Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Document type | '10-K | ' | ' |
Document period end date | 31-Dec-13 | ' | ' |
Amendment flag | 'false | ' | ' |
Entity registrant name | 'UNION PACIFIC CORPORATION | ' | ' |
Entity central index key | '0000100885 | ' | ' |
Entity current reporting status | 'Yes | ' | ' |
Entity voluntary filers | 'No | ' | ' |
Current fiscal year end date | '--12-31 | ' | ' |
Entity filer category | 'Large Accelerated Filer | ' | ' |
Entity well known seasoned issuer | 'Yes | ' | ' |
Entity common stock shares outstanding | ' | 455,057,609 | ' |
Entity public float | ' | ' | $71,260 |
Document fiscal year focus | '2013 | ' | ' |
Document fiscal period focus | 'FY | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating revenues [Abstract] | ' | ' | ' |
Freight revenues | $20,684 | $19,686 | $18,508 |
Other revenues | 1,279 | 1,240 | 1,049 |
Total operating revenues | 21,963 | 20,926 | 19,557 |
Operating expenses [Abstract] | ' | ' | ' |
Compensation and benefits | 4,807 | 4,685 | 4,681 |
Fuel | 3,534 | 3,608 | 3,581 |
Purchased services and materials | 2,315 | 2,143 | 2,005 |
Depreciation | 1,777 | 1,760 | 1,617 |
Equipment and other rents | 1,235 | 1,197 | 1,167 |
Other | 849 | 788 | 782 |
Total operating expenses | 14,517 | 14,181 | 13,833 |
Operating income | 7,446 | 6,745 | 5,724 |
Other income (Note 6) | 128 | 108 | 112 |
Interest expense | -526 | -535 | -572 |
Income before income taxes | 7,048 | 6,318 | 5,264 |
Income taxes (Note 7) | -2,660 | -2,375 | -1,972 |
Net income | $4,388 | $3,943 | $3,292 |
Share and Per Share (Note 8) [Abstract] | ' | ' | ' |
Earnings per share - basic | $9.47 | $8.33 | $6.78 |
Earnings per share - diluted | $9.42 | $8.27 | $6.72 |
Weighted average number of shares - basic | 463.3 | 473.1 | 485.7 |
Weighted average number of shares - diluted | 465.8 | 476.5 | 489.8 |
Dividends declared per share | $2.96 | $2.49 | $1.93 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income | $4,388 | $3,943 | $3,292 | |||
Other comprehensive income/(loss): | ' | ' | ' | |||
Defined benefit plans | 436 | -145 | -301 | |||
Foreign currency translation | -1 | 12 | -20 | |||
Derivatives | 1 | 1 | 1 | |||
Total other comprehensive income/(loss) | 436 | [1] | -132 | [1] | -320 | [1] |
Comprehensive income | $4,824 | $3,811 | $2,972 | |||
[1] | Net of deferred taxes of ($264) million, $82 million, and $199 million during 2013, 2012, and 2011, respectively. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Comprehensive Income (Parentheticals) [Abstract] | ' | ' | ' |
Deferred taxes activity other comprehensive income/(loss) | ($264) | $82 | $199 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Position (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets [Abstract] | ' | ' |
Cash and cash equivalents | $1,432 | $1,063 |
Accounts receivable, net (Note 10) | 1,414 | 1,331 |
Materials and supplies | 653 | 660 |
Current deferred income taxes (Note 7) | 268 | 263 |
Other current assets | 223 | 297 |
Total current assets | 3,990 | 3,614 |
Investments | 1,321 | 1,259 |
Net properties (Note 11) | 43,749 | 41,997 |
Other assets | 671 | 283 |
Total assets | 49,731 | 47,153 |
Current liabilities [Abstract] | ' | ' |
Accounts payable and other current liabilities (Note 12) | 3,086 | 2,923 |
Debt due within one year (Note 14) | 705 | 196 |
Total current liabilities | 3,791 | 3,119 |
Debt due after one year (Note 14) | 8,872 | 8,801 |
Deferred income taxes (Note 7) | 14,163 | 13,108 |
Other long-term liabilities | 1,680 | 2,248 |
Commitments and contingencies (Notes 16 and 17) | ' | ' |
Total liabilities | 28,506 | 27,276 |
Common shareholders' equity [Abstract] | ' | ' |
Common shares, $2.50 par value, 800,000,000 authorized; 554,828,826 and 554,558,034 issued; 456,000,998 and 469,465,273 outstanding, respectively | 1,387 | 1,386 |
Paid-in-surplus | 4,210 | 4,113 |
Retained earnings | 25,288 | 22,271 |
Treasury stock | -8,910 | -6,707 |
Accumulated other comprehensive loss (Note 9) | -750 | -1,186 |
Total common shareholders' equity | 21,225 | 19,877 |
Total liabilities and common shareholders' equity | $49,731 | $47,153 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Position (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Financial Position (Parentheticals) [Abstract] | ' | ' |
Common shares, par value | $2.50 | $2.50 |
Common shares authorized | 800,000,000 | 800,000,000 |
Common shares issued | 554,828,826 | 554,558,034 |
Common shares outstanding | 456,000,998 | 469,465,273 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities [Abstract] | ' | ' | ' |
Net income | $4,388 | $3,943 | $3,292 |
Adjustments to reconcile net income to cash provided by operating activities [Abstract] | ' | ' | ' |
Depreciation | 1,777 | 1,760 | 1,617 |
Deferred income taxes and unrecognized tax benefits | 723 | 887 | 986 |
Other operating activities, net | -226 | -160 | -298 |
Changes in current assets and liabilities [Abstract] | ' | ' | ' |
Accounts receivable, net | -83 | 70 | -217 |
Materials and supplies | 7 | -46 | -80 |
Other current assets | 74 | -108 | 178 |
Accounts payable and other current liabilities | 163 | -185 | 395 |
Cash provided by operating activities | 6,823 | 6,161 | 5,873 |
Investing Activities [Abstract] | ' | ' | ' |
Capital investments | -3,496 | -3,738 | -3,176 |
Proceeds from asset sales | 98 | 80 | 108 |
Acquisition of equipment pending financing | 0 | -274 | -85 |
Proceeds from sale of assets financed | 0 | 274 | 85 |
Other investing activities, net | -7 | 25 | -51 |
Cash used in investing activities | -3,405 | -3,633 | -3,119 |
Financing Activities [Abstract] | ' | ' | ' |
Common share repurchases (Note 18) | -2,218 | -1,474 | -1,418 |
Debt issued | 1,443 | 695 | 486 |
Dividends paid | -1,333 | -1,146 | -837 |
Debt repaid | -640 | -758 | -690 |
Debt exchange | -289 | 0 | -272 |
Other financing activities, net | -12 | 1 | 108 |
Cash used in financing activities | -3,049 | -2,682 | -2,623 |
Net change in cash and cash equivalents | 369 | -154 | 131 |
Cash and cash equivalents at beginning of year | 1,063 | 1,217 | 1,086 |
Cash and cash equivalents at end of year | 1,432 | 1,063 | 1,217 |
Non-cash investing and financing activities [Abstract] | ' | ' | ' |
Cash dividends declared but not yet paid | 356 | 318 | 284 |
Capital investments accrued but not yet paid | 133 | 136 | 147 |
Capital lease financings | 39 | 290 | 154 |
Cash paid during the year for: [Abstract] | ' | ' | ' |
Interest, net of amounts capitalized | -528 | -561 | -572 |
Income taxes, net of refunds | ($1,656) | ($1,552) | ($625) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Common Shareholders' Equity (USD $) | Total | Common Shares (Units) [Member] | Treasury Shares (Units) [Member] | Common Shares [Member] | Paid-in-Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income/(Loss) (Note 9) [Member] | |
In Millions, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Shareholders' equity, beginning balance at Dec. 31, 2010 | $17,763 | ' | ' | $1,385 | $3,985 | $17,154 | ($4,027) | ($734) | |
Common shares, beginning balance at Dec. 31, 2010 | ' | 553,900,000 | -62,300,000 | ' | ' | ' | ' | ' | |
Comprehensive income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | 3,292 | ' | ' | ' | ' | 3,292 | ' | ' | |
Other comp. income/(loss) | [1] | -320 | ' | ' | ' | ' | ' | ' | -320 |
Conversion, stock option exercises, forfeitures, and other | 199 | ' | ' | 1 | 46 | ' | 152 | ' | |
Conversion, stock option exercises, forfeitures, and other (shares) | ' | 400,000 | 2,700,000 | ' | ' | ' | ' | ' | |
Share repurchases (Note 18) | -1,418 | ' | ' | ' | ' | ' | -1,418 | ' | |
Share repurchases (Note 18) (shares) | ' | ' | -14,800,000 | ' | ' | ' | ' | ' | |
Cash dividends declared | -938 | ' | ' | ' | ' | -938 | ' | ' | |
Shareholders' equity, ending balance at Dec. 31, 2011 | 18,578 | ' | ' | 1,386 | 4,031 | 19,508 | -5,293 | -1,054 | |
Common shares, ending balance at Dec. 31, 2011 | ' | 554,300,000 | -74,400,000 | ' | ' | ' | ' | ' | |
Comprehensive income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | 3,943 | ' | ' | ' | ' | 3,943 | ' | ' | |
Other comp. income/(loss) | [1] | -132 | ' | ' | ' | ' | ' | ' | -132 |
Conversion, stock option exercises, forfeitures, and other | 142 | ' | ' | ' | 82 | ' | 60 | ' | |
Conversion, stock option exercises, forfeitures, and other (shares) | ' | 300,000 | 2,100,000 | ' | ' | ' | ' | ' | |
Share repurchases (Note 18) | -1,474 | ' | ' | ' | ' | ' | -1,474 | ' | |
Share repurchases (Note 18) (shares) | -12,820,459 | ' | -12,800,000 | ' | ' | ' | ' | ' | |
Cash dividends declared | -1,180 | ' | ' | ' | ' | -1,180 | ' | ' | |
Shareholders' equity, ending balance at Dec. 31, 2012 | 19,877 | ' | ' | 1,386 | 4,113 | 22,271 | -6,707 | -1,186 | |
Common shares, ending balance at Dec. 31, 2012 | 469,465,273 | 554,600,000 | -85,100,000 | ' | ' | ' | ' | ' | |
Comprehensive income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | 4,388 | ' | ' | ' | ' | 4,388 | ' | ' | |
Other comp. income/(loss) | [1] | 436 | ' | ' | ' | ' | ' | ' | 436 |
Conversion, stock option exercises, forfeitures, and other | 113 | ' | ' | 1 | 97 | ' | 15 | ' | |
Conversion, stock option exercises, forfeitures, and other (shares) | ' | 200,000 | 800,000 | ' | ' | ' | ' | ' | |
Share repurchases (Note 18) | -2,218 | ' | ' | ' | ' | ' | -2,218 | ' | |
Share repurchases (Note 18) (shares) | -14,538,819 | ' | -14,500,000 | ' | ' | ' | ' | ' | |
Cash dividends declared | -1,371 | ' | ' | ' | ' | -1,371 | ' | ' | |
Shareholders' equity, ending balance at Dec. 31, 2013 | $21,225 | ' | ' | $1,387 | $4,210 | $25,288 | ($8,910) | ($750) | |
Common shares, ending balance at Dec. 31, 2013 | 456,000,998 | 554,800,000 | -98,800,000 | ' | ' | ' | ' | ' | |
[1] | Net of deferred taxes of ($264) million, $82 million, and $199 million during 2013, 2012, and 2011, respectively. |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Common Shareholders' Equity (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash dividends [Abstract] | ' | ' | ' |
Cash dividends declared per share | $2.96 | $2.49 | $1.93 |
Nature_of_Operations
Nature of Operations | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Nature of Operations [Abstract] | ' | ||||||
Nature Of Operations [Text Block] | ' | ||||||
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. Nature of Operations | |||||||
Operations and Segmentation – We are a Class I railroad operating in the U.S. Our network includes 31,838 route miles, linking Pacific Coast and Gulf Coast ports with the Midwest and eastern U.S. gateways and providing several corridors to key Mexican gateways. We own 26,009 miles and operate on the remainder pursuant to trackage rights or leases. We serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the Atlantic Coast, the Pacific Coast, the Southeast, the Southwest, Canada, and Mexico. Export and import traffic is moved through Gulf Coast and Pacific Coast ports and across the Mexican and Canadian borders. | |||||||
The Railroad, along with its subsidiaries and rail affiliates, is our one reportable operating segment. Although we provide and review revenue by commodity group, we analyze the net financial results of the Railroad as one segment due to the integrated nature of our rail network. The following table provides freight revenue by commodity group: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Agricultural | $ | 3,276 | $ | 3,280 | $ | 3,324 | |
Automotive | 2,077 | 1,807 | 1,510 | ||||
Chemicals | 3,501 | 3,238 | 2,815 | ||||
Coal | 3,978 | 3,912 | 4,084 | ||||
Industrial Products | 3,822 | 3,494 | 3,166 | ||||
Intermodal | 4,030 | 3,955 | 3,609 | ||||
Total freight revenues | $ | 20,684 | $ | 19,686 | $ | 18,508 | |
Other revenues | 1,279 | 1,240 | 1,049 | ||||
Total operating revenues | $ | 21,963 | $ | 20,926 | $ | 19,557 | |
Although our revenues are principally derived from customers domiciled in the U.S., the ultimate points of origination or destination for some products transported by us are outside the U.S. Each of our commodity groups includes revenue from shipments to and from Mexico. Included in the above table are revenues from our Mexico business which amounted to $2.1 billion in 2013, $1.9 billion in 2012, and $1.8 billion in 2011. | |||||||
Basis of Presentation – The Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the U.S. (GAAP) as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
2. Significant Accounting Policies | |
Principles of Consolidation – The Consolidated Financial Statements include the accounts of Union Pacific Corporation and all of its subsidiaries. Investments in affiliated companies (20% to 50% owned) are accounted for using the equity method of accounting. All intercompany transactions are eliminated. We currently have no less than majority-owned investments that require consolidation under variable interest entity requirements. | |
Cash and Cash Equivalents – Cash equivalents consist of investments with original maturities of three months or less. | |
Accounts Receivable – Accounts receivable includes receivables reduced by an allowance for doubtful accounts. The allowance is based upon historical losses, credit worthiness of customers, and current economic conditions. Receivables not expected to be collected in one year and the associated allowances are classified as other assets in our Consolidated Statements of Financial Position. | |
Investments – Investments represent our investments in affiliated companies (20% to 50% owned) that are accounted for under the equity method of accounting and investments in companies (less than 20% owned) accounted for under the cost method of accounting. | |
Materials and Supplies – Materials and supplies are carried at the lower of average cost or market. | |
Property and Depreciation – Properties and equipment are carried at cost and are depreciated on a straight-line basis over their estimated service lives, which are measured in years, except for rail in high-density traffic corridors (i.e., all rail lines except for those subject to abandonment, yard and switching tracks, and electronic yards), for which lives are measured in millions of gross tons per mile of track. We use the group method of depreciation in which all items with similar characteristics, use, and expected lives are grouped together in asset classes, and are depreciated using composite depreciation rates. The group method of depreciation treats each asset class as a pool of resources, not as singular items. We determine the estimated service lives of depreciable railroad assets by means of depreciation studies. Under the group method of depreciation, no gain or loss is recognized when depreciable property is retired or replaced in the ordinary course of business. | |
Impairment of Long-lived Assets – We review long-lived assets, including identifiable intangibles, for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the long-lived assets, the carrying value is reduced to the estimated fair value as measured by the discounted cash flows. | |
Revenue Recognition – We recognize freight revenues as freight moves from origin to destination. The allocation of revenue between reporting periods is based on the relative transit time in each reporting period with expenses recognized as incurred. Other revenues, which include revenues earned by our subsidiaries, revenues from our commuter rail operations, and accessorial revenue, are recognized as service is performed or contractual obligations are met. Customer incentives, which are primarily provided for shipping a specified cumulative volume or shipping to/from specific locations, are recorded as a reduction to operating revenues based on actual or projected future customer shipments. | |
Translation of Foreign Currency – Our portion of the assets and liabilities related to foreign investments are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average rates of exchange prevailing during the year. Unrealized gains or losses are reflected within common shareholders' equity as accumulated other comprehensive income or loss. | |
Fair Value Measurements – We use a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. These levels include: | |
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. | |
Level 3: Unobservable inputs that are not corroborated by market data. | |
We have applied fair value measurements to our pension plan assets and short- and long-term debt. | |
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. | |
We measure and recognize compensation expense for all stock-based awards made to employees and directors, including stock options. Compensation expense is based on the calculated fair value of the awards as measured at the grant date and is expensed ratably over the service period of the awards (generally the vesting period). The fair value of retention awards is the closing stock price on the date of grant, while the fair value of stock options is determined by using the Black-Scholes option pricing model. | |
Earnings Per Share – Basic earnings per share are calculated on the weighted-average number of common shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive. | |
Income Taxes – We account for income taxes by recording taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. These expected future tax consequences are measured based on current tax law; the effects of future tax legislation are not anticipated. Future tax legislation, such as a change in the corporate tax rate, could have a material impact on our financial condition, results of operations, or liquidity. | |
When appropriate, we record a valuation allowance against deferred tax assets to reflect that these tax assets may not be realized. In determining whether a valuation allowance is appropriate, we consider whether it is more likely than not that all or some portion of our deferred tax assets will not be realized, based on management's judgments using available evidence for purposes of estimating whether future taxable income will be sufficient to realize a deferred tax asset. | |
We recognize tax benefits that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in our tax returns that do not meet these recognition and measurement standards. | |
Pension and Postretirement Benefits – We incur certain employment-related expenses associated with pensions and postretirement health benefits. In order to measure the expense associated with these benefits, we must make various assumptions including discount rates used to value certain liabilities, expected return on plan assets used to fund these expenses, compensation increases, employee turnover rates, anticipated mortality rates, and expected future health care costs. The assumptions used by us are based on our historical experience as well as current facts and circumstances. We use an actuarial analysis to measure the expense and liability associated with these benefits. | |
Personal Injury – The cost of injuries to employees and others on our property 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. Our personal injury liability is not discounted to present value. Legal fees and incidental costs are expensed as incurred. | |
Asbestos – We estimate a liability for asserted and unasserted asbestos-related claims based on an assessment of the number and value of those claims. We use a statistical analysis to assist us in properly measuring our potential liability. Our liability for asbestos-related claims is not discounted to present value due to the uncertainty surrounding the timing of future payments. Legal fees and incidental costs are expensed as incurred. | |
Environmental – When environmental issues have been identified with respect to property currently or formerly owned, leased, or otherwise used in the conduct of our business, we perform, with the assistance of our consultants, environmental assessments on such 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. We do not discount our environmental liabilities when the timing of the anticipated cash payments is not fixed or readily determinable. Legal fees and incidental costs are expensed as incurred. | |
Use of Estimates – Our Consolidated Financial Statements include estimates and assumptions regarding certain assets, liabilities, revenue, and expenses and the disclosure of certain contingent assets and liabilities. Actual future results may differ from such estimates. |
Accounting_Pronouncements
Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Pronouncements [Abstract] | ' |
Accounting Pronouncements [Text Block] | ' |
3. Accounting Pronouncements | |
On February 5, 2013, the FASB issued Accounting Standards Update 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02), which adds additional disclosure requirements for items reclassified out of accumulated other comprehensive income. We adopted this ASU during the three months ended March 31, 2013. |
Stock_Options_and_Other_Stock_
Stock Options and Other Stock Plans | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Stock Options and Other Stock Plans [Abstract] | ' | ||||||
Stock Options and Other Stock Plans [Text Block] | ' | ||||||
4. Stock Options and Other Stock Plans | |||||||
There are 7,140 restricted shares outstanding under the 1992 Restricted Stock Plan for Non-Employee Directors of Union Pacific Corporation. We no longer grant awards of restricted shares under this plan. | |||||||
In April 2000, the shareholders approved the Union Pacific Corporation 2000 Directors Plan (Directors Plan) whereby 1,100,000 shares of our common stock were reserved for issuance to our non-employee directors. Under the Directors Plan, each non-employee director, upon his or her initial election to the Board of Directors, receives a grant of 2,000 retention shares or retention stock units. Prior to December 31, 2007, each non-employee director received annually an option to purchase at fair value a number of shares of our common stock, not to exceed 10,000 shares during any calendar year, determined by dividing 60,000 by 1/3 of the fair market value of one share of our common stock on the date of such Board of Directors meeting, with the resulting quotient rounded up or down to the nearest 50 shares. In September 2007, the Board of Directors eliminated the annual payment of options for 2008 and all future years. As of December 31, 2013, 18,000 restricted shares and 81,100 options were outstanding under the Directors Plan. | |||||||
The Union Pacific Corporation 2001 Stock Incentive Plan (2001 Plan) was approved by the shareholders in April 2001. The 2001 Plan reserved 24,000,000 shares of our common stock for issuance to eligible employees of the Corporation and its subsidiaries in the form of non-qualified options, incentive stock options, retention shares, stock units, and incentive bonus awards. Non-employee directors were not eligible for awards under the 2001 Plan. As of December 31, 2013, 6,804 options were outstanding under the 2001 Plan. We no longer grant any stock options or other stock or unit awards under this plan. | |||||||
The Union Pacific Corporation 2004 Stock Incentive Plan (2004 Plan) was approved by shareholders in April 2004. The 2004 Plan reserved 42,000,000 shares of our common stock for issuance, plus any shares subject to awards made under previous plans that were outstanding on April 16, 2004, and became available for regrant pursuant to the terms of the 2004 Plan. Under the 2004 Plan, non-qualified options, stock appreciation rights, retention shares, stock units, and incentive bonus awards may be granted to eligible employees of the Corporation and its subsidiaries. Non-employee directors are not eligible for awards under the 2004 Plan. As of December 31, 2013, 3,633,693 options and 2,799,030 retention shares and stock units were outstanding under the 2004 Plan. We no longer grant any stock options or other stock or unit awards under this plan. | |||||||
The Union Pacific Corporation 2013 Stock Incentive Plan (2013 Plan) was approved by shareholders in May 2013. The 2013 Plan reserved 39,000,000 shares of our common stock for issuance, plus any shares subject to awards made under previous plans as of February 28, 2013, that are subsequently cancelled, expired, forfeited or otherwise not issued under previous plans. Under the 2013 Plan, non-qualified options, incentive stock options, retention shares, stock units, and incentive bonus awards may be granted to eligible employees of the Corporation and its subsidiaries. Non-employee directors are not eligible for awards under the 2013 Plan. As of December 31, 2013, only 1,064 retention shares and stock units were outstanding under the 2013 Plan. | |||||||
Pursuant to the above plans 39,787,448; 32,168,520; and 32,374,343 shares of our common stock were authorized and available for grant at December 31, 2013, 2012, and 2011, respectively. | |||||||
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: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Stock-based compensation, before tax: | |||||||
Stock options | $ | 19 | $ | 18 | $ | 18 | |
Retention awards | 79 | 75 | 64 | ||||
Total stock-based compensation, before tax | $ | 98 | $ | 93 | $ | 82 | |
Excess tax benefits from equity compensation plans | $ | 76 | $ | 100 | $ | 83 | |
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 | 2013 | 2012 | 2011 | ||||
