⚠ AI Risk Brief Interpretation layer — deterministic data below

A new interest-rate hedging risk and expanded AI, supply-chain, geopolitical, and trade disclosures signal broader exposure to financial and operating disruptions.

Direction ↑ More concerning

ThemesInterest Rates & Inflation Artificial Intelligence Tariffs & Trade Policy

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.

🟢 New in Current Filing Disclosure change8/10

We are exposed to risks associated with our interest rate hedging activities.

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In 2026, we entered into interest rate swaps which are designated as fair value hedges and allow us to convert a portion of our fixed-rate payments under the senior, unsecured long-term notes issued in June 2022 (“2022 Senior Notes”) into floating-rate payments based on the Daily Secured Overnight Financing Rate swap rate plus a fixed number of basis points. As of June 30, 2026, we had an aggregate principal amount of $2.00 billion in fixed-rate debt that was swapped to floating-rate debt.

Because the interest rate swaps convert a portion of our fixed-rate debt to floating-rate debt, an increase in interest rates would require us to pay additional interest on the swapped debt, which may have an adverse effect on our results of operations and cash flows. These hedges may be inadequate to achieve their intended purpose of managing the fair value of our fixed-rate debt exposure. Furthermore, if a financial counterparty to our hedges experiences financial difficulties or is otherwise unable to honor the terms of the interest rate hedges, we may experience material financial losses.

🟡 Modified We are exposed to risks related to the development, adoption, governance and use of AI by us, our competitors and other third parties. 🔒

🟡 Modified Our business would be harmed if we do not receive parts, materials and subassemblies sufficient in number and performance to meet our production requirements and product specifications in a timely, cost-effective and compliant manner. 🔒

🟡 Modified We operate in industries that have historically been cyclical, including the semiconductor industry, and customer purchasing decisions are highly dependent on local and global economic conditions, industry conditions, capital spending patterns and AI-related investment trends. If we fail to respond to industry cycles, our business, financial condition and operating results could be adversely impacted. 🔒

And 9 more changes in the full comparison.

12 more changes in this filing

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