{
  "ticker": "KLAC",
  "company": "KLA Corporation",
  "filing_type": "10-K",
  "year_current": "2026",
  "year_prior": "2025",
  "summary": {
    "added": 1,
    "removed": 0,
    "modified": 12,
    "unchanged": 31,
    "total_current": 44,
    "total_prior": 43
  },
  "source": "SEC EDGAR",
  "url": "https://riskdiff.com/klac/2026-vs-2025/",
  "markdown_url": "https://riskdiff.com/klac/2026-vs-2025/index.md",
  "json_url": "https://riskdiff.com/klac/2026-vs-2025/index.json",
  "access": "public_preview",
  "source_filings": [
    {
      "label": "2026 10-K filing on SEC EDGAR",
      "url": "https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/0000319201-26-000027-index.htm"
    },
    {
      "label": "2025 10-K filing on SEC EDGAR",
      "url": "https://www.sec.gov/Archives/edgar/data/319201/000031920125000024/0000319201-25-000024-index.htm"
    }
  ],
  "generated": "2026-09-28",
  "ai_summary": "A new interest-rate hedging risk and expanded AI, supply-chain, geopolitical, and trade disclosures signal broader exposure to financial and operating disruptions.",
  "ai_brief": {
    "executive_summary": "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",
    "top_themes": [
      "Interest Rates & Inflation",
      "Artificial Intelligence",
      "Tariffs & Trade Policy"
    ]
  },
  "risks": [
    {
      "status": "ADDED",
      "current_title": "We are exposed to risks associated with our interest rate hedging activities.",
      "prior_title": null,
      "severity": {
        "deterministic": 8,
        "ai_bump": 0,
        "total": 8,
        "tier": "high",
        "signal_hits": [
          "rates"
        ]
      },
      "current_body": "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."
    }
  ],
  "full_url": "https://riskdiff.com/klac/2026-vs-2025/full/"
}