Risk-free interest rate | 0.80% | 0.80% | 2.30% | ||||
Dividend yield | 2.10% | 2.10% | 1.60% | ||||
Expected life (years) | 5 | 5.3 | 5.3 | ||||
Volatility | 36.20% | 36.80% | 35.90% | ||||
Weighted-average grant-date fair value of options granted | $ | 34.98 | $ | 31.29 | $ | 28.45 | |
The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant; the 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 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 2013 is presented below: | |||||||
Shares (thous.) | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value (millions) | ||||
Outstanding at January 1, 2013 | 4,289 | $ | 65.68 | 5.8 yrs. | $ | 258 | |
Granted | 572 | 132 | N/A | N/A | |||
Exercised | -1,117 | 50.64 | N/A | N/A | |||
Forfeited or expired | -22 | 107.99 | N/A | N/A | |||
Outstanding at December 31, 2013 | 3,722 | $ | 80.14 | 5.8 yrs. | $ | 327 | |
Vested or expected to vest | 3,722 | $ | 80.12 | 5.8 yrs. | $ | 325 | |
at December 31, 2013 | |||||||
Options exercisable at December 31, 2013 | 2,575 | $ | 62.46 | 4.7 yrs. | $ | 272 | |
Stock options are granted at the closing price on the date of grant, have ten-year contractual terms, and vest no later than three years from the date of grant. None of the stock options outstanding at December 31, 2013 are subject to performance or market-based vesting conditions. | |||||||
At December 31, 2013, there was $17 million of unrecognized compensation expense related to nonvested stock options, which is expected to be recognized over a weighted-average period of 1 year. Additional information regarding stock option exercises appears in the table below: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Intrinsic value of stock options exercised | $ | 112 | $ | 244 | $ | 209 | |
Cash received from option exercises | 51 | 84 | 137 | ||||
Treasury shares repurchased for employee payroll taxes | -21 | -30 | -53 | ||||
Tax benefit realized from option exercises | 43 | 93 | 80 | ||||
Aggregate grant-date fair value of stock options vested | 16 | 16 | 19 | ||||
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 2013 were as follows: | |||||||
Shares (thous.) | Weighted-Average Grant-Date Fair Value | ||||||
Nonvested at January 1, 2013 | 2,355 | $ | 73.27 | ||||
Granted | 421 | 132.04 | |||||
Vested | -858 | 47.7 | |||||
Forfeited | -62 | 84.81 | |||||
Nonvested at December 31, 2013 | 1,856 | $ | 98.04 | ||||
Retention awards are granted at no cost to the employee or non-employee director and vest over periods lasting up to four years. At December 31, 2013, there was $71 million of total unrecognized compensation expense related to nonvested retention awards, which is expected to be recognized over a weighted-average period of 1.5 years. | |||||||
Performance Retention Awards – In February 2013, our Board of Directors approved performance stock unit grants. Other than different performance targets, the basic terms of these performance stock units are identical to those granted in February 2011 and February 2012, including using annual return on invested capital (ROIC) as the performance measure. 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. | |||||||
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. 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. 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 2013 grant were as follows: | |||||||
2013 | |||||||
Dividend per share per quarter | $ | 0.69 | |||||
Risk-free interest rate at date of grant | 0.40% | ||||||
Changes in our performance retention awards during 2013 were as follows: | |||||||
Shares (thous.) | Weighted-Average Grant-Date Fair Value | ||||||
Nonvested at January 1, 2013 | 1,075 | $ | 83.8 | ||||
Granted | 304 | 125.14 | |||||
Vested | -401 | 58.33 | |||||
Forfeited | -34 | 98.69 | |||||
Nonvested at December 31, 2013 | 944 | $ | 107.4 | ||||
At December 31, 2013, there was $39 million of total unrecognized compensation expense related to nonvested performance retention awards, which is expected to be recognized over a weighted-average period of 1.1 years. This expense is subject to achievement of the ROIC levels established for the performance stock unit grants. |
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Retirement Plans [Abstract] | ' | |||||||||||||
Retirement Plans [Text Block] | ' | |||||||||||||
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. | ||||||||||||||
Other Postretirement Benefits (OPEB) – We provide medical and life insurance benefits for eligible retirees. These benefits are funded as medical claims and life insurance premiums are paid. | ||||||||||||||
Funded Status | ||||||||||||||
We are required by GAAP to separately recognize the overfunded or underfunded status of our pension and OPEB plans as an asset or liability. The funded status represents the difference between the projected benefit obligation (PBO) and the fair value of the plan assets. Our non-qualified (supplemental) pension plan is unfunded by design. The PBO of the pension plans is the present value of benefits earned to date by plan participants, including the effect of assumed future compensation increases. The PBO of the OPEB plan is equal to the accumulated benefit obligation, as the present value of the OPEB liabilities is not affected by compensation increases. Plan assets are measured at fair value. We use a December 31 measurement date for plan assets and obligations for all our retirement plans. | ||||||||||||||
Changes in our PBO and plan assets were as follows for the years ended December 31: | ||||||||||||||
Funded Status | Pension | OPEB | ||||||||||||
Millions | 2013 | 2012 | 2013 | 2012 | ||||||||||
Projected Benefit Obligation | ||||||||||||||
Projected benefit obligation at beginning of year | $ | 3,591 | $ | 3,165 | $ | 372 | $ | 336 | ||||||
Service cost | 72 | 54 | 3 | 3 | ||||||||||
Interest cost | 134 | 141 | 12 | 15 | ||||||||||
Actuarial loss/(gain) | -257 | 391 | -34 | 42 | ||||||||||
Gross benefits paid | -168 | -160 | -23 | -24 | ||||||||||
Projected benefit obligation at end of year | $ | 3,372 | $ | 3,591 | $ | 330 | $ | 372 | ||||||
Plan Assets | ||||||||||||||
Fair value of plan assets at beginning of year | $ | 2,875 | $ | 2,505 | $ | - | $ | - | ||||||
Actual return on plan assets | 506 | 315 | - | - | ||||||||||
Voluntary funded pension plan contributions | 200 | 200 | - | - | ||||||||||
Non-qualified plan benefit contributions | 16 | 15 | 23 | 24 | ||||||||||
Gross benefits paid | -168 | -160 | -23 | -24 | ||||||||||
Fair value of plan assets at end of year | $ | 3,429 | $ | 2,875 | $ | - | $ | - | ||||||
Funded status at end of year | $ | 57 | $ | -716 | $ | -330 | $ | -372 | ||||||
Amounts recognized in the statement of financial position as of December 31, 2013 and 2012 consist of: | ||||||||||||||
Pension | OPEB | |||||||||||||
Millions | 2013 | 2012 | 2013 | 2012 | ||||||||||
Noncurrent assets | $ | 364 | $ | 1 | $ | - | $ | - | ||||||
Current liabilities | -16 | -16 | -25 | -27 | ||||||||||
Noncurrent liabilities | -291 | -701 | -305 | -345 | ||||||||||
Net amounts recognized at end of year | $ | 57 | $ | -716 | $ | -330 | $ | -372 | ||||||
Pre-tax amounts recognized in accumulated other comprehensive income/(loss) as of December 31, 2013 and 2012 consist of: | ||||||||||||||
2013 | 2012 | |||||||||||||
Millions | Pension | OPEB | Total | Pension | OPEB | Total | ||||||||
Prior service (cost)/credit | $ | - | $ | 28 | $ | 28 | $ | - | $ | 45 | $ | 45 | ||
Net actuarial loss | -1,018 | -125 | -1,143 | -1,685 | -175 | -1,860 | ||||||||
Total | $ | -1,018 | $ | -97 | $ | -1,115 | $ | -1,685 | $ | -130 | $ | -1,815 | ||
Pre-tax changes recognized in other comprehensive income/(loss) during 2013, 2012 and 2011 were as follows: | ||||||||||||||
Pension | OPEB | |||||||||||||
Millions | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||
Prior service cost/(credit) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 10 | ||
Net actuarial loss/(gain) | -561 | 265 | 515 | -34 | 42 | 14 | ||||||||
Amortization of: | ||||||||||||||
Prior service cost/(credit) | - | -1 | -2 | 16 | 18 | 34 | ||||||||
Actuarial loss | -106 | -83 | -71 | -15 | -13 | -11 | ||||||||
Total | $ | -667 | $ | 181 | $ | 442 | $ | -33 | $ | 47 | $ | 47 | ||
Amounts included in accumulated other comprehensive income/(loss) expected to be amortized into net periodic cost (benefit) during 2014: | ||||||||||||||
Millions | Pension | OPEB | Total | |||||||||||
Prior service benefit | $ | - | $ | -11 | $ | -11 | ||||||||
Net actuarial loss | 69 | 10 | 79 | |||||||||||
Total | $ | 69 | $ | -1 | $ | 68 | ||||||||
Underfunded Accumulated Benefit Obligation – The accumulated benefit obligation (ABO) is the present value of benefits earned to date, assuming no future compensation growth. The underfunded accumulated benefit obligation represents the difference between the ABO and the fair value of plan assets. At December 31, 2013 and 2012, the non-qualified (supplemental) plan ABO was $302 million and $331 million, respectively. The following table discloses only the PBO, ABO, and fair value of plan assets for pension plans where the accumulated benefit obligation is in excess of the fair value of the plan assets as of December 31: | ||||||||||||||
Underfunded Accumulated Benefit Obligation | ||||||||||||||
Millions | 2013 | 2012 | ||||||||||||
Projected benefit obligation | $ | 308 | $ | 3,574 | ||||||||||
Accumulated benefit obligation | $ | 302 | $ | 3,440 | ||||||||||
Fair value of plan assets | - | 2,857 | ||||||||||||
Underfunded accumulated benefit obligation | $ | -302 | $ | -583 | ||||||||||
The ABO for all defined benefit pension plans was $3.2 billion and $3.4 billion at December 31, 2013 and 2012, respectively. | ||||||||||||||
Assumptions – The weighted-average actuarial assumptions used to determine benefit obligations at December 31: | ||||||||||||||
Pension | OPEB | |||||||||||||
Percentages | 2013 | 2012 | 2013 | 2012 | ||||||||||
Discount rate | 4.72% | 3.78% | 4.47% | 3.48% | ||||||||||
Compensation increase | 4.00% | 3.76% | N/A | N/A | ||||||||||
Health care cost trend rate (employees under 65) | N/A | N/A | 6.49% | 6.64% | ||||||||||
Ultimate health care cost trend rate | N/A | N/A | 4.50% | 4.50% | ||||||||||
Year ultimate trend rate reached | N/A | N/A | 2028 | 2028 | ||||||||||
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 five-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 and OPEB cost/(benefit) were as follows for the years ended December 31: | ||||||||||||||
Pension | OPEB | |||||||||||||
Millions | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||
Net Periodic Benefit Cost: | ||||||||||||||
Service cost | $ | 72 | $ | 54 | $ | 40 | $ | 3 | $ | 3 | $ | 2 | ||
Interest cost | 134 | 141 | 145 | 12 | 15 | 15 | ||||||||
Expected return on plan assets | -202 | -190 | -180 | - | - | - | ||||||||
Amortization of: | ||||||||||||||
Prior service cost/(credit) | - | 1 | 2 | -16 | -18 | -34 | ||||||||
Actuarial loss | 106 | 83 | 71 | 15 | 13 | 11 | ||||||||
Net periodic benefit cost/(benefit) | $ | 110 | $ | 89 | $ | 78 | $ | 14 | $ | 13 | $ | -6 | ||
Assumptions – The weighted-average actuarial assumptions used to determine expense were as follows for the years ended December 31: | ||||||||||||||
Pension | OPEB | |||||||||||||
Percentages | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||
Discount rate | 3.78% | 4.54% | 5.35% | 3.48% | 4.36% | 5.01% | ||||||||
Expected return on plan assets | 7.50% | 7.50% | 7.50% | N/A | N/A | N/A | ||||||||
Compensation increase | 3.43% | 3.69% | 4.48% | N/A | N/A | N/A | ||||||||
Health care cost trend rate (employees under 65) | N/A | N/A | N/A | 6.64% | 6.91% | 7.07% | ||||||||
Ultimate health care cost trend rate | N/A | N/A | N/A | 4.50% | 4.50% | 4.50% | ||||||||
Year ultimate trend reached | N/A | N/A | N/A | 2028 | 2028 | 2028 | ||||||||
The discount rate was based on a yield curve of high quality corporate bonds with cash flows matching our plans' expected benefit payments. The expected return on plan assets is based on our asset allocation mix and our historical return, taking into account current and expected market conditions. The actual return on pension plan assets, net of fees, was approximately 17% in 2013, 13% in 2012, and 2% in 2011. | ||||||||||||||
Assumed health care cost trend rates have an effect on the expense and liabilities reported for health care plans. The assumed health care cost trend rate is based on historical rates and expected market conditions. The 2014 assumed health care cost trend rate for employees under 65 is 6.64%. It is assumed the rate will decrease gradually to an ultimate rate of 4.5% in 2028 and will remain at that level. A one-percentage point change in the assumed health care cost trend rates would have the following effects on OPEB: | ||||||||||||||
Millions | One % pt. Increase | One % pt. Decrease | ||||||||||||
Effect on total service and interest cost components | $ | 1 | $ | -1 | ||||||||||
Effect on accumulated benefit obligation | 15 | -13 | ||||||||||||
Cash Contributions | ||||||||||||||
The following table details our cash contributions for the qualified pension plans and the benefit payments for the non-qualified (supplemental) pension and OPEB plans: | ||||||||||||||
Pension | ||||||||||||||
Millions | Qualified | Non-qualified | OPEB | |||||||||||
2012 | $ | 200 | 15 | 24 | ||||||||||
2013 | 200 | 16 | 23 | |||||||||||
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. All contributions made to the qualified pension plans in 2013 were voluntary and were made with cash generated from operations. | ||||||||||||||
The non-qualified pension and OPEB plans are not funded and are not subject to any minimum regulatory funding requirements. Benefit payments for each year represent supplemental pension payments and claims paid for medical and life insurance. We anticipate our 2014 supplemental pension and OPEB payments will be made from cash generated from operations. | ||||||||||||||
Benefit Payments | ||||||||||||||
The following table details expected benefit payments for the years 2014 through 2023: | ||||||||||||||
Millions | Pension | OPEB | ||||||||||||
2014 | $ | 171 | $ | 25 | ||||||||||
2015 | 176 | 25 | ||||||||||||
2016 | 181 | 25 | ||||||||||||
2017 | 185 | 25 | ||||||||||||
2018 | 191 | 25 | ||||||||||||
Years 2019 - 2023 | 1,019 | 114 | ||||||||||||
Asset Allocation Strategy | ||||||||||||||
Our pension plan asset allocation at December 31, 2013 and 2012, and target allocation for 2014, are as follows: | ||||||||||||||
Target Allocation 2014 | Percentage of Plan Assets December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
Equity securities | 60% to 70% | 70% | 65% | |||||||||||
Debt securities | 20% to 30% | 21 | 25 | |||||||||||
Real estate | 2% to 8% | 4 | 5 | |||||||||||
Commodities | 4% to 6% | 5 | 5 | |||||||||||
Total | 100% | 100% | ||||||||||||
The investment strategy for pension plan assets is to maintain a broadly diversified portfolio designed to achieve our target average long-term rate of return of 7.5%. While we believe we can achieve a long-term average rate of return of 7.5%, we cannot be certain that the portfolio will perform to our expectations. Assets are strategically allocated among equity, debt, and other investments in order to achieve a diversification level that reduces fluctuations in investment returns. Asset allocation target ranges for equity, debt, and other portfolios are evaluated at least every three years with the assistance of an independent consulting firm. Actual asset allocations are monitored monthly, and rebalancing actions are executed at least quarterly, if needed. | ||||||||||||||
The pension plan investments are held in a Master Trust. The majority of pension plan assets are invested in equity securities because equity portfolios have historically provided higher returns than debt and other asset classes over extended time horizons and are expected to do so in the future. Correspondingly, equity investments also entail greater risks than other investments. Equity risks are balanced by investing a significant portion of the plans' assets in high quality debt securities. The average credit rating of the debt portfolio exceeded A+ as of December 31, 2013 and 2012. The debt portfolio is also broadly diversified and invested primarily in U.S. Treasury, mortgage, and corporate securities. The weighted-average maturity of the debt portfolio was 12 years at both December 31, 2013 and 2012. | ||||||||||||||
The investment of pension plan assets in securities issued by UP is explicitly prohibited by the plan for both the equity and debt portfolios, other than through index fund holdings. | ||||||||||||||
Fair Value Measurements | ||||||||||||||
The pension plan assets are valued at fair value. The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. | ||||||||||||||
Temporary Cash Investments – These investments consist of U.S. dollars and foreign currencies held in master trust accounts at The Northern Trust Company. Foreign currencies held are reported in terms of U.S. dollars based on currency exchange rates readily available in active markets. These temporary cash investments are classified as Level 1 investments. | ||||||||||||||
Registered Investment Companies – Registered Investment Companies are real estate investments, non-U.S. stock investments, and bond investments registered with the Securities and Exchange Commission. The real estate investments and non-U.S. stock investments are traded actively on public exchanges. The share prices for these investments are published at the close of each business day. Holdings of real estate investments and non-U.S. stock investments are classified as Level 1 investments. The bond investments are not traded publicly, but the underlying assets (stocks and bonds) held in these funds are traded on active markets and the prices for these assets are readily observable. Holdings in bond investments are classified as Level 2 investments. | ||||||||||||||
U.S. Government Securities – Federal Government Securities consist of bills, notes, bonds, and other fixed income securities issued directly by the U.S. Treasury or by government-sponsored enterprises. These assets are valued using a bid evaluation process with bid data provided by independent pricing sources. Federal Government Securities are classified as Level 2 investments. | ||||||||||||||
Corporate Bonds & Debentures – Bonds and debentures consist of fixed income securities issued by U.S. and non-U.S. corporations as well as state and local governments. These assets are valued using a bid evaluation process with bid data provided by independent pricing sources. Corporate, state, and municipal bonds and debentures are classified as Level 2 investments. | ||||||||||||||
Corporate Stock – This investment category consists of common and preferred stock issued by U.S. and non-U.S. corporations. Most common shares are traded actively on exchanges and price quotes for these shares are readily available. Common stock is classified as a Level 1 investment. Preferred shares included in this category are valued using a bid evaluation process with bid data provided by independent pricing sources. Preferred stock is classified as a Level 2 investment. | ||||||||||||||
Venture Capital and Buyout Partnerships – This investment category is comprised of interests in limited partnerships that invest primarily in privately-held companies. Due to the private nature of the partnership investments, pricing inputs are not readily observable. Asset valuations are developed by the general partners that manage the partnerships. These valuations are based on the application of public market multiples to private company cash flows, market transactions that provide valuation information for comparable companies, and other methods. Holdings of limited partnership interests are classified as Level 3 investments. | ||||||||||||||
Real Estate Partnerships – Most of the real estate investments are partnership interests similar to those described in the Venture Capital and Buyout Partnerships category. This category also includes real estate investments held in less commonly used structures such as private real estate investment trusts and pooled separate accounts. Valuations for the holdings in this category are not based on readily observable inputs and are primarily derived from property appraisals. Interests in private real estate partnerships, investment trusts and pooled separate accounts are classified as Level 3 investments. | ||||||||||||||
Common Trust and Other Funds – Common trust funds are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (U.S. stock funds, non-U.S. stock funds, commodity funds, and short term investment funds) are publicly traded on exchanges and price quotes for the assets held by these funds are readily available. Holdings of common trust funds are classified as Level 2 investments. | ||||||||||||||
This category also includes investments in limited liability companies that invest in publicly-traded convertible securities, commodities, and other assets. The limited liability company investments are funds that invest in both long and short positions in convertible securities, stocks, commodities, and fixed income securities. The underlying securities held by the funds are traded actively on exchanges and price quotes for these investments are readily available. Interests in the limited liability companies are classified as a Level 2 investments. | ||||||||||||||
Other Investments – This category includes several miscellaneous assets such as commodity hedge fund investments and derivative securities. These investments have valuations that are based on observable inputs and are classified as Level 2 investments. | ||||||||||||||
As of December 31, 2013, the pension plan assets measured at fair value on a recurring basis were as follows: | ||||||||||||||
Quoted Prices | Significant | |||||||||||||
in Active | Other | Significant | ||||||||||||
Markets for | Observable | Unobservable | ||||||||||||
Identical Inputs | Inputs | Inputs | ||||||||||||
Millions | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||
Plan assets: | ||||||||||||||
Temporary cash investments | $ | 16 | $ | - | $ | - | $ | 16 | ||||||
Registered investment companies | 11 | 253 | - | 264 | ||||||||||
U.S. government securities | - | 126 | - | 126 | ||||||||||
Corporate bonds & debentures | - | 310 | - | 310 | ||||||||||
Corporate stock | 983 | 16 | - | 999 | ||||||||||
Venture capital and buyout partnerships | - | - | 213 | 213 | ||||||||||
Real estate partnerships | - | - | 139 | 139 | ||||||||||
Common trust and other funds | - | 1,357 | - | 1,357 | ||||||||||
Other investments | - | - | - | - | ||||||||||
Total plan assets at fair value | $ | 1,010 | $ | 2,062 | $ | 352 | 3,424 | |||||||
Other assets [a] | 5 | |||||||||||||
Total plan assets | $ | 3,429 | ||||||||||||
[a] Other assets include accrued receivables and pending broker settlements. | ||||||||||||||
As of December 31, 2012, the pension plan assets measured at fair value on a recurring basis were as follows: | ||||||||||||||
Quoted Prices | Significant | |||||||||||||
in Active | Other | Significant | ||||||||||||
Markets for | Observable | Unobservable | ||||||||||||
Identical Inputs | Inputs | Inputs | ||||||||||||
Millions | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||
Plan assets: | ||||||||||||||
Temporary cash investments | $ | 14 | $ | - | $ | - | $ | 14 | ||||||
Registered investment companies | 10 | 258 | - | 268 | ||||||||||
U.S. government securities | - | 125 | - | 125 | ||||||||||
Corporate bonds & debentures | - | 326 | - | 326 | ||||||||||
Corporate stock | 758 | 12 | - | 770 | ||||||||||
Venture capital and buyout partnerships | - | - | 179 | 179 | ||||||||||
Real estate partnerships | - | - | 143 | 143 | ||||||||||
Common trust and other funds | - | 1,018 | - | 1,018 | ||||||||||
Other investments | - | 27 | - | 27 | ||||||||||
Total plan assets at fair value | $ | 782 | $ | 1,766 | $ | 322 | 2,870 | |||||||
Other assets [a] | 5 | |||||||||||||
Total plan assets | $ | 2,875 | ||||||||||||
[a] Other assets include accrued receivables and pending broker settlements. | ||||||||||||||
For the years ended December 31, 2013 and 2012, there were no significant transfers in or out of Levels 1, 2, or 3. | ||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3 investments) during 2013: | ||||||||||||||
Venture Capital | ||||||||||||||
and Buyout | Real Estate | |||||||||||||
Millions | Partnerships | Partnerships | Total | |||||||||||
Beginning balance - January 1, 2013 | $ | 179 | $ | 143 | $ | 322 | ||||||||
Realized gain | 7 | 8 | 15 | |||||||||||
Unrealized gain | 24 | 3 | 27 | |||||||||||
Purchases | 43 | 23 | 66 | |||||||||||
Sales | -40 | -38 | -78 | |||||||||||
Ending balance - December 31, 2013 | $ | 213 | $ | 139 | $ | 352 | ||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3 investments) during 2012: | ||||||||||||||
Venture Capital | ||||||||||||||
and Buyout | Real Estate | |||||||||||||
Millions | Partnerships | Partnerships | Total | |||||||||||
Beginning balance - January 1, 2012 | $ | 184 | $ | 126 | $ | 310 | ||||||||
Realized gain/(loss) | 11 | 3 | 14 | |||||||||||
Unrealized gain | 1 | - | 1 | |||||||||||
Purchases | 18 | 23 | 41 | |||||||||||
Sales | -35 | -9 | -44 | |||||||||||
