Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 28, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000100885 | ||
Entity Registrant Name | UNION PACIFIC CORP | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-6075 | ||
Entity Incorporation, State or Country Code | UT | ||
Entity Tax Identification Number | 13-2626465 | ||
Entity Address, Address Line One | 1400 Douglas Street | ||
Entity Address, City or Town | Omaha | ||
Entity Address, State or Province | NE | ||
Entity Address, Postal Zip Code | 68179 | ||
City Area Code | 402 | ||
Local Phone Number | 544-5000 | ||
Title of 12(b) Security | Common Stock (Par Value $2.50 per share) | ||
Trading Symbol | UNP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 142,000,000,000 | ||
Entity Common Stock, Shares Outstanding | 636,898,957 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Omaha, Nebraska | ||
Auditor Firm ID | 34 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating revenues: | |||
Operating revenues | $ 21,804 | $ 19,533 | $ 21,708 |
Operating expenses: | |||
Compensation and benefits | 4,158 | 3,993 | 4,533 |
Depreciation | 2,208 | 2,210 | 2,216 |
Fuel | 2,049 | 1,314 | 2,107 |
Purchased services and materials | 2,016 | 1,962 | 2,254 |
Equipment and other rents | 859 | 875 | 984 |
Other | 1,176 | 1,345 | 1,060 |
Total operating expenses | 12,466 | 11,699 | 13,154 |
Operating income | 9,338 | 7,834 | 8,554 |
Other income, net (Note 6) | 297 | 287 | 243 |
Interest expense | (1,157) | (1,141) | (1,050) |
Income before income taxes | 8,478 | 6,980 | 7,747 |
Income tax expense (Note 7) | (1,955) | (1,631) | (1,828) |
Net income | $ 6,523 | $ 5,349 | $ 5,919 |
Share and Per Share (Note 8): | |||
Earnings per share - basic (in dollars per share) | $ 9.98 | $ 7.90 | $ 8.41 |
Earnings per share - diluted (in dollars per share) | $ 9.95 | $ 7.88 | $ 8.38 |
Weighted average number of shares - basic (in shares) | 653.8 | 677.3 | 703.5 |
Weighted average number of shares - diluted (in shares) | 655.4 | 679.1 | 706.1 |
Cargo and Freight [Member] | |||
Operating revenues: | |||
Operating revenues | $ 20,244 | $ 18,251 | $ 20,243 |
Product and Service, Other [Member] | |||
Operating revenues: | |||
Operating revenues | $ 1,560 | $ 1,282 | $ 1,465 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Net income | $ 6,523 | $ 5,349 | $ 5,919 | |
Other comprehensive income/(loss): | ||||
Defined benefit plans | 723 | (231) | 42 | |
Foreign currency translation | (44) | (6) | 17 | |
Total other comprehensive income/(loss) | [1] | 679 | (237) | 59 |
Comprehensive income | $ 7,202 | $ 5,112 | $ 5,978 | |
[1] | Net of deferred taxes of ($237) million, $75 million, and ($15) million during 2021, 2020, and 2019, respectively. |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive Income (Loss), Tax | $ (237) | $ 75 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Position - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 960 | $ 1,799 |
Short-term investments (Note 13) | 46 | 60 |
Accounts receivable, net (Note 10) | 1,722 | 1,505 |
Materials and supplies | 621 | 638 |
Other current assets | 202 | 212 |
Total current assets | 3,551 | 4,214 |
Investments | 2,241 | 2,164 |
Properties, net (Note 11) | 54,871 | 54,161 |
Operating lease assets (Note 16) | 1,787 | 1,610 |
Other assets | 1,075 | 249 |
Total assets | 63,525 | 62,398 |
Current liabilities: | ||
Accounts payable and other current liabilities (Note 12) | 3,578 | 3,104 |
Debt due within one year (Note 14) | 2,166 | 1,069 |
Total current liabilities | 5,744 | 4,173 |
Debt due after one year (Note 14) | 27,563 | 25,660 |
Operating lease liabilities (Note 16) | 1,429 | 1,283 |
Deferred income taxes (Note 7) | 12,675 | 12,247 |
Other long-term liabilities | 1,953 | 2,077 |
Commitments and contingencies (Note 17) | ||
Total liabilities | 49,364 | 45,440 |
Common shareholders' equity: | ||
Common shares, $2.50 par value, 1,400,000,000 authorized; 1,112,440,400 and 1,112,227,784 issued; 638,841,656 and 671,351,360 outstanding, respectively | 2,781 | 2,781 |
Paid-in-surplus | 4,979 | 4,864 |
Retained earnings | 55,049 | 51,326 |
Treasury stock | (47,734) | (40,420) |
Accumulated other comprehensive loss (Note 9) | (914) | (1,593) |
Total common shareholders' equity | 14,161 | 16,958 |
Total liabilities and common shareholders' equity | $ 63,525 | $ 62,398 |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Position (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Common shares, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, authorized (in shares) | 1,400,000,000 | 1,400,000,000 |
Common shares issued (in shares) | 1,112,440,400 | 1,112,227,784 |
Common shares outstanding (in shares) | 638,841,656 | 671,351,360 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income | $ 6,523 | $ 5,349 | $ 5,919 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation | 2,208 | 2,210 | 2,216 |
Deferred and other income taxes | 154 | 340 | 566 |
Gain on non-operating asset dispositions | (98) | (115) | (20) |
Other operating activities, net | 42 | 490 | 98 |
Changes in current assets and liabilities: | |||
Accounts receivable, net | (217) | 90 | 160 |
Materials and supplies | 17 | 113 | (9) |
Other current assets | 31 | (34) | 87 |
Accounts payable and other current liabilities | 184 | (73) | (179) |
Income and other taxes | 188 | 170 | (229) |
Cash provided by operating activities | 9,032 | 8,540 | 8,609 |
Investing Activities | |||
Capital investments | (2,936) | (2,927) | (3,453) |
Proceeds from asset sales | 178 | 149 | 74 |
Maturities of short-term investments (Note 13) | 94 | 141 | 130 |
Purchases of short-term investments (Note 13) | (70) | (136) | (115) |
Other investing activities, net | 25 | 97 | (71) |
Cash used in investing activities | (2,709) | (2,676) | (3,435) |
Financing Activities | |||
Share repurchase programs (Note 18) | (7,291) | (3,705) | (5,804) |
Debt issued (Note 14) | 4,201 | 4,004 | 3,986 |
Dividends paid | (2,800) | (2,626) | (2,598) |
Debt repaid | (1,299) | (2,053) | (817) |
Net issued/(paid) commercial paper (Note 14) | 325 | (127) | (6) |
Debt exchange (Note 14) | (270) | (328) | (387) |
Other financing activities, net | (24) | (67) | (20) |
Cash used in financing activities | (7,158) | (4,902) | (5,646) |
Net change in cash, cash equivalents, and restricted cash | (835) | 962 | (472) |
Cash, cash equivalents, and restricted cash at beginning of year | 1,818 | 856 | 1,328 |
Cash, cash equivalents, and restricted cash at end of year | 983 | 1,818 | 856 |
Non-cash investing and financing activities: | |||
Term loan renewals (Note 14) | 100 | 250 | 250 |
Capital investments accrued but not yet paid | 263 | 166 | 224 |
Locomotives sold for material credits | 0 | 0 | 18 |
Cash paid during the year for: | |||
Income taxes, net of refunds | (1,658) | (1,214) | (1,382) |
Interest, net of amounts capitalized | $ (1,087) | $ (1,050) | $ (1,033) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Common Shareholders' Equity - USD ($) $ in Millions | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | [1] | Total | |
Balance (in shares) at Dec. 31, 2018 | 1,111,700,000 | (386,600,000) | ||||||
