Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

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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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