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 June 30, 2019.

	Weighted Average Interest Rate			June 30, 2019		December 31, 2018
Insurance and other:
Berkshire Hathaway Inc. (“Berkshire”):
U.S. Dollar denominated due 2019-2047		3.1	%	$	9,070	$	9,065
Euro denominated due 2020-2035		1.1	%		7,746		7,806
Berkshire Hathaway Finance Corporation (“BHFC”):
U.S. Dollar denominated due 2019-2049		3.1	%		9,928		10,650
Great Britain Pound denominated due 2039-2059		2.5	%		2,179		—
Other subsidiary borrowings due 2019-2045		4.0	%		5,435		5,597
Subsidiary short-term borrowings		4.3	%		1,667		1,857
				$	36,025	$	34,975

The carrying value of Berkshire’s Euro denominated senior notes (€6.85 billion par) reflects the Euro/U.S. Dollar exchange rate as of the balance sheet date. 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 Euro/U.S. Dollar exchange rate resulted in pre-tax gains of $64 million in the first six months of 2019 and $219 million in the first six months of 2018. The carrying values of the Euro denominated senior notes reflected corresponding decreases with respect to these gains.

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. In January 2019, BHFC issued $2.0 billion of 4.25% senior notes due in 2049 and repaid $2.7 billion of maturing notes. In June 2019, BHFC also issued £1.75 billion of senior notes consisting of £1.0 billion 2.375% senior notes due in 2039 and £750 million 2.625% senior notes due in 2059. The carrying value of BHFC’s GBP borrowings reflect the GBP/U.S. Dollar exchange rate, with the effects of the changes recorded in earnings as a component of selling, general and administrative expenses. BHFC borrowings are fully and unconditionally guaranteed by Berkshire. In addition to BHFC borrowings, at June 30, 2019, Berkshire guaranteed approximately $1.5 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 payment obligations.

	Weighted Average Interest Rate			June 30, 2019		December 31, 2018
Railroad, utilities and energy:
Berkshire Hathaway Energy Company (“BHE”) and subsidiaries:
BHE senior unsecured debt due 2020-2049		4.6	%	$	8,579	$	8,577
Subsidiary and other debt due 2019-2064		4.5	%		29,517		28,196
Short-term borrowings		3.4	%		2,594		2,516
Burlington Northern Santa Fe and subsidiaries due 2019-2097		4.7	%		23,192		23,226
				$	63,882	$	62,515

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 covenants which pertain to leverage ratios, interest coverage ratios and/or debt service coverage ratios. During the first six months of 2019, BHE and its subsidiaries issued approximately $3.4 billion of long-term debt. The debt issued in 2019 has maturity dates ranging from 2029 to 2050 and a weighted average interest rate of 3.9%. Proceeds from these debt issuances were used to repay debt, to fund capital expenditures and for general corporate purposes.

BNSF’s borrowings are primarily senior unsecured debentures. In July 2019, BNSF issued $825 million of 3.55% senior unsecured debentures due in 2050. As of June 30, 2019, 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 June 30, 2019, our subsidiaries had unused lines of credit and commercial paper capacity aggregating approximately $7.5 billion to support short-term borrowing programs and provide additional liquidity. Such unused lines of credit included approximately $5.7 billion related to BHE and its subsidiaries.