Notes payable and other borrowings are summarized below (dollars in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of September 30, 2020.

	Weighted Average Interest Rate			September 30, 2020		December 31, 2019
Insurance and other:
Berkshire Hathaway Inc. (“Berkshire”):
U.S. Dollar denominated due 2020-2047		3.2	%	$	8,320	$	8,324
Euro denominated due 2021-2035		1.0	%		7,986		7,641
Japanese Yen denominated due 2023-2060		0.6	%		5,902		3,938
Berkshire Hathaway Finance Corporation (“BHFC”):
U.S. Dollar denominated due 2020-2049		4.1	%		8,829		8,679
Great Britain Pound denominated due 2039-2059		2.5	%		2,218		2,274
Other subsidiary borrowings due 2020-2045		4.2	%		4,676		5,262
Subsidiary short-term borrowings		2.7	%		960		1,472
				$	38,891	$	37,590

In March 2020, Berkshire repaid €1.0 billion of maturing senior notes and issued €1.0 billion of 0.0% senior notes due in 2025. In April 2020, Berkshire issued ¥195.5 billion (approximately $1.8 billion) of senior notes with maturity dates ranging from 2023 to 2060 and a weighted average interest rate of 1.07%.

Borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, consist of senior unsecured notes used to fund manufactured housing loans originated or acquired and equipment held for lease of certain subsidiaries. BHFC borrowings are fully and unconditionally guaranteed by Berkshire. In the first nine months of 2020, BHFC repaid $350 million of maturing senior notes and issued $500 million of 1.85% senior notes due in 2030. In October 2020, BHFC repaid $550 million of maturing senior notes and issued $2.5 billion of senior notes consisting of $750 million of 1.45% senior notes due in 2030 and $1.75 billion of 2.85% senior notes due in 2050.

The carrying values of Berkshire and BHFC non-U.S. Dollar denominated senior notes (€6.85 billion, £1.75 billion and ¥625.5 billion par) reflect the applicable foreign currency exchange rates as of the balance sheet dates. The effects of changes in foreign currency exchange rates during the period are recorded in earnings as a component of selling, general and administrative expenses. Changes in the exchange rates resulted in pre-tax losses of $549 million in the third quarter and $447 million in the first nine months of 2020 and pre-tax gains of $383 million in the third quarter and $447 million in the first nine months of 2019.

In addition to BHFC borrowings, Berkshire guaranteed approximately $1.2 billion of other subsidiary borrowings at September 30, 2020. 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 payment obligations.

	Weighted Average Interest Rate			September 30, 2020		December 31, 2019
Railroad, utilities and energy:
Berkshire Hathaway Energy Company (“BHE”) and subsidiaries:
BHE senior unsecured debt due 2021-2050		4.5	%	$	11,462	$	8,581
Subsidiary and other debt due 2020-2064		4.3	%		31,693		30,772
Short-term borrowings		1.8	%		2,400		3,214
Burlington Northern Santa Fe and subsidiaries due 2020-2097		4.6	%		23,245		23,211
				$	68,800	$	65,778

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 such debt. These borrowing arrangements generally contain various covenants, which pertain to leverage ratios, interest coverage ratios and/or debt service coverage ratios. During the first nine months of 2020, BHE and its subsidiaries issued new term debt of approximately $5.5 billion with maturity dates ranging from 2025 to 2062 and a weighted average interest rate of 3.4%. In the first nine months of 2020, BHE and its subsidiaries repaid $1.9 billion of debt and reduced short-term borrowings. On October 29, 2020, BHE issued $500 million of 1.65% senior notes due in 2031 and $1.5 billion of 2.85% senior notes due in 2051.

BNSF’s borrowings are primarily senior unsecured debentures. In April 2020, BNSF issued $575 million of 3.05% senior unsecured debentures due in 2051. During the first nine months of 2020, BNSF repaid $541 million of debt. As of September 30, 2020, BNSF, 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.

As of September 30, 2020, our subsidiaries had unused lines of credit and commercial paper capacity aggregating approximately $9.5 billion to support short-term borrowing programs and provide additional liquidity. Such unused lines of credit included approximately $7.8 billion related to BHE and its subsidiaries.