filings.toolsItem 3. Quantitative and Qualitative Disclosures About Market Risk
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Item 3. 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 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) | March 31, 2026 | December 31, 2025 | ||||||||||||
| Fair value | $ | 22.7 | $ | 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 |
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