Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt outstanding was as follows (in millions):



	December 31, 2015 ^a					December 31, 2014 ^a
Notes and debentures, due 2016 to 2097	$	20,082		4.9	%	$	17,838		5.0	%
Equipment obligations, due 2016 to 2028	564			3.7		96			5.5
Capitalized lease obligations, due 2016 to 2029	660			6.1		745			6.1
Mortgage bonds, due 2020 to 2047	81			4.5		81			4.5
Financing obligations, due 2016 to 2028	237			6.3		251			6.3
Unamortized fair value adjustment under acquisition method accounting, discount and other, net	113					193
Total	21,737					19,204
Less current portion of long-term debt	(389		)	6.4	%	(366		)	5.2	%
Long-term debt	$	21,348				$	18,838

^aAmounts represent debt outstanding and weighted average effective interest rates for 2015 and 2014, respectively. Maturities are as of December 31, 2015.

Schedule of Maturities of Long-term Debt [Table Text Block]

The following table provides fair value information for the Company’s debt obligations including principal cash flows, related weighted average interest rates by contractual maturity dates and fair value. The Company had no outstanding variable rate debt at December 31, 2015.



	December 31, 2015
	Maturity Date						Total Including Capital Leases	Total Excluding Capital Leases ^a,b	Fair Value Excluding Capital Leases ^b
	2016	2017	2018	2019	2020	Thereafter	Total Including Capital Leases	Total Excluding Capital Leases ^a,b	Fair Value Excluding Capital Leases ^b
Fixed-rate debt (in millions)	$389	$734	$738	$835	$570	$18,471	$21,737	$21,033	$21,996
Average interest rate	6.4%	5.6%	5.7%	4.8%	5.7%	4.8%	4.9%

^a Amount also excludes unamortized fair value adjustment under acquisition method accounting related to capital leases.

^b Amount also excludes unamortized gains on interest rate swaps.

Schedule of Guarantor Obligations

Debt and other obligations of non-consolidated entities guaranteed by the Company as of December 31, 2015, were as follows (dollars in millions):



	Guarantees
	BNSF Ownership Percentage		Principal Amount Guaranteed			Maximum Future Payments			Maximum Recourse Amount		^a	Remaining Term (in years)	Capitalized Obligations
Kinder Morgan Energy Partners, L.P.	0.5	%	$	190		$	190		$	—		Termination of Ownership	$	2	^b
Chevron Phillips Chemical Company LP	—	%	N/A		^d	N/A		^d	N/A		^d	2	$	3	^c

^a Reflects the maximum amount the Company could recover from a third party other than the counterparty.

^b Reflects capitalized obligations that are recorded on the Company’s Consolidated Balance Sheet.

^c Reflects the asset and corresponding liability for the fair value of these guarantees required by authoritative accounting guidance related to guarantees.

^d There is no cap to the liability that can be sought from BNSF for BNSF’s negligence or the negligence of the indemnified party. However, BNSF could receive reimbursement from certain insurance policies if the liability exceeds a certain amount.