As of Q1'26, APH's cash and short-term investments stood at $4.58B, reflecting a notable decline from the peak of $11.43B in Q4'25, while total debt reached a record high of $18.75B, up significantly from $15.50B in the prior quarter. This latest data point indicates a substantial increase in leverage, with debt now exceeding cash holdings by over $14B. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited volatile growth, starting at $1.50B and fluctuating between $1.30B and $1.97B through Q3'24 before surging to $11.43B in Q4'25 driven by apparent liquidity boosts, only to retreat in Q1'26. In contrast, debt showed a consistent upward trajectory, rising steadily from $4.32B in Q2'23 to $5.44B by Q2'24 and accelerating to $18.75B by Q1'26, highlighting increasing financial obligations that have outpaced cash accumulation and potentially strained the company's balance sheet.