Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt outstanding was as follows (in millions):



	December 31, 2016 ^a					December 31, 2015 ^a
Notes and debentures, due 2017 to 2097	$	20,651		4.8	%	$	20,082		4.9	%
Equipment obligations, due 2017 to 2028	516			3.6		564			3.7
Capitalized lease obligations, due 2017 to 2029	512			6.1		660			6.1
Mortgage bonds, due 2020 to 2047	81			4.5		81			4.5
Financing obligations, due 2017 to 2028	226			6.3		237			6.3
Unamortized fair value adjustment under acquisition method accounting, discount and other, net	58					113
Total	22,044					21,737
Less current portion of long-term debt	(735		)	5.6	%	(389		)	6.4	%
Long-term debt	$	21,309				$	21,348

^aAmounts represent debt outstanding and weighted average effective interest rates for 2016 and 2015, respectively. Maturities are as of December 31, 2016.

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, 2016.



	December 31, 2016
	Maturity Date						Total Including Capital Leases	Total Excluding Capital Leases ^a,b	Fair Value Excluding Capital Leases ^b
	2017	2018	2019	2020	2021	Thereafter	Total Including Capital Leases	Total Excluding Capital Leases ^a,b	Fair Value Excluding Capital Leases ^b
Fixed-rate debt (in millions)	$735	$739	$836	$570	$918	$18,246	$22,044	$21,509	$23,618
Average interest rate	5.6%	5.7%	4.8%	5.7%	4.3%	4.8%	4.8%

^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, 2016, 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	11	$	22	^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.