillar Two for tax years beginning in 2024. While we do not currently expect a material tax impact in fiscal 2025, we are monitoring developments and evaluating the potential impact of Pillar Two on future years.

View prior text (2024)

Federal, state or foreign tax laws and regulations, or their interpretation and application, are subject to significant change and may have a material adverse impact on our results of operations and financial condition. For example, in 2022, the Inflation Reduction Act (the “IRA”), which introduced a 15% corporate alternative minimum tax applicable to corporations in certain situations and a 1% excise tax on corporate share repurchases, among other things, was enacted. Compliance with the IRA may require the collection of information not regularly produced within the Company, the use of estimates in our Consolidated Financial Statements, the exercise of significant judgment in accounting for its provisions and increase costs. In addition, the Organization for Economic Co-operation and Development’s (the “OECD”) efforts around Global Pillars I and II dealing with possible new digital taxes and global minimum taxes could increase the Company’s overall tax burden, adversely impacting the Company’s business, results of operations and financial condition. As part of the OECD’s Global Pillar II rules, the OECD recommended a 15% global minimum tax on adjusted financial reported income. Many jurisdictions, including Japan, the European Union and the United Kingdom, have adopted or plan to adopt Global Pillar II for tax years beginning in 2024. The overall impact of the IRA and the OECD’s Global Pillar I and II rules is uncertain due to the ambiguities in the application of certain provisions, the impact of future guidance, interpretations or rules issued by government agencies and potential court decisions interpreting the legislation. Future changes in tax laws, including changes in the application or interpretation of the IRA, the OECD’s Global Pillar I and II rules, or increases to the corporate tax rate, could have a material adverse impact on our results of operations and financial condition.