Balance at Dec. 31, 2018 | $ 2,779 | $ (30,674) | $ 4,449 | $ 45,284 | $ (1,415) | $ 20,423 | ||
Net income | 0 | 0 | 0 | 5,919 | 0 | 5,919 | ||
Other comprehensive income/(loss) | $ 0 | $ 0 | 0 | 0 | 59 | 59 | [2] | |
Conversion, stock option exercises, forfeitures, and other (in shares) | 300,000 | 1,700,000 | ||||||
Conversion, stock option exercises, forfeitures, and other | $ 1 | $ 82 | 46 | 0 | 0 | 129 | ||
Share repurchase programs (Note 18) (in shares) | 0 | (35,000,000) | ||||||
Share repurchase programs (Note 18) | $ 0 | $ (5,832) | 28 | 0 | 0 | (5,804) | ||
Cash dividends declared | $ 0 | $ 0 | 0 | (2,598) | 0 | (2,598) | ||
Balance (in shares) at Dec. 31, 2019 | 1,112,000,000 | (419,900,000) | ||||||
Balance at Dec. 31, 2019 | $ 2,780 | $ (36,424) | 4,523 | 48,605 | (1,356) | 18,128 | ||
Net income | 0 | 0 | 0 | 5,349 | 0 | 5,349 | ||
Other comprehensive income/(loss) | $ 0 | $ 0 | 0 | 0 | (237) | (237) | [2] | |
Conversion, stock option exercises, forfeitures, and other (in shares) | 200,000 | 1,100,000 | ||||||
Conversion, stock option exercises, forfeitures, and other | $ 1 | $ 19 | 31 | 0 | 0 | $ 51 | ||
Share repurchase programs (Note 18) (in shares) | 0 | (22,100,000) | (22,132,111) | |||||
Share repurchase programs (Note 18) | $ 0 | $ (4,015) | 310 | 0 | 0 | $ (3,705) | ||
Cash dividends declared | $ 0 | $ 0 | 0 | (2,628) | 0 | (2,628) | ||
Balance (in shares) at Dec. 31, 2020 | 1,112,200,000 | (440,900,000) | ||||||
Balance at Dec. 31, 2020 | $ 2,781 | $ (40,420) | 4,864 | 51,326 | (1,593) | 16,958 | ||
Net income | 0 | 0 | 0 | 6,523 | 0 | 6,523 | ||
Other comprehensive income/(loss) | $ 0 | $ 0 | 0 | 0 | 679 | 679 | [2] | |
Conversion, stock option exercises, forfeitures, and other (in shares) | 200,000 | 600,000 | ||||||
Conversion, stock option exercises, forfeitures, and other | $ 0 | $ 1 | 91 | 0 | 0 | $ 92 | ||
Share repurchase programs (Note 18) (in shares) | 0 | (33,300,000) | (33,337,620) | |||||
Share repurchase programs (Note 18) | $ 0 | $ (7,315) | 24 | 0 | 0 | $ (7,291) | ||
Cash dividends declared | $ 0 | $ 0 | 0 | (2,800) | 0 | (2,800) | ||
Balance (in shares) at Dec. 31, 2021 | 1,112,400,000 | (473,600,000) | ||||||
Balance at Dec. 31, 2021 | $ 2,781 | $ (47,734) | $ 4,979 | $ 55,049 | $ (914) | $ 14,161 | ||
[1] | AOCI = Accumulated Other Comprehensive Income/Loss (Note 9) | |||||||
[2] | Net of deferred taxes of ($237) million, $75 million, and ($15) million during 2021, 2020, and 2019, respectively. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Common Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends per share (in dollars per share) | $ 4.29 | $ 3.88 | $ 3.70 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Operations and Segmentation two The Railroad, along with its subsidiaries and rail affiliates, is our one one Millions 2021 2020 2019 Bulk $ 6,656 $ 5,960 $ 6,529 Industrial 7,323 6,622 7,472 Premium 6,265 5,669 6,242 Total freight revenues $ 20,244 $ 18,251 $ 20,243 Other subsidiary revenues 741 743 880 Accessorial revenues 752 473 514 Other 67 66 71 Total operating revenues $ 21,804 $ 19,533 $ 21,708 Although our revenues are principally derived from customers domiciled in the U.S., the ultimate points of origination or destination for some products we transport are outside the U.S. Each of our commodity groups includes revenue from shipments to and from Mexico. Included in the above table are freight revenues from our Mexico business which amounted to $2.4 billion in 2021 2020 2019 Basis of Presentation |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Principles of Consolidation 20% 50% no Cash, Cash Equivalents, and Restricted Cash three The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Statements of Financial Position that sum to the total of the same such amounts shown on the Consolidated Statements of Cash Flows: Millions 2021 2020 2019 Cash and cash equivalents $ 960 $ 1,799 $ 831 Restricted cash equivalents in other current assets 19 7 13 Restricted cash equivalents in other assets 4 12 12 Total cash, cash equivalents, and restricted cash equivalents shown on the Statement of Cash Flows: $ 983 $ 1,818 $ 856 Accounts Receivable not one Investments 20% 50% 20% not not Materials and Supplies Property and Depreciation not no Impairment of Long-lived Assets may not Revenue Recognition We recognize freight revenues over time 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. Outstanding performance obligations related to freight moves in transit totaled $169 million at December 31, 2021 December 31, 2020 may Under typical payment terms, our customers pay us after each performance obligation is satisfied and there are no Freight revenues related to interline transportation services that involve other railroads are reported on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not Other revenues consist primarily of revenues earned by our other subsidiaries (primarily logistics and commuter rail operations) and accessorial revenues. Other subsidiary revenues are generally recognized over time as shipments move 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. Accessorial revenues are recognized at a point in time as performance obligations are satisfied. Translation of Foreign Currency Fair Value Measurements three Level 1: Level 2: Level 3: not We have applied fair value measurements to our short-term investments, certain equity investments, pension plan assets, and short- and long-term debt. Stock-Based Compensation We measure and recognize compensation expense for all stock-based awards made to employees, including stock options and ESPP awards. Compensation expense is based on the 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, the fair value of stock options is determined by using the Black-Scholes option pricing model, and the fair value of ESPP awards is based on the Company contribution match. Earnings Per Share Income Taxes not not When appropriate, we record a valuation allowance against deferred tax assets to reflect that these tax assets may not not not We recognize tax benefits that are more likely than not 50 not Leases not may one one We have lease agreements with lease and non-lease components, and we have elected to not 12 not 12 Pension Benefits Personal Injury not Environmental not not Use of Estimates may |
Note 3 - Accounting Pronounceme
Note 3 - Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. In December 2019, No. 2019 12 2019 12 Income Taxes (Topic 740 740. January 1, 2021 ( not In March 2020, No. 2020 04 2020 04 Reference Rate Reform (Topic 848 March 12, 2020, no December 31, 2022, In November 2021, No. 2021 10 2021 10 Government Assistance (Topic 832 December 15, 2021. |
Note 4 - Stock Options and Othe
