Risk factors

Debt increased to $1,361.3 million, while senior credit-facility availability fell to $1.1 billion.

7 now says AI is already used in products, not merely considered for future products.

The new risks focus heavily on the pending Black Hills merger, including closing, integration, financing, and employee-retention risks.

O-I halted MAGMA development and operations in 2025, making Fit to Win its primary program for higher output at lower cost through at least 2026.

New U.S. tariffs on feedstocks could raise costs and increase volatility in refining and marketing margins.

Newly highlights PG&E’s concentration in electric and gas utilities across Northern and Central California, without geographic or business diversification.

Cyber risk disclosure now specifically covers manufacturing control systems, ERP providers, manufacturing partners, and unsupported technology.

A 2026 restructuring shifts resources toward AI roles, AI-powered products, and a changed sales and go-to-market approach, with execution and disruption risks.

War-related risk now emphasizes feed ingredient and energy supply pressure, volatile futures prices and possible cyber-attacks, while noting impacts are less pronounced than initially.

The company newly highlights execution and benefit-realization risks from acquisitions, joint ventures, divestitures, spin-offs and reinsurance transactions.

New CEO, President, Chairman and CFO transitions create execution risk for Public Storage’s strategic plan.

New tariff risk is disclosed despite less than 5% of sales being international and only a de minimis share of materials sourced internationally.