Union Pacific (UNP) 10-Q 17 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 11, 2019
Cover [Abstract]
Document type	10-Q
Document period end date	Sep. 30, 2019
Amendment flag	false
Entity registrant name	UNION PACIFIC CORPORATION
Entity central index key	0000100885
Entity current reporting status	Yes
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Document fiscal year focus	2019
Document fiscal period focus	Q3
Trading Symbol	UNP
Entity common stock shares outstanding		694,199,885
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Address, Address Line One	1400 Douglas Street
Entity Address, City or Town	Omaha
Entity Address, Postal Zip Code	68179
Entity Address, State or Province	NE
City Area Code	402
Local Phone Number	544-5000
Entity File Number	1-6075
Entity Tax Identification Number	13-2626465
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock (Par Value $2.50 per share)
Entity Incorporation, State or Country Code	UT
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating revenues:
Revenue from contract with customer excluding assessed tax	$ 5,146	$ 5,558	$ 15,392	$ 15,997
Total operating revenues	5,516	5,928	16,496	17,075
Operating expenses:
Compensation and benefits	1,134	1,262	3,484	3,776
Purchased services and materials	574	632	1,723	1,861
Depreciation	557	547	1,657	1,636
Fuel	504	659	1,595	1,891
Equipment and other rents	236	272	754	803
Other	277	287	829	801
Total operating expenses	3,282	3,659	10,042	10,768
Operating income	2,234	2,269	6,454	6,307
Other income (Note 6)	53	48	187	48
Interest expense	(266)	(241)	(772)	(630)
Income before income taxes	2,021	2,076	5,869	5,725
Income taxes	(466)	(483)	(1,353)	(1,313)
Net income	$ 1,555	$ 1,593	$ 4,516	$ 4,412
Share and Per Share (Note 8):
Earnings per share - basic	$ 2.22	$ 2.16	$ 6.39	$ 5.82
Earnings per share - diluted	$ 2.22	$ 2.15	$ 6.36	$ 5.79
Weighted average number of shares - basic	699.3	737.4	707.2	758.1
Weighted average number of shares - diluted	701.9	740.9	709.8	761.4
Cargo and Freight [Member]
Operating revenues:
Revenue from contract with customer excluding assessed tax	$ 5,146	$ 5,558	$ 15,392	$ 15,997
Other [Member]
Operating revenues:
Revenue from contract with customer excluding assessed tax	$ 370	$ 370	$ 1,104	$ 1,078

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2019		Sep. 30, 2018		Sep. 30, 2019		Sep. 30, 2018
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 1,555		$ 1,593		$ 4,516		$ 4,412
Other comprehensive income/(loss):
Defined benefit plans	11		19		103		56
Foreign currency translation	(18)		17		7		(7)
Total other comprehensive income/(loss)	(7)	[1]	36	[1]	110	[2]	49	[2]
Comprehensive income	$ 1,548		$ 1,629		$ 4,626		$ 4,461
[1]	Net of deferred taxes of $( 4 ) million and $( 7 ) million during the three months ended September 30, 2019, and 2018, respectively.
[2]	Net of deferred taxes of $( 35 ) million and $( 20 ) million during the nine months ended September 30, 2019, and 2018, respectively.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Consolidated Statements of Comprehensive Income (Parentheticals) [Abstract]
Deferred taxes activity other comprehensive income/(loss)	$ (4)	$ (7)	$ (35)	$ (20)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Financial Position - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 1,250	$ 1,273
Short-term investments (Note 13)	60	60
Accounts receivable, net (Note 10)	1,650	1,755
Materials and supplies	771	742
Other current assets	342	333
Total current assets	4,073	4,163
Investments	2,003	1,912
Net properties (Note 11)	53,488	52,679
Operating lease assets (Note 16)	1,931
Other assets	483	393
Total assets	61,978	59,147
Current liabilities:
Accounts payable and other current liabilities (Note 12)	3,166	3,160
Debt due within one year (Note 14)	1,421	1,466
Total current liabilities	4,587	4,626
Debt due after one year (Note 14)	24,314	20,925
Operating lease liabilities (Note 16)	1,542
Deferred income taxes	11,744	11,302
Other long-term liabilities	1,775	1,871
Commitments and contingencies (Note 17)
Total liabilities	43,962	38,724
Common shareholders' equity:
Common shares, $2.50 par value, 1,400,000,000 authorized; 1,112,026,912 and 1,111,739,781 issued; 695,495,657 and 725,056,690 outstanding, respectively	2,780	2,779
Paid-in-surplus	4,505	4,449
Retained earnings	47,875	45,284
Treasury stock	(35,839)	(30,674)
Accumulated other comprehensive loss (Note 9)	(1,305)	(1,415)
Total common shareholders' equity	18,016	20,423
Total liabilities and common shareholders' equity	$ 61,978	$ 59,147

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Financial Position (Parentheticals) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Consolidated Statements of Financial Position (Parentheticals) [Abstract]
Common shares, par value	$ 2.50	$ 2.50
Common shares authorized	1,400,000,000	1,400,000,000
Common shares issued	1,112,026,912	1,111,739,781
Common shares outstanding	695,495,657	725,056,690

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Operating Activities
Net income	$ 1,555	$ 4,516	$ 4,412
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	557	1,657	1,636
Deferred and other income taxes		297	312
Other operating activities, net		102	368
Changes in current assets and liabilities:
Accounts receivable, net		105	(299)
Materials and supplies		(29)	(40)
Other current assets		(12)	(65)
Accounts payable and other current liabilities		(257)	(175)
Income and other taxes		(115)	225
Cash provided by operating activities		6,264	6,374
Investing Activities
Capital investments		(2,495)	(2,428)
Maturities of short-term investments (Note 13)		120	90
Purchases of short-term investments (Note 13)		(110)	(90)
Proceeds from asset sales		63	39
Other investing activities, net		(85)	(45)
Cash used in investing activities		(2,507)	(2,434)
Financing Activities
Common share repurchases (Note 18)		(5,162)	(6,304)
Debt issued (Note 14)		3,986	6,992
Dividends paid		(1,925)	(1,716)
Debt repaid		(642)	(1,807)
Net issuance/(repayment) of commercial paper (Note 14)		(5)	195
Accelerated share repurchase programs pending final settlement			(720)
Other financing activities, net		(34)	(45)
Cash used in financing activities		(3,782)	(3,405)
Net change in cash, cash equivalents, and restricted cash		(25)	535
Cash, cash equivalents, restricted cash, beginning balance		1,328	1,275
Cash, cash equivalents, restricted cash, ending balance	1,303	1,303	1,810
Non-cash investing and financing activities:
Capital investments accrued but not yet paid		151	159
Capital lease financings			12
Common shares repurchased but not yet paid	42	42	10
Cash (paid for)/received from:
Income taxes, net of refunds		(1,104)	(845)
Interest, net of amounts capitalized		(855)	(577)
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Statement of Financial Position
Cash and cash equivalents, at carry value	1,250	1,250	1,810
Cash, cash equivalents, restricted cash, ending balance	1,303	1,303	$ 1,810
Other Current Assets [Member]
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Statement of Financial Position
Restricted Cash and Cash Equivalents	41	41
Other Noncurrent Assets [Member]
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Statement of Financial Position
Restricted Cash and Cash Equivalents	$ 12	$ 12

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Changes in Common Shareholders' Equity - USD ($) $ in Millions	Common Shares [Member]	Paid-in-Surplus [Member]	Retained Earnings [Member]	Treasury Stock [Member]	AOCI [Member]	[1]	Total
Shareholders' equity, beginning balance at Dec. 31, 2017	$ 2,778	$ 4,476	$ 41,317	$ (22,574)	$ (1,141)		$ 24,856
Common shares, beginning balance at Dec. 31, 2017	1,111,400,000			(330,500,000)
Net income			4,412				4,412
Other comprehensive income/(loss)					49		49	[2]
Conversion, stock option exercises, forfeitures, and other	$ 1	47		$ 30			78
Conversion, stock option exercises, forfeitures, and other (shares)	400,000			900,000
Share repurchases (Note 18)		(720)		$ (6,314)			$ (7,034)
Share repurchases (Note 18) (shares)				(44,700,000)			(44,728,401)
Cash dividends declared			(1,716)				$ (1,716)
Reclassification due to ASU 2018-02 adoption			300		(300)		(300)	[3]
Shareholders' equity, ending balance at Sep. 30, 2018	$ 2,779	3,803	44,313	$ (28,858)	(1,392)		20,645
Common shares, ending balance at Sep. 30, 2018	1,111,800,000			(374,300,000)
Shareholders' equity, beginning balance at Jun. 30, 2018	$ 2,779	3,778	43,311	$ (28,531)	(1,428)		19,909
Common shares, beginning balance at Jun. 30, 2018	1,111,800,000			(372,300,000)
Net income			1,593				1,593
Other comprehensive income/(loss)					36		36	[4]
Conversion, stock option exercises, forfeitures, and other		25		$ 14			39
Conversion, stock option exercises, forfeitures, and other (shares)				200,000
Share repurchases (Note 18)				$ (341)			$ (341)
Share repurchases (Note 18) (shares)				(2,200,000)			(2,239,405)
Cash dividends declared			(591)				$ (591)
Shareholders' equity, ending balance at Sep. 30, 2018	$ 2,779	3,803	44,313	$ (28,858)	(1,392)		20,645
Common shares, ending balance at Sep. 30, 2018	1,111,800,000			(374,300,000)
Shareholders' equity, ending balance at Dec. 31, 2018	$ 2,779	4,449	45,284	$ (30,674)	(1,415)		$ 20,423
Common shares, ending balance at Dec. 31, 2018	1,111,700,000			(386,600,000)			725,056,690
Net income			4,516				$ 4,516
Other comprehensive income/(loss)					110		110	[2]
Conversion, stock option exercises, forfeitures, and other	$ 1	28		$ 67			96
Conversion, stock option exercises, forfeitures, and other (shares)	300,000			1,500,000
Share repurchases (Note 18)		28		$ (5,232)			$ (5,204)
Share repurchases (Note 18) (shares)				31,400,000			(31,412,157)
Cash dividends declared			(1,925)				$ (1,925)
Shareholders' equity, ending balance at Sep. 30, 2019	$ 2,780	4,505	47,875	$ (35,839)	(1,305)		$ 18,016
Common shares, ending balance at Sep. 30, 2019	1,112,000,000			(416,500,000)			695,495,657
Shareholders' equity, beginning balance at Jun. 30, 2019	$ 2,780	3,954	46,997	$ (34,262)	(1,298)		$ 18,171
Common shares, beginning balance at Jun. 30, 2019	1,112,000,000			(407,100,000)
Net income			1,555				1,555
Other comprehensive income/(loss)					(7)		(7)	[4]
Conversion, stock option exercises, forfeitures, and other		23		$ 7			30
Conversion, stock option exercises, forfeitures, and other (shares)				100,000
Share repurchases (Note 18)		528		$ (1,584)			$ (1,056)
Share repurchases (Note 18) (shares)				9,500,000			(9,529,733)	[5]
Cash dividends declared			(677)				$ (677)
Shareholders' equity, ending balance at Sep. 30, 2019	$ 2,780	$ 4,505	$ 47,875	$ (35,839)	$ (1,305)		$ 18,016
Common shares, ending balance at Sep. 30, 2019	1,112,000,000			(416,500,000)			695,495,657
[1]	AOCI = Accumulated Other Comprehensive Income/(Loss) (Note 9)
[2]	Net of deferred taxes of $( 35 ) million and $( 20 ) million during the nine months ended September 30, 2019, and 2018, respectively.
[3]	ASU 2018-02 is the Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows entities the option to reclassify from accumulated other comprehensive income to retained earnings the income tax effects that remain stranded in AOCI resulting from the application of the Tax Cuts and Jobs Act.
[4]	Net of deferred taxes of $( 4 ) million and $( 7 ) million during the three months ended September 30, 2019, and 2018, respectively.
[5]	Includes 3,172,900 shares repurchased in August 2019 under accelerated share repurchase programs.

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Changes in Common Shareholders' Equity (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share	$ 0.97	$ 0.80	$ 2.73	$ 2.26

Basis Of Presentation

Basis Of Presentation	9 Months Ended
	Sep. 30, 2019
Basis of Presentation [Abstract]
Basis of Presentation	For purposes of this report, unless the context otherwise requires, all references herein to the “Corporation”, “Company”, “UPC”, “we”, “us”, and “our” mean Union Pacific Corporation and its subsidiaries, including Union Pacific Railroad Company, which will be separately referred to herein as “UPRR” or the “Railroad”. 1. Basis of Presentation Our Condensed Consolidated Financial Statements are unaudited and reflect all adjustments (consisting of normal and recurring adjustments) that are, in the opinion of management, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (GAAP). Pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, this Quarterly Report on Form 10-Q should be read in conjunction with our Consolidated Financial Statements and notes thereto contained in our 2018 Annual Report on Form 10-K. Our Consolidated Statement of Financial Position at December 31, 2018, is derived from audited financial statements. The results of operations for the nine months ended September 30, 2019, are not necessarily indicative of the results for the entire year ending December 31, 2019. The Condensed Consolidated Financial Statements are presented in accordance with GAAP as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC).