Note 4 - Stock Options and Other Stock Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 4. In April 2000, 2000 July 2018, 2018 December 31, 2021 The Union Pacific Corporation 2004 2004 April 2004. 2004 April 16, 2004, 2004 2004 may not 2004 December 31, 2021 2004 no The Union Pacific Corporation 2013 2013 May 2013. 2013 February 28, 2013, not 2013 may not 2013 December 31, 2021 2013 no The Union Pacific Corporation 2021 2021 May 2021. 2021 23,000,000 December 31, 2020, not 2021 may not 2021 December 31, 2021 2021 The Union Pacific Corporation 2021 2021 May 2021. 2021 2021 may not 2021 December 31, 2021, 2021 Pursuant to the above plans 34,011,624; 69,867,405; 70,318,887; December 31, 2021, 2020, 2019 Stock-Based Compensation Information regarding stock-based compensation appears in the table below: Millions 2021 2020 2019 Stock-based compensation, before tax: Stock options $ 15 $ 15 $ 16 Retention awards 66 58 77 ESPP 7 - - Total stock-based compensation, before tax $ 88 $ 73 $ 93 Excess tax benefits from equity compensation plans $ 26 $ 55 $ 52 Stock Options no 3 None December 31, 2021, The table below shows the annual weighted-average assumptions used for Black-Scholes valuation purposes: Weighted-Average Assumptions 2021 2020 2019 Risk-free interest rate 0.4 % 1.5 % 2.5 % Dividend yield 1.9 % 2.1 % 2.2 % Expected life (years) 4.6 4.9 5.2 Volatility 28.3 % 23.4 % 22.7 % Weighted-average grant-date fair value of options granted $ 39.97 $ 32.20 $ 30.37 The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant; the expected dividend yield is calculated as the ratio of dividends paid per share of common stock to the stock price on the date of grant; the expected life is based on historical and expected exercise behavior; and expected volatility is based on the historical volatility of our stock price over the expected life of the stock option. A summary of stock option activity during 2021 Options (thous.) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (yrs.) Aggregate Intrinsic Value (millions) Outstanding at January 1, 2021 2,569 $ 132.49 6.4 $ 195 Granted 387 204.45 N/A N/A Exercised (753 ) 118.11 N/A N/A Forfeited or expired (97 ) 154.62 N/A N/A Outstanding at December 31, 2021 2,106 $ 149.84 6.3 $ 215 Vested or expected to vest at December 31, 2021 2,083 $ 149.37 6.3 $ 214 Options exercisable at December 31, 2021 1,334 $ 126.38 5.2 $ 167 At December 31, 2021 Millions 2021 2020 2019 Intrinsic value of stock options exercised $ 84 $ 120 $ 193 Cash received from option exercises 58 95 130 Treasury shares repurchased for employee payroll taxes (15 ) (24 ) (37 ) Tax benefit realized from option exercises 16 28 48 Aggregate grant-date fair value of stock options vested 14 15 15 Retention Awards no Changes in our retention awards during 2021 Shares (thous.) Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2021 1,476 $ 141.06 Granted 297 205.81 Vested (417 ) 109.23 Forfeited (69 ) 163.73 Nonvested at December 31, 2021 1,287 $ 165.10 At December 31, 2021 Performance Retention Awards February 2021, 100 The February 2021 three two 3 third one third three The February 2020 2019 February 2021 500 Changes in our performance retention awards during 2021 Shares (thous.) Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2021 773 $ 148.17 Granted 227 204.45 Vested (136 ) 141.93 Unearned (140 ) 126.47 Forfeited (83 ) 156.94 Nonvested at December 31, 2021 641 $ 173.03 At December 31, 2021 Employee Stock Purchase Plan July 2021. |
Note 5 - Retirement Plans
Note 5 - Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 5. Pension Benefits We provide defined benefit retirement income to eligible non-union employees through qualified and non-qualified (supplemental) pension plans. Qualified and non-qualified pension benefits are based on years of service and the highest compensation during the latest years of employment, with specific reductions made for early retirements. Non-union employees hired on or after January 1, 2018, no 401 Funded Status We are required by GAAP to separately recognize the overfunded or underfunded status of our pension 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. Plan assets are measured at fair value. We use a December 31 Changes in our PBO and plan assets were as follows for the years ended December 31, 2021 2020 Funded Status Millions 2021 2020 Projected Benefit Obligation Projected benefit obligation at beginning of year $ 5,658 $ 4,847 Service cost 110 91 Interest cost 104 137 Actuarial (gain)/loss (346 ) 812 Gross benefits paid (230 ) (229 ) Projected benefit obligation at end of year $ 5,296 $ 5,658 Plan Assets Fair value of plan assets at beginning of year $ 5,016 $ 4,528 Actual (loss)/return on plan assets 737 686 Non-qualified plan benefit contributions 31 31 Gross benefits paid (230 ) (229 ) Fair value of plan assets at end of year $ 5,554 $ 5,016 Funded status at end of year $ 258 $ (642 ) Actuarial gains that decreased the PBO were driven by an increase in 2021 discount rates from 2.42% to 2.80%. Amounts recognized in the statement of financial position as of December 31, 2021 2020 Millions 2021 2020 Noncurrent assets $ 807 $ 8 Current liabilities (31 ) (30 ) Noncurrent liabilities (518 ) (620 ) Net amounts recognized at end of year $ 258 $ (642 ) Pre-tax amounts recognized in accumulated other comprehensive income/loss consist of $851 million and $1,805 million net actuarial loss as of December 31, 2021 2020 Pre-tax changes recognized in other comprehensive income/loss as of December 31, 2021, 2020, 2019, Millions 2021 2020 2019 Net actuarial (loss)/gain $ 813 $ (408 ) $ (88 ) Amortization of: Actuarial loss 141 104 67 Total $ 954 $ (304 ) $ (21 ) Underfunded Accumulated Benefit Obligation no 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, 2021 2020: Underfunded Accumulated Benefit Obligation Millions 2021 2020 Projected benefit obligation $ 549 $ 605 Accumulated benefit obligation $ 513 $ 560 Fair value of plan assets - - Underfunded accumulated benefit obligation $ (513 ) $ (560 ) The ABO for all defined benefit pension plans was $4.9 billion and $5.2 billion at December 31, 2021 2020 Assumptions December 31, 2021 2020 Percentages 2021 2020 Discount rate 2.80 % 2.42 % Compensation increase 4.30 % 4.40 % Expense Pension expense is determined based upon the annual service cost of benefits (the actuarial cost of benefits earned during a period) and the interest cost on those liabilities, less the expected return on plan assets. The expected long-term rate of return on plan assets is applied to a calculated value of plan assets that recognizes changes in fair value over a 5-year period. This practice is intended to reduce year-to-year volatility in pension expense, but it can have the effect of delaying the recognition of differences between actual returns on assets and expected returns based on long-term rate of return assumptions. Differences in actual experience in relation to assumptions are not The components of our net periodic pension cost were as follows for the years ended December 31, 2021, 2020, 2019: Millions 2021 2020 2019 Net Periodic Pension Cost: Service cost $ 110 $ 91 $ 80 Interest cost 104 137 160 Expected return on plan assets (270 ) (282 ) (273 ) Amortization of: Actuarial loss 141 104 67 Net periodic pension cost $ 85 $ 50 $ 34 Assumptions Percentages 2021 2020 2019 Discount rate for benefit obligations 2.42 % 3.26 % 4.23 % Discount rate for interest on benefit obligations 1.90 % 2.89 % 3.94 % Discount rate for service cost 2.61 % 3.42 % 4.33 % Discount rate for interest on service cost 2.53 % 3.36 % 4.30 % Expected return on plan assets 6.25 % 7.00 % 7.00 % Compensation increase 4.40 % 4.10 % 4.10 % We measure the service cost and interest cost components of our net periodic pension cost by using individual spot discount rates matched with separate cash flows for each future year. The discount rates were based on a yield curve of high-quality corporate bonds. 