Debt (Tables)

12 Months Ended

Dec. 31, 2021

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


	December 31, 2021 a				December 31, 2020 a
Notes and debentures, due 2022 to 2097	$	22,519	4.6	%	$	22,294	4.6	%
Equipment obligations, due 2022 to 2028	402		3.6		424		3.6

Mortgage bonds, due 2045 to 2047	47		3.1		47		3.1
Financing obligations, due 2022 to 2029	203		6.1		196		6.1
Unamortized fair value adjustment under acquisition method accounting, discount, debt issuance costs, and other, net	(91)				(66)
Total	23,080				22,895
Less current portion of long-term debt	(903)		4.7	%	(731)		3.7	%
Long-term debt	$	22,177			$	22,164

a Amounts represent debt outstanding and weighted average effective interest rates for 2021 and 2020, respectively. Maturities are as of December 31, 2021.

Schedule of Maturities of Long-term Debt

The following table provides principal cash flows and fair value information for the Company’s debt obligations.


	December 31, 2021
	Maturity Date						Total	Fair Value
	2022	2023	2024	2025	2026	Thereafter
Debt maturities (in millions)	$903	$1,585	$1,235	$1,232	$39	$18,086	$23,080	$27,728

Schedule of Guarantor Obligations

Debt and other obligations of non-consolidated entities guaranteed by the Company as of December 31, 2021, 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	6	$	12	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.