Accounting Pronouncements

Accounting Pronouncements	9 Months Ended
	Sep. 30, 2019
Accounting Pronouncements [Abstract]
Accounting Pronouncements	2. Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Topic 842) . ASU 2016-02 require s companies to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. We implemented an enterprise-wide lease management system to support the new reporting requirements, and effective January 1, 2019, we adopted ASU No. 2016-02, Leases (Topic 842) . We elected an initial application date of January 1, 2019 and will not recast comparative periods in transition to the new standard. In addition, we elected certain practical expedients which permit us to not reassess whether existing contracts are or contain leases, to not reassess the lease classification of any existing leases, to not reassess initial direct costs for any existing leases, and to not separate lease and nonlease components for all classes of underlying assets. We also made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet for all classes of underlying assets. Adoption of the new standard resulted in an increase in the Company’s assets and liabilities of approximately $ 2 billion. The ASU did not have an impact on our consolidated results of operations or cash flows. In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (ASU 2016-13), Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred credit loss model for an expected credit loss model. This ASU is effective January 1, 2020, and we do not expect the adoption to have a material impact on our consolidated financial position, results of operations, or cash flows.

Operations and Segmentation

Operations and Segmentation	9 Months Ended
	Sep. 30, 2019
Operations and Segmentation [Abstract]
Operations and Segmentation	3. Operations and Segmentation The Railroad, along with its subsidiaries and rail affiliates, is our one reportable operating segment. Although we provide and analyze revenue by commodity group, we treat the financial results of the Railroad as one segment due to the integrated nature of our rail network. Our operating revenues are primarily derived from contracts with customers for the transportation of freight from origin to destination. The following table represents a disaggregation of our freight and other revenues: Three Months Ended Nine Months Ended September 30, September 30, Millions 2019 2018 2019 2018 Agricultural Products $ 1,123 $ 1,133 $ 3,345 $ 3,345 Energy 975 1,214 2,923 3,498 Industrial 1,485 1,497 4,389 4,274 Premium 1,563 1,714 4,735 4,880 Total freight revenues $ 5,146 $ 5,558 $ 15,392 $ 15,997 Other subsidiary revenues 223 228 665 656 Accessorial revenues 132 126 388 373 Other 15 16 51 49 Total operating revenues $ 5,516 $ 5,928 $ 16,496 $ 17,075 Although our revenues are principally derived from customers domiciled in the U.S., the ultimate points of origin or destination for some products we transport are outside the U.S. Each of our commodity groups includes revenue from shipments to and from Mexico. Included in the above table are freight revenues from our Mexico business which amounted to $ 602 million and $ 636 million, respectively, for the three months ended September 30, 2019, and September 30, 2018, and $ 1,781 million and $ 1,850 million, respectively for the nine months ended September 30, 2019, and September 30, 2018 .

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2019
Stock-based compensation [Abstract]
Stock-based Compensation	4. Stock-Based Compensation We have several stock-based compensation plans under which employees and non-employee directors receive stock options, nonvested retention shares, and nonvested stock units. We refer to the nonvested shares and stock units collectively as “retention awards”. We have elected to issue treasury shares to cover option exercises and stock unit vestings, while new shares are issued when retention shares are granted. Information regarding stock-based compensation appears in the table below: Three Months Ended Nine Months Ended September 30, September 30, Millions 2019 2018 2019 2018 Stock-based compensation, before tax: Stock options $ 5 $ 5 $ 14 $ 13 Retention awards 19 21 61 64 Total stock-based compensation, before tax $ 24 $ 26 $ 75 $ 77 Excess tax benefits from equity compensation plans $ 3 $ 7 $ 48 $ 26 Stock Options – We estimate the fair value of our stock option awards using the Black-Scholes option pricing model. The table below shows the annual weighted-average assumptions used for valuation purposes: Weighted-Average Assumptions 2019 2018 Risk-free interest rate 2.5 % 2.6 % Dividend yield 2.2 % 2.3 % Expected life (years) 5.2 5.3 Volatility 22.7 % 21.1 % Weighted-average grant-date fair value of options granted $ 30.37 $ 21.70 The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant; the expected dividend yield is calculated as the ratio of dividends paid per share of common stock to the stock price on the date of grant; the expected life is based on historical and expected exercise behavior; and expected volatility is based on the historical volatility of our stock price over the expected life of the option. A summary of stock option activity during the nine months ended September 30, 2019, is presented below: Options (thous.) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (millions) Outstanding at January 1, 2019 5,170 $ 92.06 5.4 yrs. $ 239 Granted 573 160.84 N/A N/A Exercised ( 1,898 ) 71.75 N/A N/A Forfeited or expired ( 113 ) 121.07 N/A N/A Outstanding at September 30, 2019 3,732 $ 112.07 6.3 yrs. $ 186 Vested or expected to vest at September 30, 2019 3,694 $ 111.79 6.3 yrs. $ 185 Options exercisable at September 30, 2019 2,465 $ 99.30 5.2 yrs. $ 155 Stock options are granted at the closing price on the date of grant, have 10 year contractual terms, and vest no later than 3 years from the date of grant. None of the stock options outstanding at September 30, 2019, are subject to performance or market-based vesting conditions. At September 30, 2019, there was $ 19 million of unrecognized compensation expense related to nonvested stock options, which is expected to be recognized over a weighted-average period of 1.1 years. Additional information regarding stock option exercises appears in the table below: Three Months Ended Nine Months Ended September 30, September 30, Millions 2019 2018 2019 2018 Intrinsic value of stock options exercised $ 10 $ 30 $ 174 $ 77 Cash received from option exercises 10 26 108 71 Treasury shares repurchased for employee taxes ( 3 ) ( 6 ) ( 32 ) ( 19 ) Tax benefit realized from option exercises 3 7 43 19 Aggregate grant-date fair value of stock options vested - - 15 18 Retention Awards – The fair value of retention awards is based on the closing price of the stock on the grant date. Dividends and dividend equivalents are paid to participants during the vesting periods. Changes in our retention awards during the nine months ended September 30, 2019, were as follows: Shares (thous.) Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2019 2,070 $ 104.55 Granted 381 161.69 Vested ( 433 ) 120.22 Forfeited ( 90 ) 110.59 Nonvested at September 30, 2019 1,928 $ 112.04 Retention awards are granted at no cost to the employee or non-employee director and vest over periods lasting up to 4 years. At September 30, 2019, there was $ 103 million of total unrecognized compensation expense related to nonvested retention awards, which is expected to be recognized over a weighted-average period of 1.7 years. Performance Retention Awards – In February 2019, our Board of Directors approved performance stock unit grants. The basic terms of these performance stock units are identical to those granted in February 2018, except for different annual return on invested capital (ROIC) performance targets. The plan also includes relative operating income growth (OIG) as a modifier compared to the companies included in the S&P 500 Industrials Index. We define ROIC as net operating profit adjusted for interest expense (including interest on the present value of operating leases) and taxes on interest divided by average invested capital adjusted for the present value of operating leases. The modifier can be up to +/- 25% of the award earned based on the ROIC achieved, but not to exceed the maximum number of shares granted. Stock units awarded to selected employees under these grants are subject to continued employment for 37 months and the attainment of certain levels of ROIC, modified for the relative OIG. We expense the fair value of the units that are probable of being earned based on our forecasted ROIC over the 3 -year performance period, and with respect to the third year of the plan, the relative OIG modifier. We measure the fair value of these performance stock units based upon the closing price of the underlying common stock as of the date of grant, reduced by the present value of estimated future dividends. Dividend equivalents are paid to participants only after the units are earned. The assumptions used to calculate the present value of estimated future dividends related to the February 2019 grant were as follows: 2019 Dividend per share per quarter $ 0.88 Risk-free interest rate at date of grant 2.5 % Changes in our performance retention awards during the nine months ended September 30, 2019, were as follows: Shares (thous.) Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2019 1,092 $ 95.12 Granted 324 151.24 Vested ( 269 ) 70.79 Unearned ( 127 ) 70.09 Forfeited ( 79 ) 111.44 Nonvested at September 30, 2019 941 $ 123.41 At September 30, 2019, there was $ 23 million of total unrecognized compensation expense related to nonvested performance retention awards, which is expected to be recognized over a weighted-average period of 1.0 year. This expense is subject to achievement of the performance measures established for the performance stock unit grants.

Retirement Plans

Retirement Plans	9 Months Ended
	Sep. 30, 2019
Retirement Plans [Abstract]
Retirement Plans	5. Retirement Plans Pension and Other Postretirement Benefits Pension Plans – We provide defined benefit retirement income to eligible non-union employees through qualified and non-qualified (supplemental) pension plans. Qualified and non-qualified pension benefits are based on years of service and the highest compensation during the latest years of employment, with specific reductions made for early retirements. Non-union employees hired on or after January 1, 2018 are no longer eligible for pension benefits, but are eligible for an enhanced 401(k) plan. Other Postretirement Benefits (OPEB) – We provide medical and life insurance benefits for eligible retirees hired before January 1, 2004. These benefits are funded as medical claims and life insurance premiums are paid. Expense Both pension and OPEB expense are determined based upon the annual service cost of benefits (the actuarial cost of benefits earned during a period) and the interest cost on those liabilities, less the expected return on plan assets. The expected long-term rate of return on plan assets is applied to a calculated value of plan assets that recognizes changes in fair value over a 5 year period. This practice is intended to reduce year-to-year volatility in pension expense, but it can have the effect of delaying the recognition of differences between actual returns on assets and expected returns based on long-term rate of return assumptions. Differences in actual experience in relation to assumptions are not recognized in net income immediately, but are deferred in accumulated other comprehensive income and, if necessary, amortized as pension or OPEB expense. The components of our net periodic pension cost were as follows: Three Months Ended Nine Months Ended September 30, September 30, Millions 2019 2018 2019 2018 Service cost $ 23 $ 26 $ 67 $ 79 Interest cost 40 36 120 108 Expected return on plan assets ( 68 ) ( 68 ) ( 204 ) ( 204 ) Amortization of actuarial loss 16 24 48 69 Net periodic pension cost $ 11 $ 18 $ 31 $ 52 The components of our net periodic OPEB cost were as follows: Three Months Ended Nine Months Ended September 30, September 30, Millions 2019 2018 2019 2018 Service cost $ - $ - $ 1 $ 1 Interest cost 3 3 8 8 Amortization of: Prior service cost ( 4 ) - ( 4 ) 1 Actuarial loss 1 2 4 7 Net periodic OPEB cost $ - $ 5 $ 9 $ 17 On June 30, 2019, the OPEB plan was remeasured to reflect an announced plan amendment effective January 1, 2020 that reduced and eliminated certain medical benefits for Medicare-eligible retirees. This negative plan amendment resulted in a reduction in the accumulated postretirement benefit obligation of approximately $ 92 million with a corresponding adjustment of $ 69 million in other comprehensive income, net of $ 23 million in deferred taxes. This amount is being amortized into future net periodic OPEB cost over approximately 8 years, which represents the future remaining service period of eligible employees and is expected to reduce the 2019 costs by approximately $ 10 million. Cash Contributions For the nine months ended September 30, 2019, cash contributions totaled $ 0 to the qualified pension plan. Any contributions made during 2019 will be based on cash generated from operations and financial market considerations. Our policy with respect to funding the qualified plans is to fund at least the minimum required by law and not more than the maximum amount deductible for tax purposes. At September 30, 2019, we do not have minimum cash funding requirements for 2019.

Other Income

Other Income	9 Months Ended
	Sep. 30, 2019
Other Income [Abstract]
Other Income	6. Other Income Other income included the following: Three Months Ended Nine Months Ended September 30, September 30, Millions 2019 2018 2019 2018 Rental income $ 34 $ 33 $ 96 $ 91 Net periodic pension and OPEB costs 12 3 28 11 Interest income 10 10 25 19 Net gain on non-operating asset dispositions 4 6 14 19 Early extinguishment of debt [a] - - - ( 85 ) Non-operating environmental costs and other [b] ( 7 ) ( 4 ) 24 ( 7 ) Total $ 53 $ 48 $ 187 $ 48 [a] 2018 includes a debt extinguishment charge for the early redemption of certain bonds and debentures (Note 14). [b] 2019 includes $ 31 million in interest income associated with the employment tax refund (Note 17) .