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/loss on pension plan assets, net of fees, was approximately 15% 2021 2020 2019 Cash Contributions The following table details cash contributions, if any, for the qualified and non-qualified (supplemental) pension plans: Millions Qualified Non-qualified 2021 $ - $ 31 2020 - 31 Our policy with respect to funding the qualified plans is to fund at least the minimum required by law and not The non-qualified pension plans are not not 2022 Benefit Payments The following table details expected benefit payments for the years 2022 2031: Millions 2022 $ 229 2023 228 2024 227 2025 227 2026 228 Years 2027 - 2031 1,170 Asset Allocation Strategy Our pension plan asset allocation at December 31, 2021 2020 2022, Percentage of Plan Assets Target December 31, Allocation 2022 2021 2020 Equity securities 45% to 55% 57 % 63 % Debt securities 45% to 55% 42 34 Real estate 0% to 2% 1 3 Total 100 % 100 % The pension plan investments are held in a master trust. 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 6.25%. While we believe we can achieve a long-term average rate of return of 6.25%, 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 Since 2020, 2023. A+ and A December 31, 2021 2020 December 31, 2021 2020 The investment of pension plan assets in securities issued by UPC 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 1 2 Registered Investment Companies 1 not Federal Government Securities 2 Bonds and Debentures 2 Corporate Stock 1 2 Venture Capital and Buyout Partnerships not Real Estate Funds not Collective Trust and Other Funds not As of December 31, 2021 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 at fair value: Temporary cash investments $ 9 $ - $ - $ 9 Registered investment companies [a] 10 - - 10 Federal government securities - 742 - 742 Bonds and debentures - 1,116 - 1,116 Corporate stock 1,980 10 - 1,990 Total plan assets at fair value $ 1,999 $ 1,868 $ - $ 3,867 Plan assets at NAV: Registered investment companies [b] 185 Venture capital and buyout partnerships 710 Real estate funds 48 Collective trust and other funds 756 Total plan assets at NAV $ 1,699 Other assets/(liabilities) [c] (12 ) Total plan assets $ 5,554 As of December 31, 2020 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 at fair value: Temporary cash investments $ 9 $ - $ - $ 9 Registered investment companies [a] 252 - - 252 Federal government securities - 150 - 150 Bonds and debentures - 831 - 831 Corporate stock 2,209 8 - 2,217 Total plan assets at fair value $ 2,470 $ 989 $ - $ 3,459 Plan assets at NAV: Registered investment companies [b] 312 Venture capital and buyout partnerships 585 Real estate funds 161 Collective trust and other funds 498 Total plan assets at NAV $ 1,556 Other assets/(liabilities) [c] 1 Total plan assets $ 5,016 [a] Registered investment companies measured at fair value are stock investments. [b] Registered investment companies measured at NAV include bond investments. [c] Includes accrued receivables, net payables, and pending broker settlements. The master trust’s investments in limited partnerships and similar structures (used to invest in private equity and real estate) are valued at fair value based on their proportionate share of the partnerships’ fair value as recorded in the limited partnerships’ audited financial statements. The limited partnerships allocate gains, losses, and expenses to the partners based on the ownership percentage as described in the partnership agreements. At December 31, 2021 2020 Other Retirement Programs Other Postretirement Benefits (OPEB) January 1, 2004. December 31, 2021 2020 2021 2020 2019 401 January 1, 2018, 401 first January 1, 2018, first 2021 2020 2019 Railroad Retirement System 2021 2020 2019 Collective Bargaining Agreements 2021 2020 2019 |
Note 6 - Other Income
Note 6 - Other Income | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 6. Other income included the following for the years ended December 31: Millions 2021 2020 2019 Rental income $ 136 $ 123 $ 124 Gain on non-operating asset dispositions [a] 98 115 20 Gain from sale of investment 36 - - Net periodic pension costs 25 41 46 Interest income 5 12 32 Interest income on employment tax refund - - 31 Other (3 ) (4 ) (10 ) Total $ 297 $ 287 $ 243 [a] 2021 2020 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. Components of income tax expense were as follows for the years ended December 31: Millions 2021 2020 2019 Current tax expense: Federal $ 1,446 $ 1,026 $ 1,000 State 347 259 254 Foreign 8 6 8 Total current tax expense 1,801 1,291 1,262 Deferred and other tax expense/(benefit): Federal 199 295 417 State [a] (44 ) 45 128 Foreign (1 ) - 21 Total deferred and other tax expense 154 340 566 Total income tax expense $ 1,955 $ 1,631 $ 1,828 [a] In 2021, 2019, For the years ended December 31, Tax Rate Percentages 2021 2020 2019 Federal statutory tax rate 21.0 % 21.0 % 21.0 % State statutory rates, net of federal benefits 3.7 3.7 3.7 Deferred tax adjustments (0.6 ) (0.1 ) (0.1 ) Dividends received deduction (0.5 ) (0.5 ) (0.6 ) Excess tax benefits from equity compensation plans (0.3 ) (0.8 ) (0.7 ) Other (0.2 ) 0.1 0.3 Effective tax rate 23.1 % 23.4 % 23.6 % Deferred income tax assets/(liabilities) were comprised of the following at December 31, 2021 2020: Millions 2021 2020 Deferred income tax liabilities: Property $ (12,657 ) $ (12,474 ) Operating lease assets (441 ) (397 ) Other (534 ) (444 ) Total deferred income tax liabilities (13,632 ) (13,315 ) Deferred income tax assets: Operating lease liabilities 434 396 Accrued casualty costs 157 143 Accrued wages 45 40 Retiree benefits 39 255 Stock compensation 26 26 Other 256 208 Total deferred income tax assets 957 1,068 Net deferred income tax liability $ (12,675 ) $ (12,247 ) In 2021 2020 A reconciliation of changes in unrecognized tax benefits liabilities/(assets) from the beginning to the end of the reporting period is as follows: Millions 2021 2020 2019 Unrecognized tax benefits at January 1 $ 74 $ 64 $ 174 Decreases for positions taken in prior years (24 ) (19 ) (96 ) Refunds from/(payments to) and settlements with taxing authorities (12 ) - (11 ) Increases for positions taken in current year 3 18 20 Increases/(decreases) for interest and penalties (3 ) 5 (5 ) Increases for positions taken in prior years 1 7 44 Lapse of statutes of limitations (1 ) (1 ) (62 ) Unrecognized tax benefits at December 31 $ 38 $ 74 $ 64 We recognize interest and penalties as part of income tax expense. Total accrued liabilities/(receivables) for interest and penalties were ($1) million and $8 million at December 31, 2021 2020 2021 2020 2019 Several state tax authorities are examining our state income tax returns for years 2017 2019. We do not 12 2021, 2020, 2019. |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. The following table provides a reconciliation between basic and diluted earnings per share for the years ended December 31, 2021, 2020 2019: Millions, Except Per Share Amounts 2021 2020 2019 Net income $ 6,523 $ 5,349 $ 5,919 Weighted-average number of shares outstanding: Basic 653.8 677.3 703.5 Dilutive effect of stock options 0.8 0.8 1.2 Dilutive effect of retention shares and units 0.8 1.0 1.4 Diluted 655.4 679.1 706.1 Earnings per share – basic $ 9.98 $ 7.90 $ 8.41 Earnings per share – diluted $ 9.95 $ 7.88 $ 8.38 Common stock options totaling 0.2 million, 0.3 million, and 0.5 million for 2021 2020 2019 |