Ending balance - December 31, 2012 | $ | 179 | $ | 143 | $ | 322 | ||||||||
Other Retirement Programs | ||||||||||||||
401(k)/Thrift Plan – We provide a defined contribution plan (401(k)/thrift plan) to eligible non-union and union employees for whom we make matching contributions. We match 50 cents for each dollar contributed by employees up to the first six percent of compensation contributed. Our plan contributions were $18 million in 2013, $15 million in 2012 and $14 million in 2011. | ||||||||||||||
Railroad Retirement System – All Railroad employees are covered by the Railroad Retirement System (the System). Contributions made to the System are expensed as incurred and amounted to approximately $670 million in 2013, $644 million in 2012, and $600 million in 2011. | ||||||||||||||
Collective Bargaining Agreements – Under collective bargaining agreements, we participate in multi-employer benefit plans that provide certain postretirement health care and life insurance benefits for eligible union employees. Premiums paid under these plans are expensed as incurred and amounted to $57 million in 2013, $62 million in 2012, and $66 million in 2011. |
Other_Income
Other Income | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Income [Abstract] | ' | |||||||
Other Income [Text Block] | ' | |||||||
6. Other Income | ||||||||
Other income included the following for the years ended December 31: | ||||||||
Millions | 2013 [a] | 2012 | 2011 | |||||
Rental income | $ | 106 | $ | 83 | $ | 80 | ||
Net gain on non-operating asset dispositions | 32 | 29 | 43 | |||||
Interest income | 4 | 3 | 3 | |||||
Early extinguishment of debt | -1 | -6 | -5 | |||||
Non-operating environmental costs and other | -13 | -1 | -9 | |||||
Total | $ | 128 | $ | 108 | $ | 112 | ||
[a] Rental income includes $17 million related to a land lease contract settlement. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Income Tax [Abstract] | ' | ||||||
Income Taxes [Text Block] | ' | ||||||
7. Income Taxes | |||||||
Components of income tax expense were as follows for the years ended December 31: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Current tax expense: | |||||||
Federal | $ | 1,738 | $ | 1,335 | $ | 862 | |
State | 199 | 153 | 124 | ||||
Total current tax expense | 1,937 | 1,488 | 986 | ||||
Deferred tax expense: | |||||||
Federal | 659 | 760 | 894 | ||||
State | 119 | 120 | 70 | ||||
Total deferred tax expense | 778 | 880 | 964 | ||||
Unrecognized tax benefits: | |||||||
Federal | -54 | 5 | 11 | ||||
State | -1 | 2 | 11 | ||||
Total unrecognized tax benefits expense/(benefits) | -55 | 7 | 22 | ||||
Total income tax expense | $ | 2,660 | $ | 2,375 | $ | 1,972 | |
For the years ended December 31, reconciliations between statutory and effective tax rates are as follows: | |||||||
Tax Rate Percentages | 2013 | 2012 | 2011 | ||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |
State statutory rates, net of federal benefits | 3.1 | 3.1 | 3.1 | ||||
Deferred tax adjustments | -0.1 | -0.1 | -0.5 | ||||
Tax credits | -0.2 | -0.5 | -0.5 | ||||
Other | -0.1 | 0.1 | 0.4 | ||||
Effective tax rate | 37.7 | % | 37.6 | % | 37.5 | % | |
In February of 2011, Arizona enacted legislation that will decrease the state's corporate tax rate. This reduced our deferred tax expense by $14 million in the first quarter of 2011. | |||||||
Deferred tax assets and liabilities are recorded for the expected future tax consequences of events that are reported in different periods for financial reporting and income tax purposes. The majority of our deferred tax assets relate to deductions that already have been claimed for financial reporting purposes but not for tax purposes. The majority of our deferred tax liabilities relate to differences between the tax bases and financial reporting amounts of our land and depreciable property, due to accelerated tax depreciation (including bonus depreciation), revaluation of assets in purchase accounting transactions, and differences in capitalization methods. | |||||||
Deferred income tax (liabilities)/assets were comprised of the following at December 31: | |||||||
Millions | 2013 | 2012 | |||||
Deferred income tax liabilities: | |||||||
Property | $ | -14,448 | $ | -13,863 | |||
Other | -260 | -237 | |||||
Total deferred income tax liabilities | -14,708 | -14,100 | |||||
Deferred income tax assets: | |||||||
Accrued wages | 71 | 69 | |||||
Accrued casualty costs | 223 | 238 | |||||
Accrued stock compensation | 66 | 58 | |||||
Debt and leases | 41 | 185 | |||||
Retiree benefits | 100 | 365 | |||||
Credits | 182 | 200 | |||||
Other | 130 | 140 | |||||
Total deferred income tax assets | $ | 813 | $ | 1,255 | |||
Net deferred income tax liability | $ | -13,895 | $ | -12,845 | |||
Current portion of deferred taxes | $ | 268 | $ | 263 | |||
Non-current portion of deferred taxes | -14,163 | -13,108 | |||||
Net deferred income tax liability | $ | -13,895 | $ | -12,845 | |||
When appropriate, we record a valuation allowance against deferred tax assets to reflect that these tax assets may not be realized. In determining whether a valuation allowance is appropriate, we consider whether it is more likely than not that all or some portion of our deferred tax assets will not be realized based on management's judgments using available evidence for purposes of estimating whether future taxable income will be sufficient to realize a deferred tax asset. In 2013 and 2012, there were no valuation allowances. | |||||||
Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. Unrecognized tax benefits are tax benefits claimed in our tax returns that do not meet these recognition and measurement standards. | |||||||
A reconciliation of changes in unrecognized tax benefits liabilities/(assets) from the beginning to the end of the reporting period is as follows: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Unrecognized tax benefits at January 1 | $ | 115 | $ | 107 | $ | 86 | |
Increases for positions taken in current year | 24 | 29 | 9 | ||||
Increases for positions taken in prior years | 15 | 4 | 81 | ||||
Decreases for positions taken in prior years | -30 | -19 | -30 | ||||
Payments to and settlements with taxing authorities | -63 | - | -27 | ||||
Increases/(decreases) for interest and penalties | - | -4 | -9 | ||||
Lapse of statutes of limitations | -2 | -2 | -3 | ||||
Unrecognized tax benefits at December 31 | $ | 59 | $ | 115 | $ | 107 | |
We recognize interest and penalties as part of income tax expense. Total accrued liabilities for interest and penalties were $6 million at both December 31, 2013 and 2012. Total interest and penalties recognized as part of income tax expense (benefit) were $7 million for 2013, $(4) million for 2012, and $10 million for 2011. | |||||||
Internal Revenue Service (IRS) examinations have been completed and settled for all years prior to 2005, and the statute of limitations bars any additional tax assessments. The IRS has completed their examinations and issued notices of deficiency for tax years 2005 through 2010. We disagree with many of their proposed adjustments, and we are at IRS Appeals for those years. Additionally, several state tax authorities are examining our state income tax returns for years 2006 through 2010. | |||||||
In the fourth quarter of 2013, we reached an agreement in principle with the IRS to resolve all of the issues related to tax years 2005 through 2008, except for calculations of interest. We anticipate signing a closing agreement with the IRS within the next 12 months. Once formalized, this agreement should have an immaterial effect on our income tax expense. Based on this agreement in principle, we made a payment of $80 million, consisting of $68 million of tax and $12 million of interest. | |||||||
In 2012, UP and the IRS signed a closing agreement resolving all tax matters for tax years 1999-2004. The settlement had an immaterial effect on our income tax expense. In connection with the settlement, we received refunds of $8 million in 2013. | |||||||
We do not expect our unrecognized tax benefits to change significantly in the next 12 months. At December 31, 2013, we had a net unrecognized tax benefit liability of $59 million. Of that amount, $25 million is classified as a current liability in the Consolidated Statement of Financial Position. | |||||||
The portion of our unrecognized tax benefits that relates to permanent changes in tax and interest would reduce our effective tax rate, if recognized. The remaining unrecognized tax benefits relate to tax positions for which only the timing of the benefit is uncertain. Recognition of the tax benefits with uncertain timing would reduce our effective tax rate only through a reduction of accrued interest and penalties. The unrecognized tax benefits that would reduce our effective tax rate are as follows: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Unrecognized tax benefits that would reduce the effective tax rate | $ | 34 | $ | 41 | $ | 80 | |
Unrecognized tax benefits that would not reduce the effective tax rate | 25 | 74 | 27 | ||||
Total unrecognized tax benefits | $ | 59 | $ | 115 | $ | 107 |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Earnings Per Share [Text Block] | ' | ||||||
8. Earnings Per Share | |||||||
The following table provides a reconciliation between basic and diluted earnings per share for the years ended December 31: | |||||||
Millions, Except Per Share Amounts | 2013 | 2012 | 2011 | ||||
Net income | $ | 4,388 | $ | 3,943 | $ | 3,292 | |
Weighted-average number of shares outstanding: | |||||||
Basic | 463.3 | 473.1 | 485.7 | ||||
Dilutive effect of stock options | 1.2 | 1.8 | 2.6 | ||||
Dilutive effect of retention shares and units | 1.3 | 1.6 | 1.5 | ||||
Diluted | 465.8 | 476.5 | 489.8 | ||||
Earnings per share – basic | $ | 9.47 | $ | 8.33 | $ | 6.78 | |
Earnings per share – diluted | $ | 9.42 | $ | 8.27 | $ | 6.72 | |
Common stock options totaling 0.2 million, 0.5 million, and 0.6 million for 2013, 2012, and 2011, respectively, were excluded from the computation of diluted earnings per share because the exercise prices of these options exceeded the average market price of our common stock for the respective periods, and the effect of their inclusion would be anti-dilutive. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income/(Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income/(Loss) [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income/(Loss) [Text Block] | ' | ||||||||||||
9. Accumulated Other Comprehensive Income/(Loss) | |||||||||||||
Reclassifications out of accumulated other comprehensive income/(loss) were as follows (net of tax): | |||||||||||||
Millions | Defined benefit plans | Foreign currency translation | Derivatives | Total | |||||||||
Balance at January 1, 2013 | $ | -1,149 | $ | -36 | $ | -1 | $ | -1,186 | |||||
Other comprehensive income/(loss) before reclassifications | -1 | -1 | 1 | -1 | |||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) [a] | 437 | - | - | 437 | |||||||||
Net year-to-date other comprehensive income/(loss), net of taxes of ($264) million | 436 | -1 | 1 | 436 | |||||||||
Balance at December 31, 2013 | $ | -713 | $ | -37 | $ | - | $ | -750 | |||||
Balance at January 1, 2012 | $ | -1,004 | $ | -48 | $ | -2 | $ | -1,054 | |||||
Other comprehensive income/(loss) before reclassifications | -6 | 12 | 1 | 7 | |||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) [a] | -139 | - | - | -139 | |||||||||
Net year-to-date other comprehensive income/(loss), net of taxes of $82 million | -145 | 12 | 1 | -132 | |||||||||
Balance at December 31, 2012 | $ | -1,149 | $ | -36 | $ | -1 | $ | -1,186 | |||||
[a] | The accumulated other comprehensive income/(loss) reclassification components are 1) prior service cost/(benefit) 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. | ||||||||||||
Accounts_Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2013 | |
Accounts Receivable [Abstract] | ' |
Accounts Receivable [Text Block] | ' |
10. Accounts Receivable | |
Accounts receivable includes freight and other receivables reduced by an allowance for doubtful accounts. The allowance is based upon historical losses, credit worthiness of customers, and current economic conditions. At December 31, 2013, and 2012, our accounts receivable were reduced by $1 million and $4 million, respectively. Receivables not expected to be collected in one year and the associated allowances are classified as other assets in our Consolidated Statements of Financial Position. At December 31, 2013, and 2012, receivables classified as other assets were reduced by allowances of $22 million and $33 million, respectively. | |
Receivables Securitization Facility – The Railroad maintains a $600 million, 364-day receivables securitization facility under which it sells most of its eligible third-party receivables to Union Pacific Receivables, Inc. (UPRI), a 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 outstanding under the facility was $0 and $100 million at December 31, 2013, and December 31, 2012, respectively. The facility was supported by $1.1 billion of accounts receivable as collateral at both December 31, 2013, and December 31, 2012, 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 facility, with a maximum of $600 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 facility would not materially change. | |
The costs of the receivables securitization facility include interest, which will vary based on prevailing commercial paper rates, program fees paid to banks, commercial paper issuing costs, and fees for unused commitment availability. The costs of the receivables securitization facility are included in interest expense and were $5 million, $3 million and $4 million for 2013, 2012, and 2011, respectively. | |
In July 2013, the $600 million receivables securitization facility was renewed for an additional 364-day period at comparable terms and conditions. | |
Properties
Properties | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Properties [Abstract] | ' | ||||||||
Properties Disclosure [Text Block] | ' | ||||||||
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 December 31, 2013 | Cost | Depreciation | Value | Useful Life | |||||
Land | $ | 5,120 | $ | N/A | $ | 5,120 | N/A | ||
Road: | |||||||||
Rail and other track material | 13,861 | 4,970 | 8,891 | 35 | |||||
Ties | 8,785 | 2,310 | 6,475 | 33 | |||||
Ballast | 4,621 | 1,171 | 3,450 | 34 | |||||
Other roadway [a] | 15,596 | 2,726 | 12,870 | 48 | |||||
Total road | 42,863 | 11,177 | 31,686 | N/A | |||||
Equipment: | |||||||||
Locomotives | 7,518 | 3,481 | 4,037 | 20 | |||||
Freight cars | 2,085 | 1,000 | 1,085 | 25 | |||||
Work equipment and other | 561 | 119 | 442 | 18 | |||||
Total equipment | 10,164 | 4,600 | 5,564 | N/A | |||||
Technology and other | 711 | 286 | 425 | 10 | |||||
Construction in progress | 954 | - | 954 | N/A | |||||
Total | $ | 59,812 | $ | 16,063 | $ | 43,749 | N/A | ||
[a] | Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets. | ||||||||
Millions, Except Estimated Useful Life | Accumulated | Net Book | Estimated | ||||||
As of December 31, 2012 | Cost | Depreciation | Value | Useful Life | |||||
Land | $ | 5,105 | $ | N/A | $ | 5,105 | N/A | ||
Road: | |||||||||
Rail and other track material | 13,220 | 4,756 | 8,464 | 33 | |||||
Ties | 8,404 | 2,157 | 6,247 | 33 | |||||
Ballast | 4,399 | 1,085 | 3,314 | 34 | |||||
Other roadway [a] | 14,806 | 2,583 | 12,223 | 49 | |||||
Total road | 40,829 | 10,581 | 30,248 | N/A | |||||
Equipment: | |||||||||
Locomotives | 7,297 | 3,321 | 3,976 | 19 | |||||
Freight cars | 1,991 | 1,018 | 973 | 23 | |||||
Work equipment and other | 535 | 89 | 446 | 17 | |||||
Total equipment | 9,823 | 4,428 | 5,395 | N/A | |||||
Technology and other | 633 | 273 | 360 | 11 | |||||
Construction in progress | 889 | - | 889 | N/A | |||||
Total | $ | 57,279 | $ | 15,282 | $ | 41,997 | N/A | ||
[a] | Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets. | ||||||||
Property and Depreciation – Our railroad operations are highly capital intensive, and our large base of homogeneous, network-type assets turns over on a continuous basis. Each year we develop a capital program for the replacement of assets and for the acquisition or construction of assets that enable us to enhance our operations or provide new service offerings to customers. Assets purchased or constructed throughout the year are capitalized if they meet applicable minimum units of property criteria. Properties and equipment are carried at cost and are depreciated on a straight-line basis over their estimated service lives, which are measured in years, except for rail in high-density traffic corridors (i.e., all rail lines except for those subject to abandonment, yard and switching tracks, and electronic yards) for which lives are measured in millions of gross tons per mile of track. We use the group method of depreciation in which all items with similar characteristics, use, and expected lives are grouped together in asset classes, and are depreciated using composite depreciation rates. The group method of depreciation treats each asset class as a pool of resources, not as singular items. We currently have more than 60 depreciable asset classes, and we may increase or decrease the number of asset classes due to changes in technology, asset strategies, or other factors. | |||||||||
We determine the estimated service lives of depreciable railroad assets by means of depreciation studies. We perform depreciation studies at least every three years for equipment and every six years for track assets (i.e., rail and other track material, ties, and ballast) and other road property. Our depreciation studies take into account the following factors: | |||||||||
Statistical analysis of historical patterns of use and retirements of each of our asset classes; | |||||||||
Evaluation of any expected changes in current operations and the outlook for continued use of the assets; | |||||||||
Evaluation of technological advances and changes to maintenance practices; and | |||||||||
Expected salvage to be received upon retirement. | |||||||||
For rail in high-density traffic corridors, we measure estimated service lives in millions of gross tons per mile of track. It has been our experience that the lives of rail in high-density traffic corridors are closely correlated to usage (i.e., the amount of weight carried over the rail). The service lives also vary based on rail weight, rail condition (e.g., new or secondhand), and rail type (e.g., straight or curve). Our depreciation studies for rail in high density traffic corridors consider each of these factors in determining the estimated service lives. For rail in high-density traffic corridors, we calculate depreciation rates annually by dividing the number of gross ton-miles carried over the rail (i.e., the weight of loaded and empty freight cars, locomotives and maintenance of way equipment transported over the rail) by the estimated service lives of the rail measured in millions of gross tons per mile. For all other depreciable assets, we compute depreciation based on the estimated service lives of our assets as determined from the analysis of our depreciation studies. Changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively. | |||||||||
Under group depreciation, the historical cost (net of salvage) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized. The historical cost of certain track assets is estimated using (i) inflation indices published by the Bureau of Labor Statistics and (ii) the estimated useful lives of the assets as determined by our depreciation studies. The indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes. Because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired, we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate. In addition, we determine if the recorded amount of accumulated depreciation is deficient (or in excess) of the amount indicated by our depreciation studies. Any deficiency (or excess) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets. | |||||||||
For retirements of depreciable railroad properties that do not occur in the normal course of business, a gain or loss may be recognized if the retirement meets each of the following three conditions: (i) is unusual, (ii) is material in amount, and (iii) varies significantly from the retirement profile identified through our depreciation studies. A gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations. | |||||||||
When we purchase an asset, we capitalize all costs necessary to make the asset ready for its intended use. However, many of our assets are self-constructed. A large portion of our capital expenditures is for replacement of existing track assets and other road properties, which is typically performed by our employees, and for track line expansion and other capacity projects. Costs that are directly attributable to capital projects (including overhead costs) are capitalized. Direct costs that are capitalized as part of self-constructed assets include material, labor, and work equipment. Indirect costs are capitalized if they clearly relate to the construction of the asset. | |||||||||
General and administrative expenditures are expensed as incurred. Normal repairs and maintenance are also expensed as incurred, while costs incurred that extend the useful life of an asset, improve the safety of our operations or improve operating efficiency are capitalized. These costs are allocated using appropriate statistical bases. Total expense for repairs and maintenance incurred was $2.3 billion for 2013, $2.1 billion for 2012, and $2.2 billion for 2011. | |||||||||
Assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease. Amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease. |
Accounts_Payable_and_Other_Cur
Accounts Payable and Other Current Liabilities | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounts Payable and Other Current Liabilties [Abstract] | ' | ||||
Accounts Payable and Other Current Liabilities [Text Block] | ' | ||||
12. Accounts Payable and Other Current Liabilities | |||||
Dec. 31, | Dec. 31, | ||||
Millions | 2013 | 2012 | |||
Accounts payable | $ | 803 | $ | 825 | |
Income and other taxes payable | 491 | 368 | |||
Accrued wages and vacation | 385 | 376 | |||
Dividends payable | 356 | 318 | |||
Accrued casualty costs | 207 | 213 | |||
Interest payable | 169 | 172 | |||
Equipment rents payable | 96 | 95 | |||
Other | 579 | 556 | |||
Total accounts payable and other current liabilities | $ | 3,086 | $ | 2,923 |
Financial_Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Financial Instruments[Abstract] | ' |
Financial Instruments [Text Block] | ' |
13. Financial Instruments | |
Strategy and Risk – We may use derivative financial instruments in limited instances for other than trading purposes to assist in managing our overall exposure to fluctuations in interest rates and fuel prices. We are not a party to leveraged derivatives and, by policy, do not use derivative financial instruments for speculative purposes. Derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged, both at inception and throughout the hedged period. We formally document the nature and relationships between the hedging instruments and hedged items at inception, as well as our risk-management objectives, strategies for undertaking the various hedge transactions, and method of assessing hedge effectiveness. Changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings. We may use swaps, collars, futures, and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices; however, the use of these derivative financial instruments may limit future benefits from favorable interest rate and fuel price movements. | |
Market and Credit Risk – We address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item. We manage credit risk related to derivative financial instruments, which is minimal, by requiring high credit standards for counterparties and periodic settlements. At December 31, 2013, and 2012, we were not required to provide collateral, nor had we received collateral, relating to our hedging activities. | |
Interest Rate Fair Value Hedges – We manage our overall exposure to fluctuations in interest rates by adjusting the proportion of fixed and floating rate debt instruments within our debt portfolio over a given period. We generally manage the mix of fixed and floating rate debt through the issuance of targeted amounts of each as debt matures or as we require incremental borrowings. We employ derivatives, primarily swaps, as one of the tools to obtain the targeted mix. In addition, we also obtain flexibility in managing interest costs and the interest rate mix within our debt portfolio by evaluating the issuance of and managing outstanding callable fixed-rate debt securities. | |
Swaps allow us to convert debt from fixed rates to variable rates and thereby hedge the risk of changes in the debt's fair value attributable to the changes in interest rates. We account for swaps as fair value hedges using the short-cut method; therefore, we do not record any ineffectiveness within our Consolidated Financial Statements. As of December 31, 2013, and 2012, we had no interest rate fair value hedges outstanding. | |
