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ITEM 1A. Risk Factors
Except for the risk factor dupdate discusslosed below, in Part II, Item 1A, Risk Factors of our Quarterly Report on Form 10-Q for the quarter ended March 29, 2026, there have been no other material changes to theour risk factors disclosed in Part I, Item 1A, Risk Factors of our 2025 Form 10-K. These risks and uncertainties described in our risk factors have the potential to materially affect our business, results of operations, financial condition, cash flows, projected results and future prospects. These risks are not exclusive and additional risks to which we are subject include the factors mentioned under Forward-Looking Statements and the risks described in Managements Discussion and Analysis of Financial Condition and Results of Operations in this Form 10-Q.
If we fail to successfully complete or manage acquisitions, divestitures, equity investments and other transactions or if acquired entities or equity investments fail to perform as expected, our financial results, business and future prospects could be harmed.
We hold investments in joint ventures, including United Launch Alliance (ULA), that are accounted for under the equity method. Our investment in ULA was $544million and $551 million at March 29, 2026 and December 31, 2025, respectively. To the extent that performance challenges associated with the development, production or launch of ULAs Vulcan Centaur rocket adversely affect ULAs business, financial condition or results of operations, we could be exposed to operating losses generated by the joint venture or impairments of our investment in the joint venture. Additionally, we expect to provide financial guarantees in support of ULA in the future and may be required to provide additional financial support to ULA to support its liquidity or ongoing operations.
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