Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt outstanding, excluding finance leases, was as follows (in millions):



	December 31, 2019 ^a					December 31, 2018 ^a
Notes and debentures, due 2020 to 2097	$	22,169		4.7	%	$	22,094		4.7	%
Equipment obligations, due 2020 to 2028	447			3.6		470			3.6
Mortgage bonds, due 2020 to 2047	81			4.5		81			4.5
Financing obligations, due 2020 to 2029	192			6.1		195			6.1
Unamortized fair value adjustment under acquisition method accounting, discount, debt issuance costs, and other, net	(50		)			(33		)
Total	22,839					22,807
Less current portion of long-term debt	(523		)	5.6	%	(783		)	5.5	%
Long-term debt	$	22,316				$	22,024

^aAmounts represent debt outstanding and weighted average effective interest rates for 2019 and 2018, respectively. Maturities are as of December 31, 2019.

Schedule of Maturities of Long-term Debt

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 as of December 31, 2019.



	December 31, 2019
	Maturity Date						Total	Fair Value
	2020	2021	2022	2023	2024	Thereafter	Total	Fair Value
Fixed-rate debt (in millions)	$523	$732	$1,528	$1,531	$1,254	$17,271	$22,839	$26,648
Average interest rate	5.6%	3.7%	4.0%	3.5%	3.5%	4.8%	4.6%

Schedule of Guarantor Obligations

Debt and other obligations of non-consolidated entities guaranteed by the Company as of December 31, 2019, 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	8	$	16	^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 Sheets.

^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.