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax [Abstract]
Income Taxes	7. Income Taxes In the second quarter of 2019, UPC signed final Revenue Agent Reports (RARs) from the Internal Revenue Service (IRS) for the limited scope audits of UPC’s 2016 and 2017 tax returns. As a result of the signed RARs, UPC paid the IRS $ 11 million in the third quarter, consisting of $ 10 million of tax and $ 1 million of interest. The statute of limitations has run for all years prior to 2016. Several state tax authorities are examining our state tax returns for years 2015 through 2017. At September 30, 2019, we had a net liability for unrecognized tax benefits of $ 64 million.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	8. Earnings Per Share The following table provides a reconciliation between basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, Millions, Except Per Share Amounts 2019 2018 2019 2018 Net income $ 1,555 $ 1,593 $ 4,516 $ 4,412 Weighted-average number of shares outstanding: Basic 699.3 737.4 707.2 758.1 Dilutive effect of stock options 1.2 2.0 1.3 1.9 Dilutive effect of retention shares and units 1.4 1.5 1.3 1.4 Diluted 701.9 740.9 709.8 761.4 Earnings per share – basic $ 2.22 $ 2.16 $ 6.39 $ 5.82 Earnings per share – diluted $ 2.22 $ 2.15 $ 6.36 $ 5.79 Stock options excluded as their inclusion would be anti-dilutive 0.6 - 0.5 0.4

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income/(Loss)	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income/(Loss) [Abstract]
Accumulated Other Comprehensive Income/(Loss)	9. Accumulated Other Comprehensive Income/(Loss) Reclassifications out of accumulated other comprehensive income/(loss) for the three and nine months ended September 30, 2019, and 2018, were as follows (net of tax): Millions Defined benefit plans Foreign currency translation Total Balance at July 1, 2019 $ ( 1,100 ) $ ( 198 ) $ ( 1,298 ) Other comprehensive income/(loss) before reclassifications - ( 18 ) ( 18 ) Amounts reclassified from accumulated other comprehensive income/(loss) [a] 11 - 11 Net quarter-to-date other comprehensive income/(loss), net of taxes of $( 4 ) million 11 ( 18 ) ( 7 ) Balance at September 30, 2019 $ ( 1,089 ) $ ( 216 ) $ ( 1,305 ) Balance at July 1, 2018 $ ( 1,217 ) $ ( 211 ) $ ( 1,428 ) Other comprehensive income/(loss) before reclassifications - 17 17 Amounts reclassified from accumulated other comprehensive income/(loss) [a] 19 - 19 Net quarter-to-date other comprehensive income/(loss), net of taxes of $( 7 ) million 19 17 36 Balance at September 30, 2018 $ ( 1,198 ) $ ( 194 ) $ ( 1,392 ) Millions Defined benefit plans Foreign currency translation Total Balance at January 1, 2019 $ ( 1,192 ) $ ( 223 ) $ ( 1,415 ) Other comprehensive income/(loss) before reclassifications ( 25 ) 7 ( 18 ) Amounts reclassified from accumulated other comprehensive income/(loss) [a] 36 - 36 OPEB Plan amendment (Note 5) 92 - 92 Net year-to-date other comprehensive income/(loss), net of taxes of $( 35 ) million 103 7 110 Balance at September 30, 2019 $ ( 1,089 ) $ ( 216 ) $ ( 1,305 ) Balance at January 1, 2018 $ ( 1,029 ) $ ( 112 ) $ ( 1,141 ) Other comprehensive income/(loss) before reclassifications ( 1 ) ( 7 ) ( 8 ) Amounts reclassified from accumulated other comprehensive income/(loss) [a] 57 - 57 Net year-to-date other comprehensive income/(loss), net of taxes of $( 20 ) million 56 ( 7 ) 49 Reclassification due to ASU 2018-02 adoption [b] ( 225 ) ( 75 ) ( 300 ) Balance at September 30, 2018 $ ( 1,198 ) $ ( 194 ) $ ( 1,392 ) [a] The accumulated other comprehensive income/(loss) reclassification components are 1) prior service cost/(credit) and 2) net actuarial loss which are both included in the computation of net periodic pension cost. See Note 5 Retirement Plans for additional details. [b] ASU 2018-02 is the Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows entities the option to reclassify from accumulated other comprehensive income to retained earnings the income tax effects that remain stranded in AOCI resulting from the application of the Tax Cuts and Jobs Act.

Accounts Receivable

Accounts Receivable	9 Months Ended
	Sep. 30, 2019
Accounts Receivable [Abstract]
Accounts Receivable	10. Accounts Receivable Accounts receivable includes freight and other receivables reduced by an allowance for doubtful accounts. The allowance is based upon historical losses, creditworthiness of customers, and current economic conditions. At both September 30, 2019, and December 31, 2018, our accounts receivable were reduced by $ 3 million. Receivables not expected to be collected in one year and the associated allowances are classified as other assets in our Condensed Consolidated Statements of Financial Position. At September 30, 2019, and December 31, 2018, receivables classified as other assets were reduced by allowances of $ 34 million and $ 27 million, respectively. Receivables Securitization Facility – On July 29, 2019 the Railroad completed the renewal of the receivables securitization facility (the Receivables Facility). The new $ 800 million, 3 -year facility replaces the prior $ 650 million facility and will mature in July 2022 . Under the Receivables Facility, the Railroad sells most of its eligible third-party receivables to Union Pacific Receivables, Inc. (UPRI), a consolidated, wholly-owned, bankruptcy-remote subsidiary that may subsequently transfer, without recourse, an undivided interest in accounts receivable to investors. The investors have no recourse to the Railroad’s other assets except for customary warranty and indemnity claims. Creditors of the Railroad do not have recourse to the assets of UPRI. The amount recorded under the Receivables Facility was $ 400 million at both September 30, 2019, and December 31, 2018. The Receivables Facility was supported by $ 1.3 billion and $ 1.4 billion of accounts receivable as collateral at September 30, 2019, and December 31, 2018, respectively, which, as a retained interest, is included in accounts receivable, net in our Condensed Consolidated Statements of Financial Position. The outstanding amount the Railroad is allowed to maintain under the Receivables Facility, with a maximum of $800 million, may fluctuate based on the availability of eligible receivables and is directly affected by business volumes and credit risks, including receivables payment quality measures such as default and dilution ratios. If default or dilution ratios increase one percent, the allowable outstanding amount under the Receivables Facility would not materially change. The costs of the Receivables Facility include interest, which will vary based on prevailing benchmark and commercial paper rates, program fees paid to participating banks, commercial paper issuance costs, and fees of participating banks for unused commitment availability. The costs of the Receivables Facility are included in interest expense and were $ 4 million and $ 3 million for the three months ended September 30, 2019, and 2018, respectively, and $ 11 million for both the nine months ended September 30, 2019, and 2018.

Properties

Properties	9 Months Ended
	Sep. 30, 2019
Properties [Abstract]
Properties	11. Properties The following tables list the major categories of property and equipment, as well as the weighted-average estimated useful life for each category (in years): Millions, Except Estimated Useful Life Accumulated Net Book Estimated As of September 30, 2019 Cost Depreciation Value Useful Life Land $ 5,271 $ N/A $ 5,271 N/A Road: Rail and other track material 17,049 6,322 10,727 42 Ties 10,653 3,176 7,477 34 Ballast 5,698 1,647 4,051 34 Other roadway [a] 20,054 3,981 16,073 48 Total road 53,454 15,126 38,328 N/A Equipment: Locomotives 9,792 3,807 5,985 18 Freight cars 2,159 871 1,288 24 Work equipment and other 1,073 317 756 18 Total equipment 13,024 4,995 8,029 N/A Technology and other 1,158 520 638 12 Construction in progress 1,222 - 1,222 N/A Total $ 74,129 $ 20,641 $ 53,488 N/A Millions, Except Estimated Useful Life Accumulated Net Book Estimated As of December 31, 2018 Cost Depreciation Value Useful Life Land $ 5,264 $ N/A $ 5,264 N/A Road: Rail and other track material 16,785 6,156 10,629 43 Ties 10,409 3,025 7,384 34 Ballast 5,561 1,595 3,966 34 Other roadway [a] 19,584 3,766 15,818 48 Total road 52,339 14,542 37,797 N/A Equipment: Locomotives 9,792 3,861 5,931 19 Freight cars 2,229 929 1,300 24 Work equipment and other 1,040 301 739 19 Total equipment 13,061 5,091 7,970 N/A Technology and other 1,117 493 624 12 Construction in progress 1,024 - 1,024 N/A Total $ 72,805 $ 20,126 $ 52,679 N/A [a] Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets.

Accounts Payable and Other Curr

Accounts Payable and Other Current Liabilities	9 Months Ended
	Sep. 30, 2019
Accounts Payable and Other Current Liabilties [Abstract]
Accounts Payable and Other Current Liabilities	12. Accounts Payable and Other Current Liabilities Sep. 30, Dec. 31, Millions 2019 2018 Accounts payable $ 711 $ 872 Income and other taxes payable 580 694 Current operating lease liabilities (Note 16) 377 - Accrued wages and vacation 367 384 Accrued casualty costs 211 211 Interest payable 201 317 Equipment rents payable 103 107 Other 616 575 Total accounts payable and other current liabilities $ 3,166 $ 3,160

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2019
Financial Instruments[Abstract]
Financial Instruments	13. Financial Instruments Short-Term Investments – All of the Company’s short-term investments consist of time deposits. These investments are considered Level 2 investments and are valued at amortized cost, which approximates fair value. As of September 30, 2019, the Company had $ 80 million of short-term investments, of which $ 20 million are in a trust for the purpose of providing collateral for payment of certain other long-term liabilities, and as such are reclassified as other assets. All short-term investments have a maturity of less than one year and are classified as held-to-maturity. There were no transfers out of Level 2 during the nine months ended September 30, 2019. Fair Value of Financial Instruments – The fair value of our short- and long-term debt was estimated using a market value price model, which utilizes applicable U.S. Treasury rates along with current market quotes on comparable debt securities. All of the inputs used to determine the fair market value of the Corporation’s long-term debt are Level 2 inputs and obtained from an independent source. At September 30, 2019, the fair value of total debt was $ 28.5 billion, approximately $ 2.8 billion more than the carrying value. At December 31, 2018, the fair value of total debt was $ 21.9 billion, approximately $ 0.5 billion less than the carrying value. The fair value of the Corporation’s debt is a measure of its current value under present market conditions. The fair value of our cash equivalents approximates their carrying value due to the short-term maturities of these instruments.

