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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 December 31, 2015.


	Weighted Average Interest Rate			December 31,
	Weighted Average Interest Rate			2015		2014
Insurance and other:
Issued by Berkshire due 2016-2047		2.2	%	$	9,799	$	8,314
Short-term subsidiary borrowings		2.2	%		1,989		839
Other subsidiary borrowings due 2016-2044		6.0	%		2,811		2,701

				$	14,599	$	11,854

In March 2015, Berkshire issued €3.0 billion in senior unsecured notes consisting of €750 million of 0.75% senior notes due in 2023, €1.25 billion of 1.125% senior notes due in 2027 and €1.0 billion of 1.625% senior notes due in 2035. In February 2015, $1.7 billion of Berkshire senior notes matured.


	Weighted Average Interest Rate			December 31,
	Weighted Average Interest Rate			2015		2014
Railroad, utilities and energy:
Issued by Berkshire Hathaway Energy Company (“BHE”) and its subsidiaries:
BHE senior unsecured debt due 2017-2045		5.1	%	$	7,814	$	7,810
Subsidiary and other debt due 2016-2064		4.9	%		28,188		28,292
Issued by BNSF due 2016-2097		4.9	%		21,737		19,204

				$	57,739	$	55,306

BHE subsidiary debt represents amounts issued pursuant to separate financing agreements. Substantially all of the assets of certain BHE subsidiaries are, or may be, pledged or encumbered to support or otherwise secure debt. These borrowing arrangements generally contain various covenants including, but not limited to, leverage ratios, interest coverage ratios and debt service coverage ratios. In 2015, BHE subsidiaries issued approximately $2.5 billion of debt with maturity dates ranging from 2016 to 2046 and a weighted average interest rate of 3.4%.

BNSF’s borrowings are primarily senior unsecured debentures. In 2015, BNSF issued $2.5 billion of senior unsecured debentures consisting of $850 million of debentures due in 2025 and $1.65 billion of debentures due in 2045, with interest rates ranging from 3.0% to 4.7%. In 2015, BNSF also issued $500 million of amortizing debt with a final maturity date of 2028, which is secured with locomotives. As of December 31, 2015, 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			December 31,
	Weighted Average Interest Rate			2015		2014
Finance and financial products:
Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2016-2043		2.7	%	$	10,679	$	11,172
Issued by other subsidiaries due 2016-2036		5.0	%		1,272		1,558

				$	11,951	$	12,730

In 2015, BHFC issued $1.0 billion of senior notes consisting of $400 million floating rate senior notes that mature in 2017 and $600 million floating rate senior notes that mature in 2018. The borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, are fully and unconditionally guaranteed by Berkshire.

As of December 31, 2015, our subsidiaries had unused lines of credit and commercial paper capacity aggregating approximately $7.7 billion to support short-term borrowing programs and provide additional liquidity. Such unused lines of credit included about $5.0 billion related to BHE and its subsidiaries. In addition to BHFC’s borrowings, Berkshire guarantees other subsidiary borrowings, aggregating approximately $3.3 billion at December 31, 2015. 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.

Principal repayments expected during each of the next five years are as follows (in millions).


	2016		2017		2018		2019		2020
Insurance and other	$	3,083	$	1,436	$	1,116	$	1,366	$	72
Railroad, utilities and energy		2,511		1,719		4,258		2,905		2,159
Finance and financial products		1,223		3,348		2,961		104		612

	$	6,817	$	6,503	$	8,835	$	4,375	$	2,843