Note 15. Notes payable and other borrowings

Notes payable and other borrowings are summarized below (in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of June 30, 2014.


	Weighted Average Interest Rate		June 30, 2014		December 31, 2013
Insurance and other:
Issued by Berkshire due 2014-2047		2.7%	$	8,357	$	8,311
Short-term subsidiary borrowings		0.4%		890		949
Other subsidiary borrowings due 2014-2035		6.0%		3,163		3,180

			$	12,410	$	12,440


	Weighted Average Interest Rate		June 30, 2014		December 31, 2013
Railroad, utilities and energy:
Issued by Berkshire Hathaway Energy Company (“BHE”) and its subsidiaries:
BHE senior unsecured debt due 2017-2043		5.7%	$	6,366	$	6,616
Subsidiary and other debt due 2014-2054		5.2%		24,593		23,033
Issued by Burlington Northern Santa Fe LLC and its subsidiaries (“BNSF”) due 2014-2097		5.1%		17,881		17,006

			$	48,840	$	46,655

BHE subsidiary debt represents amounts issued pursuant to separate financing agreements. All, or substantially all, of the assets of certain BHE subsidiaries are, or may be, pledged or encumbered to support or otherwise secure the debt. These borrowing arrangements generally contain various covenants including, but not limited to, leverage ratios, interest coverage ratios and debt service coverage ratios. In the first six months of 2014, BHE subsidiaries issued term debt of $1,272 million.

In March 2014, BNSF issued $500 million of 3.75% debentures due in 2024 and $1.0 billion of 4.9% debentures due in 2044. BNSF’s borrowings are primarily unsecured. As of June 30, 2014, BNSF and BHE and their subsidiaries were in compliance with all applicable debt covenants. Berkshire does not guarantee any debt, borrowings or lines of credit of BNSF, BHE or their subsidiaries.


	Weighted Average Interest Rate		June 30, 2014		December 31, 2013
Finance and financial products:
Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2014-2043		3.3%	$	11,178	$	11,178
Issued by other subsidiaries due 2014-2036		4.7%		1,659		1,951

			$	12,837	$	13,129

The borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, are fully and unconditionally guaranteed by Berkshire. In January 2014, $750 million of BHFC senior notes matured and BHFC issued $750 million of new senior notes to replace maturing notes. The new senior notes consisted of $650 million of floating rate notes due in 2017 and $100 million of 2% notes due in 2018.

Our subsidiaries have unused lines of credit and commercial paper capacity aggregating approximately $7.2 billion at June 30, 2014, to support short-term borrowing programs and provide additional liquidity. Such unused lines of credit included about $4.1 billion related to BHE and its subsidiaries. In addition to BHFC’s borrowings, Berkshire has guaranteed other subsidiary borrowings, aggregating approximately $3.9 billion at June 30, 2014. Generally, Berkshire’s guarantee of a subsidiary’s debt obligation is an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all present and future payment obligations.