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt [Abstract]
Debt	14. Debt Credit Facilities – At September 30, 2019, we had $ 2.0 billion of credit available under our revolving credit facility (the Facility), which is designated for general corporate purposes and supports the issuance of commercial paper. Credit facility withdrawals totaled $ 0 during the nine months ended September 30, 2019. Commitment fees and interest rates payable under the Facility are similar to fees and rates available to comparably rated, investment-grade borrowers. The Facility allows for borrowings at floating rates based on London Interbank Offered Rates, plus a spread, depending upon credit ratings for our senior unsecured debt. The Facility matures on June 8, 2023 under a 5 year term and requires UPC to maintain a debt-to-EBITDA (earnings before interest, taxes, depreciation, and amortization) coverage ratio. The definition of debt used for purposes of calculating the debt-to-EBITDA coverage ratio includes, among other things, certain credit arrangements, capital leases, guarantees, unfunded and vested pension benefits under Title IV of ERISA, and unamortized debt discount and deferred debt issuance costs. At September 30, 2019, the Company was in compliance with the debt-to-EBITDA coverage ratio, which allows us to carry up to $ 38.8 billion of debt (as defined in the Facility), and we had $ 26.6 billion of debt (as defined in the Facility) outstanding at that date. The Facility does not include any other financial restrictions, credit rating triggers (other than rating-dependent pricing), or any other provision that could require us to post collateral. The Facility also includes a $ 150 million cross-default provision and a change-of-control provision. During the nine months ended September 30, 2019, we issued $ 8.2 billion and repaid $ 8.2 billion of commercial paper with maturities ranging from 1 to 32 days, and at September 30, 2019, we had $ 200 million of commercial paper outstanding. Our revolving credit facility supports our outstanding commercial paper balances, and, unless we change the terms of our commercial paper program, our aggregate issuance of commercial paper will not exceed the amount of borrowings available under the Facility. Shelf Registration Statement and Significant New Borrowings – In 2018, the Board of Directors reauthorized the issuance of up to $ 6 billion of debt securities. Under our shelf registration, we may issue, from time to time any combination of debt securities, preferred stock, common stock, or warrants for debt securities or preferred stock in one or more offerings. During the nine months ended September 30, 2019, we issued the following unsecured, fixed-rate debt securities under our current shelf registration : Date Description of Securities February 19, 2019 $ 500 million of 2.950 % Notes due March 1, 2022 $ 500 million of 3.150 % Notes due March 1, 2024 $ 1.0 billion of 3.700 % Notes due March 1, 2029 $ 1.0 billion of 4.300 % Notes due March 1, 2049 August 5, 2019 $ 500 million of 3.550 % Notes due August 15, 2039 $ 500 million of 3.950 % Notes due August 15, 2059 We used the net proceeds from this offering for general corporate purposes, including the repurchase of common stock pursuant to our share repurchase programs. These debt securities include change-of-control provisions. At September 30, 2019 , we had remaining authority from the Board of Directors to issue up to $ 2.0 billion of debt securities under our shelf registration. Receivables Securitization Facility – As of both September 30, 2019, and December 31, 2018, we recorded $ 400 million of borrowings under our Receivables Facility as secured debt. (See further discussion of our receivables securitization facility in Note 10). Debt Redemption – Effective as of March 15, 2018 , we redeemed, in entirety, the Missouri Pacific 5 % Income Debentures due January 1, 2045 , the Chicago and Eastern Illinois 5 % Income Debentures due January 1, 2054 , and the Missouri Pacific 4.75 % General Mortgage Income Bonds Series A due January 1, 2020 and Series B due January 1, 2030 . The debentures had principal outstanding of $ 96 million and $ 2 million, respectively, and the bonds had principal outstanding of $ 30 million and $ 27 million, respectively. The bonds and debentures were assumed by the Railroad in the 1982 acquisition of the Missouri Pacific Railroad Company, with a weighted average interest rate of 4.9 %. The carrying value of all four bonds and debentures at the time of redemption was $ 70 million, due to fair value purchase accounting adjustments related to the acquisition. The redemption resulted in an early extinguishment charge of $ 85 million in the first quarter of 2018. Subsequent Event – On October 15, 2019 , we redeemed all $ 163 million of our outstanding 6.125 % notes due February 15, 2020 . The redemption resulted in an early extinguishment charge of $ 2 million in the fourth quarter of 2019.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities	15. Variable Interest Entities We have entered into various lease transactions in which the structure of the leases contain variable interest entities (VIEs). These VIEs were created solely for the purpose of doing lease transactions (principally involving railroad equipment and facilities) and have no other activities, assets or liabilities outside of the lease transactions. Within these lease arrangements, we have the right to purchase some or all of the assets at fixed prices. Depending on market conditions, fixed-price purchase options available in the leases could potentially provide benefits to us; however, these benefits are not expected to be significant. We maintain and operate the assets based on contractual obligations within the lease arrangements, which set specific guidelines consistent within the railroad industry. As such, we have no control over activities that could materially impact the fair value of the leased assets. We do not hold the power to direct the activities of the VIEs and, therefore, do not control the ongoing activities that have a significant impact on the economic performance of the VIEs. Additionally, we do not have the obligation to absorb losses of the VIEs or the right to receive benefits of the VIEs that could potentially be significant to the VIEs. We are not considered to be the primary beneficiary and do not consolidate these VIEs because our actions and decisions do not have the most significant effect on the VIE’s performance and our fixed-price purchase options are not considered to be potentially significant to the VIEs. The future minimum lease payments associated with the VIE leases totaled $ 1.5 billion as of September 30, 2019.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases [Text Block]	16. Leases Our significant accounting policies are detailed in Note 2 of our Annual Report on Form 10-K for the year ended December 31, 2018. Changes to our accounting policies as a result of adopting ASU 2016-02 are discussed below. We lease certain locomotives, freight cars, and other property for use in our rail operations. We determine if an arrangement is or contains a lease at inception. We have lease agreements with lease and non-lease components and we have elected to not separate lease and non-lease components for all classes of underlying assets. L eases with an initial term of 12 months or less are not recorded on our Consolidated Statements of Financial Position; we recognize lease expense for these leases on a straight-line basis over the lease term. Leases with initial terms in excess of 12 months are recorded as operating or financing leases in our Consolidated Statement of Financial Position. Operating leases are included in operating lease assets, accounts payable and other current liabilities, and operating lease liabilities on our Consolidated Statements of Financial Position. Finance leases are included in net properties, debt due within one year, and debt due after one year on our Consolidated Statements of Financial Position. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use a collateralized incremental borrowing rate based on the information available at commencement date, including lease term, in determining the present value of future payments. The operating lease asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Operating lease expense is recognized on a straight-line basis over the lease term and reported in equipment and other rents and financing lease expense is recorded as depreciation and interest expense in our Consolidated Statements of Income. The following are additional details related to our lease portfolio: Sep. 30, Millions Classification 2019 Assets Operating leases Operating lease assets $ 1,931 Finance leases Net properties [a] 486 Total leased assets $ 2,417 Liabilities Current Operating Accounts payable and other current liabilities $ 377 Finance Debt due within one year 114 Noncurrent Operating Operating lease liabilities 1,542 Finance Debt due after one year 502 Total lease liabilities $ 2,535 [a] Finance lease assets are recorded net of accumulated amortization of $ 780 million as of September 30, 2019. The lease cost components are classified as follows: Three Months Ended Nine Months Ended Millions Classification September 30, 2019 September 30, 2019 Operating lease cost [a] Equipment and other rents $ 75 $ 253 Finance lease cost Amortization of leased assets Depreciation 18 54 Interest on lease liabilities Interest expense 9 26 Net lease cost $ 102 $ 333 [a] Includes short-term lease costs of $ 0.1 million and $ 0.5 million for the three and nine months ended September 30, and variable lease costs of $ 2.3 million and $ 6.3 million for the three and nine months ended September 30 . The following table presents aggregate lease maturities as of September 30, 2019: Millions Operating Leases Finance Leases Total 2019 $ 55 $ 16 $ 71 2020 367 143 510 2021 303 147 450 2022 269 130 399 2023 228 88 316 After 2023 1,006 199 1,205 Total lease payments $ 2,228 $ 723 $ 2,951 Less: Interest 309 107 416 Present value of lease liabilities $ 1,919 $ 616 $ 2,535 The Consolidated Statement of Financial Position as of December 31, 2018 included $ 1,454 , net of $ 912 million of accumulated depreciation for properties held under capital leases. The following table presents aggregate lease maturities as of December 31, 2018: Millions Operating Leases Capital Leases 2019 $ 419 $ 148 2020 378 155 2021 303 159 2022 272 142 2023 234 94 Later years 1,040 200 Total minimum lease payments $ 2,646 $ 898 Amount representing interest N/A ( 144 ) Present value of minimum lease payments N/A $ 754 The following table presents the weighted average remaining lease term and discount rate: Sep. 30, 2019 Weighted-average remaining lease term (years) Operating leases 8.8 Finance leases 6.2 Weighted-average discount rate Operating leases 3.7 Finance leases 5.3 The following table presents other information related to our operating and finance leases: Millions, for the Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 315 Operating cash flows from finance leases 30 Financing cash flows from finance leases 102 Leased assets obtained in exchange for finance lease liabilities - Leased assets obtained in exchange for operating lease liabilities 62

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies Asserted and Unasserted Claims – Various claims and lawsuits are pending against us and certain of our subsidiaries. We cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations, financial condition, or liquidity. To the extent possible, we have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated. We do not expect that any known lawsuits, claims, environmental costs, commitments, contingent liabilities, or guarantees will have a material adverse effect on our consolidated results of operations, financial condition, or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters. Personal Injury – The cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year. We use an actuarial analysis to measure the expense and liability, including unasserted claims. The Federal Employers’ Liability Act (FELA) governs compensation for work-related accidents. Under FELA, damages are assessed based on a finding of fault through litigation or out-of-court settlements. We offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work. Our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments. Approximately 94 % of the recorded liability is related to asserted claims and approximately 6 % is related to unasserted claims at September 30, 2019. Because of the uncertainty surrounding the ultimate outcome of personal injury claims, it is reasonably possible that future costs to settle these claims may range from approximately $ 272 million to $ 297 million. We record an accrual at the low end of the range as no amount of loss within the range is more probable than any other. Estimates can vary over time due to evolving trends in litigation. Our personal injury liability activity was as follows : Millions, for the Nine Months Ended September 30, 2019 2018 Beginning balance $ 271 $ 285 Current year accruals 59 53 Changes in estimates for prior years ( 17 ) ( 15 ) Payments ( 41 ) ( 50 ) Ending balance at September 30 $ 272 $ 273 Current portion, ending balance at September 30 $ 61 $ 70 We reassess our estimated insurance recoveries annually and have recognized an asset for estimated insurance recoveries at both September 30, 2019, and December 31, 2018. Any changes to recorded insurance recoveries are included in the above table in the Changes in estimates for prior years category. Environmental Costs – We are subject to federal, state, and local environmental laws and regulations. We have identified 364 sites at which we are or may be liable for remediation costs associated with alleged contamination or for violations of environmental requirements. This includes 31 sites that are the subject of actions taken by the U.S. government, 20 of which are currently on the Superfund National Priorities List. Certain federal legislation imposes joint and several liability for the remediation of identified sites; consequently, our ultimate environmental liability may include costs relating to activities of other parties, in addition to costs relating to our own activities at each site. When we identify an environmental issue with respect to property owned, leased, or otherwise used in our business, we perform, with assistance of our consultants, environmental assessments on the property. We expense the cost of the assessments as incurred. We accrue the cost of remediation where our obligation is probable and such costs can be reasonably estimated. Our environmental liability is not discounted to present value due to the uncertainty surrounding the timing of future payments. Our environmental liability activity was as follows: Millions, for the Nine Months Ended September 30, 2019 2018 Beginning balance $ 223 $ 196 Accruals 52 62 Payments ( 49 ) ( 41 ) Ending balance at September 30 $ 226 $ 217 Current portion, ending balance at September 30 $ 62 $ 58 The environmental liability includes future costs for remediation and restoration of sites, as well as ongoing monitoring costs, but excludes any anticipated recoveries from third parties. Cost estimates are based on information available for each site, financial viability of other potentially responsible parties, and existing technology, laws, and regulations. The ultimate liability for remediation is difficult to determine because of the number of potentially responsible parties, site-specific cost sharing arrangements with other potentially responsible parties, the degree of contamination by various wastes, the scarcity and quality of volumetric data related to many of the sites, and the speculative nature of remediation costs. Estimates of liability may vary over time due to changes in federal, state, and local laws governing environmental remediation. Current obligations are not expected to have a material adverse effect on our consolidated results of operations, financial condition, or liquidity. Insurance – The Company has a consolidated, wholly-owned captive insurance subsidiary (the captive), that provides insurance coverage for certain risks including FELA claims and property coverage which are subject to reinsurance. The captive entered into annual reinsurance treaty agreements that insure workers compensation, general liability, auto liability and FELA risk. The captive cedes a portion of its FELA exposure through the treaty and assumes a proportionate share of the entire risk. The captive receives direct premiums, which are netted against the Company’s premium costs in other expenses in the Condensed Consolidated Statements of Income. The treaty agreements provide for certain protections against the risk of treaty participants’ non-performance, and we do not believe our exposure to treaty participants’ non-performance is material at this time. We record both liabilities and reinsurance receivables using an actuarial analysis based on historical experience in our Condensed Consolidated Statements of Financial Position. Effective January 2019, the captive insurance subsidiary no longer participates in the reinsurance treaty agreement. The Company established a trust in the fourth quarter of 2018 for the purpose of providing collateral as required under the reinsurance treaty agreement for prior years’ participation. Guarantees – At September 30, 2019 and December 31, 2018, we were contingently liable for $ 19 million and $ 22 million, respectively, in guarantees. The fair value of these obligations as of both September 30, 2019, and December 31, 2018 was $ 0 . We entered into these contingent guarantees in the normal course of business, and they include guaranteed obligations related to our affiliated operations. The final guarantee expires in 2022 . We are not aware of any existing event of default that would require us to satisfy these guarantees. We do not expect that these guarantees will have a material adverse effect on our consolidated financial condition, results of operations, or liquidity. Indemnities – We are contingently obligated under a variety of indemnification arrangements, although in some cases the extent of our potential liability is limited, depending on the nature of the transactions and the agreements. Due to uncertainty as to whether claims will be made or how they will be resolved, we cannot reasonably determine the probability of an adverse claim or reasonably estimate any adverse liability or the total maximum exposure under these indemnification arrangements. We do not have any reason to believe that we will be required to make any material payments under these indemnity provisions. Gain Contingency – UPRR filed multiple claims with the IRS for refunds of Railroad Retirement Taxes paid on (i) certain stock awards to its employees and (ii) certain bonus payments it made to labor agreement employees during the years 1991-2017. The IRS denied UPRR’s claims for 1991 – 2007 (employment tax refund). UPRR filed suit in the U.S. District Court for the District of Nebraska (the District Court) for the employment tax refund and in 2016 the District Court denied the refund claim. UPRR appealed this denial to the U.S. Court of Appeals for the 8th Circuit (8th Circuit) and the 8th Circuit ruled in favor of UPRR and remanded the case to the District Court. The IRS appealed the 8th Circuit ruling to the U.S. Supreme Court. In June 2018, a similar case for another railroad was decided by the U.S. Supreme Court against the IRS and in favor of that railroad (Wisconsin Central LTD., Et. Al. v. U.S.). As a result, the U.S. Supreme Court denied the IRS request to appeal the 8th Circuit ruling. On November 28, 2018 the District Court issued an order granting summary judgment to UPRR pursuant to the mandate of the 8th Circuit. UPRR, the Department of Justice (DOJ), and the IRS subsequently agreed upon the tax refund amounts owed UPRR and its employees for all claims. On February 12, 2019, UPRR received a partial final judgment from the District Court for the employment tax refund. As a result, in the first quarter of 2019 UPRR recognized an employer refund of $ 42 million as a reduction of compensation and benefit expenses and approximately $ 27 million of interest in other income. On October 11, 2019, UPRR received the cash related to the employer portion of the 1991-2007 refunds. On June 6, 2019, UPRR signed final Revenue Agent’s Reports for its refund claims for 2008 – 2012 and 2014 – 2017. These claims are now complete and as a result, in the second quarter of 2019 UPRR recognized an employer refund of $ 32 million as a reduction of compensation and benefit expenses and approximately $ 3 million of interest in other income. On July 17, 2019 the IRS signed the final closing agreement for the remaining 2013 refunds which were immaterial to UPC’s condensed consolidated statements of income, financial position, and cash flow. UPRR received the cash related to these refunds in the third quarter of 2019.