Note 9 - Accumulated Other Comp
Note 9 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 9. Reclassifications out of accumulated other comprehensive income/loss were as follows (net of tax): Millions Defined benefit plans Foreign currency translation Total Balance at January 1, 2021 $ (1,381 ) $ (212 ) $ (1,593 ) Other comprehensive income/(loss) before reclassifications - (44 ) (44 ) Amounts reclassified from accumulated other comprehensive income/(loss) [a] 723 - 723 Net year-to-date other comprehensive income/(loss), net of taxes of ($ 237 723 (44 ) 679 Balance at December 31, 2021 $ (658 ) $ (256 ) $ (914 ) Balance at January 1, 2020 $ (1,150 ) $ (206 ) $ (1,356 ) Other comprehensive income/(loss) before reclassifications 2 (6 ) (4 ) Amounts reclassified from accumulated other comprehensive income/(loss) [a] (233 ) - (233 ) Net year-to-date other comprehensive income/(loss), net of taxes of $ 75 (231 ) (6 ) (237 ) Balance at December 31, 2020 $ (1,381 ) $ (212 ) $ (1,593 ) [a] The accumulated other comprehensive income/loss reclassification components are 1 2 5 |
Note 10 - Accounts Receivable
Note 10 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 10. Accounts receivable includes freight and other receivables reduced by an allowance for doubtful accounts. At December 31, 2021 2020 not one December 31, 2021 2020 Receivables Securitization Facility 3 July 2022. third may no not The amount recorded under the Receivables Facility was $300 million and $0 at December 31, 2021 2020 December 31, 2021 2020 The outstanding amount the Railroad maintains under the Receivables Facility may one not The costs of the Receivables Facility include interest, which will vary based on prevailing benchmark and commercial paper rates, program fees paid to participating banks, commercial paper issuance costs, and fees of participating banks for unused commitment availability. The costs of the Receivables Facility are included in interest expense and were $4 million, $7 million, and $14 million for 2021 2020 2019 |
Note 11 - Properties
Note 11 - Properties | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 11. 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, 2021 Cost Depreciation Value Useful Life Land $ 5,339 $ N/A $ 5,339 N/A Road: Rail and other track material 17,980 6,844 11,136 44 Ties 11,364 3,516 7,848 34 Ballast 6,070 1,852 4,218 34 Other roadway [a] 21,593 4,657 16,936 47 Total road 57,007 16,869 40,138 N/A Equipment: Locomotives 9,371 3,779 5,592 17 Freight cars 2,227 822 1,405 24 Work equipment and other 1,161 411 750 18 Total equipment 12,759 5,012 7,747 N/A Technology and other 1,209 523 686 12 Construction in progress 961 - 961 N/A Total $ 77,275 $ 22,404 $ 54,871 N/A Millions, Except Estimated Useful Life Accumulated Net Book Estimated As of December 31, 2020 Cost Depreciation Value Useful Life Land $ 5,246 $ N/A $ 5,246 N/A Road: Rail and other track material 17,620 6,631 10,989 42 Ties 11,051 3,331 7,720 34 Ballast 5,926 1,753 4,173 34 Other roadway [a] 21,030 4,329 16,701 48 Total road 55,627 16,044 39,583 N/A Equipment: Locomotives 9,375 3,555 5,820 17 Freight cars 2,118 789 1,329 25 Work equipment and other 1,107 351 756 18 Total equipment 12,600 4,695 7,905 N/A Technology and other 1,199 520 679 13 Construction in progress 748 - 748 N/A Total $ 75,420 $ 21,259 $ 54,161 N/A [a] Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets. Property and Depreciation may We determine the estimated service lives of depreciable railroad assets by means of depreciation studies. We perform depreciation studies at least every 3 ● 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 the group method of 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 For retirements of depreciable railroad properties that do not may three not We review construction in progress assets that have not may not 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. Costs incurred that extend the useful life of an asset, improve the safety of our operations, or improve operating efficiency are capitalized, while normal repairs and maintenance are expensed as incurred. These costs are allocated using appropriate statistical bases. Total expense for repairs and maintenance incurred was $2.1 billion for 2021 2020 2019 Assets held under finance 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. Brazos Yard Impairment fourth 2020, not not 2 |
Note 12 - Accounts Payable and
Note 12 - Accounts Payable and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 12. Dec. 31, Dec. 31, Millions 2021 2020 Income and other taxes payable $ 823 $ 635 Accounts payable 752 612 Accrued wages and vacation 352 340 Interest payable 330 326 Current operating lease liabilities (Note 16) 330 321 Accrued casualty costs 187 177 Equipment rents payable 98 101 Other 706 592 Total accounts payable and other current liabilities $ 3,578 $ 3,104 |
Note 13 - Financial Instruments
Note 13 - Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 13. Short-Term Investments 2 December 31, 2021 one Fair Value of Financial Instruments 2 December 31, 2021 December 31, 2020 |
Note 14 - Debt
Note 14 - Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 14. Total debt as of December 31, 2021 2020 Millions 2021 2020 Notes and debentures, 2.2 7.1 April 6, 2071 $ 29,508 $ 26,608 Equipment obligations, 2.6 6.2 January 2, 2031 848 885 Commercial paper, 0.2 0.3 January 26, 2022 400 75 Finance leases, 3.1 8.0 December 10, 2028 336 449 Receivables Facility (Note 10) 300 - Term loans - floating rate, due August 31, 2022 100 250 Unamortized discount and deferred issuance costs (1,763 ) (1,538 ) Total debt 29,729 26,729 Less: current portion (2,166 ) (1,069 ) Total long-term debt $ 27,563 $ 25,660 Debt Maturities December 31, 2021 Millions 2022 $ 2,180 2023 1,385 2024 1,439 2025 1,429 2026 1,016 Thereafter 24,043 Total principal 31,492 Unamortized discount and deferred issuance costs (1,763 ) Total debt $ 29,729 Equipment Encumbrances December 31, 2021 2020 Debt Redemptions On November 1, 2020 February 1, 2021, Debt Exchange - April 6, 2021 2028 2065 April 6, 2036 2036 April 6, 2071 2071 470 50 40, Debt-Modifications and Extinguishments-Derecognition not 2021. On September 16, 2020 May 1, 2037 March 1, 2049 September 16, 2062 470 50 40, Debt-Modifications and Extinguishments-Derecognition not September 30, 2020. Credit Facilities December 31, 2021 $2.0 billion of $0 d 2021 June 8, 2023, The definition of debt used for