Interest Rate Risk The fair value of our long-term debt, all of which is fixed-rate debt, is subject to fluctuations resulting primarily from changes in market interest rates. The fair value of our long-term debt and the change in fair value based on a 1% increase or decrease in market interest rates were as follows: (in billions) June 30, 2026 December 31, 2025 Fair value $ 22.8 $ 24.3 Decrease in fair value from a 1% increase in market interest rates 1.7 1.8 Increase in fair value from a 1% decrease in market interest rates 2.0 2.1