Share Repurchase Program

Share Repurchase Program	9 Months Ended
	Sep. 30, 2019
Share Repurchase Program [Abstract]
Share Repurchase Program	18. Share Repurchase Programs Effective April 1, 2019, our Board of Directors authorized the repurchase of up to 150 million shares of our common stock by March 31, 2022 , replacing our previous repurchase program. These repurchases may be made on the open market or through other transactions. Our management has sole discretion with respect to determining the timing and amount of these transactions. As of September 30, 2019, we repurchased a total of $ 36.6 billion of our common stock since commencement of our repurchase programs in 2007. The table below represents shares repurchased under repurchase programs during 2018 and 2019: Number of Shares Purchased Average Price Paid 2019 2018 2019 2018 First quarter [a] 18,149,450 9,259,004 $ 165.79 $ 132.84 Second quarter [b] 3,732,974 33,229,992 171.24 142.74 Third quarter [c] 9,529,733 2,239,405 163.30 151.94 Total 31,412,157 44,728,401 $ 165.68 $ 141.15 Remaining number of shares that may be repurchased under current authority 136,737,293 [a] Includes 11,795,930 shares repurchased in February 2019 under accelerated share repurchase programs. [b] Includes 19,870,292 shares repurchased in June 2018 under accelerated share repurchase programs. [c] Includes 3,172,900 shares repurchased in August 2019 under accelerated share repurchase programs. Management's assessments of market conditions and other pertinent factors guide the timing and volume of all repurchases. We expect to fund any share repurchases under this program through cash generated from operations, the sale or lease of various operating and non-operating properties, debt issuances, and cash on hand. Open market repurchases are recorded in treasury stock at cost, which includes any applicable commissions and fees. From October 1, 2019, through October 16, 2019, we repurchased 1.4 million shares at an aggregate cost of approximately $ 224 million. Accelerated Share Repurchase Programs – The Company has established accelerated share repurchase programs (ASRs) with financial institutions to repurchase shares of our common stock. These ASRs have been structured so that at the time of commencement, we pay a specified amount to the financial institutions and receive an initial delivery of shares. Additional shares may be received at the time of settlement. The final number of shares to be received is based on the volume weighted average price of the Company’s common stock during the ASR term, less a discount and subject to potential adjustments pursuant to the terms of such ASR. On February 26, 2019, the Company received 11,795,930 shares of its common stock repurchased under ASRs for an aggregate of $ 2.5 billion. Upon settlement of these ASRs in the third quarter of 2019, we received 3,172,900 additional shares. On June 15, 2018, the Company received 19,870,292 shares of its common stock repurchased under ASRs for an aggregate of $ 3.6 billion . Upon settlement of these ASRs in the fourth quarter of 2018, we received 4,457,356 additional shares. ASRs are accounted for as equity transactions, and at the time of receipt, shares are included in treasury stock at fair market value as of the corresponding initiation or settlement date. The Company reflects shares received as a repurchase of common stock in the weighted average common shares outstanding calculation for basic and diluted earnings per share.

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2019
Related Parties [Abstract]
Related Parties	19. Related Parties UPRR and other North American railroad companies jointly own TTX Company (TTX). UPRR has a 36.79 % economic and voting interest in TTX while the other North American railroads own the remaining interest. In accordance with ASC 323 Investments - Equity Method and Joint Venture , UPRR applies the equity method of accounting to our investment in TTX. TTX is a railcar pooling company that owns railcars and intermodal wells to serve North America’s railroads. TTX assists railroads in meeting the needs of their customers by providing railcars in an efficient, pooled environment. All railroads have the ability to utilize TTX railcars through car hire by renting railcars at stated rates. UPRR had $ 1.4 billion and $ 1.3 billion recognized as investments related to TTX in our Condensed Consolidated Statements of Financial Position as of September 30, 2019, and December 31, 2018, respectively. TTX car hire expenses of $ 100 million and $ 104 million for the three months ended September 30, 2019, and 2018, respectively, and $ 312 million and $ 324 million for the nine months ended September 30, 2019, and 2018, respectively, are included in equipment and other rents in our Condensed Consolidated Statements of Income. In addition, UPRR had accounts payable to TTX of $ 65 million and $ 66 million as of September 30, 2019, and December 31, 2018, respectively.

Operations and Segmentation (Ta

Operations and Segmentation (Tables)	9 Months Ended
	Sep. 30, 2019
Operations and Segmentation [Abstract]
Freight Revenue By Commodity Group	Our operating revenues are primarily derived from contracts with customers for the transportation of freight from origin to destination. The following table represents a disaggregation of our freight and other revenues: Three Months Ended Nine Months Ended September 30, September 30, Millions 2019 2018 2019 2018 Agricultural Products $ 1,123 $ 1,133 $ 3,345 $ 3,345 Energy 975 1,214 2,923 3,498 Industrial 1,485 1,497 4,389 4,274 Premium 1,563 1,714 4,735 4,880 Total freight revenues $ 5,146 $ 5,558 $ 15,392 $ 15,997 Other subsidiary revenues 223 228 665 656 Accessorial revenues 132 126 388 373 Other 15 16 51 49 Total operating revenues $ 5,516 $ 5,928 $ 16,496 $ 17,075

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Stock-based compensation [Abstract]
Stock-Based Compensation	Information regarding stock-based compensation appears in the table below: Three Months Ended Nine Months Ended September 30, September 30, Millions 2019 2018 2019 2018 Stock-based compensation, before tax: Stock options $ 5 $ 5 $ 14 $ 13 Retention awards 19 21 61 64 Total stock-based compensation, before tax $ 24 $ 26 $ 75 $ 77 Excess tax benefits from equity compensation plans $ 3 $ 7 $ 48 $ 26
Stock Options Weight Average Assumptions	The table below shows the annual weighted-average assumptions used for valuation purposes: Weighted-Average Assumptions 2019 2018 Risk-free interest rate 2.5 % 2.6 % Dividend yield 2.2 % 2.3 % Expected life (years) 5.2 5.3 Volatility 22.7 % 21.1 % Weighted-average grant-date fair value of options granted $ 30.37 $ 21.70
Stock Options Activity	A summary of stock option activity during the nine months ended September 30, 2019, is presented below: Options (thous.) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (millions) Outstanding at January 1, 2019 5,170 $ 92.06 5.4 yrs. $ 239 Granted 573 160.84 N/A N/A Exercised ( 1,898 ) 71.75 N/A N/A Forfeited or expired ( 113 ) 121.07 N/A N/A Outstanding at September 30, 2019 3,732 $ 112.07 6.3 yrs. $ 186 Vested or expected to vest at September 30, 2019 3,694 $ 111.79 6.3 yrs. $ 185 Options exercisable at September 30, 2019 2,465 $ 99.30 5.2 yrs. $ 155
Stock Option Exercises	Additional information regarding stock option exercises appears in the table below: Three Months Ended Nine Months Ended September 30, September 30, Millions 2019 2018 2019 2018 Intrinsic value of stock options exercised $ 10 $ 30 $ 174 $ 77 Cash received from option exercises 10 26 108 71 Treasury shares repurchased for employee taxes ( 3 ) ( 6 ) ( 32 ) ( 19 ) Tax benefit realized from option exercises 3 7 43 19 Aggregate grant-date fair value of stock options vested - - 15 18
Retention Awards Activity	Changes in our retention awards during the nine months ended September 30, 2019, were as follows: Shares (thous.) Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2019 2,070 $ 104.55 Granted 381 161.69 Vested ( 433 ) 120.22 Forfeited ( 90 ) 110.59 Nonvested at September 30, 2019 1,928 $ 112.04
Performance Retention Awards Present Value Calculation Assumptions	The assumptions used to calculate the present value of estimated future dividends related to the February 2019 grant were as follows: 2019 Dividend per share per quarter $ 0.88 Risk-free interest rate at date of grant 2.5 %
Performance Based Units Activity	Changes in our performance retention awards during the nine months ended September 30, 2019, were as follows: Shares (thous.) Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2019 1,092 $ 95.12 Granted 324 151.24 Vested ( 269 ) 70.79 Unearned ( 127 ) 70.09 Forfeited ( 79 ) 111.44 Nonvested at September 30, 2019 941 $ 123.41

Retirement Plans (Tables)

Retirement Plans (Tables)	9 Months Ended
	Sep. 30, 2019
Retirement Plans [Abstract]
Net Periodic Pension And OPEB Cost/(Benefit)	The components of our net periodic pension cost were as follows: Three Months Ended Nine Months Ended September 30, September 30, Millions 2019 2018 2019 2018 Service cost $ 23 $ 26 $ 67 $ 79 Interest cost 40 36 120 108 Expected return on plan assets ( 68 ) ( 68 ) ( 204 ) ( 204 ) Amortization of actuarial loss 16 24 48 69 Net periodic pension cost $ 11 $ 18 $ 31 $ 52 The components of our net periodic OPEB cost were as follows: Three Months Ended Nine Months Ended September 30, September 30, Millions 2019 2018 2019 2018 Service cost $ - $ - $ 1 $ 1 Interest cost 3 3 8 8 Amortization of: Prior service cost ( 4 ) - ( 4 ) 1 Actuarial loss 1 2 4 7 Net periodic OPEB cost $ - $ 5 $ 9 $ 17

Other Income (Tables)

Other Income (Tables)	9 Months Ended
	Sep. 30, 2019
Other Income [Abstract]
Other Income	Other income included the following: Three Months Ended Nine Months Ended September 30, September 30, Millions 2019 2018 2019 2018 Rental income $ 34 $ 33 $ 96 $ 91 Net periodic pension and OPEB costs 12 3 28 11 Interest income 10 10 25 19 Net gain on non-operating asset dispositions 4 6 14 19 Early extinguishment of debt [a] - - - ( 85 ) Non-operating environmental costs and other [b] ( 7 ) ( 4 ) 24 ( 7 ) Total $ 53 $ 48 $ 187 $ 48 [a] 2018 includes a debt extinguishment charge for the early redemption of certain bonds and debentures (Note 14). [b] 2019 includes $ 31 million in interest income associated with the employment tax refund (Note 17)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	The following table provides a reconciliation between basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, Millions, Except Per Share Amounts 2019 2018 2019 2018 Net income $ 1,555 $ 1,593 $ 4,516 $ 4,412 Weighted-average number of shares outstanding: Basic 699.3 737.4 707.2 758.1 Dilutive effect of stock options 1.2 2.0 1.3 1.9 Dilutive effect of retention shares and units 1.4 1.5 1.3 1.4 Diluted 701.9 740.9 709.8 761.4 Earnings per share – basic $ 2.22 $ 2.16 $ 6.39 $ 5.82 Earnings per share – diluted $ 2.22 $ 2.15 $ 6.36 $ 5.79 Stock options excluded as their inclusion would be anti-dilutive 0.6 - 0.5 0.4

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income/(Loss) (Tables)	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income/(Loss) [Abstract]
After-Tax Components Of Accumulated Other Comprehensive Loss	Reclassifications out of accumulated other comprehensive income/(loss) for the three and nine months ended September 30, 2019, and 2018, were as follows (net of tax): Millions Defined benefit plans Foreign currency translation Total Balance at July 1, 2019 $ ( 1,100 ) $ ( 198 ) $ ( 1,298 ) Other comprehensive income/(loss) before reclassifications - ( 18 ) ( 18 ) Amounts reclassified from accumulated other comprehensive income/(loss) [a] 11 - 11 Net quarter-to-date other comprehensive income/(loss), net of taxes of $( 4 ) million 11 ( 18 ) ( 7 ) Balance at September 30, 2019 $ ( 1,089 ) $ ( 216 ) $ ( 1,305 ) Balance at July 1, 2018 $ ( 1,217 ) $ ( 211 ) $ ( 1,428 ) Other comprehensive income/(loss) before reclassifications - 17 17 Amounts reclassified from accumulated other comprehensive income/(loss) [a] 19 - 19 Net quarter-to-date other comprehensive income/(loss), net of taxes of $( 7 ) million 19 17 36 Balance at September 30, 2018 $ ( 1,198 ) $ ( 194 ) $ ( 1,392 ) Millions Defined benefit plans Foreign currency translation Total Balance at January 1, 2019 $ ( 1,192 ) $ ( 223 ) $ ( 1,415 ) Other comprehensive income/(loss) before reclassifications ( 25 ) 7 ( 18 ) Amounts reclassified from accumulated other comprehensive income/(loss) [a] 36 - 36 OPEB Plan amendment (Note 5) 92 - 92 Net year-to-date other comprehensive income/(loss), net of taxes of $( 35 ) million 103 7 110 Balance at September 30, 2019 $ ( 1,089 ) $ ( 216 ) $ ( 1,305 ) Balance at January 1, 2018 $ ( 1,029 ) $ ( 112 ) $ ( 1,141 ) Other comprehensive income/(loss) before reclassifications ( 1 ) ( 7 ) ( 8 ) Amounts reclassified from accumulated other comprehensive income/(loss) [a] 57 - 57 Net year-to-date other comprehensive income/(loss), net of taxes of $( 20 ) million 56 ( 7 ) 49 Reclassification due to ASU 2018-02 adoption [b] ( 225 ) ( 75 ) ( 300 ) Balance at September 30, 2018 $ ( 1,198 ) $ ( 194 ) $ ( 1,392 ) [a] The accumulated other comprehensive income/(loss) reclassification components are 1) prior service cost/(credit) and 2) net actuarial loss which are both included in the computation of net periodic pension cost. See Note 5 Retirement Plans for additional details. [b] ASU 2018-02 is the Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows entities the option to reclassify from accumulated other comprehensive income to retained earnings the income tax effects that remain stranded in AOCI resulting from the application of the Tax Cuts and Jobs Act.