purposes of calculating the debt-to-EBITDA coverage ratio includes, among other things, certain credit arrangements, finance leases, guarantees, unfunded and vested pension benefits under Title IV of ERISA, and unamortized debt discount and deferred debt issuance costs. At December 31, 2021 not During 2021 7 December 31, 2021 2020 not In May 2020, three three three May 18, 2021 Shelf Registration Statement and Significant New Borrowings February 10, 2021. November 2019, may one During 2021 Date Description of Securities May 20, 2021 $850 million of 2.375 May 20, 2031 $1.0 billion of 3.200 May 20, 2041 $650 million of 3.550 May 20, 2061 September 10, 2021 $150 million of 2.375 May 20, 2031 $850 million of 2.950 March 10, 2052 We used the net proceeds from the offerings for general corporate purposes, including the repurchase of common stock pursuant to our share repurchase programs. These debt securities include change-of-control provisions. At December 31, 2021 On February 3, 2022, 2021. Receivables Securitization Facility December 31, 2021 2020 10. LIBOR Transition may |
Note 15 - Variable Interest Ent
Note 15 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 15. We have entered into various lease transactions in which the structure of the leases contain variable interest entities (VIEs). These VIEs were created solely for the purpose of doing lease transactions (principally involving railroad equipment and facilities) and have no not 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 not not not We are not not not not December 31, 2021 |
Note 16 - Leases
Note 16 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 16. We lease certain locomotives, freight cars, and other property for use in our rail operations. The following are additional details related to our lease portfolio: Dec. 31, Dec. 31, Millions Classification 2021 2020 Assets Operating leases Operating lease assets $ 1,787 $ 1,610 Finance leases Properties, net [a] 366 370 Total leased assets $ 2,153 $ 1,980 Liabilities Current Operating Accounts payable and other current liabilities $ 330 $ 321 Finance Debt due within one year 92 109 Noncurrent Operating Operating lease liabilities 1,429 1,283 Finance Debt due after one year 244 340 Total lease liabilities $ 2,095 $ 2,053 [a] Finance lease assets are recorded net of accumulated amortization of $687 million and $737 million as of December 31, 2021 2020 The lease cost components are classified as follows: Millions Dec 31, 2021 Dec 31, 2020 Operating lease cost [a] $ 303 $ 317 Short-term lease cost 25 26 Variable lease cost 11 10 Finance lease cost Amortization of leased assets [b] 69 66 Interest on lease liabilities [c] 20 27 Net lease cost $ 428 $ 446 [a] Operating lease cost is primarily reported in equipment and other rents in our Consolidated Statements of Income. [b] Amortization of leased assets is reported in depreciation in our Consolidated Statements of Income. [c] Interest on lease liabilities is reported in interest expense in our Consolidated Statements of Income. The following table presents aggregate lease maturities as of December 31, 2021 Millions Operating Leases Finance Leases Total 2022 $ 333 $ 107 $ 440 2023 293 81 374 2024 285 68 353 2025 285 45 330 2026 215 36 251 After 2026 555 41 596 Total lease payments $ 1,966 $ 378 $ 2,344 Less: Interest 207 42 249 Present value of lease liabilities $ 1,759 $ 336 $ 2,095 The following table presents the weighted average remaining lease term and discount rate: Dec. 31, 2021 Weighted-average remaining lease term (years) Operating leases 7.3 Finance leases 4.8 Weighted-average discount rate (%) Operating leases 3.2 Finance leases 4.9 The following table presents other information related to our operating and finance leases for the years ended December 31: Millions 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 292 $ 323 Investing cash flows from operating leases 27 30 Operating cash flows from finance leases 26 29 Financing cash flows from finance leases 106 113 Leased assets obtained in exchange for finance lease liabilities - - Leased assets obtained in exchange for operating lease liabilities 442 93 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 17. Asserted and Unasserted Claims not Personal Injury Approximately 94% of the recorded liability is related to asserted claims and approximately 6% is related to unasserted claims at December 31, 2021 may no Our personal injury liability activity was as follows: Millions 2021 2020 2019 Beginning balance $ 270 $ 265 $ 271 Current year accruals 93 72 78 Changes in estimates for prior years 48 (3 ) (11 ) Payments (86 ) (64 ) (73 ) Ending balance at December 31 $ 325 $ 270 $ 265 Current portion, ending balance at December 31 $ 64 $ 60 $ 63 Environmental Costs may may Our environmental liability activity was as follows: Millions 2021 2020 2019 Beginning balance $ 233 $ 227 $ 223 Accruals 69 76 67 Payments (59 ) (70 ) (63 ) Ending balance at December 31 $ 243 $ 233 $ 227 Current portion, ending balance at December 31 $ 60 $ 65 $ 62 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 may not Insurance not January 2019, no fourth 2018 Indemnities not |
Note 18 - Share Repurchase Prog
Note 18 - Share Repurchase Programs | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 18. Effective April 1, 2019, March 31, 2022, may December 31, 2021 2007. 2021 2020 Number of Shares Purchased Average Price Paid [a] 2021 2020 2021 2020 First quarter [b] 6,691,421 14,305,793 $ 209.50 $ 178.66 Second quarter [c] 12,204,409 - 222.46 - Third quarter [d] 8,604,239 4,045,575 210.31 98.87 Fourth quarter 5,837,551 3,780,743 233.71 198.07 Total 33,337,620 22,132,111 $ 218.69 $ 167.39 Remaining number of shares that may be repurchased under current authority 77,685,350 [a] In the period of the final settlement, the average price paid under the accelerated share repurchase programs is calculated based on the total program value less the value assigned to the initial delivery of shares. The average price of the completed 2021 2020 [b] Includes 8,786,380 shares repurchased in February 2020 [c] Includes 7,209,156 shares repurchased in May 2021 [d] Includes an incremental 1,983,859 and 4,045,575 shares received upon final settlement in September 2021 July 2020, Management's assessments of market conditions and other pertinent factors guide the timing and volume of all repurchases. We expect to fund any share repurchases under this program through cash generated from operations, the sale or lease of various operating and non-operating properties, debt issuances, and cash on hand. Open market repurchases are recorded in treasury stock at cost, which includes any applicable commissions and fees. From January 1, 2022, February 3, 2022, 2.4 $590 On February 3, 2022, March 31, 2025. April 1, 2022, March 31, 2022. Accelerated Share Repurchase Programs may On May 26, 2021, third 2021, On February 19, 2020, third 2020, ASRs are accounted for as equity transactions, and at the time of receipt, shares are included in treasury stock at fair market value as of the corresponding initiation or settlement date. The Company reflects shares received as a repurchase of common stock in the weighted average common shares outstanding calculation for basic and diluted earnings per share. |
