⚠ AI Risk Brief Interpretation layer — deterministic data below

CDW removed seven debt and capital structure risks while emphasizing AI governance concerns, signaling confidence in financial stability.

Direction ↓ Less concerning

ThemesArtificial Intelligence Interest Rates & Inflation Regulatory & Legal

Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

🔴 No Match in Current Filing Disclosure change6/10

Variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.

This section from the 2025 filing does not have a high-confidence textual match in the 2026 filing. It may have been removed, merged, or substantially reworded.

Certain of our borrowings, primarily borrowings under our senior credit facilities, are at variable rates of interest and expose us to interest rate risk. As of December 31, 2024, we had $635 million of variable rate debt outstanding. When interest rates increase, our debt…

View 2025 text

Certain of our borrowings, primarily borrowings under our senior credit facilities, are at variable rates of interest and expose us to interest rate risk. As of December 31, 2024, we had $635 million of variable rate debt outstanding. When interest rates increase, our debt service obligations on the variable rate indebtedness increase even though the amount borrowed remains the same, and could negatively impact our net income absent any derivative instruments. From time to time, we may execute derivative instruments to reduce interest rate volatility, subject to acceptable terms. We cannot assure you we will enter into such derivative instruments in the future or that such instruments will be effective.

🟡 Modified Issues relating to the use or capabilities of AI, including social, ethical, and safety issues, in hardware, software, and services offerings may result in reputational harm, liability, or increased costs. 🔒

🔴 No Match in Current Filing Restrictive covenants under our senior credit facilities and, to a lesser degree, our indentures may adversely affect our operations and liquidity. 🔒

🔴 No Match in Current Filing Failure to maintain the ratings assigned to our debt securities by rating agencies may increase our future borrowing costs and reduce our access to capital. 🔒

And 9 more changes in the full comparison.

12 more changes in this filing

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