Properties (Tables)

Properties (Tables)	9 Months Ended
	Sep. 30, 2019
Properties [Abstract]
Schedule Of Properties	The following tables list the major categories of property and equipment, as well as the weighted-average estimated useful life for each category (in years): Millions, Except Estimated Useful Life Accumulated Net Book Estimated As of September 30, 2019 Cost Depreciation Value Useful Life Land $ 5,271 $ N/A $ 5,271 N/A Road: Rail and other track material 17,049 6,322 10,727 42 Ties 10,653 3,176 7,477 34 Ballast 5,698 1,647 4,051 34 Other roadway [a] 20,054 3,981 16,073 48 Total road 53,454 15,126 38,328 N/A Equipment: Locomotives 9,792 3,807 5,985 18 Freight cars 2,159 871 1,288 24 Work equipment and other 1,073 317 756 18 Total equipment 13,024 4,995 8,029 N/A Technology and other 1,158 520 638 12 Construction in progress 1,222 - 1,222 N/A Total $ 74,129 $ 20,641 $ 53,488 N/A Millions, Except Estimated Useful Life Accumulated Net Book Estimated As of December 31, 2018 Cost Depreciation Value Useful Life Land $ 5,264 $ N/A $ 5,264 N/A Road: Rail and other track material 16,785 6,156 10,629 43 Ties 10,409 3,025 7,384 34 Ballast 5,561 1,595 3,966 34 Other roadway [a] 19,584 3,766 15,818 48 Total road 52,339 14,542 37,797 N/A Equipment: Locomotives 9,792 3,861 5,931 19 Freight cars 2,229 929 1,300 24 Work equipment and other 1,040 301 739 19 Total equipment 13,061 5,091 7,970 N/A Technology and other 1,117 493 624 12 Construction in progress 1,024 - 1,024 N/A Total $ 72,805 $ 20,126 $ 52,679 N/A [a] Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets.

Accounts Payable And Other Cu_2

Accounts Payable And Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
Accounts Payable and Other Current Liabilties [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Sep. 30, Dec. 31, Millions 2019 2018 Accounts payable $ 711 $ 872 Income and other taxes payable 580 694 Current operating lease liabilities (Note 16) 377 - Accrued wages and vacation 367 384 Accrued casualty costs 211 211 Interest payable 201 317 Equipment rents payable 103 107 Other 616 575 Total accounts payable and other current liabilities $ 3,166 $ 3,160

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt [Abstract]
Unsecured Fixed Rate Debt Securities Issued Under Current Shelf Registration	During the nine months ended September 30, 2019, we issued the following unsecured, fixed-rate debt securities under our current shelf registration : Date Description of Securities February 19, 2019 $ 500 million of 2.950 % Notes due March 1, 2022 $ 500 million of 3.150 % Notes due March 1, 2024 $ 1.0 billion of 3.700 % Notes due March 1, 2029 $ 1.0 billion of 4.300 % Notes due March 1, 2049 August 5, 2019 $ 500 million of 3.550 % Notes due August 15, 2039 $ 500 million of 3.950 % Notes due August 15, 2059

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of Leases	The following are additional details related to our lease portfolio: Sep. 30, Millions Classification 2019 Assets Operating leases Operating lease assets $ 1,931 Finance leases Net properties [a] 486 Total leased assets $ 2,417 Liabilities Current Operating Accounts payable and other current liabilities $ 377 Finance Debt due within one year 114 Noncurrent Operating Operating lease liabilities 1,542 Finance Debt due after one year 502 Total lease liabilities $ 2,535 [a] Finance lease assets are recorded net of accumulated amortization of $ 780 million as of September 30, 2019.
Schedule of Lease Cost	The lease cost components are classified as follows: Three Months Ended Nine Months Ended Millions Classification September 30, 2019 September 30, 2019 Operating lease cost [a] Equipment and other rents $ 75 $ 253 Finance lease cost Amortization of leased assets Depreciation 18 54 Interest on lease liabilities Interest expense 9 26 Net lease cost $ 102 $ 333 [a] Includes short-term lease costs of $ 0.1 million and $ 0.5 million for the three and nine months ended September 30, and variable lease costs of $ 2.3 million and $ 6.3 million for the three and nine months ended September 30 .
Future Minimum Lease Payments For Operating And Finance or Capital Leases	The following table presents aggregate lease maturities as of September 30, 2019: Millions Operating Leases Finance Leases Total 2019 $ 55 $ 16 $ 71 2020 367 143 510 2021 303 147 450 2022 269 130 399 2023 228 88 316 After 2023 1,006 199 1,205 Total lease payments $ 2,228 $ 723 $ 2,951 Less: Interest 309 107 416 Present value of lease liabilities $ 1,919 $ 616 $ 2,535 The Consolidated Statement of Financial Position as of December 31, 2018 included $ 1,454 , net of $ 912 million of accumulated depreciation for properties held under capital leases. The following table presents aggregate lease maturities as of December 31, 2018: Millions Operating Leases Capital Leases 2019 $ 419 $ 148 2020 378 155 2021 303 159 2022 272 142 2023 234 94 Later years 1,040 200 Total minimum lease payments $ 2,646 $ 898 Amount representing interest N/A ( 144 ) Present value of minimum lease payments N/A $ 754
Weighted Average Remaining Lease Term and Discount Rate	The following table presents the weighted average remaining lease term and discount rate: Sep. 30, 2019 Weighted-average remaining lease term (years) Operating leases 8.8 Finance leases 6.2 Weighted-average discount rate Operating leases 3.7 Finance leases 5.3
Schedule of Leases - Other Information	The following table presents other information related to our operating and finance leases: Millions, for the Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 315 Operating cash flows from finance leases 30 Financing cash flows from finance leases 102 Leased assets obtained in exchange for finance lease liabilities - Leased assets obtained in exchange for operating lease liabilities 62

Commitments And Contingencies (

Commitments And Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies [Abstract]
Commitments And Contingencies Activity	Our personal injury liability activity was as follows : Millions, for the Nine Months Ended September 30, 2019 2018 Beginning balance $ 271 $ 285 Current year accruals 59 53 Changes in estimates for prior years ( 17 ) ( 15 ) Payments ( 41 ) ( 50 ) Ending balance at September 30 $ 272 $ 273 Current portion, ending balance at September 30 $ 61 $ 70
Commitments And Contingencies Activity.	Our environmental liability activity was as follows: Millions, for the Nine Months Ended September 30, 2019 2018 Beginning balance $ 223 $ 196 Accruals 52 62 Payments ( 49 ) ( 41 ) Ending balance at September 30 $ 226 $ 217 Current portion, ending balance at September 30 $ 62 $ 58

Share Repurchase Program (Table

Share Repurchase Program (Tables)	9 Months Ended
	Sep. 30, 2019
Share Repurchase Program [Abstract]
Share Repurchase Program	The table below represents shares repurchased under repurchase programs during 2018 and 2019: Number of Shares Purchased Average Price Paid 2019 2018 2019 2018 First quarter [a] 18,149,450 9,259,004 $ 165.79 $ 132.84 Second quarter [b] 3,732,974 33,229,992 171.24 142.74 Third quarter [c] 9,529,733 2,239,405 163.30 151.94 Total 31,412,157 44,728,401 $ 165.68 $ 141.15 Remaining number of shares that may be repurchased under current authority 136,737,293 [a] Includes 11,795,930 shares repurchased in February 2019 under accelerated share repurchase programs. [b] Includes 19,870,292 shares repurchased in June 2018 under accelerated share repurchase programs. [c] Includes 3,172,900 shares repurchased in August 2019 under accelerated share repurchase programs.

Accounting Pronouncements (Deta

Accounting Pronouncements (Details) - USD ($) $ in Millions	Sep. 30, 2019	Mar. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets (Note 16)	$ 1,931
Operating lease liabilities (Note 16)	$ 1,542
Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finance lease, renewal term	12 months
Operating lease, renewal term	12 months
ASU 2016-02 Adopted [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets (Note 16)		$ 2,000
Operating lease liabilities (Note 16)		$ 2,000
ASU 2016-02 Adopted [Member] | Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finance lease, renewal term	12 months
Operating lease, renewal term	12 months

Operations and Segmentation (De

Operations and Segmentation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Commodity Group Information [Line Items]
Freight revenues	$ 5,146	$ 5,558	$ 15,392	$ 15,997
Subsidiary revenue	223	228	665	656
Accessorial revenues	132	126	388	373
Other revenues	15	16	51	49
Total operating revenues	5,516	5,928	16,496	17,075
Cargo and Freight [Member]
Commodity Group Information [Line Items]
Freight revenues	5,146	5,558	15,392	15,997
Agricultural Products [Member]
Commodity Group Information [Line Items]
Freight revenues	1,123	1,133	3,345	3,345
Energy [Member]
Commodity Group Information [Line Items]
Freight revenues	975	1,214	2,923	3,498
Industrial [Member]
Commodity Group Information [Line Items]
Freight revenues	1,485	1,497	4,389	4,274
Premium [Member]
Commodity Group Information [Line Items]
Freight revenues	1,563	1,714	4,735	4,880
Mexico [Member]
Commodity Group Information [Line Items]
Freight revenues	$ 602	$ 636	$ 1,781	$ 1,850

Stock-based Compensation (Narra

Stock-based Compensation (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Stock Options [Member]
Schedule of Share-based Compensation Arrangements [Line Items]
Contractual term	10 years
Years until vest	3 years
Stock options, subject to performance or market-based vesting conditions	None
Unrecognized compensation expense	$ 19
Expected weighted average period (in years) of nonvested stock options to be recognized	1 year 1 month 6 days
Retention Awards [Member]
Schedule of Share-based Compensation Arrangements [Line Items]
Years until vest	4 years
Unrecognized compensation expense	$ 103
Expected weighted average period (in years) of nonvested stock options to be recognized	1 year 8 months 12 days
Performance Retention Awards [Member]
Schedule of Share-based Compensation Arrangements [Line Items]
Operating income growth modifier range	The modifier can be up to +/- 25% of the award earned based on the ROIC achieved, but not to exceed the maximum number of shares granted.
Requisite service period	37 months
Contractual terms of award	We expense the fair value of the units that are probable of being earned based on our forecasted ROIC over the 3-year performance period, and with respect to the third year of the plan, the relative OIG modifier.
ROIC performance period	3 years
Unrecognized compensation expense	$ 23
Expected weighted average period (in years) of nonvested stock options to be recognized	1 year

Stock-based Compensation (Sched

Stock-based Compensation (Schedule Of Compensation) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Stock-Based Compensation, Before Tax: [Abstract]
Stock options	$ 5	$ 5	$ 14	$ 13
Retention awards	19	21	61	64
Total stock-based compensation, before tax	24	26	75	77
Excess tax benefits from equity compensation plans	$ 3	$ 7	$ 48	$ 26

Stock-based Compensation (Sch_2

Stock-based Compensation (Schedule of Stock Options Weight Average Assumptions) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Stock Options [Member]
Assumptions For Stock Awards [Abstract]
Risk-free interest rate at date of grant	2.50%	2.60%
Dividend yield	2.20%	2.30%
Expected life (years)	5 years 2 months 12 days	5 years 3 months 18 days
Volatility	22.70%	21.10%
Weighted-average grant-date fair value of options granted	$ 30.37	$ 21.70
Performance Retention Awards [Member]
Assumptions For Stock Awards [Abstract]
Dividend per share per quarter	$ 0.88
Risk-free interest rate at date of grant	2.50%