Interest Rate Cash Flow Hedges – We report changes in the fair value of cash flow hedges in accumulated other comprehensive loss until the hedged item affects earnings. At both December 31, 2013, and 2012, we had reductions of $1 million recorded as an accumulated other comprehensive loss that is being amortized on a straight-line basis through September 30, 2014. As of December 31, 2013, and 2012, we had no interest rate cash flow hedges outstanding. | |
Earnings Impact – Our use of derivative financial instruments had no impact on pre-tax income for the years ended December 31, 2013, 2012, and 2011. | |
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 December 31, 2013, the fair value of total debt was $10.2 billion, approximately $0.6 billion more than the carrying value. At December 31, 2012, the fair value of total debt was $11.1 billion, approximately $2.1 billion more than the carrying value. The fair value of the Corporation's debt is a measure of its current value under present market conditions. It does not impact the financial statements under current accounting rules. At December 31, 2013, and 2012, approximately $163 million and $203 million, respectively, of debt securities contained call provisions that allow us to retire the debt instruments prior to final maturity, with the payment of fixed call premiums, or in certain cases, at par. The fair value of our cash equivalents approximates their carrying value due to the short-term maturities of these instruments. |
Debt
Debt | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt [Abstract] | ' | |||||
Debt [Text Block] | ' | |||||
14. Debt | ||||||
Total debt as of December 31, 2013, and 2012, net of interest rate swaps designated as fair value hedges, is summarized below: | ||||||
Millions | 2013 | 2012 | ||||
Notes and debentures, 2.8% to 7.9% due through 2054 | $ | 8,068 | $ | 6,950 | ||
Capitalized leases, 3.1% to 8.4% due through 2028 | 1,702 | 1,848 | ||||
Floating rate term loans, due through 2016 | 200 | 200 | ||||
Equipment obligations, 6.2% to 6.7% due through 2031 | 110 | 119 | ||||
Mortgage bonds, 4.8% due through 2030 | 57 | 57 | ||||
Medium-term notes, 9.2% to 10.0% due through 2020 | 32 | 32 | ||||
Tax-exempt financings, 1.9% to 5.1% due through 2015 | 12 | 56 | ||||
Receivables Securitization (Note 10) | - | 100 | ||||
Unamortized discount | -604 | -365 | ||||
Total debt | 9,577 | 8,997 | ||||
Less: current portion | -705 | -196 | ||||
Total long-term debt | $ | 8,872 | $ | 8,801 | ||
Debt Maturities – The following table presents aggregate debt maturities as of December 31, 2013, excluding market value adjustments: | ||||||
Millions | ||||||
2014 | $ | 705 | ||||
2015 | 448 | |||||
2016 | 582 | |||||
2017 | 649 | |||||
2018 | 562 | |||||
Thereafter | 6,631 | |||||
Total debt | $ | 9,577 | ||||
As of December 31, 2013, and December 31, 2012, we have reclassified as long-term debt $0 and $100 million, respectively, of debt due within one year that we intend to refinance. This reclassification reflects our ability and intent to refinance any short-term borrowings and certain current maturities of long-term debt on a long-term basis. | ||||||
Equipment Encumbrances – Equipment with a carrying value of approximately $2.9 billion at both December 31, 2013, and 2012 served as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire such railroad equipment. | ||||||
As a result of the merger of Missouri Pacific Railroad Company (MPRR) with and into UPRR on January 1, 1997, and pursuant to the underlying indentures for the MPRR mortgage bonds, UPRR must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds. As of the merger date, the value of the MPRR assets that secured the mortgage bonds was approximately $6.0 billion. In accordance with the terms of the indentures, this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds. | ||||||
Credit Facilities – On December 31, 2013, we had $1.8 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. We did not draw on the facility during 2013. 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 in 2015 under a four year term and requires the Corporation to maintain a debt-to-net-worth coverage ratio as a condition to making a borrowing. At December 31, 2013, and December 31, 2012 (and at all times during the year), we were in compliance with this covenant. | ||||||
The definition of debt used for purposes of calculating the debt-to-net-worth coverage ratio includes, among other things, certain credit arrangements, capital leases, guarantees and unfunded and vested pension benefits under Title IV of ERISA. At December 31, 2013, the debt-to-net-worth coverage ratio allowed us to carry up to $42.4 billion of debt (as defined in the facility), and we had $9.9 billion of debt (as defined in the facility) outstanding at that date. Under our current capital plans, we expect to continue to satisfy the debt-to-net-worth coverage ratio; however, many factors beyond our reasonable control could affect our ability to comply with this provision in the future. 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 $75 million cross-default provision and a change-of-control provision. | ||||||
During 2013, we did not issue or repay any commercial paper, and at December 31, 2013, and 2012, we had no 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. | ||||||
Dividend Restrictions – Our revolving credit facility includes a debt-to-net worth covenant (discussed in the Credit Facilities section above) that, under certain circumstances, restricts the payment of cash dividends to our shareholders. The amount of retained earnings available for dividends was $16.3 billion and $15.1 billion at December 31, 2013, and 2012, respectively. | ||||||
Shelf Registration Statement and Significant New Borrowings – We filed an automatic shelf registration statement that became effective on February 8, 2013. The Board of Directors authorized the issuance of up to $4 billion of debt securities, replacing the $1.4 billion of authority remaining under our shelf registration filed in February 2010. SEC rules require UPC, a large accelerated filer, to file a new shelf registration statement every three years. Under the current 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. We have no immediate plans to issue equity securities; however, we will continue to explore opportunities to replace existing debt or access capital through issuances of debt securities under our shelf registration, and, therefore, we may issue additional debt securities at any time. | ||||||
During 2013, we issued the following unsecured, fixed-rate debt securities under our current shelf registration: | ||||||
Date | Description of Securities | |||||
15-Mar-13 | $325 million of 2.75% Notes due April 15, 2023 | |||||
$325 million of 4.25% Notes due April 15, 2043 | ||||||
25-Oct-13 | $500 million of 4.75% Notes due December 15, 2043 | |||||
We used the net proceeds from the offerings for general corporate purposes, including the repurchase of common stock pursuant to our share repurchase program. These debt securities include change-of-control provisions. At December 31, 2013, we had remaining authority to issue up to $2.85 billion of debt securities under our shelf registration. | ||||||
In May 2012, we borrowed $100 million under a 4-year-term bank loan (the loan). The loan has a floating rate based on London Interbank Offered Rates, plus a spread, and is prepayable in whole or in part without a premium prior to maturity. The agreement documenting the loan has provisions similar to our revolving credit facility, including identical debt-to-net-worth covenant and change of control provisions and similar customary default provisions. The agreement does not include any other financial restrictions, credit rating triggers, or any other provision that would require us to post collateral. | ||||||
Subsequent Event – In 2014, we issued the following unsecured, fixed-rate debt securities under our current shelf registration: | ||||||
Date | Description of Securities | |||||
10-Jan-14 | $300 million of 2.25% Notes due February 15, 2019 | |||||
$400 million of 3.75% Notes due March 15, 2024 | ||||||
$300 million of 4.85% Notes due June 15, 2044 | ||||||
Proceeds from this offering are for general corporate purposes, including the repurchase of common stock pursuant to our share repurchase program. These debt securities include change-of-control provisions. As of February 7, 2014, we had remaining authority from our Board of Directors to issue up to $1.85 billion of debt securities under our shelf registration. | ||||||
Debt Exchange – On August 21, 2013, we exchanged $1,170 million of various outstanding notes and debentures due between 2016 and 2040 (Existing Notes) for $439 million of 3.646% notes (New 2024 Notes) due February 15, 2024 and $700 million of 4.821% notes (New 2044 Notes) due February 1, 2044, plus cash consideration of approximately $280 million in addition to $8 million for accrued and unpaid interest on the Existing Notes. In accordance with ASC 470-50-40, Debt-Modifications and Extinguishments-Derecognition, this transaction was accounted for as a debt exchange, as the exchanged debt instruments are not considered to be substantially different. The cash consideration was recorded as an adjustment to the carrying value of debt, and the balance of the unamortized discount and issue costs from the Existing Notes is being amortized as an adjustment of interest expense over the terms of the New 2024 Notes and the New 2044 Notes. No gain or loss was recognized as a result of the exchange. Costs related to the debt exchange that were payable to parties other than the debt holders totaled approximately $9 million and were included in interest expense during the three months ended September 30, 2013. | ||||||
The following table lists the outstanding notes and debentures that were exchanged: | ||||||
Principal amount | ||||||
Millions | exchanged | |||||
The 2024 Offers | ||||||
7.000% Debentures due 2016 | $ | 8 | ||||
5.650% Notes due 2017 | 38 | |||||
5.750% Notes due 2017 | 70 | |||||
5.700% Notes due 2018 | 103 | |||||
7.875% Notes due 2019 | 20 | |||||
6.125% Notes due 2020 | 238 | |||||
The 2044 Offers | ||||||
7.125% Debentures due 2028 | 73 | |||||
6.625% Debentures due 2029 | 177 | |||||
6.250% Debentures due 2034 | 19 | |||||
6.150% Debentures due 2037 | 138 | |||||
5.780% Notes due 2040 | 286 | |||||
Total | $ | 1,170 | ||||
Debt Redemptions – On May 14, 2013, we redeemed all $40 million of our outstanding 5.65% Port of Corpus Christi Authority Revenue Refunding Bonds due December 1, 2022. The redemption resulted in an early extinguishment charge of $1 million in the second quarter of 2013. | ||||||
On November 30, 2012, we redeemed all $450 million of our outstanding 5.45% notes due January 31, 2013. The redemption resulted in an early extinguishment charge of $4 million in the fourth quarter of 2012. | ||||||
On April 28, 2012, we redeemed all $100 million of our outstanding 5.70% Tooele County, Utah Hazardous Waste Treatment Revenue Bonds due November 1, 2026. The redemption resulted in an early extinguishment charge of $2 million in the second quarter of 2012. | ||||||
On December 19, 2011, we redeemed the remaining $175 million of our 6.5% notes due April 15, 2012, and all $300 million of our outstanding 6.125% notes due January 15, 2012. The redemptions resulted in an early extinguishment charge of $5 million in the fourth quarter of 2011. | ||||||
Receivables Securitization Facility – As of December 31, 2013 and 2012, we recorded $0 and $100 million, respectively, as secured debt under our receivables securitization facility. (See further discussion of our receivables securitization facility in Note 10). |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2013 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities [Text Block] | ' |
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, including our headquarters building) 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 price options are not considered to be potentially significant to the VIEs. The future minimum lease payments associated with the VIE leases totaled $3.3 billion as of December 31, 2013. |
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases [Text Block] | ' | ||||
16. Leases | |||||
We lease certain locomotives, freight cars, and other property. The Consolidated Statements of Financial Position as of December 31, 2013 and 2012 included $2,486 million, net of $1,092 million of accumulated depreciation, and $2,467 million, net of $966 million of accumulated depreciation, respectively, for properties held under capital leases. A charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our Consolidated Statements of Income. Future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013, were as follows: | |||||
Millions | Operating Leases | Capital Leases | |||
2014 | $ | 512 | $ | 272 | |
2015 | 477 | 260 | |||
2016 | 438 | 239 | |||
2017 | 400 | 247 | |||
2018 | 332 | 225 | |||
Later years | 1,907 | 957 | |||
Total minimum lease payments | $ | 4,066 | $ | 2,200 | |
Amount representing interest | N/A | -498 | |||
Present value of minimum lease payments | N/A | $ | 1,702 | ||
Approximately 94% of capital lease payments relate to locomotives. Rent expense for operating leases with terms exceeding one month was $618 million in 2013, $631 million in 2012, and $637 million in 2011. When cash rental payments are not made on a straight-line basis, we recognize variable rental expense on a straight-line basis over the lease term. Contingent rentals and sub-rentals are not significant. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Commitments And Contingencies [Abstract] | ' | ||||||
Commitments and Contingencies [Text Block] | ' | ||||||
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; however, to the extent possible, where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated, we have recorded a liability. 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 92% of the recorded liability is related to asserted claims and approximately 8% is related to unasserted claims at December 31, 2013. 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 $294 million to $322 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 | 2013 | 2012 | 2011 | ||||
Beginning balance | $ | 334 | $ | 368 | $ | 426 | |
Current year accruals | 87 | 121 | 118 | ||||
Changes in estimates for prior years | -38 | -58 | -71 | ||||
Payments | -89 | -97 | -105 | ||||
Ending balance at December 31 | $ | 294 | $ | 334 | $ | 368 | |
Current portion, ending balance at December 31 | $ | 82 | $ | 95 | $ | 103 | |
Asbestos – We are a defendant in a number of lawsuits in which current and former employees and other parties allege exposure to asbestos. We assess our potential liability using a statistical analysis of resolution costs for asbestos-related claims. This liability is updated annually and excludes future defense and processing costs. The liability for resolving both asserted and unasserted claims was based on the following assumptions: | |||||||
The ratio of future claims by alleged disease would be consistent with historical averages adjusted for inflation. | |||||||
The number of claims filed against us will decline each year. | |||||||
The average settlement values for asserted and unasserted claims will be equivalent to historical averages. | |||||||
The percentage of claims dismissed in the future will be equivalent to historical averages. | |||||||
Our liability for asbestos-related claims is not discounted to present value due to the uncertainty surrounding the timing of future payments. Approximately 18% of the recorded liability related to asserted claims and approximately 82% related to unasserted claims at December 31, 2013. Because of the uncertainty surrounding the ultimate outcome of asbestos-related claims, it is reasonably possible that future costs to settle these claims may range from approximately $131 million to $141 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. | |||||||
Our asbestos-related liability activity was as follows: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Beginning balance | $ | 139 | $ | 147 | $ | 162 | |
Accruals/(Credits) | 2 | -2 | -5 | ||||
Payments | -10 | -6 | -10 | ||||
Ending balance at December 31 | $ | 131 | $ | 139 | $ | 147 | |
Current portion, ending balance at December 31 | $ | 9 | $ | 8 | $ | 8 | |
In conjunction with the liability update performed in 2013, we also reassessed estimated insurance recoveries. We have recognized an asset for estimated insurance recoveries at December 31, 2013, and 2012. The amounts recorded for asbestos-related liabilities and related insurance recoveries were based on currently known facts. However, future events, such as the number of new claims filed each year, average settlement costs, and insurance coverage issues, could cause the actual costs and insurance recoveries to be higher or lower than the projected amounts. Estimates also may vary in the future if strategies, activities, and outcomes of asbestos litigation materially change; federal and state laws governing asbestos litigation increase or decrease the probability or amount of compensation of claimants; and there are material changes with respect to payments made to claimants by other defendants. | |||||||
Environmental Costs – We are subject to federal, state, and local environmental laws and regulations. We have identified 268 sites at which we are or may be liable for remediation costs associated with alleged contamination or for violations of environmental requirements. This includes 33 sites that are the subject of actions taken by the U.S. government, 17 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. We do not discount our environmental liabilities when the timing of the anticipated cash payments is not fixed or readily determinable. At December 31, 2013, and 2012, none of our environmental liability was discounted, while less than 1% of our environmental liability was discounted at 2.0% at December 31, 2011. | |||||||
Our environmental liability activity was as follows: | |||||||
Millions | 2013 | 2012 | 2011 [a] | ||||
Beginning balance | $ | 170 | $ | 172 | $ | 213 | |
Accruals | 58 | 48 | 29 | ||||
Payments | -57 | -50 | -70 | ||||
Ending balance at December 31 | $ | 171 | $ | 170 | $ | 172 | |
Current portion, ending balance at December 31 | $ | 53 | $ | 50 | $ | 50 | |
[a] Payments include $25 million to resolve the Omaha Lead Site liability. | |||||||
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. In the event the Company leaves the reinsurance program, the Company is not relieved of its primary obligation to the policyholders for activity prior to the termination of the treaty agreements. We record both liabilities and reinsurance receivables using an actuarial analysis based on historical experience in our Condensed Consolidated Statements of Financial Position. | |||||||
Guarantees – At December 31, 2013, and 2012, we were contingently liable for $299 million and $307 million in guarantees. We have recorded a liability of $1 million and $2 million for the fair value of these obligations as of December 31, 2013, and 2012, respectively. We entered into these contingent guarantees in the normal course of business, and they include guaranteed obligations related to our headquarters building, equipment financings, and 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 – Our maximum potential exposure under indemnification arrangements, including certain tax indemnifications, can range from a specified dollar amount to an unlimited amount, 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 and Santa Fe Pacific Pipelines (SFPP, a subsidiary of Kinder Morgan Energy Partners, L.P.) currently are engaged in a proceeding to resolve the fair market rent payable to UPRR under a 10-year agreement commencing on January 1, 2004, for pipeline easements on UPRR rights-of-way (Union Pacific Railroad Company vs. Santa Fe Pacific Pipelines, Inc., SFPP, L.P., Kinder Morgan Operating L.P. “D” Kinder Morgan G.P., Inc., et al., Superior Court of the State of California for the County of Los Angeles, filed July 28, 2004). In February 2007, a trial began to resolve this issue, and, on September 28, 2011, the judge issued a tentative Statement of Decision, which concluded that SFPP owes back rent to UPRR for the years 2004 through 2011. On May 29, 2012, the court entered judgment, awarding UPRR back rent and prejudgment interest. SFPP is appealing the final judgment. A favorable final judgment may materially affect our results of operations in the period of any monetary recoveries; however, due to the uncertainty regarding the amount and timing of any recovery, including the outcome of SFPP's appeal of this judgment or any subsequent proceeding, we consider this a gain contingency and do not reflect any amounts in the Condensed Consolidated Financial Statements as of December 31, 2013. | |||||||
Share_Repurchase_Program
Share Repurchase Program | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Share Repurchase Program [Abstract] | ' | |||||||
Share Repurchase Program [Text Block] | ' | |||||||
18. Share Repurchase Program | ||||||||
Effective April 1, 2011, our Board of Directors authorized the repurchase of 40 million shares of our common stock by March 31, 2014, replacing our previous repurchase program. As of December 31, 2013, we repurchased a total of $9.3 billion of our common stock since the commencement of our repurchase programs. The table below represents shares repurchased under this repurchase program. | ||||||||
Number of Shares Purchased | Average Price Paid | |||||||
2013 | 2012 | 2013 | 2012 | |||||
First quarter | 2,881,400 | 3,917,369 | $ | 136.58 | $ | 110.64 | ||
Second quarter | 3,061,470 | 3,770,528 | 151.42 | 110.02 | ||||
Third quarter | 3,666,894 | 3,098,812 | 156.77 | 122.13 | ||||
Fourth quarter | 4,929,055 | 2,033,750 | 159.36 | 121.81 | ||||
Total | 14,538,819 | 12,820,459 | $ | 152.52 | $ | 115.01 | ||
On November 21, 2013, our Board of Directors approved the early renewal of the share repurchase program, authorizing the repurchase of up to 60 million shares of common stock by December 31, 2017. The new authorization was effective January 1, 2014, and replaces the previous authorization, which expired on December 31, 2013, three months earlier than its original expiration date. | ||||||||
Management's assessments of market conditions and other pertinent facts 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. Repurchased shares are recorded in treasury stock at cost, which includes any applicable commissions and fees. |
Selected_Quarterly_Data_Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Selected Quarterly Data (Unaudited) [Abstract] | ' | ||||||||
Selected Quarterly Data (Unaudited) [Text Block] | ' | ||||||||
19. Selected Quarterly Data (Unaudited) | |||||||||
Millions, Except Per Share Amounts | |||||||||
2013 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | |||||
Operating revenues | $ | 5,290 | $ | 5,470 | $ | 5,573 | $ | 5,630 | |
Operating income | 1,633 | 1,878 | 1,962 | 1,973 | |||||
Net income | 957 | 1,106 | 1,151 | 1,174 | |||||
Net income per share: | |||||||||
Basic | 2.05 | 2.38 | 2.49 | 2.56 | |||||
Diluted | 2.03 | 2.37 | 2.48 | 2.55 | |||||
Millions, Except Per Share Amounts | |||||||||
2012 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | |||||
Operating revenues | $ | 5,112 | $ | 5,221 | $ | 5,343 | $ | 5,250 | |
Operating income | 1,510 | 1,724 | 1,786 | 1,725 | |||||
Net income | 863 | 1,002 | 1,042 | 1,036 | |||||
Net income per share: | |||||||||
Basic | 1.81 | 2.11 | 2.21 | 2.21 | |||||
Diluted | 1.79 | 2.1 | 2.19 | 2.19 | |||||
Per share net income for the four quarters combined may not equal the per share net income for the year due to rounding. |
Schedule_Of_Valuation_And_Qual
Schedule Of Valuation And Qualifying Accounts | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule Of Valuation And Qualifying Accounts [Abstract] | ' | ||||||
Schedule Of Valuation And Qualifying Accounts [Text Block] | ' | ||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | |||||||
Union Pacific Corporation and Subsidiary Companies | |||||||
Millions, for the Years Ended December 31, | 2013 | 2012 | 2011 | ||||
Allowance for doubtful accounts: | |||||||
Balance, beginning of period | $ | 37 | $ | 50 | $ | 56 | |
Charges/(reduction) to expense | -4 | -1 | - | ||||
Net recoveries/(write-offs) | -10 | -12 | -6 | ||||
Balance, end of period | $ | 23 | $ | 37 | $ | 50 | |
Allowance for doubtful accounts are presented in the Consolidated Statements of Financial Position as follows: | |||||||
Current | $ | 1 | $ | 4 | $ | 9 | |
Long-term | 22 | 33 | 41 | ||||
Balance, end of period | $ | 23 | $ | 37 | $ | 50 | |
Accrued casualty costs: | |||||||
Balance, beginning of period | $ | 734 | $ | 778 | $ | 905 | |
Charges to expense | 188 | 190 | 110 | ||||
Cash payments and other reductions | -220 | -234 | -237 | ||||
Balance, end of period | $ | 702 | $ | 734 | $ | 778 | |
Accrued casualty costs are presented in the Consolidated Statements of Financial Position as follows: | |||||||
Current | $ | 207 | $ | 213 | $ | 249 | |
Long-term | 495 | 521 | 529 | ||||
Balance, end of period | $ | 702 | $ | 734 | $ | 778 |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Principles of Consolidation Policy [Text Block] | ' |
