Berkshire Hathaway 2014 Annual Report Download - page 73

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Notes to Consolidated Financial Statements (Continued)
(15) Notes payable and other borrowings (Continued)
Weighted
Average
Interest Rate
December 31,
2014 2013
Finance and financial products:
Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2015-2043 ....... 3.1% $11,178 $11,178
Issued by other subsidiaries due 2015-2036 .................................... 5.3% 1,558 1,951
$12,736 $13,129
In 2014, BHFC issued $1.15 billion of new senior notes consisting of $1.05 billion of floating rate notes due in 2017 and
$100 million of 2% notes due in 2018. These issuances replaced a corresponding aggregate amount of senior notes that matured
in 2014.
Our subsidiaries have unused lines of credit and commercial paper capacity aggregating approximately $7.8 billion at
December 31, 2014, to support short-term borrowing programs and provide additional liquidity. Such unused lines of credit
included about $4.6 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 $3.4 billion at December 31, 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.
Principal repayments expected during each of the next five years are as follows (in millions).
2015 2016 2017 2018 2019
Insurance and other ................................................. $2,676 $1,094 $1,428 $1,088 $ 804
Railroad, utilities and energy .......................................... 3,043 1,642 1,677 4,241 2,885
Finance and financial products ......................................... 1,725 1,204 2,924 2,365 107
$7,444 $3,940 $6,029 $7,694 $3,796
(16) Income taxes
The liabilities for income taxes reflected in our Consolidated Balance Sheets are as follows (in millions).
December 31,
2014 2013
Currently payable (receivable) ................................................... $(1,346) $ (395)
Deferred ..................................................................... 61,936 57,442
Other ....................................................................... 645 692
$61,235 $57,739
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