9 new paragraphs in the 10-K, 13 new in the latest 10-Q
Paragraphs with nothing like them in last year's 10-K
9 paragraphs in Risk Factors of the 10-K filed Feb 20, 2026 with nothing like them in the 10-K filed Feb 21, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 74 Technology companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Social, ethical, and safety issues relating to the use of new and evolving technologies such as AI-based technologies, including generative AI in our hardware, software, and service offerings, as well as in our internal platforms, may result in reputational harm and liability. We are increasingly utilizing AI in our business, including interactions with our coworkers, customers, and vendor partners and in the hardware, software, and services we offer, and we also plan to further invest resources to embed AI capabilities throughout our operations and enterprise to drive scale and efficiency. As with many innovations, AI presents risks and challenges that could affect its adoption and usage, and therefore our business. If we are unable to effectively and timely capitalize on the growth opportunities made available by the adoption of AI to drive our scale and efficiency, our business, results of operations, or cash flows could be adversely impacted. Further, the responsible development and deployment of AI requires ongoing investment in research, development and governance, which could adversely affect our results of operation or cash flows. AI technologies are complex and rapidly evolving, and we face significant competition in the market and from other companies regarding such technologies.
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We operate in a highly competitive industry and compete with resellers, manufacturers who sell directly to customers, large service providers and system integrators, communications service providers, cloud providers, e-commerce companies, and office supply retailers, among others. There may be new market entrants with non-traditional business, service, and delivery models, resulting in increased competition and changing industry dynamics. Existing or future competitors also may seek to compete with us for acquisitions, which could have the effect of increasing the price of potential targets and reducing the number of suitable acquisitions. These factors, in addition to competitive pressures resulting from the fragmented nature of our industry, could affect our sales, profit margins, and earnings.
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anticipated benefits, or could be defective, contain a security vulnerability, or be improperly installed or managed, and could add costs, complications, and disruptions to our ongoing operations. Implementation of new systems or significant changes to existing systems may also require updates to related business processes and internal controls, which could increase the risk of errors or delays until such controls are fully established.
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Our services include professional services, managed services, warranties, configuration services, partner services, and telecom services. Additionally, we deliver and manage mission critical software, systems, and network solutions for our customers. We also offer certain services, such as implementation and installation services and repair services, to our customers through
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We are engaged in a number of strategic and transformational initiatives intended to enable customer‑facing coworkers, accelerate profitable growth, and deliver a full portfolio of capabilities. However, the execution of these initiatives is subject to significant risks and uncertainties, and there can be no assurance regarding the timing or realization of anticipated benefits.
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Show the other 4
Our global operations span a variety of legal regimes, subjecting us to numerous complex, diverse, evolving, and at times potentially inconsistent or conflicting laws and regulations in a number of areas, including labor and employment, advertising,
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Our level of indebtedness and obligations pursuant to the agreements and instruments reflecting our indebtedness could adversely affect our business, results of operations, and cash flows.
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A breach of any restrictive covenants under our senior unsecured credit facilities or indentures may result in a default under the terms of that agreement or instrument, upon which we may suffer adverse consequences, including the acceleration of the amounts outstanding thereunder, the trigger of cross-default provisions under other agreements or instruments, and an inability to borrow additional amounts.
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We may fail to meet announced guidance or market expectations associated with our financial results, which could adversely affect the market price of our stock. Any guidance we provide is based on certain assumptions, which may or may not prove to be correct. Failure to meet announced guidance or market expectations going forward, particularly with respect to our operational and financial results and expectations regarding the success of our strategies and related guidance, whether due to our assumptions not being met or the impact of various risks and uncertainties, may result in either or both a decline in or increased volatility in the market price of our stock. In addition, price and volume fluctuations in the stock market as a whole may affect the market price of our stock in ways that may be unrelated to our financial performance.
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Paragraphs in the 10-Q filed Nov 4, 2026 that were not in the one before
13 paragraphs in the 10-Q filed Nov 4, 2026 with nothing like them in the 10-Q filed Aug 5, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Net change in accounts payable-inventory financing-supplier financing 24.4 (24.2)
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On September 25, 2026, the Company completed its acquisition of Lovelytics Data LLC and certain affiliated entities (collectively, “Lovelytics”) through a purchase of all the issued and outstanding equity interests. Lovelytics is a leading data and artificial intelligence (“AI”) services firm. This strategic acquisition expands the Company’s data and analytics capabilities and its services and solutions offerings in cloud, data, and AI.