Principles of Consolidation – The Consolidated Financial Statements include the accounts of Union Pacific Corporation and all of its subsidiaries. Investments in affiliated companies (20% to 50% owned) are accounted for using the equity method of accounting. All intercompany transactions are eliminated. We currently have no less than majority-owned investments that require consolidation under variable interest entity requirements. | |
Cash And Cash Equivalents Policy [Text Block] | ' |
Cash and Cash Equivalents – Cash equivalents consist of investments with original maturities of three months or less. | |
Accounts Receivables Policy [Text Block] | ' |
Accounts Receivable – Accounts receivable includes receivables reduced by an allowance for doubtful accounts. The allowance is based upon historical losses, credit worthiness of customers, and current economic conditions. Receivables not expected to be collected in one year and the associated allowances are classified as other assets in our Consolidated Statements of Financial Position. | |
Investments Policy [Text Block] | ' |
Investments – Investments represent our investments in affiliated companies (20% to 50% owned) that are accounted for under the equity method of accounting and investments in companies (less than 20% owned) accounted for under the cost method of accounting. | |
Materials and Supplies Policy [Text Block] | ' |
Materials and Supplies – Materials and supplies are carried at the lower of average cost or market. | |
Property and Depreciation Policy [Text Block] | ' |
Property and Depreciation – Properties and equipment are carried at cost and are depreciated on a straight-line basis over their estimated service lives, which are measured in years, except for rail in high-density traffic corridors (i.e., all rail lines except for those subject to abandonment, yard and switching tracks, and electronic yards), for which lives are measured in millions of gross tons per mile of track. We use the group method of depreciation in which all items with similar characteristics, use, and expected lives are grouped together in asset classes, and are depreciated using composite depreciation rates. The group method of depreciation treats each asset class as a pool of resources, not as singular items. We determine the estimated service lives of depreciable railroad assets by means of depreciation studies. Under the group method of depreciation, no gain or loss is recognized when depreciable property is retired or replaced in the ordinary course of business. | |
Impairment of Long-lived Assets Policy [Text Block] | ' |
Impairment of Long-lived Assets – We review long-lived assets, including identifiable intangibles, for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the long-lived assets, the carrying value is reduced to the estimated fair value as measured by the discounted cash flows. | |
Revenue Recognition Policy [Text Block] | ' |
Revenue Recognition – We recognize freight revenues as freight moves from origin to destination. The allocation of revenue between reporting periods is based on the relative transit time in each reporting period with expenses recognized as incurred. Other revenues, which include revenues earned by our subsidiaries, revenues from our commuter rail operations, and accessorial revenue, are recognized as service is performed or contractual obligations are met. Customer incentives, which are primarily provided for shipping a specified cumulative volume or shipping to/from specific locations, are recorded as a reduction to operating revenues based on actual or projected future customer shipments. | |
Translation of Foreign Currency Policy [Text Block] | ' |
Translation of Foreign Currency – Our portion of the assets and liabilities related to foreign investments are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average rates of exchange prevailing during the year. Unrealized gains or losses are reflected within common shareholders' equity as accumulated other comprehensive income or loss. | |
Fair Value Measurements Policy [Text Block] | ' |
Fair Value Measurements – We use a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. These levels include: | |
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. | |
Level 3: Unobservable inputs that are not corroborated by market data. | |
We have applied fair value measurements to our pension plan assets and short- and long-term debt. | |
Stock-Based Compensation Policy [Text Block] | ' |
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. | |
We measure and recognize compensation expense for all stock-based awards made to employees and directors, including stock options. Compensation expense is based on the calculated fair value of the awards as measured at the grant date and is expensed ratably over the service period of the awards (generally the vesting period). The fair value of retention awards is the closing stock price on the date of grant, while the fair value of stock options is determined by using the Black-Scholes option pricing model. | |
Earnings Per Share Policy [Text Block] | ' |
Earnings Per Share – Basic earnings per share are calculated on the weighted-average number of common shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive. | |
Income Taxes Policy [Text Block] | ' |
Income Taxes – We account for income taxes by recording taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. These expected future tax consequences are measured based on current tax law; the effects of future tax legislation are not anticipated. Future tax legislation, such as a change in the corporate tax rate, could have a material impact on our financial condition, results of operations, or liquidity. | |
When appropriate, we record a valuation allowance against deferred tax assets to reflect that these tax assets may not be realized. In determining whether a valuation allowance is appropriate, we consider whether it is more likely than not that all or some portion of our deferred tax assets will not be realized, based on management's judgments using available evidence for purposes of estimating whether future taxable income will be sufficient to realize a deferred tax asset. | |
We recognize tax benefits that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in our tax returns that do not meet these recognition and measurement standards. | |
Pension And Postretirement Benefits Policy [Text Block] | ' |
Pension and Postretirement Benefits – We incur certain employment-related expenses associated with pensions and postretirement health benefits. In order to measure the expense associated with these benefits, we must make various assumptions including discount rates used to value certain liabilities, expected return on plan assets used to fund these expenses, compensation increases, employee turnover rates, anticipated mortality rates, and expected future health care costs. The assumptions used by us are based on our historical experience as well as current facts and circumstances. We use an actuarial analysis to measure the expense and liability associated with these benefits. | |
Personal Injury Policy [Text Block] | ' |
Personal Injury – The cost of injuries to employees and others on our property 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. Our personal injury liability is not discounted to present value. Legal fees and incidental costs are expensed as incurred. | |
Asbestos Policy [Text Block] | ' |
Asbestos – We estimate a liability for asserted and unasserted asbestos-related claims based on an assessment of the number and value of those claims. We use a statistical analysis to assist us in properly measuring our potential liability. Our liability for asbestos-related claims is not discounted to present value due to the uncertainty surrounding the timing of future payments. Legal fees and incidental costs are expensed as incurred. | |
Environmental Policy [Text Block] | ' |
Environmental – When environmental issues have been identified with respect to property currently or formerly owned, leased, or otherwise used in the conduct of our business, we perform, with the assistance of our consultants, environmental assessments on such 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. We do not discount our environmental liabilities when the timing of the anticipated cash payments is not fixed or readily determinable. Legal fees and incidental costs are expensed as incurred. | |
Use Of Estimates Policy [Text Block] | ' |
Use of Estimates – Our Consolidated Financial Statements include estimates and assumptions regarding certain assets, liabilities, revenue, and expenses and the disclosure of certain contingent assets and liabilities. Actual future results may differ from such estimates. |
Nature_of_Operations_Tables
Nature of Operations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Nature of Operations [Abstract] | ' | ||||||
Freight Revenue By Commodity Group [Table Text Block] | ' | ||||||
The following table provides freight revenue by commodity group: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Agricultural | $ | 3,276 | $ | 3,280 | $ | 3,324 | |
Automotive | 2,077 | 1,807 | 1,510 | ||||
Chemicals | 3,501 | 3,238 | 2,815 | ||||
Coal | 3,978 | 3,912 | 4,084 | ||||
Industrial Products | 3,822 | 3,494 | 3,166 | ||||
Intermodal | 4,030 | 3,955 | 3,609 | ||||
Total freight revenues | $ | 20,684 | $ | 19,686 | $ | 18,508 | |
Other revenues | 1,279 | 1,240 | 1,049 | ||||
Total operating revenues | $ | 21,963 | $ | 20,926 | $ | 19,557 |
Stock_Options_and_Other_Stock_1
Stock Options and Other Stock Plans (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Stock Options and Other Stock Plans [Abstract] | ' | ||||||
Stock-Based Compensation [Table Text Block] | ' | ||||||
Information regarding stock-based compensation appears in the table below: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Stock-based compensation, before tax: | |||||||
Stock options | $ | 19 | $ | 18 | $ | 18 | |
Retention awards | 79 | 75 | 64 | ||||
Total stock-based compensation, before tax | $ | 98 | $ | 93 | $ | 82 | |
Excess tax benefits from equity compensation plans | $ | 76 | $ | 100 | $ | 83 | |
Stock Options Weight Average Assumptions [Table Text Block] | ' | ||||||
The table below shows the annual weighted-average assumptions used for valuation purposes: | |||||||
Weighted-Average Assumptions | 2013 | 2012 | 2011 | ||||
Risk-free interest rate | 0.80% | 0.80% | 2.30% | ||||
Dividend yield | 2.10% | 2.10% | 1.60% | ||||
Expected life (years) | 5 | 5.3 | 5.3 | ||||
Volatility | 36.20% | 36.80% | 35.90% | ||||
Weighted-average grant-date fair value of options granted | $ | 34.98 | $ | 31.29 | $ | 28.45 | |
Stock Options Activity [Table Text Block] | ' | ||||||
A summary of stock option activity during 2013 is presented below: | |||||||
Shares (thous.) | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value (millions) | ||||
Outstanding at January 1, 2013 | 4,289 | $ | 65.68 | 5.8 yrs. | $ | 258 | |
Granted | 572 | 132 | N/A | N/A | |||
Exercised | -1,117 | 50.64 | N/A | N/A | |||
Forfeited or expired | -22 | 107.99 | N/A | N/A | |||
Outstanding at December 31, 2013 | 3,722 | $ | 80.14 | 5.8 yrs. | $ | 327 | |
Vested or expected to vest | 3,722 | $ | 80.12 | 5.8 yrs. | $ | 325 | |
at December 31, 2013 | |||||||
Options exercisable at December 31, 2013 | 2,575 | $ | 62.46 | 4.7 yrs. | $ | 272 | |
Stock Option Exercises [Table Text Block] | ' | ||||||
Additional information regarding stock option exercises appears in the table below: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Intrinsic value of stock options exercised | $ | 112 | $ | 244 | $ | 209 | |
Cash received from option exercises | 51 | 84 | 137 | ||||
Treasury shares repurchased for employee payroll taxes | -21 | -30 | -53 | ||||
Tax benefit realized from option exercises | 43 | 93 | 80 | ||||
Aggregate grant-date fair value of stock options vested | 16 | 16 | 19 | ||||
Retention Awards Activity [Table Text Block] | ' | ||||||
Changes in our retention awards during 2013 were as follows: | |||||||
Shares (thous.) | Weighted-Average Grant-Date Fair Value | ||||||
Nonvested at January 1, 2013 | 2,355 | $ | 73.27 | ||||
Granted | 421 | 132.04 | |||||
Vested | -858 | 47.7 | |||||
Forfeited | -62 | 84.81 | |||||
Nonvested at December 31, 2013 | 1,856 | $ | 98.04 | ||||
Performance Retention Awards Present Value Calculation Assumptions [Table Text Block] | ' | ||||||
The assumptions used to calculate the present value of estimated future dividends related to the February 2013 grant were as follows: | |||||||
2013 | |||||||
Dividend per share per quarter | $ | 0.69 | |||||
Risk-free interest rate at date of grant | 0.40% | ||||||
Performance Based Units Activity [Table Text Block] | ' | ||||||
Changes in our performance retention awards during 2013 were as follows: | |||||||
Shares (thous.) | Weighted-Average Grant-Date Fair Value | ||||||
Nonvested at January 1, 2013 | 1,075 | $ | 83.8 | ||||
Granted | 304 | 125.14 | |||||
Vested | -401 | 58.33 | |||||
Forfeited | -34 | 98.69 | |||||
Nonvested at December 31, 2013 | 944 | $ | 107.4 |
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Retirement Plans [Abstract] | ' | |||||||||||||
Changes In Projected Benefit Obligation And Plan Assets [Table Text Block] | ' | |||||||||||||
Changes in our PBO and plan assets were as follows for the years ended December 31: | ||||||||||||||
Funded Status | Pension | OPEB | ||||||||||||
Millions | 2013 | 2012 | 2013 | 2012 | ||||||||||
Projected Benefit Obligation | ||||||||||||||
Projected benefit obligation at beginning of year | $ | 3,591 | $ | 3,165 | $ | 372 | $ | 336 | ||||||
Service cost | 72 | 54 | 3 | 3 | ||||||||||
Interest cost | 134 | 141 | 12 | 15 | ||||||||||
Actuarial loss/(gain) | -257 | 391 | -34 | 42 | ||||||||||
Gross benefits paid | -168 | -160 | -23 | -24 | ||||||||||
Projected benefit obligation at end of year | $ | 3,372 | $ | 3,591 | $ | 330 | $ | 372 | ||||||
Plan Assets | ||||||||||||||
Fair value of plan assets at beginning of year | $ | 2,875 | $ | 2,505 | $ | - | $ | - | ||||||
Actual return on plan assets | 506 | 315 | - | - | ||||||||||
Voluntary funded pension plan contributions | 200 | 200 | - | - | ||||||||||
Non-qualified plan benefit contributions | 16 | 15 | 23 | 24 | ||||||||||
Gross benefits paid | -168 | -160 | -23 | -24 | ||||||||||
Fair value of plan assets at end of year | $ | 3,429 | $ | 2,875 | $ | - | $ | - | ||||||
Funded status at end of year | $ | 57 | $ | -716 | $ | -330 | $ | -372 | ||||||
Amounts Recognized In Statement Of Financial Position [Table Text Block] | ' | |||||||||||||
Amounts recognized in the statement of financial position as of December 31, 2013 and 2012 consist of: | ||||||||||||||
Pension | OPEB | |||||||||||||
Millions | 2013 | 2012 | 2013 | 2012 | ||||||||||
Noncurrent assets | $ | 364 | $ | 1 | $ | - | $ | - | ||||||
Current liabilities | -16 | -16 | -25 | -27 | ||||||||||
Noncurrent liabilities | -291 | -701 | -305 | -345 | ||||||||||
Net amounts recognized at end of year | $ | 57 | $ | -716 | $ | -330 | $ | -372 | ||||||
Pre-Tax Amounts Recognized In Accumulated Other Comprehensive Income/(Loss) [Table Text Block] | ' | |||||||||||||
Pre-tax amounts recognized in accumulated other comprehensive income/(loss) as of December 31, 2013 and 2012 consist of: | ||||||||||||||
2013 | 2012 | |||||||||||||
Millions | Pension | OPEB | Total | Pension | OPEB | Total | ||||||||
Prior service (cost)/credit | $ | - | $ | 28 | $ | 28 | $ | - | $ | 45 | $ | 45 | ||
Net actuarial loss | -1,018 | -125 | -1,143 | -1,685 | -175 | -1,860 | ||||||||
Total | $ | -1,018 | $ | -97 | $ | -1,115 | $ | -1,685 | $ | -130 | $ | -1,815 | ||
Other Pre-Tax Changes Recognized In Other Comprehensive Income [Table Text Block] | ' | |||||||||||||
Pre-tax changes recognized in other comprehensive income/(loss) during 2013, 2012 and 2011 were as follows: | ||||||||||||||
Pension | OPEB | |||||||||||||
Millions | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||
Prior service cost/(credit) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 10 | ||
Net actuarial loss/(gain) | -561 | 265 | 515 | -34 | 42 | 14 | ||||||||
Amortization of: | ||||||||||||||
Prior service cost/(credit) | - | -1 | -2 | 16 | 18 | 34 | ||||||||
Actuarial loss | -106 | -83 | -71 | -15 | -13 | -11 | ||||||||
Total | $ | -667 | $ | 181 | $ | 442 | $ | -33 | $ | 47 | $ | 47 | ||
Amounts Included In Accumulated Other Comprehensive Income Expected To Be Amortized Into Net Periodic Cost (Benefit) [Table Text Block] | ' | |||||||||||||
Amounts included in accumulated other comprehensive income/(loss) expected to be amortized into net periodic cost (benefit) during 2014: | ||||||||||||||
Millions | Pension | OPEB | Total | |||||||||||
Prior service benefit | $ | - | $ | -11 | $ | -11 | ||||||||
Net actuarial loss | 69 | 10 | 79 | |||||||||||
Total | $ | 69 | $ | -1 | $ | 68 | ||||||||
Underfunded Accumulated Benefit Obligation [Table Text Block] | ' | |||||||||||||
The following table discloses only the PBO, ABO, and fair value of plan assets for pension plans where the accumulated benefit obligation is in excess of the fair value of the plan assets as of December 31: | ||||||||||||||
Underfunded Accumulated Benefit Obligation | ||||||||||||||
Millions | 2013 | 2012 | ||||||||||||
Projected benefit obligation | $ | 308 | $ | 3,574 | ||||||||||
Accumulated benefit obligation | $ | 302 | $ | 3,440 | ||||||||||
Fair value of plan assets | - | 2,857 | ||||||||||||
Underfunded accumulated benefit obligation | $ | -302 | $ | -583 | ||||||||||
Weighted-Average Actuarial Assumptions Used To Determine Benefit Obligations And Expense [Table Text Block] | ' | |||||||||||||
The weighted-average actuarial assumptions used to determine benefit obligations at December 31: | ||||||||||||||
Pension | OPEB | |||||||||||||
Percentages | 2013 | 2012 | 2013 | 2012 | ||||||||||
Discount rate | 4.72% | 3.78% | 4.47% | 3.48% | ||||||||||
Compensation increase | 4.00% | 3.76% | N/A | N/A | ||||||||||
Health care cost trend rate (employees under 65) | N/A | N/A | 6.49% | 6.64% | ||||||||||
Ultimate health care cost trend rate | N/A | N/A | 4.50% | 4.50% | ||||||||||
Year ultimate trend rate reached | N/A | N/A | 2028 | 2028 | ||||||||||
The weighted-average actuarial assumptions used to determine expense were as follows for the years ended December 31: | ||||||||||||||
Pension | OPEB | |||||||||||||
Percentages | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||
Discount rate | 3.78% | 4.54% | 5.35% | 3.48% | 4.36% | 5.01% | ||||||||
Expected return on plan assets | 7.50% | 7.50% | 7.50% | N/A | N/A | N/A | ||||||||
Compensation increase | 3.43% | 3.69% | 4.48% | N/A | N/A | N/A | ||||||||
Health care cost trend rate (employees under 65) | N/A | N/A | N/A | 6.64% | 6.91% | 7.07% | ||||||||
Ultimate health care cost trend rate | N/A | N/A | N/A | 4.50% | 4.50% | 4.50% | ||||||||
Year ultimate trend reached | N/A | N/A | N/A | 2028 | 2028 | 2028 | ||||||||
Net Periodic Pension And OPEB Cost/(Benefit) [Table Text Block] | ' | |||||||||||||
The components of our net periodic pension and OPEB cost/(benefit) were as follows for the years ended December 31: | ||||||||||||||
Pension | OPEB | |||||||||||||
Millions | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||
Net Periodic Benefit Cost: | ||||||||||||||
Service cost | $ | 72 | $ | 54 | $ | 40 | $ | 3 | $ | 3 | $ | 2 | ||
Interest cost | 134 | 141 | 145 | 12 | 15 | 15 | ||||||||
Expected return on plan assets | -202 | -190 | -180 | - | - | - | ||||||||
Amortization of: | ||||||||||||||
Prior service cost/(credit) | - | 1 | 2 | -16 | -18 | -34 | ||||||||
Actuarial loss | 106 | 83 | 71 | 15 | 13 | 11 | ||||||||
Net periodic benefit cost/(benefit) | $ | 110 | $ | 89 | $ | 78 | $ | 14 | $ | 13 | $ | -6 | ||
OPEB Effects From One-Percentage Point Change Assumed Healthcare Cost Trend Rates [Table Text Block] | ' | |||||||||||||
A one-percentage point change in the assumed health care cost trend rates would have the following effects on OPEB: | ||||||||||||||
Millions | One % pt. Increase | One % pt. Decrease | ||||||||||||
Effect on total service and interest cost components | $ | 1 | $ | -1 | ||||||||||
Effect on accumulated benefit obligation | 15 | -13 | ||||||||||||
Cash Contributions For Qualified Pension Plan Benefit Payments For Non-Qualified OPEB Plans [Table Text Block] | ' | |||||||||||||
The following table details our cash contributions for the qualified pension plans and the benefit payments for the non-qualified (supplemental) pension and OPEB plans: | ||||||||||||||
Pension | ||||||||||||||
Millions | Qualified | Non-qualified | OPEB | |||||||||||
2012 | $ | 200 | 15 | 24 | ||||||||||
2013 | 200 | 16 | 23 | |||||||||||
Expected Benefit Payments For Years 2012 Through 2022 [Table Text Block] | ' | |||||||||||||
The following table details expected benefit payments for the years 2014 through 2023: | ||||||||||||||
Millions | Pension | OPEB | ||||||||||||
2014 | $ | 171 | $ | 25 | ||||||||||
2015 | 176 | 25 | ||||||||||||
2016 | 181 | 25 | ||||||||||||
2017 | 185 | 25 | ||||||||||||
2018 | 191 | 25 | ||||||||||||
Years 2019 - 2023 | 1,019 | 114 | ||||||||||||
Pension Plan Asset Allocation And Fair Value Measured Recurring Basis [Table Text Block] | ' | |||||||||||||
Our pension plan asset allocation at December 31, 2013 and 2012, and target allocation for 2014, are as follows: | ||||||||||||||
Target Allocation 2014 | Percentage of Plan Assets December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
Equity securities | 60% to 70% | 70% | 65% | |||||||||||
Debt securities | 20% to 30% | 21 | 25 | |||||||||||
Real estate | 2% to 8% | 4 | 5 | |||||||||||
Commodities | 4% to 6% | 5 | 5 | |||||||||||
Total | 100% | 100% | ||||||||||||
As of December 31, 2013, the pension plan assets measured at fair value on a recurring basis were as follows: | ||||||||||||||
Quoted Prices | Significant | |||||||||||||
in Active | Other | Significant | ||||||||||||
Markets for | Observable | Unobservable | ||||||||||||
Identical Inputs | Inputs | Inputs | ||||||||||||
Millions | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||
Plan assets: | ||||||||||||||
Temporary cash investments | $ | 16 | $ | - | $ | - | $ | 16 | ||||||
Registered investment companies | 11 | 253 | - | 264 | ||||||||||
U.S. government securities | - | 126 | - | 126 | ||||||||||
Corporate bonds & debentures | - | 310 | - | 310 | ||||||||||
Corporate stock | 983 | 16 | - | 999 | ||||||||||
Venture capital and buyout partnerships | - | - | 213 | 213 | ||||||||||
Real estate partnerships | - | - | 139 | 139 | ||||||||||
Common trust and other funds | - | 1,357 | - | 1,357 | ||||||||||
Other investments | - | - | - | - | ||||||||||
Total plan assets at fair value | $ | 1,010 | $ | 2,062 | $ | 352 | 3,424 | |||||||
Other assets [a] | 5 | |||||||||||||
Total plan assets | $ | 3,429 | ||||||||||||
[a] Other assets include accrued receivables and pending broker settlements. | ||||||||||||||
As of December 31, 2012, the pension plan assets measured at fair value on a recurring basis were as follows: | ||||||||||||||
Quoted Prices | Significant | |||||||||||||
in Active | Other | Significant | ||||||||||||
Markets for | Observable | Unobservable | ||||||||||||
Identical Inputs | Inputs | Inputs | ||||||||||||
Millions | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||
Plan assets: | ||||||||||||||
Temporary cash investments | $ | 14 | $ | - | $ | - | $ | 14 | ||||||
Registered investment companies | 10 | 258 | - | 268 | ||||||||||
U.S. government securities | - | 125 | - | 125 | ||||||||||
Corporate bonds & debentures | - | 326 | - | 326 | ||||||||||
Corporate stock | 758 | 12 | - | 770 | ||||||||||
Venture capital and buyout partnerships | - | - | 179 | 179 | ||||||||||
Real estate partnerships | - | - | 143 | 143 | ||||||||||
Common trust and other funds | - | 1,018 | - | 1,018 | ||||||||||
Other investments | - | 27 | - | 27 | ||||||||||
Total plan assets at fair value | $ | 782 | $ | 1,766 | $ | 322 | 2,870 | |||||||
Other assets [a] | 5 | |||||||||||||
Total plan assets | $ | 2,875 | ||||||||||||
[a] Other assets include accrued receivables and pending broker settlements. | ||||||||||||||
Reconciliation Of Beginning Ending Balances Of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Table Text Block] | ' | |||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3 investments) during 2013: | ||||||||||||||
Venture Capital | ||||||||||||||
and Buyout | Real Estate | |||||||||||||
Millions | Partnerships | Partnerships | Total | |||||||||||
Beginning balance - January 1, 2013 | $ | 179 | $ | 143 | $ | 322 | ||||||||
Realized gain | 7 | 8 | 15 | |||||||||||
Unrealized gain | 24 | 3 | 27 | |||||||||||
Purchases | 43 | 23 | 66 | |||||||||||
Sales | -40 | -38 | -78 | |||||||||||
Ending balance - December 31, 2013 | $ | 213 | $ | 139 | $ | 352 | ||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3 investments) during 2012: | ||||||||||||||
Venture Capital | ||||||||||||||
and Buyout | Real Estate | |||||||||||||
Millions | Partnerships | Partnerships | Total | |||||||||||
Beginning balance - January 1, 2012 | $ | 184 | $ | 126 | $ | 310 | ||||||||
Realized gain/(loss) | 11 | 3 | 14 | |||||||||||
Unrealized gain | 1 | - | 1 | |||||||||||
Purchases | 18 | 23 | 41 | |||||||||||
Sales | -35 | -9 | -44 | |||||||||||
