The Company has exposure to two types of market risk: changes in interest rates and stock prices. The Company neither holds nor issues financial instruments for trading purposes. The following sections provide quantitative and qualitative information on the Company’s exposure to interest rate risk and stock price risk. The Company makes use of sensitivity analyses that are inherently limited in estimating actual losses in fair value that can occur from changes in market conditions. Interest Rates The Company’s current financing arrangements and facilities include $6.7 billion of outstanding fixed-rate debt, before adjustments for unamortized discount and debt issuance costs (See Note 9—Borrowings to the accompanying Financial Statements). Fixed and variable-rate debts are impacted differently by changes in interest rates. A change in the interest rate or yield of fixed-rate debt will only impact the fair market value of such debt, while a change in the interest rate of variable-rate debt will impact interest expense, as well as the amount of cash required to service such debt. As of June 30, 2026, all the Company’s financial instruments with exposure to interest rate risk were denominated in U.S. dollars and no variable-rate debt was outstanding. Information on financial instruments with exposure to interest rate risk is presented below: As of June 30, 2026 2025 (in millions) Fair Value Borrowings: liability $ 6,541 $ 6,625 Sensitivity Analysis Potential change in fair values resulting from a 10% adverse change in quoted interest rates $ 241 $ 258 Stock Prices The Company has common stock investments in publicly traded companies that are subject to market price volatility. Information on the Company’s investments with exposure to stock price risk is presented below: As of June 30, 2026 2025 (in millions) Fair Value Total fair value of common stock investments $ 467 $ 1,249 Sensitivity Analysis Potential change in fair values resulting from a 10% adverse change in quoted market prices $ (47) $ (125) Concentrations of Credit Risk See Note 2—Summary of Significant Accounting Policies to the accompanying Financial Statements under the heading “Concentrations of Credit Risk.” 54