Fiscal period ending 2025-12-31 versus 2024-12-31
— view filing on EDGAR →
Cybersecurity posture has materially deteriorated, with confirmed unauthorized access incidents now on record alongside new M&A integration exposure and named regulatory compliance mandates (NIST, CMMC). Operational execution risk has sharpened through explicit acknowledgment of production schedule slippage and certification delay risks, while newly disclosed active tax audits with potential material assessments add a third front of worsening. The combined shift across cybersecurity, supply chain execution, and tax compliance represents a substantive broadening of the risk profile.
2 company-specific
· 1 common-mode
Company-specific changes
Revised
Added "production schedules" and "certification delays or production challenges" as new customer risk factors, escalating operational execution risks beyond prior generic language.
Customers and counterparties - Global economic, industry-specific or other developments that weaken the financial condition, soundness or continuity of significant customers, governments, government…
Revised
New disclosure of ongoing tax audits with potential material assessments; expanded tax risk language emphasizing disagreements and additional tax exposure.
Regulatory - We are subject to a wide variety of laws, regulations and government policies that require ongoing compliance efforts and may change in significant ways. Our business is subject to…
Also disclosed — common-mode (AI cybersecurity escalation)
AI cybersecurity escalation
Revised
New disclosures of actual unauthorized access incidents, M&A cybersecurity risks, and specific regulatory requirements (NIST, CMMC) escalate the risk profile materially.
Cybersecurity - Increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted attacks, as well as failures, pose risk to our and many critical third parties'…