Ending balance - December 31, 2012 | $ | 179 | $ | 143 | $ | 322 |
Other_Income_Tables
Other Income (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Income [Abstract] | ' | |||||||
Other Income [Table Text Block] | ' | |||||||
Other income included the following for the years ended December 31: | ||||||||
Millions | 2013 [a] | 2012 | 2011 | |||||
Rental income | $ | 106 | $ | 83 | $ | 80 | ||
Net gain on non-operating asset dispositions | 32 | 29 | 43 | |||||
Interest income | 4 | 3 | 3 | |||||
Early extinguishment of debt | -1 | -6 | -5 | |||||
Non-operating environmental costs and other | -13 | -1 | -9 | |||||
Total | $ | 128 | $ | 108 | $ | 112 | ||
[a] Rental income includes $17 million related to a land lease contract settlement. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Income Tax [Abstract] | ' | ||||||
Components Of Income Tax Expense/(Benefit) [Table Text Block] | ' | ||||||
Components of income tax expense were as follows for the years ended December 31: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Current tax expense: | |||||||
Federal | $ | 1,738 | $ | 1,335 | $ | 862 | |
State | 199 | 153 | 124 | ||||
Total current tax expense | 1,937 | 1,488 | 986 | ||||
Deferred tax expense: | |||||||
Federal | 659 | 760 | 894 | ||||
State | 119 | 120 | 70 | ||||
Total deferred tax expense | 778 | 880 | 964 | ||||
Unrecognized tax benefits: | |||||||
Federal | -54 | 5 | 11 | ||||
State | -1 | 2 | 11 | ||||
Total unrecognized tax benefits expense/(benefits) | -55 | 7 | 22 | ||||
Total income tax expense | $ | 2,660 | $ | 2,375 | $ | 1,972 | |
Reconciliations Between Statutory And Effective Tax Rates [Table Text Block] | ' | ||||||
For the years ended December 31, reconciliations between statutory and effective tax rates are as follows: | |||||||
Tax Rate Percentages | 2013 | 2012 | 2011 | ||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |
State statutory rates, net of federal benefits | 3.1 | 3.1 | 3.1 | ||||
Deferred tax adjustments | -0.1 | -0.1 | -0.5 | ||||
Tax credits | -0.2 | -0.5 | -0.5 | ||||
Other | -0.1 | 0.1 | 0.4 | ||||
Effective tax rate | 37.7 | % | 37.6 | % | 37.5 | % | |
Deferred Income Tax Liabilities/(Assets) [Table Text Block] | ' | ||||||
Deferred income tax (liabilities)/assets were comprised of the following at December 31: | |||||||
Millions | 2013 | 2012 | |||||
Deferred income tax liabilities: | |||||||
Property | $ | -14,448 | $ | -13,863 | |||
Other | -260 | -237 | |||||
Total deferred income tax liabilities | -14,708 | -14,100 | |||||
Deferred income tax assets: | |||||||
Accrued wages | 71 | 69 | |||||
Accrued casualty costs | 223 | 238 | |||||
Accrued stock compensation | 66 | 58 | |||||
Debt and leases | 41 | 185 | |||||
Retiree benefits | 100 | 365 | |||||
Credits | 182 | 200 | |||||
Other | 130 | 140 | |||||
Total deferred income tax assets | $ | 813 | $ | 1,255 | |||
Net deferred income tax liability | $ | -13,895 | $ | -12,845 | |||
Current portion of deferred taxes | $ | 268 | $ | 263 | |||
Non-current portion of deferred taxes | -14,163 | -13,108 | |||||
Net deferred income tax liability | $ | -13,895 | $ | -12,845 | |||
Reconciliation Of Changes In Unrecognized Tax Benefits Liabilities/(Assets) [Table Text Block] | ' | ||||||
A reconciliation of changes in unrecognized tax benefits liabilities/(assets) from the beginning to the end of the reporting period is as follows: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Unrecognized tax benefits at January 1 | $ | 115 | $ | 107 | $ | 86 | |
Increases for positions taken in current year | 24 | 29 | 9 | ||||
Increases for positions taken in prior years | 15 | 4 | 81 | ||||
Decreases for positions taken in prior years | -30 | -19 | -30 | ||||
Payments to and settlements with taxing authorities | -63 | - | -27 | ||||
Increases/(decreases) for interest and penalties | - | -4 | -9 | ||||
Lapse of statutes of limitations | -2 | -2 | -3 | ||||
Unrecognized tax benefits at December 31 | $ | 59 | $ | 115 | $ | 107 | |
Schedule Of Unrecognized Tax Benefits That Would Reduce Effective Tax Rate [Table Text Block] | ' | ||||||
The unrecognized tax benefits that would reduce our effective tax rate are as follows: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Unrecognized tax benefits that would reduce the effective tax rate | $ | 34 | $ | 41 | $ | 80 | |
Unrecognized tax benefits that would not reduce the effective tax rate | 25 | 74 | 27 | ||||
Total unrecognized tax benefits | $ | 59 | $ | 115 | $ | 107 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Earnings Per Share [Table Text Block] | ' | ||||||
The following table provides a reconciliation between basic and diluted earnings per share for the years ended December 31: | |||||||
Millions, Except Per Share Amounts | 2013 | 2012 | 2011 | ||||
Net income | $ | 4,388 | $ | 3,943 | $ | 3,292 | |
Weighted-average number of shares outstanding: | |||||||
Basic | 463.3 | 473.1 | 485.7 | ||||
Dilutive effect of stock options | 1.2 | 1.8 | 2.6 | ||||
Dilutive effect of retention shares and units | 1.3 | 1.6 | 1.5 | ||||
Diluted | 465.8 | 476.5 | 489.8 | ||||
Earnings per share – basic | $ | 9.47 | $ | 8.33 | $ | 6.78 | |
Earnings per share – diluted | $ | 9.42 | $ | 8.27 | $ | 6.72 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income/(Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income/(Loss) [Abstract] | ' | ||||||||||||
After-Tax Components Of Accumulated Other Comprehensive Loss [Table Text Block] | ' | ||||||||||||
9. Accumulated Other Comprehensive Income/(Loss) | |||||||||||||
Reclassifications out of accumulated other comprehensive income/(loss) were as follows (net of tax): | |||||||||||||
Millions | Defined benefit plans | Foreign currency translation | Derivatives | Total | |||||||||
Balance at January 1, 2013 | $ | -1,149 | $ | -36 | $ | -1 | $ | -1,186 | |||||
Other comprehensive income/(loss) before reclassifications | -1 | -1 | 1 | -1 | |||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) [a] | 437 | - | - | 437 | |||||||||
Net year-to-date other comprehensive income/(loss), net of taxes of ($264) million | 436 | -1 | 1 | 436 | |||||||||
Balance at December 31, 2013 | $ | -713 | $ | -37 | $ | - | $ | -750 | |||||
Balance at January 1, 2012 | $ | -1,004 | $ | -48 | $ | -2 | $ | -1,054 | |||||
Other comprehensive income/(loss) before reclassifications | -6 | 12 | 1 | 7 | |||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) [a] | -139 | - | - | -139 | |||||||||
Net year-to-date other comprehensive income/(loss), net of taxes of $82 million | -145 | 12 | 1 | -132 | |||||||||
Balance at December 31, 2012 | $ | -1,149 | $ | -36 | $ | -1 | $ | -1,186 | |||||
[a] | The accumulated other comprehensive income/(loss) reclassification components are 1) prior service cost/(benefit) 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. | ||||||||||||
Properties_Tables
Properties (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Properties [Abstract] | ' | ||||||||
Properties [Table Text Block] | ' | ||||||||
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 December 31, 2013 | Cost | Depreciation | Value | Useful Life | |||||
Land | $ | 5,120 | $ | N/A | $ | 5,120 | N/A | ||
Road: | |||||||||
Rail and other track material | 13,861 | 4,970 | 8,891 | 35 | |||||
Ties | 8,785 | 2,310 | 6,475 | 33 | |||||
Ballast | 4,621 | 1,171 | 3,450 | 34 | |||||
Other roadway [a] | 15,596 | 2,726 | 12,870 | 48 | |||||
Total road | 42,863 | 11,177 | 31,686 | N/A | |||||
Equipment: | |||||||||
Locomotives | 7,518 | 3,481 | 4,037 | 20 | |||||
Freight cars | 2,085 | 1,000 | 1,085 | 25 | |||||
Work equipment and other | 561 | 119 | 442 | 18 | |||||
Total equipment | 10,164 | 4,600 | 5,564 | N/A | |||||
Technology and other | 711 | 286 | 425 | 10 | |||||
Construction in progress | 954 | - | 954 | N/A | |||||
Total | $ | 59,812 | $ | 16,063 | $ | 43,749 | N/A | ||
[a] | Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets. | ||||||||
Millions, Except Estimated Useful Life | Accumulated | Net Book | Estimated | ||||||
As of December 31, 2012 | Cost | Depreciation | Value | Useful Life | |||||
Land | $ | 5,105 | $ | N/A | $ | 5,105 | N/A | ||
Road: | |||||||||
Rail and other track material | 13,220 | 4,756 | 8,464 | 33 | |||||
Ties | 8,404 | 2,157 | 6,247 | 33 | |||||
Ballast | 4,399 | 1,085 | 3,314 | 34 | |||||
Other roadway [a] | 14,806 | 2,583 | 12,223 | 49 | |||||
Total road | 40,829 | 10,581 | 30,248 | N/A | |||||
Equipment: | |||||||||
Locomotives | 7,297 | 3,321 | 3,976 | 19 | |||||
Freight cars | 1,991 | 1,018 | 973 | 23 | |||||
Work equipment and other | 535 | 89 | 446 | 17 | |||||
Total equipment | 9,823 | 4,428 | 5,395 | N/A | |||||
Technology and other | 633 | 273 | 360 | 11 | |||||
Construction in progress | 889 | - | 889 | N/A | |||||
Total | $ | 57,279 | $ | 15,282 | $ | 41,997 | N/A | ||
[a] | Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets. |
Recovered_Sheet1
Accounts Payable And Other Current Liabilities (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounts Payable and Other Current Liabilties [Abstract] | ' | ||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | ||||
Accounts Payable and Other Current Liabilities | |||||
Dec. 31, | Dec. 31, | ||||
Millions | 2013 | 2012 | |||
Accounts payable | $ | 803 | $ | 825 | |
Income and other taxes payable | 491 | 368 | |||
Accrued wages and vacation | 385 | 376 | |||
Dividends payable | 356 | 318 | |||
Accrued casualty costs | 207 | 213 | |||
Interest payable | 169 | 172 | |||
Equipment rents payable | 96 | 95 | |||
Other | 579 | 556 | |||
Total accounts payable and other current liabilities | $ | 3,086 | $ | 2,923 |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt [Abstract] | ' | |||||
Total debt, net of interest rate swaps designated as fair value hedges [Table Text Block] | ' | |||||
Total debt as of December 31, 2013, and 2012, net of interest rate swaps designated as fair value hedges, is summarized below: | ||||||
Millions | 2013 | 2012 | ||||
Notes and debentures, 2.8% to 7.9% due through 2054 | $ | 8,068 | $ | 6,950 | ||
Capitalized leases, 3.1% to 8.4% due through 2028 | 1,702 | 1,848 | ||||
Floating rate term loans, due through 2016 | 200 | 200 | ||||
Equipment obligations, 6.2% to 6.7% due through 2031 | 110 | 119 | ||||
Mortgage bonds, 4.8% due through 2030 | 57 | 57 | ||||
Medium-term notes, 9.2% to 10.0% due through 2020 | 32 | 32 | ||||
Tax-exempt financings, 1.9% to 5.1% due through 2015 | 12 | 56 | ||||
Receivables Securitization (Note 10) | - | 100 | ||||
Unamortized discount | -604 | -365 | ||||
Total debt | 9,577 | 8,997 | ||||
Less: current portion | -705 | -196 | ||||
Total long-term debt | $ | 8,872 | $ | 8,801 | ||
Aggregate debt maturities [Table Text Block] | ' | |||||
The following table presents aggregate debt maturities as of December 31, 2013, excluding market value adjustments: | ||||||
Millions | ||||||
2014 | $ | 705 | ||||
2015 | 448 | |||||
2016 | 582 | |||||
2017 | 649 | |||||
2018 | 562 | |||||
Thereafter | 6,631 | |||||
Total debt | $ | 9,577 | ||||
Unsecured Fixed Rate Debt Securities Issued Under Current Shelf Registration [Table Text Block] | ' | |||||
During 2013, we issued the following unsecured, fixed-rate debt securities under our current shelf registration: | ||||||
Date | Description of Securities | |||||
15-Mar-13 | $325 million of 2.75% Notes due April 15, 2023 | |||||
$325 million of 4.25% Notes due April 15, 2043 | ||||||
25-Oct-13 | $500 million of 4.75% Notes due December 15, 2043 | |||||
Subsequent Event – In 2014, we issued the following unsecured, fixed-rate debt securities under our current shelf registration: | ||||||
Date | Description of Securities | |||||
10-Jan-14 | $300 million of 2.25% Notes due February 15, 2019 | |||||
$400 million of 3.75% Notes due March 15, 2024 | ||||||
$300 million of 4.85% Notes due June 15, 2044 | ||||||
Debt Exchange [Table Text Block] | ' | |||||
The following table lists the outstanding notes and debentures that were exchanged: | ||||||
Principal amount | ||||||
Millions | exchanged | |||||
The 2024 Offers | ||||||
7.000% Debentures due 2016 | $ | 8 | ||||
5.650% Notes due 2017 | 38 | |||||
5.750% Notes due 2017 | 70 | |||||
5.700% Notes due 2018 | 103 | |||||
7.875% Notes due 2019 | 20 | |||||
6.125% Notes due 2020 | 238 | |||||
The 2044 Offers | ||||||
7.125% Debentures due 2028 | 73 | |||||
6.625% Debentures due 2029 | 177 | |||||
6.250% Debentures due 2034 | 19 | |||||
6.150% Debentures due 2037 | 138 | |||||
5.780% Notes due 2040 | 286 | |||||
Total | $ | 1,170 |
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Future Minimum Lease Payments For Operating And Capital Leases [Table Text Block] | ' | ||||
Future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013, were as follows: | |||||
Millions | Operating Leases | Capital Leases | |||
2014 | $ | 512 | $ | 272 | |
2015 | 477 | 260 | |||
2016 | 438 | 239 | |||
2017 | 400 | 247 | |||
2018 | 332 | 225 | |||
Later years | 1,907 | 957 | |||
Total minimum lease payments | $ | 4,066 | $ | 2,200 | |
Amount representing interest | N/A | -498 | |||
Present value of minimum lease payments | N/A | $ | 1,702 |
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Commitments And Contingencies Tables [Abstract] | ' | ||||||
Commitments And Contingencies Activity [Table Text Block] | ' | ||||||
Our personal injury liability activity was as follows: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Beginning balance | $ | 334 | $ | 368 | $ | 426 | |
Current year accruals | 87 | 121 | 118 | ||||
Changes in estimates for prior years | -38 | -58 | -71 | ||||
Payments | -89 | -97 | -105 | ||||
Ending balance at December 31 | $ | 294 | $ | 334 | $ | 368 | |
Current portion, ending balance at December 31 | $ | 82 | $ | 95 | $ | 103 | |
Our asbestos-related liability activity was as follows: | |||||||
Millions | 2013 | 2012 | 2011 | ||||
Beginning balance | $ | 139 | $ | 147 | $ | 162 | |
Accruals/(Credits) | 2 | -2 | -5 | ||||
Payments | -10 | -6 | -10 | ||||
Ending balance at December 31 | $ | 131 | $ | 139 | $ | 147 | |
Current portion, ending balance at December 31 | $ | 9 | $ | 8 | $ | 8 | |
Our environmental liability activity was as follows: | |||||||
Millions | 2013 | 2012 | 2011 [a] | ||||
Beginning balance | $ | 170 | $ | 172 | $ | 213 | |
Accruals | 58 | 48 | 29 | ||||
Payments | -57 | -50 | -70 | ||||
Ending balance at December 31 | $ | 171 | $ | 170 | $ | 172 | |
Current portion, ending balance at December 31 | $ | 53 | $ | 50 | $ | 50 | |
[a] Payments include $25 million to resolve the Omaha Lead Site liability. |
Share_Repurchase_Program_Table
Share Repurchase Program (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Share Repurchase Program Tables [Abstract] | ' | |||||||
Share Repurchase Program [Table Text Block] | ' | |||||||
The table below represents shares repurchased under this repurchase program. | ||||||||
Number of Shares Purchased | Average Price Paid | |||||||
2013 | 2012 | 2013 | 2012 | |||||
First quarter | 2,881,400 | 3,917,369 | $ | 136.58 | $ | 110.64 | ||
Second quarter | 3,061,470 | 3,770,528 | 151.42 | 110.02 | ||||
Third quarter | 3,666,894 | 3,098,812 | 156.77 | 122.13 | ||||
Fourth quarter | 4,929,055 | 2,033,750 | 159.36 | 121.81 | ||||
Total | 14,538,819 | 12,820,459 | $ | 152.52 | $ | 115.01 | ||
Selected_Quarterly_Data_Unaudi1
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Selected Quarterly Data (Unaudited) [Abstract] | ' | ||||||||
Selected Quarterly Data (Unaudited) [Table Text Block] | ' | ||||||||
19. Selected Quarterly Data (Unaudited) | |||||||||
Millions, Except Per Share Amounts | |||||||||
2013 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | |||||
Operating revenues | $ | 5,290 | $ | 5,470 | $ | 5,573 | $ | 5,630 | |
Operating income | 1,633 | 1,878 | 1,962 | 1,973 | |||||
Net income | 957 | 1,106 | 1,151 | 1,174 | |||||
Net income per share: | |||||||||
Basic | 2.05 | 2.38 | 2.49 | 2.56 | |||||
Diluted | 2.03 | 2.37 | 2.48 | 2.55 | |||||
Millions, Except Per Share Amounts | |||||||||
2012 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | |||||
Operating revenues | $ | 5,112 | $ | 5,221 | $ | 5,343 | $ | 5,250 | |
Operating income | 1,510 | 1,724 | 1,786 | 1,725 | |||||
Net income | 863 | 1,002 | 1,042 | 1,036 | |||||
Net income per share: | |||||||||
Basic | 1.81 | 2.11 | 2.21 | 2.21 | |||||
Diluted | 1.79 | 2.1 | 2.19 | 2.19 |
Schedule_Of_Valuation_And_Qual1
Schedule Of Valuation And Qualifying Accounts (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule Of Valuation And Qualifying Accounts [Abstract] | ' | ||||||
Schedule Of Valuation And Qualifying Accounts [Text Block] | ' | ||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | |||||||
Union Pacific Corporation and Subsidiary Companies | |||||||
Millions, for the Years Ended December 31, | 2013 | 2012 | 2011 | ||||
Allowance for doubtful accounts: | |||||||
Balance, beginning of period | $ | 37 | $ | 50 | $ | 56 | |
Charges/(reduction) to expense | -4 | -1 | - | ||||
Net recoveries/(write-offs) | -10 | -12 | -6 | ||||
Balance, end of period | $ | 23 | $ | 37 | $ | 50 | |
Allowance for doubtful accounts are presented in the Consolidated Statements of Financial Position as follows: | |||||||
Current | $ | 1 | $ | 4 | $ | 9 | |
Long-term | 22 | 33 | 41 | ||||
Balance, end of period | $ | 23 | $ | 37 | $ | 50 | |
Accrued casualty costs: | |||||||
Balance, beginning of period | $ | 734 | $ | 778 | $ | 905 | |
Charges to expense | 188 | 190 | 110 | ||||
Cash payments and other reductions | -220 | -234 | -237 | ||||
Balance, end of period | $ | 702 | $ | 734 | $ | 778 | |
Accrued casualty costs are presented in the Consolidated Statements of Financial Position as follows: | |||||||
Current | $ | 207 | $ | 213 | $ | 249 | |
Long-term | 495 | 521 | 529 | ||||
Balance, end of period | $ | 702 | $ | 734 | $ | 778 |
Nature_Of_Operations_Details
Nature Of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Network route miles | 31,838 | ' | ' | ' | ' | ' | ' | ' | 31,838 | ' | ' |
Route miles owned | 26,009 | ' | ' | ' | ' | ' | ' | ' | 26,009 | ' | ' |
Commodity Group Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Freight revenues | ' | ' | ' | ' | ' | ' | ' | ' | $20,684 | $19,686 | $18,508 |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,279 | 1,240 | 1,049 |
Total operating revenues | 5,630 | 5,573 | 5,470 | 5,290 | 5,250 | 5,343 | 5,221 | 5,112 | 21,963 | 20,926 | 19,557 |
Freight revenues - Mexico | ' | ' | ' | ' | ' | ' | ' | ' | 2,100 | 1,900 | 1,800 |
Agriculture [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity Group Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Freight revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,276 | 3,280 | 3,324 |
Automotive [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity Group Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Freight revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,077 | 1,807 | 1,510 |
Chemicals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity Group Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Freight revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,501 | 3,238 | 2,815 |
Coal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity Group Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Freight revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,978 | 3,912 | 4,084 |
Industrial Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity Group Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Freight revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,822 | 3,494 | 3,166 |
Intermodal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity Group Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Freight revenues | ' | ' | ' | ' | ' | ' | ' | ' | $4,030 | $3,955 | $3,609 |
Stock_Options_and_Other_Stock_2
Stock Options and Other Stock Plans (Details 1) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Union Pacific Corporation 1992 Restricted Stock Plan For Non-Employee Directors [Member] | Union Pacific Corporation 2000 Directors Plan [Member] | Union Pacific Corporation 2001 Stock Incentive Plan [Member] | Union Pacific Corporation 2004 Stock Incentive Plan [Member] | Union Pacific Corporation 2013 Stock Incentive Plan [Member] | ||||
Stock Options And Other Stock Plans Details [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, shares outstanding | ' | ' | ' | ' | 81,100 | 6,804 | 3,633,693 | ' |
Restricted shares outstanding | ' | ' | ' | 7,140 | 18,000 | ' | 2,799,030 | 1,064 |
Common stock reserved for issuance | ' | ' | ' | ' | 1,100,000 | 24,000,000 | 42,000,000 | 39,000,000 |
Initial grant of retention stock share/units description | ' | ' | ' | ' | 'Under the Directors Plan, each non-employee director, upon his or her initial election to the Board of Directors, receives a grant of 2,000 retention shares or retention stock units. Prior to December 31, 2007, each non-employee director received annually an option to purchase at fair value a number of shares of our common stock, not to exceed 10,000 shares during any calendar year, determined by dividing 60,000 by 1/3 of the fair market value of one share of our common stock on the date of such Board of Directors meeting, with the resulting quotient rounded up or down to the nearest 50 shares. | ' | ' | ' |
Shares of common stock authorized and available | 39,787,448 | 32,168,520 | 32,374,343 | ' | ' | ' | ' | ' |
Stock_Options_and_Other_Stock_3
Stock Options and Other Stock Plans (Details 2) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Stock Options [Member] | ' |
Stock Option Activity [Abstract] | ' |
Stock options, shares outstanding at January 1, 2013 | 4,289,000 |
Stock options, shares granted | 572,000 |
Stock options, shares exercised | -1,117,000 |
Stock options, shares forfeited or expired | -22,000 |
Stock options, shares outstanding at December 31, 2013 | 3,722,000 |
Stock options, shares vested or expected to vest at December 31, 2013 | 3,722,000 |
Stock options, share options exercisable at December 31, 2013 | 2,575,000 |
Stock options weighted-average exercise price, outstanding at January 1, 2013 | $65.68 |
Stock options weighted-average exercise price, granted | $132 |
Stock options weighted-average exercise price, exercised | $50.64 |
Stock options weighted-average exercise price, forfeited or expired | $107.99 |
Stock options weighted-average exercise price, outstanding at December 31, 2013 | $80.14 |
Stock options weighted-average exercise price, vested or expected to vest at December 31, 2013 | $80.12 |
Stock options weighted-average exercise price, options exercisable at December 31, 2013 | $62.46 |
Stock options weighted-average remaining contractual term in years, outstanding at January 1, 2013 | '5 years 10 months |
Stock options weighted-average remaining contractual term in years, outstanding at December 31, 2013 | '5 years 10 months |
Stock options weighted-average remaining contractual term in years, vested or expected to vest at December 31, 2013 | '5 years 10 months |
Stock options weighted-average remaining contractual term in years, options exercisable at December 31, 2013 | '4 years 8 months |
Stock options aggregate intrinsic value, outstanding at January 1, 2013 | $258 |
Stock options aggregate intrinsic value, outstanding at December 31, 2013 | 327 |
Stock options aggregate intrinsic value, vested or expected to vest at December 31, 2013 | 325 |
Stock options aggregate intrinsic value, options exercisable at December 31, 2013 | 272 |
Contractual Term | 'Stock options are granted at the closing price on the date of grant, have ten-year contractual terms |
Stock options, years until vest | '3 years |
Unrecognized Compensation Expense [Abstract] | ' |
Unrecognized compensation expense | 17 |
Expected weighted average period (in years) of nonvested stock options to be recognized | '1 year |
Retention Awards [Member] | ' |
Awards Activity [Abstract] | ' |
Awards, shares nonvested at January 1, 2013 | 2,355,000 |
Awards, shares granted | 421,000 |
Awards, shares vested | -858,000 |
Awards, shares forfeited | -62,000 |
Awards, shares nonvested at December 31, 2013 | 1,856,000 |
Awards weighted-average grant-date fair value, nonvested at January 1, 2013 | $73.27 |
Awards weighted-average grant-date fair value, granted | $132.04 |
Awards weighted-average grant-date fair value, vested | $47.70 |
Awards weighted-average grant-date fair value, forfeited | $84.81 |
Awards weighted-average grant-date fair value, nonvested at December 31, 2013 | $98.04 |
Unrecognized Compensation Expense [Abstract] | ' |
Unrecognized compensation expense | 71 |
Expected weighted average period (in years) of nonvested stock options to be recognized | '1 year 6 months |
Performance Retention Awards [Member] | ' |
Awards Activity [Abstract] | ' |
Awards, shares nonvested at January 1, 2013 | 1,075,000 |
Awards, shares granted | 304,000 |
Awards, shares vested | -401,000 |
Awards, shares forfeited | -34,000 |
Awards, shares nonvested at December 31, 2013 | 944,000 |
Awards weighted-average grant-date fair value, nonvested at January 1, 2013 | $83.80 |
Awards weighted-average grant-date fair value, granted | $125.14 |
Awards weighted-average grant-date fair value, vested | $58.33 |
Awards weighted-average grant-date fair value, forfeited | $98.69 |
Awards weighted-average grant-date fair value, nonvested at December 31, 2013 | $107.40 |
Unrecognized Compensation Expense [Abstract] | ' |
Unrecognized compensation expense | $39 |
