Risk-factor diff
FY 2025 10-K vs. FY 2024Net-new paragraphs in the most recent 10-K's Item 1A. Companies rarely add risk language without a real reason — additions here are often a leading signal of management concerns.
“The loss of a key customer, or an adverse change in its requirements, could have a significant negative impact on our sales.”
“The company had $7.01 billion of debt at December 31, 2025. Such indebtedness could have significant consequences for our business and any investment in our securities, including:”
“We derived approximately 53 percent of our consolidated net sales from outside of the U.S. for the year ended December 31, 2025. The sizeable scope of operations inside and outside of the U.S. may lead to more volatile financial results and make it more difficult for us to manage our business. Reasons for this include, but are not limited to, the following:”
“We are vulnerable to fluctuations and disruptions in the supply and price of raw materials, including increases in tariffs on imported goods.”
“We have a significant amount of goodwill recorded on our consolidated balance sheet as of December 31, 2025. We are required at least annually to test the recoverability of goodwill. If general market conditions deteriorate in portions of our business, we could experience a significant decline in the fair value of our reporting units. This decline could lead to an impairment of all or a significant portion of the goodwill balance, which could materially affect our U.S. GAAP net earnings and net assets.”
Policies & disclosures
Clawback, anti-hedging, stock ownership, and related-party policies will populate from extracted proxy sections.