Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
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 following table provides 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 at December 31:
(in billions) 2025 2024
Fair value $ 24.3 $ 22.7
Decrease in fair value from a 1% increase in market interest rates 1.8 1.7
Increase in fair value from a 1% decrease in market interest rates 2.1 2.0
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