Note 19 - Related Parties
Note 19 - Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 19. UPRR and other North American railroad companies jointly own TTX Company (TTX). UPRR has a 36.79% economic and voting interest in TTX while the other North American railroads own the remaining interest. In accordance with ASC 323 Investments - Equity Method and Joint Venture TTX is a rail car pooling company that owns rail cars and intermodal wells to serve North America’s railroads. TTX assists railroads in meeting the needs of their customers by providing rail cars in an efficient, pooled environment. All railroads have the ability to utilize TTX rail cars through car hire by renting rail cars at stated rates. UPRR had $1.6 billion and $1.5 billion recognized as investments related to TTX in our Consolidated Statements of Financial Position as of December 31, 2021 2020 2021 2020 2019 December 31, 2021 2020 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation 20% 50% no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents, and Restricted Cash three The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Statements of Financial Position that sum to the total of the same such amounts shown on the Consolidated Statements of Cash Flows: Millions 2021 2020 2019 Cash and cash equivalents $ 960 $ 1,799 $ 831 Restricted cash equivalents in other current assets 19 7 13 Restricted cash equivalents in other assets 4 12 12 Total cash, cash equivalents, and restricted cash equivalents shown on the Statement of Cash Flows: $ 983 $ 1,818 $ 856 |
Receivable [Policy Text Block] | Accounts Receivable not one |
Investment, Policy [Policy Text Block] | Investments 20% 50% 20% not not |
Inventory, Policy [Policy Text Block] | Materials and Supplies |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Depreciation not no |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets may not |
Revenue [Policy Text Block] | Revenue Recognition We recognize freight revenues over time 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. Outstanding performance obligations related to freight moves in transit totaled $169 million at December 31, 2021 December 31, 2020 may Under typical payment terms, our customers pay us after each performance obligation is satisfied and there are no Freight revenues related to interline transportation services that involve other railroads are reported on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not Other revenues consist primarily of revenues earned by our other subsidiaries (primarily logistics and commuter rail operations) and accessorial revenues. Other subsidiary revenues are generally recognized over time as shipments move 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. Accessorial revenues are recognized at a point in time as performance obligations are satisfied. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of Foreign Currency |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements three Level 1: Level 2: Level 3: not We have applied fair value measurements to our short-term investments, certain equity investments, pension plan assets, and short- and long-term debt. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation We measure and recognize compensation expense for all stock-based awards made to employees, including stock options and ESPP awards. Compensation expense is based on the 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, the fair value of stock options is determined by using the Black-Scholes option pricing model, and the fair value of ESPP awards is based on the Company contribution match. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share |
Income Tax, Policy [Policy Text Block] | Income Taxes not not When appropriate, we record a valuation allowance against deferred tax assets to reflect that these tax assets may not not not We recognize tax benefits that are more likely than not 50 not |
Lessee, Leases [Policy Text Block] | Leases not may one one We have lease agreements with lease and non-lease components, and we have elected to not 12 not 12 |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Pension Benefits |
Personal Injury [Policy Text Block] | Personal Injury not |
Environmental Costs, Policy [Policy Text Block] | Environmental not not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates may |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Millions 2021 2020 2019 Bulk $ 6,656 $ 5,960 $ 6,529 Industrial 7,323 6,622 7,472 Premium 6,265 5,669 6,242 Total freight revenues $ 20,244 $ 18,251 $ 20,243 Other subsidiary revenues 741 743 880 Accessorial revenues 752 473 514 Other 67 66 71 Total operating revenues $ 21,804 $ 19,533 $ 21,708 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | Millions 2021 2020 2019 Cash and cash equivalents $ 960 $ 1,799 $ 831 Restricted cash equivalents in other current assets 19 7 13 Restricted cash equivalents in other assets 4 12 12 Total cash, cash equivalents, and restricted cash equivalents shown on the Statement of Cash Flows: $ 983 $ 1,818 $ 856 |
Note 4 - Stock Options and Ot_2
Note 4 - Stock Options and Other Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Millions 2021 2020 2019 Stock-based compensation, before tax: Stock options $ 15 $ 15 $ 16 Retention awards 66 58 77 ESPP 7 - - Total stock-based compensation, before tax $ 88 $ 73 $ 93 Excess tax benefits from equity compensation plans $ 26 $ 55 $ 52 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Weighted-Average Assumptions 2021 2020 2019 Risk-free interest rate 0.4 % 1.5 % 2.5 % Dividend yield 1.9 % 2.1 % 2.2 % Expected life (years) 4.6 4.9 5.2 Volatility 28.3 % 23.4 % 22.7 % Weighted-average grant-date fair value of options granted $ 39.97 $ 32.20 $ 30.37 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options (thous.) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (yrs.) Aggregate Intrinsic Value (millions) Outstanding at January 1, 2021 2,569 $ 132.49 6.4 $ 195 Granted 387 204.45 N/A N/A Exercised (753 ) 118.11 N/A N/A Forfeited or expired (97 ) 154.62 N/A N/A Outstanding at December 31, 2021 2,106 $ 149.84 6.3 $ 215 Vested or expected to vest at December 31, 2021 2,083 $ 149.37 6.3 $ 214 Options exercisable at December 31, 2021 1,334 $ 126.38 5.2 $ 167 |
Cash Proceeds Received and Tax Benefit from Share-based Payment Awards [Table Text Block] | Millions 2021 2020 2019 Intrinsic value of stock options exercised $ 84 $ 120 $ 193 Cash received from option exercises 58 95 130 Treasury shares repurchased for employee payroll taxes (15 ) (24 ) (37 ) Tax benefit realized from option exercises 16 28 48 Aggregate grant-date fair value of stock options vested 14 15 15 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Shares (thous.) Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2021 1,476 $ 141.06 Granted 297 205.81 Vested (417 ) 109.23 Forfeited (69 ) 163.73 Nonvested at December 31, 2021 1,287 $ 165.10 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Shares (thous.) Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2021 773 $ 148.17 Granted 227 204.45 Vested (136 ) 141.93 Unearned (140 ) 126.47 Forfeited (83 ) 156.94 Nonvested at December 31, 2021 641 $ 173.03 |
