Berkshire Hathaway 2013 Annual Report Download - page 53

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Notes to Consolidated Financial Statements (Continued)
(15) Notes payable and other borrowings (Continued)
In 2013, BNSF issued $3.0 billion of debentures with interest rates ranging from 3.0% to 5.15% and maturities in 2023
($1.5 billion) and 2043 ($1.5 billion). BNSF’s borrowings are primarily unsecured. As of December 31, 2013, BNSF and
MidAmerican and their subsidiaries were in compliance with all applicable debt covenants. Berkshire does not guarantee any
debt or other borrowings of BNSF, MidAmerican or their subsidiaries.
Weighted
Average
Interest Rate
December 31,
2013 2012
Finance and financial products:
Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2014-2043 ........ 3.3% $11,178 $11,186
Issued by other subsidiaries due 2014-2036 .................................... 4.7% 1,489 1,859
$12,667 $13,045
The borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, are fully and unconditionally guaranteed by
Berkshire. During 2013, $3.45 billion of BHFC senior notes matured and BHFC issued $3.45 billion of new senior notes to
replace maturing notes. The new senior notes were issued with interest rates ranging from 0.95% to 4.3% and maturities ranging
from 2017 to 2043.
Our subsidiaries have approximately $6.3 billion in the aggregate of unused lines of credit and commercial paper capacity
at December 31, 2013, to support short-term borrowing programs and provide additional liquidity. In addition to borrowings of
BHFC, as of December 31, 2013, Berkshire guaranteed approximately $3.9 billion of other subsidiary borrowings. 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).
2014 2015 2016 2017 2018
Insurance and other ................................................. $2,287 $1,951 $1,175 $1,385 $1,259
Railroad, utilities and energy .......................................... 2,065 1,454 1,466 1,622 4,021
Finance and financial products ......................................... 1,333 1,638 1,151 1,843 2,226
$5,685 $5,043 $3,792 $4,850 $7,506
(16) Income taxes
The liabilities for income taxes reflected in our Consolidated Balance Sheets are as follows (in millions).
December 31,
2013 2012
Currently payable (receivable) ................................................... $ (395) $ (255)
Deferred ..................................................................... 57,442 43,883
Other ....................................................................... 692 866
$57,739 $44,494
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