Expected weighted average period (in years) of nonvested stock options to be recognized | '1 year 1 month |
Stock_Options_and_Other_Stock_4
Stock Options and Other Stock Plans (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-Based Compensation, Before Tax: [Abstract] | ' | ' | ' |
Stock options | $19 | $18 | $18 |
Retention awards | 79 | 75 | 64 |
Total stock-based compensation, before tax | 98 | 93 | 82 |
Excess tax benefits from equity compensation plans | $76 | $100 | $83 |
Stock_Options_and_Other_Stock_5
Stock Options and Other Stock Plans (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' | ' |
Assumptions For Stock Awards [Abstract] | ' | ' | ' |
Risk-free interest rate | 0.80% | 0.80% | 2.30% |
Dividend yield | 2.10% | 2.10% | 1.60% |
Expected life (years) | '5 years | '5 years 4 months | '5 years 4 months |
Volatility | 36.20% | 36.80% | 35.90% |
Weighted-average grant-date fair value of options granted | $34.98 | $31.29 | $28.45 |
Performance Retention Awards [Member] | ' | ' | ' |
Assumptions For Stock Awards [Abstract] | ' | ' | ' |
Dividend per share per quarter | $0.69 | ' | ' |
Risk-free interest rate | 0.40% | ' | ' |
Continued employment requirement | '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. | ' | ' |
Stock_Options_and_Other_Stock_6
Stock Options and Other Stock Plans (Details 5) (Stock Options [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options [Member] | ' | ' | ' |
Stock Option Aggregate Disclosures [Abstract] | ' | ' | ' |
Intrinsic value of stock options exercised | $112 | $244 | $209 |
Cash received from option exercises | 51 | 84 | 137 |
Treasury shares repurchased for employee payroll taxes | -21 | -30 | -53 |
Tax benefit realized from option exercises | 43 | 93 | 80 |
Aggregate grant-date fair value of stock options vested | $16 | $16 | $19 |
Retirement_Plans_Details_1
Retirement Plans (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 |
In Millions, unless otherwise specified | Total 2014 Forecast [Member] | Pension [Member] | Pension [Member] | Pension [Member] | Pension [Member] | OPEB [Member] | OPEB [Member] | OPEB [Member] | OPEB [Member] | ||
Total 2014 Forecast [Member] | Total 2014 Forecast [Member] | ||||||||||
Net Periodic Pension And OPEB Cost/(Benefit) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension & OPEB Descriptions | ' | ' | ' | '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. | ' | ' | ' | 'Other Postretirement Benefits (OPEB) – We provide medical and life insurance benefits for eligible retirees. These benefits are funded as medical claims and life insurance premiums are paid. | ' | ' | ' |
Projected Benefit Obligation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected benefit obligation at beginning of year | ' | ' | ' | $3,591 | $3,165 | ' | ' | $372 | $336 | ' | ' |
Service cost | ' | ' | ' | 72 | 54 | 40 | ' | 3 | 3 | 2 | ' |
Interest cost | ' | ' | ' | 134 | 141 | 145 | ' | 12 | 15 | 15 | ' |
Actuarial loss/(gain) | ' | ' | ' | -257 | 391 | ' | ' | -34 | 42 | ' | ' |
Gross benefits paid | ' | ' | ' | -168 | -160 | ' | ' | -23 | -24 | ' | ' |
Projected benefit obligation at end of year | ' | ' | ' | 3,372 | 3,591 | 3,165 | ' | 330 | 372 | 336 | ' |
Plan Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | ' | ' | ' | 2,875 | 2,505 | ' | ' | 0 | 0 | ' | ' |
Actual return on plan assets | ' | ' | ' | 506 | 315 | ' | ' | 0 | 0 | ' | ' |
Voluntary funded pension plan contributions | ' | ' | ' | 200 | 200 | ' | ' | ' | ' | ' | ' |
Non-qualified plan benefit contributions | ' | ' | ' | 16 | 15 | ' | ' | ' | ' | ' | ' |
Non-qualified plan benefit contributions - OPEB | ' | ' | ' | ' | ' | ' | ' | 23 | 24 | ' | ' |
Fair value of plan assets at end of year | ' | ' | ' | 3,429 | 2,875 | 2,505 | ' | 0 | 0 | 0 | ' |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funded status at end of year | ' | ' | ' | 57 | -716 | ' | ' | -330 | -372 | ' | ' |
Amounts Recognized in the Statement of Financial Position [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts recognized - noncurrent assets | ' | ' | ' | 364 | 1 | ' | ' | 0 | 0 | ' | ' |
Amounts recognized - current liabilities | ' | ' | ' | -16 | -16 | ' | ' | -25 | -27 | ' | ' |
Amounts recognized - noncurrent liabilities | ' | ' | ' | -291 | -701 | ' | ' | -305 | -345 | ' | ' |
Net amounts recognized at end of year | ' | ' | ' | 57 | -716 | ' | ' | -330 | -372 | ' | ' |
Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Income/(Loss) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service (cost)/credit | 28 | 45 | ' | 0 | 0 | ' | ' | 28 | 45 | ' | ' |
Net actuarial loss | -1,143 | -1,860 | ' | -1,018 | -1,685 | ' | ' | -125 | -175 | ' | ' |
Total pre-tax amounts recognized in accumulated other comprehensive income/(loss) | -1,115 | -1,815 | ' | -1,018 | -1,685 | ' | ' | -97 | -130 | ' | ' |
Other Pre-Tax Changes Recognized In Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service cost/(credit) - OCI | ' | ' | ' | 0 | 0 | 0 | ' | 0 | 0 | 10 | ' |
Net actuarial loss/(gain) - OCI | ' | ' | ' | -561 | 265 | 515 | ' | -34 | 42 | 14 | ' |
Amortization of prior service cost/(credit) - OCI | ' | ' | ' | 0 | -1 | -2 | ' | 16 | 18 | 34 | ' |
Amortization of actuarial loss - OCI | ' | ' | ' | -106 | -83 | -71 | ' | -15 | -13 | -11 | ' |
Total other pre-tax changes recognized in other comprehensive income | ' | ' | ' | -667 | 181 | 442 | ' | -33 | 47 | 47 | ' |
Amounts Included In Accumulated Other Comprehensive Income Expected To Be Amortized Into Net Periodic Cost (Benefit) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service benefit - AOCI | ' | ' | -11 | ' | ' | ' | 0 | ' | ' | ' | -11 |
Net actuarial loss - AOCI | ' | ' | 79 | ' | ' | ' | 69 | ' | ' | ' | 10 |
Total amounts included in accumulated other comprehensive income expected to be amortized into net periodic cost (benefit) | ' | ' | $68 | ' | ' | ' | $69 | ' | ' | ' | ($1) |
Retirement_Plans_Details_2
Retirement Plans (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Non-qualified Plan [Member] | ' | ' | ' |
Underfunded Accumulated Benefit Obligation [Abstract] | ' | ' | ' |
Projected benefit obligation | 302 | 331 | ' |
Pension [Member] | ' | ' | ' |
Underfunded Accumulated Benefit Obligation [Abstract] | ' | ' | ' |
Projected benefit obligation | 308 | 3,574 | ' |
Accumulated benefit obligation | 302 | 3,440 | ' |
Fair value of plan assets | 0 | 2,857 | ' |
Underfunded accumulated benefit obligation | -302 | -583 | ' |
Accumulated Benefit Obligation [Abstract] | ' | ' | ' |
Accumulated benefit obligation | 3,200 | 3,400 | ' |
Weighted-Average Actuarial Assumptions Used To Determine Benefit Obligations [Abstract] | ' | ' | ' |
Discount rate - benefit obligations | 4.72% | 3.78% | ' |
Compensation increase - benefit obligations | 4.00% | 3.76% | ' |
OPEB [Member] | ' | ' | ' |
Weighted-Average Actuarial Assumptions Used To Determine Benefit Obligations [Abstract] | ' | ' | ' |
Discount rate - benefit obligations | 4.47% | 3.48% | ' |
Health care cost trend rate (employees under 65) | 6.49% | 6.64% | ' |
Ultimate health care cost trend rate | 4.50% | 4.50% | 4.50% |
Year ultimate trend rate reached | '2028 | '2028 | '2028 |
Retirement_Plans_Details_3
Retirement Plans (Details 3) (USD $) | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 |
Pension [Member] | Pension [Member] | Pension [Member] | OPEB [Member] | OPEB [Member] | OPEB [Member] | OPEB [Member] | |
2014 Forecast [Member] | |||||||
Net Periodic Pension And OPEB Cost/(Benefit) Abstract | ' | ' | ' | ' | ' | ' | ' |
Service cost | $72 | $54 | $40 | $3 | $3 | $2 | ' |
Interest cost | 134 | 141 | 145 | 12 | 15 | 15 | ' |
Expected return on plan assets | -202 | -190 | -180 | 0 | 0 | 0 | ' |
Amortization of prior service cost/(credit) | 0 | 1 | 2 | -16 | -18 | -34 | ' |
Amortization of actuarial loss | 106 | 83 | 71 | 15 | 13 | 11 | ' |
Net periodic benefit cost / (benefit) | 110 | 89 | 78 | 14 | 13 | -6 | ' |
Weighted-Average Actuarial Assumptions Used To Determine Benefit Expense [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Discount rate - expense | 3.78% | 4.54% | 5.35% | 3.48% | 4.36% | 5.01% | ' |
Expected return on plan assets - expense | 7.50% | 7.50% | 7.50% | ' | ' | ' | ' |
Compensation increase - expense | 3.43% | 3.69% | 4.48% | ' | ' | ' | ' |
Health care cost trend rate (employees under 65) | ' | ' | ' | 6.64% | 6.91% | 7.07% | 6.64% |
Ultimate health care cost trend rate | ' | ' | ' | 4.50% | 4.50% | 4.50% | 4.50% |
Year ultimate trend reached | ' | ' | ' | '2028 | '2028 | '2028 | '2028 |
Actual return (loss) on pension plan assets, net of fees | 17.00% | 13.00% | 2.00% | ' | ' | ' | ' |
Effects On OPEB Of A One-Percentage Point Change In The Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Effect on total service and interest cost components - one % pt. increase | ' | ' | ' | 1 | ' | ' | ' |
Effect on total service and interest cost components - one % pt. decrease | ' | ' | ' | -1 | ' | ' | ' |
Effect on accumulated benefit obligation - one % pt. increase | ' | ' | ' | 15 | ' | ' | ' |
Effect on accumulated benefit obligation - one % pt. decrease | ' | ' | ' | ($13) | ' | ' | ' |
Retirement_Plans_Details_4
Retirement Plans (Details 4) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
OPEB [Member] | ' | ' |
Cash Contributions [Abstract] | ' | ' |
Cash contribution to non-qualified OPEB plan | $23 | $24 |
Pension Qualified Plan [Member] | ' | ' |
Cash Contributions [Abstract] | ' | ' |
Cash contributions to qualified pension plan | 200 | 200 |
Pension Non-qualified Plan [Member] | ' | ' |
Cash Contributions [Abstract] | ' | ' |
Cash contributions to non-qualified pension plan | $16 | $15 |
Retirement_Plans_Details_5
Retirement Plans (Details 5) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension [Member] | ' |
Benefit Payments [Abstract] | ' |
Expected benefit payments - 2014 | $171 |
Expected benefit payments - 2015 | 176 |
Expected benefit payments - 2016 | 181 |
Expected benefit payments - 2017 | 185 |
Expected benefit payments - 2018 | 191 |
Expected benefit payments - 2019 - 2023 | 1,019 |
OPEB [Member] | ' |
Benefit Payments [Abstract] | ' |
Expected benefit payments - 2014 | 25 |
Expected benefit payments - 2015 | 25 |
Expected benefit payments - 2016 | 25 |
Expected benefit payments - 2017 | 25 |
Expected benefit payments - 2018 | 25 |
Expected benefit payments - 2019 - 2023 | $114 |
Retirement_Plans_Details_6
Retirement Plans (Details 6) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Information About Plan Assets [Abstract] | ' | ' |
Asset allocation | 100.00% | 100.00% |
Average long-term rate of return target description | 'The investment strategy for pension plan assets is to maintain a broadly diversified portfolio designed to achieve our target average long-term rate of return of 7.5%. | ' |
Prohibited investments description | 'The investment of pension plan assets in securities issued by UP is explicitly prohibited by the plan for both the equity and debt portfolios, other than through index fund holdings. | ' |
Weighted-average maturity of Pension Plan debt portfolio | '12 years | '12 years |
Equity Securities [Member] | ' | ' |
Target Allocation [Abstract] | ' | ' |
Target allocation 2014 range minimum | 60.00% | ' |
Target allocation 2014 range maximum | 70.00% | ' |
Defined Benefit Plan Information About Plan Assets [Abstract] | ' | ' |
Asset allocation | 70.00% | 65.00% |
Debt Securities [Member] | ' | ' |
Target Allocation [Abstract] | ' | ' |
Target allocation 2014 range minimum | 20.00% | ' |
Target allocation 2014 range maximum | 30.00% | ' |
Defined Benefit Plan Information About Plan Assets [Abstract] | ' | ' |
Asset allocation | 21.00% | 25.00% |
Real Estate [Member] | ' | ' |
Target Allocation [Abstract] | ' | ' |
Target allocation 2014 range minimum | 2.00% | ' |
Target allocation 2014 range maximum | 8.00% | ' |
Defined Benefit Plan Information About Plan Assets [Abstract] | ' | ' |
Asset allocation | 4.00% | 5.00% |
Commodities [Member] | ' | ' |
Target Allocation [Abstract] | ' | ' |
Target allocation 2014 range minimum | 4.00% | ' |
Target allocation 2014 range maximum | 6.00% | ' |
Defined Benefit Plan Information About Plan Assets [Abstract] | ' | ' |
Asset allocation | 5.00% | 5.00% |
Retirement_Plans_Details_7
Retirement Plans (Details 7) (Pension [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $3,429 | $2,875 | $2,505 | ||
Temporary Cash Investments [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 16 | 14 | ' | ||
Registered Investment Companies [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 264 | 268 | ' | ||
U.S. Government Securities [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 126 | 125 | ' | ||
Corporate Bonds & Debentures [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 310 | 326 | ' | ||
Corporate Stock [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 999 | 770 | ' | ||
Venture Capital And Buyout Partnerships [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 213 | 179 | ' | ||
Real Estate Partnerships [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 139 | 143 | ' | ||
Common Trust And Other Funds [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 1,357 | 1,018 | ' | ||
Other Investments [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 27 | ' | ||
Other Assets - Pension Plan [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5 | [1] | 5 | [1] | ' |
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 1,010 | 782 | ' | ||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Temporary Cash Investments [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 16 | 14 | ' | ||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Registered Investment Companies [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 11 | 10 | ' | ||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | U.S. Government Securities [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Corporate Bonds & Debentures [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Corporate Stock [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 983 | 758 | ' | ||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Venture Capital And Buyout Partnerships [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Real Estate Partnerships [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Common Trust And Other Funds [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Quoted Prices in Active Markets for Identical Inputs (Level 1) [Member] | Other Investments [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,062 | 1,766 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Temporary Cash Investments [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Registered Investment Companies [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 253 | 258 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Securities [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 126 | 125 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds & Debentures [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 310 | 326 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Corporate Stock [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 16 | 12 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Venture Capital And Buyout Partnerships [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Real Estate Partnerships [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Common Trust And Other Funds [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 1,357 | 1,018 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Other Investments [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 27 | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 352 | 322 | 310 | ||
Significant Unobservable Inputs (Level 3) [Member] | Temporary Cash Investments [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Registered Investment Companies [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Government Securities [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds & Debentures [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Corporate Stock [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Venture Capital And Buyout Partnerships [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 213 | 179 | 184 | ||
Significant Unobservable Inputs (Level 3) [Member] | Real Estate Partnerships [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 139 | 143 | 126 | ||
Significant Unobservable Inputs (Level 3) [Member] | Common Trust And Other Funds [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Other Investments [Member] | ' | ' | ' | ||
Retirement Plans [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $0 | $0 | ' | ||
[1] | Other assets include accrued receivables and pending broker settlements. |
Retirement_Plans_Details_8
Retirement Plans (Details 8) (Pension [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Venture Capital And Buyout Partnerships [Member] | Venture Capital And Buyout Partnerships [Member] | Venture Capital And Buyout Partnerships [Member] | Venture Capital And Buyout Partnerships [Member] | Real Estate Partnerships And Funds [Member] | Real Estate Partnerships And Funds [Member] | Real Estate Partnerships And Funds [Member] | Real Estate Partnerships And Funds [Member] | |||
Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||
Level 3 Rollforward [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | $3,429 | $2,875 | $2,505 | $322 | $310 | $213 | $179 | $179 | $184 | $139 | $143 | $143 | $126 |
Realized gain/(loss) | ' | ' | ' | 15 | 14 | ' | ' | 7 | 11 | ' | ' | 8 | 3 |
Unrealized gain | ' | ' | ' | 27 | 1 | ' | ' | 24 | 1 | ' | ' | 3 | 0 |
Purchases | ' | ' | ' | 66 | 41 | ' | ' | 43 | 18 | ' | ' | 23 | 23 |
Sales | ' | ' | ' | -78 | -44 | ' | ' | -40 | -35 | ' | ' | -38 | -9 |
Fair value of plan assets at end of year | $3,429 | $2,875 | $2,505 | $352 | $322 | $213 | $179 | $213 | $179 | $139 | $143 | $139 | $143 |
Retirement_Plans_Details_9
Retirement Plans (Details 9) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
401(k)/Thrift Plan [Abstract] | ' | ' | ' |
401(k)/Thrift plan description | 'We provide a defined contribution plan (401(k)/thrift plan) to eligible non-union and union employees for whom we make matching contributions. We match 50 cents for each dollar contributed by employees up to the first six percent of compensation contributed. | ' | ' |
401(k)/Thrift plan contributions | $18 | $15 | $14 |
Railroad Retirement System [Abstract] | ' | ' | ' |
Railroad Retirement System description | 'All Railroad employees are covered by the Railroad Retirement System (the System). | ' | ' |
Railroad Retirement System contributions | 670 | 644 | 600 |
Collective Bargaining Agreements [Abstract] | ' | ' | ' |
Collective bargaining agreements description | 'Under collective bargaining agreements, we participate in multi-employer benefit plans that provide certain postretirement health care and life insurance benefits for eligible union employees. | ' | ' |
Collective bargaining agreements premiums | $57 | $62 | $66 |
Other_Income_Details
Other Income (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Income Details [Abstract] | ' | ' | ' | |
Rental income | $106 | [1] | $83 | $80 |
Net gain on non-operating asset dispositions | 32 | 29 | 43 | |
Interest Income | 4 | 3 | 3 | |
Early extinguishment of debt | -1 | -6 | -5 | |
Non-operating environmental costs and other | -13 | -1 | -9 | |
Total | 128 | 108 | 112 | |
Land lease contract settlement rental income | $17 | ' | ' | |
[1] | Rental income includes $17 million related to a land lease contract settlement. |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Income Tax Expense [Abstract] | ' | ' | ' | ' |
Current federal income tax expense | ' | $1,738 | $1,335 | $862 |
Current state income tax expense | ' | 199 | 153 | 124 |
Total current income tax expense | ' | 1,937 | 1,488 | 986 |
Deferred Income Tax Expense [Abstract] | ' | ' | ' | ' |
Deferred federal income tax expense | ' | 659 | 760 | 894 |
Deferred state income tax expense | ' | 119 | 120 | 70 |
Total deferred income tax expense | ' | 778 | 880 | 964 |
Unrecognized Tax Benefits [Abstract] | ' | ' | ' | ' |
Unrecognized federal tax benefits expense | ' | -54 | 5 | 11 |
Unrecognized state tax benefits expense | ' | -1 | 2 | 11 |
Unrecognized tax benefits expense / (benefits) | ' | -55 | 7 | 22 |
Total income tax expense | ' | 2,660 | 2,375 | 1,972 |
Deferred tax expense | ($14) | ' | ' | ' |
Income_Taxes_Details_2
Income Taxes (Details 2) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation Between Statutory And Effective Tax Rates [Abstract] | ' | ' | ' |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State statutory rates, net of federal benefits | 3.10% | 3.10% | 3.10% |
Deferred tax adjustments | -0.10% | -0.10% | -0.50% |
Tax credits | -0.20% | -0.50% | -0.50% |
Other tax rate adjustments | -0.10% | 0.10% | 0.40% |
Effective tax rate | 37.70% | 37.60% | 37.50% |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Components Of Deferred Income Tax (Liabilities)/Assets [Abstract] | ' | ' |
Deferred income tax liabilities - property | ($14,448) | ($13,863) |
Deferred income tax liabilities - other | -260 | -237 |
Total deferred income tax liabilities | -14,708 | -14,100 |
Deferred income tax asset - accrued wages | 71 | 69 |
Deferred income tax asset - accrued casualty costs | 223 | 238 |
Deferred income tax asset - accrued stock compensation | 66 | 58 |
Deferred income tax asset - debt and leases | 41 | 185 |
Deferred income tax asset - retire benefits | 100 | 365 |
Deferred income tax asset - credits | 182 | 200 |
Deferred income tax asset - other | 130 | 140 |
Total deferred income tax asset | 813 | 1,255 |
Net deferred income tax liability | -13,895 | -12,845 |
Current portion of deferred taxes | 268 | 263 |
Non-current portion of deferred taxes | -14,163 | -13,108 |
Income Tax Details [Abstract] | ' | ' |
Deferred tax valuation allowance | $0 | $0 |
Deferred tax recognition and measurement standards | 'Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. Unrecognized tax benefits are tax benefits claimed in our tax returns that do not meet these recognition and measurement standards. | ' |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Unrecognized Tax Benefits [Abstract] | ' | ' | ' |
Current liability for unrecognized tax benefits | $25 | ' | ' |
Reconciliation Of Changes In Unrecognized Tax Benefits Liabilities/(Assets) [Abstract] | ' | ' | ' |
Unrecognized tax benefits at January 1 | 115 | 107 | 86 |
Increases for positions taken in current year | 24 | 29 | 9 |
Increases for positions taken in prior years | 15 | 4 | 81 |
Decreases for positions taken in prior years | -30 | -19 | -30 |
Payments to and settlements with taxing authorities | -63 | 0 | -27 |
Increases/(decreases) for interest and penalties | 0 | -4 | -9 |
Lapse of statutes of limitations | -2 | -2 | -3 |
Unrecognized tax benefits at December 31 | $59 | $115 | $107 |
Income_Taxes_Details_5
Income Taxes (Details 5) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest And Penalties - Income Tax Expense [Abstract] | ' | ' | ' | ' |
Total accrued liabilities for interest and penalties | $6 | $6 | $6 | ' |
Total interest and penalties recognized as part of income tax expense | ' | 7 | ' | 10 |
Total interest and penalties recognized as part of income tax benefit | ' | ' | -4 | ' |
Internal Revenue Service examinations description | ' | 'Internal Revenue Service (IRS) examinations have been completed and settled for all years prior to 2005, and the statute of limitations bars any additional tax assessments. The IRS has completed their examinations and issued notices of deficiency for tax years 2005 through 2010. We disagree with many of their proposed adjustments, and we are at IRS Appeals for those years. Additionally, several state tax authorities are examining our state income tax returns for years 2006 through 2010. | ' | ' |
Tax refund in connection to settlement | 8 | 8 | ' | ' |
Taxes paid in connection to settlement | 68 | ' | ' | ' |
Interest paid in connection to settlement | 12 | ' | ' | ' |
Income tax examination payment | $80 | ' | ' | ' |
Income_Taxes_Details_6
Income Taxes (Details 6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Unrecognized Tax Benefits That Would Impact Effective Tax Rate [Abstract] | ' | ' | ' | ' |
Unrecognized tax benefits that would reduce the effective tax rate | $34 | $41 | $80 | ' |
Unrecognized tax benefits that would not reduce the effective tax rate | 25 | 74 | 27 | ' |
Total unrecognized tax benefits | $59 | $115 | $107 | $86 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share Details [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $1,174 | $1,151 | $1,106 | $957 | $1,036 | $1,042 | $1,002 | $863 | $4,388 | $3,943 | $3,292 |
Weighted-Average Number Of Shares Outstanding [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | 463.3 | 473.1 | 485.7 |
Dilutive effect of stock options | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | 1.8 | 2.6 |
Dilutive effect of retention shares and units | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | 1.6 | 1.5 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 465.8 | 476.5 | 489.8 |
Earnings per share - basic | $2.56 | $2.49 | $2.38 | $2.05 | $2.21 | $2.21 | $2.11 | $1.81 | $9.47 | $8.33 | $6.78 |
