The following section updates "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" in the 2025 Form 10-K and should be read in conjunction with that report as well as our condensed consolidated financial statements. Interest Rate Risk. Our interest rate risk as of June 30, 2026 relates primarily to the impact of interest rate movements for potential future borrowings of incremental debt, including borrowings under our 2026 Credit Facility and issuances under our CP Program. We currently have no floating rate debt outstanding as of June 30, 2026. See also "Item 1A. Risk Factors" in the 2025 Form 10-K for a discussion of risks stemming from interest rate increases. We currently have no interest rate swaps. Sensitivity Analysis. We manage our exposure to market interest rates on our existing debt by controlling the mix of fixed and floating rate debt. As of June 30, 2026, we had no floating rate debt outstanding; as a result, any hypothetical unfavorable fluctuation in market interest rates on our existing debt would not impact our interest expense. Future Principal Payments and Interest Rates. The following table provides information about our market risk related to changes in interest rates. The future principal payments and weighted-average interest rates are presented as of June 30, 2026. These debt maturities reflect final maturity dates and do not consider the impact of the principal payments that commence following the anticipated repayment date of certain debt (see footnotes (b) and (d) hereto). See notes 5 and 6 to our condensed consolidated financial statements and the 2025 Form 10-K for additional information regarding our debt. Future Principal Payments and Interest Rates by the Debt Instruments' Contractual Year of Maturity (In millions of dollars) 2026 2027 2028 2029 2030 Thereafter Total Fair Value(a) Debt: Fixed rate(b) $ 1,021 $ 2,236 $ 2,589 $ 2,361 $ 733 $ 9,413 $ 18,353 $ 17,024 Average interest rate(b)(c)(d) 1.1 % 3.5 % 4.5 % 4.5 % 3.3 % 4.1 % 3.9 % Variable rate(e) $ — $ — $ — $ — $ — $ — $ — $ — Average interest rate(e) — % — % — % — % — % — % — % (a)The fair value of our debt is based on indicative quotes, non-binding quotes from brokers that require judgment to interpret market information, including implied credit spreads for similar borrowings on recent trades or bid/ask offers. These fair values are not necessarily indicative of the amount, which could be realized in a current market exchange. (b)The impact of principal payments that will commence following an anticipated repayment date is not considered (see footnote (d) below). The Tower Revenue Notes, Series 2018-2 have a principal amount of $750 million, with an anticipated repayment date in 2028. (c)The average interest rate represents the weighted-average stated coupon rate (see footnote (d) below). (d)If the Tower Revenue Notes, Series 2018-2 are not repaid in full by the anticipated repayment date, the interest rate increases by approximately 5% per annum and monthly principal payments commence using the Excess Cash Flow (as defined in the indenture governing the Tower Revenue Notes, Series 2018-2) of the issuers of the Tower Revenue Notes, Series 2018-2. The Tower Revenue Notes, Series 2018-2 are presented based on their contractual maturity date in 2048 and include the impact of an assumed 5% increase in interest rate that would occur following the anticipated repayment date in July 2028 but exclude the impact of monthly principal payments that would commence using Excess Cash Flow of the issuers of the Tower Revenue Notes, Series 2018-2. The full year 2025 Excess Cash Flow of the issuers of the Tower Revenue Notes, Series 2018-2 was approximately $1.0 billion. We currently expect to refinance or repay these notes on or prior to the anticipated repayment date. (e)We have no floating rate debt outstanding as of June 30, 2026.