Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in market risk from the information presented in Part II, Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in the 2021 Annual Report on Form 10-K, except as disclosed below.

Interest Rate Risk

As of July 31, 2022, we had $41.2 billion in principal amount of debt outstanding. The carrying amount of the debt was $39.4 billion, and the estimated aggregate fair value of debt was $37.0 billion. As of July 31, 2022, a hypothetical 50 basis points increase or decrease in market interest rates would change the fair value of debt, by a decrease or increase of approximately $1.6 billion. However, this hypothetical change in interest rates would not impact the interest expense on our debt as we only had fixed rate senior notes outstanding.