Earnings per share - diluted | $2.55 | $2.48 | $2.37 | $2.03 | $2.19 | $2.19 | $2.10 | $1.79 | $9.42 | $8.27 | $6.72 |
Stock options excluded as their inclusion would be antidilutive | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | 0.5 | 0.6 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income/(Loss) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Accumulated Other Comprehensive Income/(Loss) Net Of Tax [Line Items] | ' | ' | ' | |||
Balance at January 1 | ($1,186) | ($1,054) | ' | |||
Other comprehensive income/(loss) before reclassifications | -1 | 7 | ' | |||
Amounts reclassified from accumulated other comprehensive income/(loss) | 437 | [1] | -139 | [1] | ' | |
Net to-date other comprehensive income/(loss), net of taxes | 436 | [2] | -132 | [2] | -320 | [2] |
Balance at December 31 | -750 | -1,186 | -1,054 | |||
Deferred taxes activity other comprehensive income/(loss) | -264 | 82 | 199 | |||
Defined Benefit Plans [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income/(Loss) Net Of Tax [Line Items] | ' | ' | ' | |||
Balance at January 1 | -1,149 | -1,004 | ' | |||
Other comprehensive income/(loss) before reclassifications | -1 | -6 | ' | |||
Amounts reclassified from accumulated other comprehensive income/(loss) | 437 | [1] | -139 | [1] | ' | |
Net to-date other comprehensive income/(loss), net of taxes | 436 | -145 | ' | |||
Balance at December 31 | -713 | -1,149 | ' | |||
Foreign Currency Translation [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income/(Loss) Net Of Tax [Line Items] | ' | ' | ' | |||
Balance at January 1 | -36 | -48 | ' | |||
Other comprehensive income/(loss) before reclassifications | -1 | 12 | ' | |||
Amounts reclassified from accumulated other comprehensive income/(loss) | 0 | [1] | 0 | [1] | ' | |
Net to-date other comprehensive income/(loss), net of taxes | -1 | 12 | ' | |||
Balance at December 31 | -37 | -36 | ' | |||
Derivatives [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income/(Loss) Net Of Tax [Line Items] | ' | ' | ' | |||
Balance at January 1 | -1 | -2 | ' | |||
Other comprehensive income/(loss) before reclassifications | 1 | 1 | ' | |||
Amounts reclassified from accumulated other comprehensive income/(loss) | 0 | [1] | 0 | [1] | ' | |
Net to-date other comprehensive income/(loss), net of taxes | 1 | 1 | ' | |||
Balance at December 31 | $0 | ($1) | ' | |||
[1] | The accumulated other comprehensive income/(loss) reclassification components are 1) prior service cost/(benefit) 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 ($264) million, $82 million, and $199 million during 2013, 2012, and 2011, respectively. |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts Receivable Details [Abstract] | ' | ' | ' |
Allowance for doubtful accounts | $1 | $4 | ' |
Allowance for doubtful accounts - receivables not expected to be collected in one year | 22 | 33 | ' |
Receivables Securitization Facility [Abstract] | ' | ' | ' |
Total capacity to transfer undivided interests to investors under the receivables securitization facility | 600 | 600 | ' |
Value of the outstanding undivided interest held by investors under the receivables securitization facility | 0 | 100 | ' |
Accounts receivable supporting the undivided interest held by investors | 1,100 | 1,100 | ' |
Cost of the receivables securitization facility - interest expense | $5 | $3 | $4 |
Properties_Details
Properties (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Cost | $59,812 | $57,279 | ' | ||
Accumulated depreciation | 16,063 | 15,282 | ' | ||
Net book value | 43,749 | 41,997 | ' | ||
Properties - Additional Disclosures [Abstract] | ' | ' | ' | ||
Depreciable asset classes description | 'We currently have more than 60 depreciable asset classes, and we may increase or decrease the number of asset classes due to changes in technology, asset strategies, or other factors. | ' | ' | ||
Total repairs and maintenance expense | 2,300 | 2,100 | 2,200 | ||
Land [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Cost | 5,120 | 5,105 | ' | ||
Net book value | 5,120 | 5,105 | ' | ||
Road: Rail and Other Track Material [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Cost | 13,861 | 13,220 | ' | ||
Accumulated depreciation | 4,970 | 4,756 | ' | ||
Net book value | 8,891 | 8,464 | ' | ||
Estimated useful life | '35 years | '33 years | ' | ||
Road: Ties [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Cost | 8,785 | 8,404 | ' | ||
Accumulated depreciation | 2,310 | 2,157 | ' | ||
Net book value | 6,475 | 6,247 | ' | ||
Estimated useful life | '33 years | '33 years | ' | ||
Road: Ballast [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Cost | 4,621 | 4,399 | ' | ||
Accumulated depreciation | 1,171 | 1,085 | ' | ||
Net book value | 3,450 | 3,314 | ' | ||
Estimated useful life | '34 years | '34 years | ' | ||
Road: Other [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Cost | 15,596 | [1] | 14,806 | [1] | ' |
Accumulated depreciation | 2,726 | [1] | 2,583 | [1] | ' |
Net book value | 12,870 | [1] | 12,223 | [1] | ' |
Estimated useful life | '48 years | [1] | '49 years | [1] | ' |
Total Road [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Cost | 42,863 | 40,829 | ' | ||
Accumulated depreciation | 11,177 | 10,581 | ' | ||
Net book value | 31,686 | 30,248 | ' | ||
Equipment: Locomotives [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Cost | 7,518 | 7,297 | ' | ||
Accumulated depreciation | 3,481 | 3,321 | ' | ||
Net book value | 4,037 | 3,976 | ' | ||
Estimated useful life | '20 years | '19 years | ' | ||
Equipment: Freight Cars [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Cost | 2,085 | 1,991 | ' | ||
Accumulated depreciation | 1,000 | 1,018 | ' | ||
Net book value | 1,085 | 973 | ' | ||
Estimated useful life | '25 years | '23 years | ' | ||
Equipment: Work Equipment and Other [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Cost | 561 | 535 | ' | ||
Accumulated depreciation | 119 | 89 | ' | ||
Net book value | 442 | 446 | ' | ||
Estimated useful life | '18 years | '17 years | ' | ||
Total Equipment [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Cost | 10,164 | 9,823 | ' | ||
Accumulated depreciation | 4,600 | 4,428 | ' | ||
Net book value | 5,564 | 5,395 | ' | ||
Technology and Other [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Cost | 711 | 633 | ' | ||
Accumulated depreciation | 286 | 273 | ' | ||
Net book value | 425 | 360 | ' | ||
Estimated useful life | '10 years | '11 years | ' | ||
Construction in Progress [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Cost | 954 | 889 | ' | ||
Accumulated depreciation | 0 | 0 | ' | ||
Net book value | $954 | $889 | ' | ||
[1] | Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets. |
Accounts_Payable_And_Other_Cur1
Accounts Payable And Other Current Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Accounts Payable and Other Current Liabilities Details [Abstract] | ' | ' | ' |
Accounts payable | $803 | $825 | ' |
Income and other taxes payable | 491 | 368 | ' |
Accrued wages and vacation | 385 | 376 | ' |
Dividends payable | 356 | 318 | 284 |
Accrued casualty costs | 207 | 213 | ' |
Interest payable | 169 | 172 | ' |
Equipment rents payable | 96 | 95 | ' |
Other current liabilities | 579 | 556 | ' |
Total accounts payable and other current liabilities | $3,086 | $2,923 | ' |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Impact [Abstract] | ' | ' | ' |
Increase in pre-tax income | $0 | $0 | $0 |
Fair Value of Debt Instruments [Abstract] | ' | ' | ' |
Fair value of total debt | 10,200 | 11,100 | ' |
Fair value of total debt in excess of carrying value | 600 | 2,100 | ' |
Fixed rate debt securities containing call provisions | 163 | 203 | ' |
Interest Rate Cash Flow Hedges [Abstract] | ' | ' | ' |
Change in fair value of cash flow hedges as reported in accumulated other comprehensive loss | 1 | 1 | ' |
Interest rate cash flow hedges outstanding | 0 | 0 | ' |
Interest Rate Derivatives [Abstract] | ' | ' | ' |
Interest rate fair value hedges outstanding | 0 | 0 | ' |
Market and Credit Risk [Abstract] | ' | ' | ' |
Collateral for hedging activity | $0 | $0 | ' |
Debt_Details_1
Debt (Details 1) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Total Debt, Net Of Interest Rate Swaps Designated As Fair Value Hedges [Line Items] | ' | ' |
Total debt | $9,577 | $8,997 |
Current portion of debt | -705 | -196 |
Total long-term debt | 8,872 | 8,801 |
Notes And Debentures [Member] | ' | ' |
Total Debt, Net Of Interest Rate Swaps Designated As Fair Value Hedges [Line Items] | ' | ' |
Total debt | 8,068 | 6,950 |
Stated percentage rate range, minimum | 2.80% | ' |
Stated percentage rate range, maximum | 7.90% | ' |
Debt due through | 1-Jan-54 | ' |
Capitalized Leases [Member] | ' | ' |
Total Debt, Net Of Interest Rate Swaps Designated As Fair Value Hedges [Line Items] | ' | ' |
Total debt | 1,702 | 1,848 |
Stated percentage rate range, minimum | 3.10% | ' |
Stated percentage rate range, maximum | 8.40% | ' |
Debt due through | 10-Dec-28 | ' |
Floating Rate Term Loan [Member] | ' | ' |
Total Debt, Net Of Interest Rate Swaps Designated As Fair Value Hedges [Line Items] | ' | ' |
Total debt | 200 | 200 |
Debt due through | 31-Oct-16 | ' |
Equipment Obligations [Member] | ' | ' |
Total Debt, Net Of Interest Rate Swaps Designated As Fair Value Hedges [Line Items] | ' | ' |
Total debt | 110 | 119 |
Stated percentage rate range, minimum | 6.20% | ' |
Stated percentage rate range, maximum | 6.70% | ' |
Debt due through | 2-Jan-31 | ' |
Mortgage Bonds [Member] | ' | ' |
Total Debt, Net Of Interest Rate Swaps Designated As Fair Value Hedges [Line Items] | ' | ' |
Total debt | 57 | 57 |
Stated percentage rate range, minimum | 4.80% | ' |
Stated percentage rate range, maximum | 4.80% | ' |
Debt due through | 1-Jan-30 | ' |
Medium-Term Notes [Member] | ' | ' |
Total Debt, Net Of Interest Rate Swaps Designated As Fair Value Hedges [Line Items] | ' | ' |
Total debt | 32 | 32 |
Stated percentage rate range, minimum | 9.20% | ' |
Stated percentage rate range, maximum | 10.00% | ' |
Debt due through | 15-Apr-20 | ' |
Tax-Exempt Financings [Member] | ' | ' |
Total Debt, Net Of Interest Rate Swaps Designated As Fair Value Hedges [Line Items] | ' | ' |
Total debt | 12 | 56 |
Stated percentage rate range, minimum | 1.90% | ' |
Stated percentage rate range, maximum | 5.10% | ' |
Debt due through | 1-Dec-15 | ' |
Receivables Securitization Facility [Member] | ' | ' |
Total Debt, Net Of Interest Rate Swaps Designated As Fair Value Hedges [Line Items] | ' | ' |
Total debt | 0 | 100 |
Unamortized Discount [Member] | ' | ' |
Total Debt, Net Of Interest Rate Swaps Designated As Fair Value Hedges [Line Items] | ' | ' |
Total debt | ($604) | ($365) |
Debt_Details_2
Debt (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Aggregate Debt Maturities Excluding Market Value Adjustments [Abstract] | ' | ' |
Debt maturities - 2014 | $705 | ' |
Debt maturities - 2015 | 448 | ' |
Debt maturities - 2016 | 582 | ' |
Debt maturities - 2017 | 649 | ' |
Debt maturities - 2018 | 562 | ' |
Debt maturities - thereafter | 6,631 | ' |
Total debt | 9,577 | 8,997 |
Debt reclassified as long-term | $0 | $100 |
Debt_Details_3
Debt (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 01, 1997 |
Credit Facilities [Abstract] | ' | ' | ' |
Revolving credit facility available credit | $1,800 | ' | ' |
Revolving credit facility withdrawals | 0 | ' | ' |
Compliance with covenant | 'At December 31, 2013, and December 31, 2012 (and at all times during the year), we were in compliance with this covenant. | ' | ' |
Allowable debt per debt-to-net-worth coverage ratio (as defined in the facility) | 42,400 | ' | ' |
Outstanding debt (as defined by facility) | 9,900 | ' | ' |
Facility expiration date | 25-May-15 | ' | ' |
Commercial paper outstanding | 0 | ' | ' |
Commercial paper issued | 0 | ' | ' |
Commercial paper repaid | 0 | ' | ' |
Dividend Restrictions [Abstract] | ' | ' | ' |
Retained earnings available for dividends | 16,300 | 15,100 | ' |
Mortgaged Properties [Abstract] | ' | ' | ' |
Carrying value of equipment serving as collateral for capital leases and other types of equipment obligations | 2,900 | 2,900 | ' |
Value of Missouri Pacific Railroad company assets that secured mortgage bonds | ' | ' | $6,000 |
Debt_Details_4
Debt (Details 4) (USD $) | 0 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Aug. 21, 2013 | Dec. 31, 2013 |
Debt Conversion [Line Items] | ' | ' |
Original debt | $1,170 | ' |
Debt exchange fees | 9 | ' |
Cash consideration | 280 | ' |
Accrued and unpaid interest | 8 | ' |
3.646% Debt Due 2024 [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
New debt | 439 | ' |
New rate | 3.65% | ' |
New due date | ' | 15-Feb-24 |
Date of exchange | ' | 21-Aug-13 |
3.646% Debt Due 2024 [Member] | 7.000% Debentures Due 2016 [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Original debt | 8 | ' |
Original rate | 7.00% | ' |
Original due date, year | ' | '2016 |
3.646% Debt Due 2024 [Member] | 5.650% Notes Due 2017 [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Original debt | 38 | ' |
Original rate | 5.65% | ' |
Original due date, year | ' | '2017 |
3.646% Debt Due 2024 [Member] | 5.750% Notes Due 2017 [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Original debt | 70 | ' |
Original rate | 5.75% | ' |
Original due date, year | ' | '2017 |
3.646% Debt Due 2024 [Member] | 5.700% Notes Due 2018 [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Original debt | 103 | ' |
Original rate | 5.70% | ' |
Original due date, year | ' | '2018 |
3.646% Debt Due 2024 [Member] | 7.875% Notes Due 2019 [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Original debt | 20 | ' |
Original rate | 7.88% | ' |
Original due date, year | ' | '2019 |
3.646% Debt Due 2024 [Member] | 6.125% Notes Due 2020 [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Original debt | 238 | ' |
Original rate | 6.13% | ' |
Original due date, year | ' | '2020 |
4.821% Debt Due 2044 [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
New debt | 700 | ' |
New rate | 4.82% | ' |
New due date | ' | 1-Feb-44 |
Date of exchange | ' | 21-Aug-13 |
4.821% Debt Due 2044 [Member] | 7.125% Debentures Due 2028 [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Original debt | 73 | ' |
Original rate | 7.13% | ' |
Original due date, year | ' | '2028 |
4.821% Debt Due 2044 [Member] | 6.625% Debentures Due 2029 [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Original debt | 177 | ' |
Original rate | 6.63% | ' |
Original due date, year | ' | '2029 |
4.821% Debt Due 2044 [Member] | 6.250% Debentures Due 2034 [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Original debt | 19 | ' |
Original rate | 6.25% | ' |
Original due date, year | ' | '2034 |
4.821% Debt Due 2044 [Member] | 6.150% Debentures Due 2037 [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Original debt | 138 | ' |
Original rate | 6.15% | ' |
Original due date, year | ' | '2037 |
4.821% Debt Due 2044 [Member] | 5.780% Notes Due 2040 [Member] | ' | ' |
Debt Conversion [Line Items] | ' | ' |
Original debt | $286 | ' |
Original rate | 5.78% | ' |
Original due date, year | ' | '2040 |
Debt_Details_5
Debt (Details 5) (USD $) | Feb. 07, 2014 | Dec. 31, 2013 | Feb. 08, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-12 | Dec. 31, 2013 | Mar. 15, 2013 | Dec. 31, 2013 | Mar. 15, 2013 | Dec. 31, 2013 | Oct. 25, 2013 | Dec. 31, 2013 | Jan. 10, 2014 | Dec. 31, 2013 | Jan. 10, 2014 | Dec. 31, 2013 | Jan. 10, 2014 |
In Millions, unless otherwise specified | Bank Note [Member] | Bank Note [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
2.75% Notes Due 2023 [Member] | 2.75% Notes Due 2023 [Member] | 4.25% Notes Due 2043 [Member] | 4.25% Notes Due 2043 [Member] | 4.75% Notes Due 2043 [Member] | 4.75% Notes Due 2043 [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | |||||||
2.25% Notes Due 2019 [Member] | 2.25% Notes Due 2019 [Member] | 3.75% Notes Due 2024 [Member] | 3.75% Notes Due 2024 [Member] | 4.85% Notes Due 2044 [Member] | 4.85% Notes Due 2044 [Member] | |||||||||||||
Shelf Registration Statement and Significant New Borrowings [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note amount | ' | ' | ' | ' | ' | $100 | ' | $325 | ' | $325 | ' | $500 | ' | $300 | ' | $400 | ' | $300 |
Issuance date | ' | ' | ' | ' | ' | ' | 15-Mar-13 | ' | 15-Mar-13 | ' | 25-Oct-13 | ' | 10-Jan-14 | ' | 10-Jan-14 | ' | 10-Jan-14 | ' |
Interest rate on note | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | 4.25% | ' | 4.75% | ' | 2.25% | ' | 3.75% | ' | 4.85% |
Maturity date on new borrowing | ' | ' | ' | ' | ' | ' | 15-Apr-23 | ' | 15-Apr-43 | ' | 15-Dec-43 | ' | 15-Feb-19 | ' | 15-Mar-24 | ' | 15-Jun-44 | ' |
Board of Directors authorized debt issuance | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Board of Directors remaining debt issuance | 1,850 | 2,850 | ' | 1,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of loan | ' | ' | ' | ' | '4-year-term bank loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan rate description | ' | ' | ' | ' | 'The loan has a floating rate based on London Interbank Offered Rates, plus a spread, and is prepayable in whole or in part without a premium prior to maturity. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables Securitization Facility Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured debt under receivables securitization facility | ' | $0 | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Details_6
Debt (Details 6) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 19, 2011 | Dec. 31, 2013 | Dec. 19, 2011 | Dec. 31, 2013 | 14-May-13 | Jun. 30, 2013 | Dec. 31, 2013 | Apr. 28, 2012 | Jun. 30, 2012 | Dec. 31, 2013 |
Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Bonds [Member] | Bonds [Member] | Bonds [Member] | Bonds [Member] | Bonds [Member] | Bonds [Member] | ||||
5.45% Notes Due 2013 [Member] | 5.45% Notes Due 2013 [Member] | 5.45% Notes Due 2013 [Member] | 6.5% Notes Due 2012 [Member] | 6.5% Notes Due 2012 [Member] | 6.125% Notes Due 2012 [Member] | 6.125% Notes Due 2012 [Member] | 5.65% Notes Due 2022 [Member] | 5.65% Notes Due 2022 [Member] | 5.65% Notes Due 2022 [Member] | 5.7% Notes Due 2026 [Member] | 5.7% Notes Due 2026 [Member] | 5.7% Notes Due 2026 [Member] | |||||
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt redemption | ' | ' | ' | ' | $450 | ' | ' | $175 | ' | $300 | ' | $40 | ' | ' | $100 | ' | ' |
Interest rate on note | ' | ' | ' | ' | 5.45% | ' | ' | 6.50% | ' | 6.13% | ' | 5.65% | ' | ' | 5.70% | ' | ' |
Due date of debt | ' | ' | ' | ' | ' | ' | 31-Jan-13 | ' | 15-Apr-12 | ' | 15-Jan-12 | ' | ' | 1-Dec-22 | ' | ' | 1-Nov-26 |
Early extinguishment of debt | ($1) | ($6) | ($5) | ($5) | ' | ($4) | ' | ' | ' | ' | ' | ' | ($1) | ' | ' | ($2) | ' |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Dec. 31, 2013 |
In Billions, unless otherwise specified | |
Variable Interest Entities Details [Abstract] | ' |
Future minimum lease payments | $3.30 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Future Minimum Lease Payments For Capital Leases [Abstract] | ' | ' | ' |
Minimum capital lease payments - 2014 | $272 | ' | ' |
Minimum capital lease payments - 2015 | 260 | ' | ' |
Minimum capital lease payments - 2016 | 239 | ' | ' |
Minimum capital lease payments - 2017 | 247 | ' | ' |
Minimum capital lease payments - 2018 | 225 | ' | ' |
Minimum capital lease payments - later years | 957 | ' | ' |
Total minimum capital lease payments | 2,200 | ' | ' |
Capital lease payments - amount representing interest | -498 | ' | ' |
Capital lease payments - present value of minimum lease payments | 1,702 | ' | ' |
Properties held under capital leases | 2,486 | 2,467 | ' |
Properties held under capital leases - accumulated depreciation | 1,092 | 966 | ' |
Lease payments related to locomotives | 94.00% | ' | ' |
Future Minimum Lease Payments For Operating Leases [Abstract] | ' | ' | ' |
Minimum operating lease payments - 2014 | 512 | ' | ' |
Minimum operating lease payments - 2015 | 477 | ' | ' |
Minimum operating lease payments - 2016 | 438 | ' | ' |
Minimum operating lease payments - 2017 | 400 | ' | ' |
Minimum operating lease payments - 2018 | 332 | ' | ' |
Minimum operating lease payments - later years | 1,907 | ' | ' |
Total minimum operating lease payments | 4,066 | ' | ' |
Rent expense for operating leases with terms exceeding one month | $618 | $631 | $637 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Environmental [Abstract] | ' | ' | ' | |
Beginning balance at January 1 | $170 | $172 | $213 | |
Accruals | 58 | 48 | 29 | |
Payments | -57 | -50 | -70 | [1] |
Ending balance at December 31 | 171 | 170 | 172 | |
Current portion, ending balance at December 31 | 53 | 50 | 50 | |
Sites identified which we are or may be liable for remediation costs | 268 | ' | ' | |
Sites subject of actions taken by the U.S. government | 33 | ' | ' | |
Sites on the Superfund National Priorities List | 17 | ' | ' | |
Environmental liability discount rate | 0.00% | 0.00% | 2.00% | |
Personal Injury [Member] | ' | ' | ' | |
Liability Activity [Abstract] | ' | ' | ' | |
Commitments and contingencies, beginning balance | 334 | 368 | 426 | |
Accruals/(credits) | 87 | 121 | 118 | |
Changes in estimates for prior years | -38 | -58 | -71 | |
Payments | -89 | -97 | -105 | |
Commitments and contingencies, ending balance at December 31 | 294 | 334 | 368 | |
Commitments and contingencies, current portion, ending balance at December 31 | 82 | 95 | 103 | |
Reasonably possible outcome of related claims, range minimum | 294 | ' | ' | |
Reasonably possible outcome of related claims, range maximum | 322 | ' | ' | |
Asserted And Unasserted Claims [Abstract] | ' | ' | ' | |
Percent of liability recorded related to asserted claims | 92.00% | ' | ' | |
Percent of liability recorded related to unasserted claims | 8.00% | ' | ' | |
Asbestos Issue [Member] | ' | ' | ' | |
Liability Activity [Abstract] | ' | ' | ' | |
Commitments and contingencies, beginning balance | 139 | 147 | 162 | |
Accruals/(credits) | 2 | -2 | -5 | |
Payments | -10 | -6 | -10 | |
Commitments and contingencies, ending balance at December 31 | 131 | 139 | 147 | |
Commitments and contingencies, current portion, ending balance at December 31 | 9 | 8 | 8 | |
Reasonably possible outcome of related claims, range minimum | 131 | ' | ' | |
Reasonably possible outcome of related claims, range maximum | 141 | ' | ' | |
Asserted And Unasserted Claims [Abstract] | ' | ' | ' | |
Percent of liability recorded related to asserted claims | 18.00% | ' | ' | |
Percent of liability recorded related to unasserted claims | 82.00% | ' | ' | |
Guarantees [Member] | ' | ' | ' | |
Guarantees [Abstract] | ' | ' | ' | |
Maximum potential amount of guarantee payments | 299 | 307 | ' | |
Recorded liability for fair value of guarantees | $1 | $2 | ' | |
Expiration year of final guarantee | 'The final guarantee expires in 2022. | ' | ' | |
[1] | For 2011, includes $25 million to resolve the Omaha Lead Site liability |
Share_Repurchase_Program_Detai
Share Repurchase Program (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 21, 2013 |
Shares Repurchased [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BOD authorized | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | 60,000,000 |
Share repurchases (Note 18) (shares) | 4,929,055 | 3,666,894 | 3,061,470 | 2,881,400 | 2,033,750 | 3,098,812 | 3,770,528 | 3,917,369 | 14,538,819 | 12,820,459 | ' |
Average purchase price | $159.36 | $156.77 | $151.42 | $136.58 | $121.81 | $122.13 | $110.02 | $110.64 | $152.52 | $115.01 | ' |
Stock repurchased since inception | ' | ' | ' | ' | ' | ' | ' | ' | $9,300 | ' | ' |
Selected_Quarterly_Data_Unaudi2
Selected Quarterly Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Data (Unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $5,630 | $5,573 | $5,470 | $5,290 | $5,250 | $5,343 | $5,221 | $5,112 | $21,963 | $20,926 | $19,557 |
Operating income | 1,973 | 1,962 | 1,878 | 1,633 | 1,725 | 1,786 | 1,724 | 1,510 | 7,446 | 6,745 | 5,724 |
Net income | $1,174 | $1,151 | $1,106 | $957 | $1,036 | $1,042 | $1,002 | $863 | $4,388 | $3,943 | $3,292 |
Net Income Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share - basic | $2.56 | $2.49 | $2.38 | $2.05 | $2.21 | $2.21 | $2.11 | $1.81 | $9.47 | $8.33 | $6.78 |
Earnings per share - diluted | $2.55 | $2.48 | $2.37 | $2.03 | $2.19 | $2.19 | $2.10 | $1.79 | $9.42 | $8.27 | $6.72 |
Schedule_Of_Valuation_And_Qual2
Schedule Of Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance For Doubtful Accounts [Member] | ' | ' | ' |
Schedule Of Valuation And Qualifying Accounts [Line Items] | ' | ' | ' |
Balance, beginning of period | $37 | $50 | $56 |
Charges/(reduction) to expense | -4 | -1 | 0 |
Net recoveries/(write-offs) | -10 | -12 | -6 |
Balance, end of period | 23 | 37 | 50 |
Presented in Consolidated Statements of Financial Position [Abstract] | ' | ' | ' |
Current portion | 1 | 4 | 9 |
Long-term portion | 22 | 33 | 41 |
Accrued Casualty Costs [Member] | ' | ' | ' |
Schedule Of Valuation And Qualifying Accounts [Line Items] | ' | ' | ' |
Balance, beginning of period | 734 | 778 | 905 |
Charges to expense | 188 | 190 | 110 |
Cash payments and other reductions | -220 | -234 | -237 |
Balance, end of period | 702 | 734 | 778 |
Presented in Consolidated Statements of Financial Position [Abstract] | ' | ' | ' |
Current portion | 207 | 213 | 249 |
Long-term portion | $495 | $521 | $529 |