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 September 30, 2014.


	Weighted Average Interest Rate	September 30, 2014		December 31, 2013
Insurance and other:
Issued by Berkshire due 2014-2047	2.8%	$	8,349	$	8,311
Short-term subsidiary borrowings	0.4%		817		949
Other subsidiary borrowings due 2014-2035	6.0%		3,162		3,180

		$	12,328	$	12,440


	Weighted Average Interest Rate	September 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	5.3%		23,998		23,033
Issued by Burlington Northern Santa Fe LLC and its subsidiaries (“BNSF”) due 2014-2097	5.1%		19,330		17,006

		$	49,694	$	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. BNSF’s borrowings are primarily senior unsecured debentures. In March 2014, BNSF issued $1.5 billion in debentures consisting of $500 million of 3.75% debentures due in 2024 and $1 billion of 4.9% debentures due in 2044. In August 2014, BNSF issued $1.5 billion in debentures consisting of $700 million of 3.4% debentures due in 2024 and $800 million of 4.55% debentures due in 2044. As of September 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	September 30, 2014		December 31, 2013
Finance and financial products:
Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2015-2043	3.1%	$	11,177	$	11,178
Issued by other subsidiaries due 2014-2036	4.7%		1,613		1,951

		$	12,790	$	13,129

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. In July 2014, $400 million of BHFC senior notes matured and in August 2014, BHFC issued $400 million of new floating rate senior notes due in 2017.

Our subsidiaries have unused lines of credit and commercial paper capacity aggregating approximately $7.2 billion at September 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. The borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, are fully and unconditionally guaranteed by Berkshire. In addition to BHFC’s borrowings, Berkshire has guaranteed other subsidiary borrowings, aggregating approximately $3.8 billion at September 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.