Stock-based Compensation (Sch_3

Stock-based Compensation (Schedule of Stock Option Activities) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Stock Options [Member]
Stock Option Activity [Abstract]
Stock options, shares outstanding at January 1, 2019	5,170
Stock options, shares granted	573
Stock options, shares exercised	(1,898)
Stock options, shares forfeited or expired	(113)
Stock options, shares outstanding at September 30, 2019	3,732	5,170
Stock options, shares vested or expected to vest at September 30, 2019	3,694
Stock options, shares exercisable at September 30, 2019	2,465
Stock options weighted-average exercise price, outstanding at January 1, 2019	$ 92.06
Stock options weighted-average exercise price, granted	160.84
Stock options weighted-average exercise price, exercised	71.75
Stock options weighted-average exercise price, forfeited or expired	121.07
Stock options weighted-average exercise price, outstanding at September 30, 2019	112.07	$ 92.06
Stock options weighted-average exercise price, vested or expected to vest at September 30, 2019	111.79
Stock options weighted-average exercise price, options exercisable at September 30, 2019	$ 99.30
Stock options weighted-average remaining contractual term in years, outstanding at January 1, 2019	6 years 3 months 18 days	5 years 4 months 24 days
Stock options weighted-average remaining contractual term in years, outstanding at September 30, 2019	6 years 3 months 18 days	5 years 4 months 24 days
Stock options weighted-average remaining contractual term in years, vested or expected to vest at September 30, 2019	6 years 3 months 18 days
Stock options weighted-average remaining contractual term in years, options exercisable at September 30, 2019	5 years 2 months 12 days
Stock options aggregate intrinsic value, outstanding at January 1, 2019	$ 239
Stock options aggregate intrinsic value, outstanding at September 30, 2019	186	$ 239
Stock options aggregate intrinsic value, vested or expected to vest at September 30, 2019	185
Stock options aggregate intrinsic value, options exercisable at September 30, 2019	$ 155
Retention Awards [Member]
Awards Activity [Abstract]
Awards, shares nonvested at January 1, 2019	2,070
Awards, shares granted	381
Awards, shares vested	(433)
Awards, shares forfeited	(90)
Awards, shares nonvested at September 30, 2019	1,928	2,070
Awards weighted-average grant-date fair value, nonvested at January 1, 2019	$ 104.55
Awards weighted-average grant-date fair value, granted	161.69
Awards weighted-average grant-date fair value, vested	120.22
Awards weighted-average grant-date fair value, forfeited	110.59
Awards weighted-average grant-date fair value, nonvested at September 30, 2019	$ 112.04	$ 104.55
Performance Retention Awards [Member]
Awards Activity [Abstract]
Awards, shares nonvested at January 1, 2019	1,092
Awards, shares granted	324
Awards, shares vested	(269)
Awards, shares unearned	(127)
Awards, shares forfeited	(79)
Awards, shares nonvested at September 30, 2019	941	1,092
Awards weighted-average grant-date fair value, nonvested at January 1, 2019	$ 95.12
Awards weighted-average grant-date fair value, granted	151.24
Awards weighted-average grant-date fair value, vested	70.79
Awards weighted-average grant-date fair value, unearned	70.09
Awards weighted-average grant-date fair value, forfeited	111.44
Awards weighted-average grant-date fair value, nonvested at September 30, 2019	$ 123.41	$ 95.12

Stock-based Compensation (Sch_4

Stock-based Compensation (Schedule of Stock Option Exercises) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Stock Option Aggregate Disclosures [Abstract]
Intrinsic value of stock options exercised	$ 10	$ 30	$ 174	$ 77
Cash received from option exercises	10	26	108	71
Treasury shares repurchased for employee payroll taxes	(3)	(6)	(32)	(19)
Tax benefit realized from option exercises	3	7	43	19
Aggregate grant-date fair value of stock options vested			$ 15	$ 18

Retirement Plans (Details)

Retirement Plans (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net Periodic Pension And OPEB Cost [Abstract]
Changes in fair value					5 years
OPEB amortization amount current fiscal year		$ 10,000,000
Defined Benefit Plan, Accumulated Benefit Obligation, Increase (Decrease) for Plan Amendment	$ (92,000,000)				$ (92,000,000)
Other comprehensive income defined benefit plans	69,000,000		$ (11,000,000)	$ (19,000,000)	(103,000,000)	$ (56,000,000)
Deferred Tax Assets, Gross	$ 23,000,000
Future net peroidic OPEB cost amortization duration	8 years
Pension [Member]
Net Periodic Pension And OPEB Cost [Abstract]
Service cost			23,000,000	26,000,000	67,000,000	79,000,000
Interest cost			40,000,000	36,000,000	120,000,000	108,000,000
Expected return on plan assets			(68,000,000)	(68,000,000)	(204,000,000)	(204,000,000)
Amortization of actuarial loss			16,000,000	24,000,000	48,000,000	69,000,000
Net periodic cost			11,000,000	18,000,000	31,000,000	52,000,000
Voluntary cash contributions to qualified pension plan					0
OPEB [Member]
Net Periodic Pension And OPEB Cost [Abstract]
Service cost					1,000,000	1,000,000
Interest cost			3,000,000	3,000,000	8,000,000	8,000,000
Amortization of prior service credit			(4,000,000)		(4,000,000)	1,000,000
Amortization of actuarial loss			$ 1,000,000	2,000,000	4,000,000	7,000,000
Net periodic cost				$ 5,000,000	$ 9,000,000	$ 17,000,000

Other Income (Details)

Other Income (Details) - USD ($) $ in Millions	2 Months Ended	3 Months Ended			9 Months Ended
	Mar. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Income [Abstract]
Rental income		$ 34		$ 33	$ 96	$ 91
Net periodic pension and OPEB costs		12		3	28	11
Interest Income		10		10	25	19
Net gain on non-operating asset dispositions.		4		6	14	19
Early extinguishment of debt						(85)
Non-operating environmental costs and other		(7)		(4)	24	(7)
Total		$ 53		$ 48	187	$ 48
Interest income due to employment tax refund	$ 27		$ 3		$ 31

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Sep. 30, 2019USD ($)
Unrecognized Tax Benefits [Abstract]
Net unrecognized tax benefit liability	$ 64

Income Taxes (Settlement) (Deta

Income Taxes (Settlement) (Details) $ in Millions	3 Months Ended
	Sep. 30, 2019USD ($)
Taxes And Interest - Income Taxes [Abstract]
Total tax and interest paid in connection to tax settlement	$ 11
Taxes paid in connection to tax settlement	10
Interest paid in connection to tax settlement	$ 1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share Details [Abstract]
Net income	$ 1,555	$ 1,593	$ 4,516	$ 4,412
Weighted-Average Number Of Shares Outstanding
Basic	699.3	737.4	707.2	758.1
Dilutive effect of stock options	1.2	2	1.3	1.9
Dilutive effect of retention shares and units	1.4	1.5	1.3	1.4
Diluted	701.9	740.9	709.8	761.4
Earnings per share - basic	$ 2.22	$ 2.16	$ 6.39	$ 5.82
Earnings per share - diluted	$ 2.22	$ 2.15	$ 6.36	$ 5.79
Stock options excluded as their inclusion would be anti-dilutive	0.6		0.5	0.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions		Jun. 30, 2019	Sep. 30, 2019		Sep. 30, 2018		Sep. 30, 2019		Sep. 30, 2018
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance			$ (1,298)		$ (1,428)		$ (1,415)		$ (1,141)
Other comprehensive income/(loss) before reclassifications			(18)		17		(18)		(8)
Amounts reclassified from accumulated other comprehensive income/(loss)	[1]		11		19		36		57
OPEB Plan amendment (Note 5)		$ 92					92
Net to-date other comprehensive income/(loss), net of taxes			(7)	[2]	36	[2]	110	[3]	49	[3]
Reclassification due to ASU 2018-02 adoption	[4]								(300)
Balance at September 30		(1,298)	(1,305)		(1,392)		(1,305)		(1,392)
Deferred taxes activity other comprehensive income/(loss)			(4)		(7)		(35)		(20)
Defined Benefit Plans [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance			(1,100)		(1,217)		(1,192)		(1,029)
Other comprehensive income/(loss) before reclassifications							(25)		(1)
Amounts reclassified from accumulated other comprehensive income/(loss)	[1]		11		19		36		57
OPEB Plan amendment (Note 5)							92
Net to-date other comprehensive income/(loss), net of taxes			11		19		103		56
Reclassification due to ASU 2018-02 adoption	[4]								(225)
Balance at September 30		(1,100)	(1,089)		(1,198)		(1,089)		(1,198)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance			(198)		(211)		(223)		(112)
Other comprehensive income/(loss) before reclassifications			(18)		17		7		(7)
Net to-date other comprehensive income/(loss), net of taxes			(18)		17		7		(7)
Reclassification due to ASU 2018-02 adoption	[4]								(75)
Balance at September 30		$ (198)	$ (216)		$ (194)		$ (216)		$ (194)
[1]	The accumulated other comprehensive income/(loss) reclassification components are 1) prior service cost/(credit) and 2) net actuarial loss which are both included in the computation of net periodic pension cost. See Note 5 Retirement Plans for additional details.
[2]	Net of deferred taxes of $( 4 ) million and $( 7 ) million during the three months ended September 30, 2019, and 2018, respectively.
[3]	Net of deferred taxes of $( 35 ) million and $( 20 ) million during the nine months ended September 30, 2019, and 2018, respectively.
[4]	ASU 2018-02 is the Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows entities the option to reclassify from accumulated other comprehensive income to retained earnings the income tax effects that remain stranded in AOCI resulting from the application of the Tax Cuts and Jobs Act.

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Millions	2 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jul. 28, 2019	Dec. 31, 2018
Accounts Receivable Details [Abstract]
Allowance for doubtful accounts	$ 3	$ 3		$ 3			$ 3
Allowance for doubtful accounts - receivables not expected to be collected in one year	34	34		34			27
Receivables Securitization Facility [Abstract]
Total capacity to transfer undivided interests to investors under the receivables securitization facility	$ 800	800		$ 800		$ 650
Receivables securitization facility maturity date	2022-07
Receivables securitization facility duration				3 years
Value of the outstanding undivided interest held by investors under the receivables securitization facility	$ 400	400		$ 400			400
Accounts receivable supporting the undivided interest held by investors	$ 1,300	1,300		1,300			$ 1,400
Cost of the receivables securitization facility - interest expense		$ 4	$ 3	$ 11	$ 11

Properties (Details)

Properties (Details) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
		Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Cost		$ 74,129	$ 72,805
Accumulated depreciation		20,641	20,126
Net book value		53,488	52,679
Land [Member]
Property, Plant and Equipment [Line Items]
Cost		5,271	5,264
Net book value		5,271	5,264
Road: Rail and Other Track Material [Member]
Property, Plant and Equipment [Line Items]
Cost		17,049	16,785
Accumulated depreciation		6,322	6,156
Net book value		$ 10,727	$ 10,629
Estimated useful life		42 years	43 years
Road: Ties [Member]
Property, Plant and Equipment [Line Items]
Cost		$ 10,653	$ 10,409
Accumulated depreciation		3,176	3,025
Net book value		$ 7,477	$ 7,384
Estimated useful life		34 years	34 years
Road: Ballast [Member]
Property, Plant and Equipment [Line Items]
Cost		$ 5,698	$ 5,561
Accumulated depreciation		1,647	1,595
Net book value		$ 4,051	$ 3,966
Estimated useful life		34 years	34 years
Road: Other Roadway [Member]
Property, Plant and Equipment [Line Items]
Cost	[1]	$ 20,054	$ 19,584
Accumulated depreciation	[1]	3,981	3,766
Net book value	[1]	$ 16,073	$ 15,818
Estimated useful life	[1]	48 years	48 years
Total Road [Member]
Property, Plant and Equipment [Line Items]
Cost		$ 53,454	$ 52,339
Accumulated depreciation		15,126	14,542
Net book value		38,328	37,797
Equipment: Locomotives [Member]
Property, Plant and Equipment [Line Items]
Cost		9,792	9,792
Accumulated depreciation		3,807	3,861
Net book value		$ 5,985	$ 5,931
Estimated useful life		18 years	19 years
Equipment: Freight Cars [Member]
Property, Plant and Equipment [Line Items]
Cost		$ 2,159	$ 2,229
Accumulated depreciation		871	929
Net book value		$ 1,288	$ 1,300
Estimated useful life		24 years	24 years
Equipment: Work Equipment and Other [Member]
Property, Plant and Equipment [Line Items]
Cost		$ 1,073	$ 1,040
Accumulated depreciation		317	301
Net book value		$ 756	$ 739
Estimated useful life		18 years	19 years
Total Equipment [Member]
Property, Plant and Equipment [Line Items]
Cost		$ 13,024	$ 13,061
Accumulated depreciation		4,995	5,091
Net book value		8,029	7,970
Technology and Other [Member]
Property, Plant and Equipment [Line Items]
Cost		1,158	1,117
Accumulated depreciation		520	493
Net book value		$ 638	$ 624
Estimated useful life		12 years	12 years
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Cost		$ 1,222	$ 1,024
Net book value		$ 1,222	$ 1,024
[1]	Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets.