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The base purchase price for the acquisition of Lovelytics was $ 525 million. As part of the acquisition, the Company issued $ 44 million of restricted common stock to certain Lovelytics employees in lieu of cash consideration. Based on the terms of the restricted common stock, the acquisition-date fair value of the equity awards was allocated between purchase consideration of $ 31 million and Equity-based compensation of $ 13 million to be recognized over the future service period.
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The acquisition of Lovelytics was not material to the Company’s results of operations and financial condition, and its financial results were not material to the Company’s Consolidated Financial Statements for the period. The purchase price allocation is preliminary and is subject to customary closing adjustments and revisions as additional information about fair value of assets and liabilities becomes available. Preliminarily, the Company recorded $ 347 million of Goodwill and $ 205 million of Other intangible assets, which primarily related to customer relationships and developed technology.
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On September 21, 2026, the Company completed the issuance and sale of $ 600 million aggregate principal amount of 5.700 % Senior Notes due 2029 (the “September 2029 Notes”) at 99.908 % of par, $ 500 million aggregate principal amount of 6.100 % Senior Notes due 2032 (the “2032 Notes”) at 100 % of par, and $ 400 million aggregate principal amount of 6.350 % Senior Notes due 2033 (the “2033 Notes”) at 99.805 % of par (collectively, the “New Notes”). Interest on the September 2029 Notes and 2033 Notes is payable semi-annually on March 21 and September 21 of each year. Interest on the 2032 Notes is payable semi-annually on January 15 and July 15 of each year. The net proceeds from the New Notes issuance will be used to repay the 2.670 % Senior Notes due 2026 upon their maturity in December 2026, with the remaining net proceeds available for general corporate purposes, including amounts that were used to fund a substantial portion of the acquisition of Lovelytics (see Note 3, (Acquisitions)).
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Show the other 8
The Company’s fixed-rate debt creates exposure to changes in fair value resulting from changes in interest rates. During the third quarter of 2026, the Company entered into interest rate swap agreements with an aggregate notional amount of $ 500 million associated with a portion of the September 2029 Notes under which it receives fixed-rate payments and makes variable-rate payments based on SOFR. As of September 30, 2026, the fair value of the interest rate swap agreements was not material. For additional information regarding the September 2029 Notes, see Note 7 (Debt).
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The fixed-to-floating interest rate swaps are designated as fair value hedges of a portion of the September 2029 Notes and qualify for the shortcut method. Changes in the fair value of the swap agreements offset changes in the fair value of the hedged debt attributable to changes in benchmark interest rates, with no net impact to net income.
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Cash equivalents include certificates of deposit with original maturities of three months or less. As of September 30, 2026, the carrying value of the certificates of deposit was $ 800 million and was classified within Cash and cash equivalents on the Consolidated Balance Sheets. The fair value of the certificates of deposit approximates the carrying value due to their short-term nature and is classified as Level 2 in the fair value hierarchy.
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During the third quarter of 2026, we issued $600 million aggregate principal amount of 5.700% Senior Notes due 2029, $500 million aggregate principal amount of 6.100% Senior Notes due 2032, and $400 million aggregate principal amount of 6.350% Senior Notes due 2033 (collectively, the “New Notes”). The net proceeds from the New Notes issuance will be used to repay the 2.670% Senior Notes due 2026 at maturity in December 2026, with the remaining net proceeds available for general corporate purposes, including amounts used to fund a substantial portion of the acquisition of Lovelytics Data LLC and certain affiliated entities (collectively, “Lovelytics”).
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Share sales and buybacks
On September 25, 2026, the Company issued equity awards consisting of 327,370 shares of restricted common stock, with a fair value of $ 44 million, as partial consideration for the acquisition of Lovelytics. For additional information regarding the acquisition and related consideration, see Note 3, (Acquisitions) to the accompanying condensed consolidated financial statements.
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The shares were issued to former equity holders of Lovelytics who represented that they are accredited investors, as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). The shares were issued in reliance upon an exemption from registration under the Securities Act pursuant to Section 4(a)(2) and/or Rule 506 of Regulation D.
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Item 6
** A management contract or compensatory arrangement required to be filed as an exhibit pursuant to Item 601 of Regulation S-K.
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† Certain information in this exhibit has been redacted pursuant to Item 601(a)(6) of Regulation S-K.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 4, 2026 against Item 1A of the 10-K filed Feb 20, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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See “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our risk factors during the nine months ended September 30, 2026.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.