Accounts Payable And Other Cu_3

Accounts Payable And Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Accounts Payable and Other Current Liabilities Details [Abstract]
Accounts payable	$ 711	$ 872
Income and other taxes payable	580	694
Current liabilities operating leases	377
Accrued wages and vacation	367	384
Accrued casualty costs	211	211
Interest payable	201	317
Equipment rents payable	103	107
Other	616	575
Total accounts payable and other current liabilities	$ 3,166	$ 3,160

Financial Instruments (Details)

Financial Instruments (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Short-Term Investments [Abstract]
Short-term investments	$ 60,000,000	$ 60,000,000
Short-term investments reclassified as other assets	20,000,000
Transfers out of level 2	0
Fair Value of Debt Instruments [Abstract]
Fair value of total debt	28,500,000,000	21,900,000,000
Fair value of total debt in excess of (less than) carrying value	2,800,000,000	$ (500,000,000)
Significant Other Observable Inputs (Level 2) [Member] | Time Deposits [Member]
Short-Term Investments [Abstract]
Short-term investments	$ 80,000,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	Oct. 15, 2019	Mar. 15, 2018	Mar. 15, 2018	Dec. 31, 2019	Mar. 31, 2018	Oct. 15, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Feb. 12, 2018
Debt Instrument [Line Items]
Commercial paper issued							$ 8,200,000,000
Commercial paper repaid							$ 8,200,000,000
Commercial paper maturity duration minimum							1 day
Commercial paper maturity duration maximum							32 days
Commercial paper outstanding							$ 200,000,000
Board of Directors authorized debt issuance										$ 6,000,000,000
Board of Directors remaining debt issuance							2,000,000,000
Secured debt under receivables securitization facility							400,000,000		$ 400,000,000
Early extinguishment charge								$ 85,000,000
Unsecured Debt [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Redemption date	Oct. 15, 2019
Interest rate	6.125%					6.125%
Maturity date						Feb. 15, 2020
Principal outstanding	$ 163,000,000					$ 163,000,000
Early extinguishment charge				$ 2,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility available credit							$ 2,000,000,000
Facility expiration date							Jun. 8, 2023
Credit facility term							5 years
Revolving credit facility withdrawals							$ 0
Allowable debt per debt to earnings before interest taxes depreciation and amortization coverage ratio (as defined in the facility)							38,800,000,000
Outstanding debt (as defined by facility)							26,600,000,000
Cross-default provision (as defined by facility)							$ 150,000,000
Debt Redemption [Member]
Debt Instrument [Line Items]
Redemption date		Mar. 15, 2018
Weighted average interest rate of bonds and debentures		4.90%	4.90%
Fixed rate debt securities carrying value		$ 70,000,000	$ 70,000,000
Early extinguishment charge					$ 85,000,000
Missouri Pacific 5 Percent Income Debentures due 2045 [Member]
Debt Instrument [Line Items]
Interest rate		5.00%	5.00%
Maturity date			Jan. 1, 2045
Principal outstanding		$ 96,000,000	$ 96,000,000
Chicago and Eastern Illinois 5 Percent Income Debentures Due 2054 [Member]
Debt Instrument [Line Items]
Interest rate		5.00%	5.00%
Maturity date			Jan. 1, 2054
Principal outstanding		$ 2,000,000	$ 2,000,000
Missouri Pacific 4.75 Percent General Mortgage Income Bonds Series A Due 2020 [Member]
Debt Instrument [Line Items]
Interest rate		4.75%	4.75%
Maturity date			Jan. 1, 2020
Principal outstanding		$ 30,000,000	$ 30,000,000
Missouri Pacific 4.75 Percent General Mortgage Income Bonds Series B Due 2030 [Member]
Debt Instrument [Line Items]
Interest rate		4.75%	4.75%
Maturity date			Jan. 1, 2030
Principal outstanding		$ 27,000,000	$ 27,000,000

Debt (Unsecured Fixed Rate Debt

Debt (Unsecured Fixed Rate Debt Securities Issued Under Current Shelf Registration) (Details) - Unsecured Debt [Member] - USD ($)	9 Months Ended
	Oct. 15, 2019	Sep. 30, 2019	Aug. 05, 2019	Feb. 19, 2019
2.950% Notes Due 2022 [Member]
Debt Instrument [Line Items]
Issuance date		Feb. 19, 2019
Note amount				$ 500,000,000
Interest rate				2.95%
Maturity date		Mar. 1, 2022
3.150% Notes Due 2024 [Member]
Debt Instrument [Line Items]
Issuance date		Feb. 19, 2019
Note amount				$ 500,000,000
Interest rate				3.15%
Maturity date		Mar. 1, 2024
3.700% Notes Due 2029 [Member]
Debt Instrument [Line Items]
Issuance date		Feb. 19, 2019
Note amount				$ 1,000,000,000
Interest rate				3.70%
Maturity date		Mar. 1, 2029
4.300% Notes Due 2049 [Member]
Debt Instrument [Line Items]
Issuance date		Feb. 19, 2019
Note amount				$ 1,000,000,000
Interest rate				4.30%
Maturity date		Mar. 1, 2049
3.550% Notes Due 2039 [Member]
Debt Instrument [Line Items]
Issuance date		Aug. 5, 2019
Note amount			$ 500,000,000
Interest rate			3.55%
Maturity date		Aug. 15, 2039
3.950% Notes Due 2059 [Member]
Debt Instrument [Line Items]
Issuance date		Aug. 5, 2019
Note amount			$ 500,000,000
Interest rate			3.95%
Maturity date		Aug. 15, 2059
Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate	6.125%
Maturity date	Feb. 15, 2020

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Future minimum lease payments		$ 2,646
Variable Interest Entity (VIEs) [Member]
Future minimum lease payments	$ 1,500

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Property, plant, and equipment, net	$ 53,488	$ 52,679
Accumulated depreciation	$ 20,641	20,126
Capital Lease Assets [Member]
Property, plant, and equipment, net		1,454
Accumulated depreciation		$ 912
Minimum [Member]
Finance lease, renewal term	12 months
Operating lease, renewal term	12 months

Leases (Lease Assets and Liabil

Leases (Lease Assets and Liabilities) (Details) - USD ($) $ in Millions		Sep. 30, 2019	Dec. 31, 2018
Operating leases		$ 1,931
Finance leases	[1]	486
Total leased assets		2,417
Current liabilities operating leases		377
Current liabilities finance		114
Noncurrent liabilities operating		1,542
Noncurrent liabilities finance		502
Total lease liabilities		2,535
Accumulated depreciation		20,641	$ 20,126
Finance Lease Assets [Member]
Accumulated depreciation		$ 780
[1]	Finance lease assets are recorded net of accumulated amortization of $ 780 million as of September 30, 2019.

Leases (Lease Cost) (Details)

Leases (Lease Cost) (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
		Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	[1]	$ 75	$ 253
Amortization of leased assets		18	54
Interest on lease liabilities		9	26
Lease, Cost		102	333
Short-term operating lease cost		0.1	0.5
Variable operating lease cost		$ 2.3	$ 6.3
[1]	Includes short-term lease costs of $ 0.1 million and $ 0.5 million for the three and nine months ended September 30, and variable lease costs of $ 2.3 million and $ 6.3 million for the three and nine months ended September 30

Leases (Schedule of Aggregate L

Leases (Schedule of Aggregate Lease Maturities) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Future Minimum Lease Payments For Capital Leases [Abstract]
Minimum capital lease payments - 2019		$ 148
Minimum capital lease payments - 2020		155
Minimum capital lease payments - 2021		159
Minimum capital lease payments - 2022		142
Minimum capital lease payments - 2023		94
Minimum capital lease payments - later years		200
Total minimum capital lease payments		898
Capital lease payments - amount representing interest		(144)
Capital lease payments - present value of minimum lease payments		754
Future Minimum Lease Payments For Operating Leases [Abstract]
Minimum operating lease payments - 2019	$ 55
Minimum operating lease payments - 2020	367
Minimum operating lease payments - 2021	303
Minimum operating lease payments - 2022	269
Minimum operating lease payments - 2023	228
Minimum operating lease payments - later years	1,006
Total operating lease payments	2,228
Operating lease payments - amount representing interest	309
Operating lease liabilities - present value of minimum lease liabilities	1,919
Minimum operating lease payments - 2019		419
Minimum operating lease payments - 2020		378
Minimum operating lease payments - 2021		303
Minimum operating lease payments - 2022		272
Minimum operating lease payments - 2023		234
Minimum operating lease payments - later years		1,040
Total minimum operating lease payments		$ 2,646
Future Minimum Lease Payments For Finance Leases [Abstract]
Minimum finance lease payments - 2019	16
Minimum finance lease payments - 2020	143
Minimum finance lease payments - 2021	147
Minimum finance lease payments - 2022	130
Minimum finance lease payments - 2023	88
Minimum finance lease payments - later years	199
Total finance lease payments	723
Finance lease payments - amount representing interest	107
Finance lease liabilities - present value of minimum lease liabilities	616
Minimum lease payments - 2019	71
Minimum lease payments - 2020	510
Minimum lease payments - 2021	450
Minimum lease payments - 2022	399
Minimum lease payments - 2023	316
Minimum lease payments - later years	1,205
Total minimum lease payments	2,951
Lease payments - amount representing interest	416
Total lease liabilities	$ 2,535

Leases (Lease Term and Discount

Leases (Lease Term and Discount Rate) (Details)	Sep. 30, 2019
Leases [Abstract]
Weighted-average remaining lease term (years) operating leases	8 years 9 months 18 days
Weighted-average remaining lease term finance leases	6 years 2 months 12 days
Weighted average discount rate operating leases	3.70%
Weighted average discount rate finance leases	5.30%

Leases (Other Information) (Det

Leases (Other Information) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 315
Operating cash flows from finance leases	30
Financing cash flows from finance leases	102
Leased assets obtained in exchange for new operating lease liabilities	$ 62

Commitments And Contingencies_2

Commitments And Contingencies (Narrative) (Details)	2 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Sep. 30, 2019USD ($)item	Dec. 31, 2018USD ($)
Commitments and Contingencies [Line Items]
Sites identified which we are or may be liable for remediation costs | item			364
Sites subject of actions taken by the U.S. government | item			31
Sites on the Superfund National Priorities List | item			20
Compensation and benefits expense (benefit) due to employment tax refund	$ (42,000,000)	$ (32,000,000)
Interest income due to employment tax refund	$ 27,000,000	$ 3,000,000	$ 31,000,000
Personal Injury [Member]
Commitments and Contingencies [Line Items]
Percent of liability recorded related to asserted claims			94.00%
Percent of liability recorded related to unasserted claims			6.00%
Personal Injury [Member] | Minimum [Member]
Commitments and Contingencies [Line Items]
Reasonably possible outcome of related claims			$ 272,000,000
Personal Injury [Member] | Maximum [Member]
Commitments and Contingencies [Line Items]
Reasonably possible outcome of related claims			297,000,000
Guarantees [Member]
Commitments and Contingencies [Line Items]
Maximum potential amount of guarantee payments			19,000,000	$ 22,000,000
Recorded liability for fair value of guarantees			$ 0	$ 0
Expiration year of final guarantee			The final guarantee expires in 2022

Commitments And Contingencies_3

Commitments And Contingencies (Commitments And Contingencies Activity) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Liability Activity [Abstract]
Current portion, ending balance at September 30	$ 211
Environmental [Abstract]
Beginning balance.	223	$ 196
Accruals	52	62
Payments	(49)	(41)
Ending balance at September 30.	226	217
Current portion, ending balance at September 30.	62	58
Personal Injury [Member]
Liability Activity [Abstract]
Beginning balance	271	285
Current year accruals	59	53
Changes in estimates for prior years	(17)	(15)
Payments	(41)	(50)
Ending balance at September 30	272	273
Current portion, ending balance at September 30	$ 61	$ 70

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			3 Months Ended										9 Months Ended		153 Months Ended
	Oct. 16, 2019	Mar. 31, 2019	Jun. 30, 2018	Sep. 30, 2019		Jun. 30, 2019	Mar. 31, 2019		Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018		Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Apr. 01, 2019
Shares Repurchased [Line Items]
BOD authorized																	150,000,000
Stock repurchase program expiration date														Mar. 31, 2022
Aggregate cost				$ 1,056						$ 341				$ 5,204	$ 7,034	$ 36,600
Shares repurchased				9,529,733	[1]	3,732,974	18,149,450	[2]		2,239,405	33,229,992	[3]	9,259,004	31,412,157	44,728,401
Average purchase price				$ 163.30	[1]	$ 171.24	$ 165.79	[2]		$ 151.94	$ 142.74	[3]	$ 132.84	$ 165.68	$ 141.15
Remaining number of shares that may be repurchased under current authority				136,737,293										136,737,293		136,737,293
Treasury stock, value				$ 35,839					$ 30,674					$ 35,839		$ 35,839
Accelerated Share Repurchase Agreement [Member]
Shares Repurchased [Line Items]
Aggregate cost		$ 2,500	$ 3,600
Shares repurchased		11,795,930	19,870,292	3,172,900			11,795,930		4,457,356		19,870,292
Subsequent Event [Member]
Shares Repurchased [Line Items]
Aggregate cost	$ 224
Shares repurchased	1,400,000
[1]	Includes 3,172,900 shares repurchased in August 2019 under accelerated share repurchase programs.
[2]	Includes 11,795,930 shares repurchased in February 2019 under accelerated share repurchase programs.
[3]	Includes 19,870,292 shares repurchased in June 2018 under accelerated share repurchase programs. [c] Includes 3,172,900 shares repurchased in August 2019 under accelerated share repurchase programs.

Related Parties (Details)

Related Parties (Details) - TTX Company [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	36.79%		36.79%
Equity Method Investments	$ 1,400		$ 1,400		$ 1,300
Related Party Transaction, Expenses from Transactions with Related Party	100	$ 104	312	$ 324
Accounts Payable, Related Parties, Current	$ 65		$ 65		$ 66