Note 5 - Retirement Plans (Tabl
Note 5 - Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Net Funded Status [Table Text Block] | Funded Status Millions 2021 2020 Projected Benefit Obligation Projected benefit obligation at beginning of year $ 5,658 $ 4,847 Service cost 110 91 Interest cost 104 137 Actuarial (gain)/loss (346 ) 812 Gross benefits paid (230 ) (229 ) Projected benefit obligation at end of year $ 5,296 $ 5,658 Plan Assets Fair value of plan assets at beginning of year $ 5,016 $ 4,528 Actual (loss)/return on plan assets 737 686 Non-qualified plan benefit contributions 31 31 Gross benefits paid (230 ) (229 ) Fair value of plan assets at end of year $ 5,554 $ 5,016 Funded status at end of year $ 258 $ (642 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Millions 2021 2020 Noncurrent assets $ 807 $ 8 Current liabilities (31 ) (30 ) Noncurrent liabilities (518 ) (620 ) Net amounts recognized at end of year $ 258 $ (642 ) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Millions 2021 2020 2019 Net actuarial (loss)/gain $ 813 $ (408 ) $ (88 ) Amortization of: Actuarial loss 141 104 67 Total $ 954 $ (304 ) $ (21 ) |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | Underfunded Accumulated Benefit Obligation Millions 2021 2020 Projected benefit obligation $ 549 $ 605 Accumulated benefit obligation $ 513 $ 560 Fair value of plan assets - - Underfunded accumulated benefit obligation $ (513 ) $ (560 ) |
Defined Benefit Plan, Assumptions [Table Text Block] | Percentages 2021 2020 Discount rate 2.80 % 2.42 % Compensation increase 4.30 % 4.40 % Percentages 2021 2020 2019 Discount rate for benefit obligations 2.42 % 3.26 % 4.23 % Discount rate for interest on benefit obligations 1.90 % 2.89 % 3.94 % Discount rate for service cost 2.61 % 3.42 % 4.33 % Discount rate for interest on service cost 2.53 % 3.36 % 4.30 % Expected return on plan assets 6.25 % 7.00 % 7.00 % Compensation increase 4.40 % 4.10 % 4.10 % |
Schedule of Net Benefit Costs [Table Text Block] | Millions 2021 2020 2019 Net Periodic Pension Cost: Service cost $ 110 $ 91 $ 80 Interest cost 104 137 160 Expected return on plan assets (270 ) (282 ) (273 ) Amortization of: Actuarial loss 141 104 67 Net periodic pension cost $ 85 $ 50 $ 34 |
Cash Contributions for Qualified Pension Plan, Benefit Payments for Non Qualified OPEB Plans [Table Text Block] | Millions Qualified Non-qualified 2021 $ - $ 31 2020 - 31 |
Schedule of Expected Benefit Payments [Table Text Block] | Millions 2022 $ 229 2023 228 2024 227 2025 227 2026 228 Years 2027 - 2031 1,170 |
Schedule of Allocation of Plan Assets [Table Text Block] | Percentage of Plan Assets Target December 31, Allocation 2022 2021 2020 Equity securities 45% to 55% 57 % 63 % Debt securities 45% to 55% 42 34 Real estate 0% to 2% 1 3 Total 100 % 100 % |
Defined Benefit Plan, Plan Assets, Category [Table Text Block] | 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 at fair value: Temporary cash investments $ 9 $ - $ - $ 9 Registered investment companies [a] 10 - - 10 Federal government securities - 742 - 742 Bonds and debentures - 1,116 - 1,116 Corporate stock 1,980 10 - 1,990 Total plan assets at fair value $ 1,999 $ 1,868 $ - $ 3,867 Plan assets at NAV: Registered investment companies [b] 185 Venture capital and buyout partnerships 710 Real estate funds 48 Collective trust and other funds 756 Total plan assets at NAV $ 1,699 Other assets/(liabilities) [c] (12 ) Total plan assets $ 5,554 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 at fair value: Temporary cash investments $ 9 $ - $ - $ 9 Registered investment companies [a] 252 - - 252 Federal government securities - 150 - 150 Bonds and debentures - 831 - 831 Corporate stock 2,209 8 - 2,217 Total plan assets at fair value $ 2,470 $ 989 $ - $ 3,459 Plan assets at NAV: Registered investment companies [b] 312 Venture capital and buyout partnerships 585 Real estate funds 161 Collective trust and other funds 498 Total plan assets at NAV $ 1,556 Other assets/(liabilities) [c] 1 Total plan assets $ 5,016 |
Note 6 - Other Income (Tables)
Note 6 - Other Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Millions 2021 2020 2019 Rental income $ 136 $ 123 $ 124 Gain on non-operating asset dispositions [a] 98 115 20 Gain from sale of investment 36 - - Net periodic pension costs 25 41 46 Interest income 5 12 32 Interest income on employment tax refund - - 31 Other (3 ) (4 ) (10 ) Total $ 297 $ 287 $ 243 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Millions 2021 2020 2019 Current tax expense: Federal $ 1,446 $ 1,026 $ 1,000 State 347 259 254 Foreign 8 6 8 Total current tax expense 1,801 1,291 1,262 Deferred and other tax expense/(benefit): Federal 199 295 417 State [a] (44 ) 45 128 Foreign (1 ) - 21 Total deferred and other tax expense 154 340 566 Total income tax expense $ 1,955 $ 1,631 $ 1,828 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Tax Rate Percentages 2021 2020 2019 Federal statutory tax rate 21.0 % 21.0 % 21.0 % State statutory rates, net of federal benefits 3.7 3.7 3.7 Deferred tax adjustments (0.6 ) (0.1 ) (0.1 ) Dividends received deduction (0.5 ) (0.5 ) (0.6 ) Excess tax benefits from equity compensation plans (0.3 ) (0.8 ) (0.7 ) Other (0.2 ) 0.1 0.3 Effective tax rate 23.1 % 23.4 % 23.6 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Millions 2021 2020 Deferred income tax liabilities: Property $ (12,657 ) $ (12,474 ) Operating lease assets (441 ) (397 ) Other (534 ) (444 ) Total deferred income tax liabilities (13,632 ) (13,315 ) Deferred income tax assets: Operating lease liabilities 434 396 Accrued casualty costs 157 143 Accrued wages 45 40 Retiree benefits 39 255 Stock compensation 26 26 Other 256 208 Total deferred income tax assets 957 1,068 Net deferred income tax liability $ (12,675 ) $ (12,247 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Millions 2021 2020 2019 Unrecognized tax benefits at January 1 $ 74 $ 64 $ 174 Decreases for positions taken in prior years (24 ) (19 ) (96 ) Refunds from/(payments to) and settlements with taxing authorities (12 ) - (11 ) Increases for positions taken in current year 3 18 20 Increases/(decreases) for interest and penalties (3 ) 5 (5 ) Increases for positions taken in prior years 1 7 44 Lapse of statutes of limitations (1 ) (1 ) (62 ) Unrecognized tax benefits at December 31 $ 38 $ 74 $ 64 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Millions, Except Per Share Amounts 2021 2020 2019 Net income $ 6,523 $ 5,349 $ 5,919 Weighted-average number of shares outstanding: Basic 653.8 677.3 703.5 Dilutive effect of stock options 0.8 0.8 1.2 Dilutive effect of retention shares and units 0.8 1.0 1.4 Diluted 655.4 679.1 706.1 Earnings per share – basic $ 9.98 $ 7.90 $ 8.41 Earnings per share – diluted $ 9.95 $ 7.88 $ 8.38 |
Note 9 - Accumulated Other Co_2
Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Millions Defined benefit plans Foreign currency translation Total Balance at January 1, 2021 $ (1,381 ) $ (212 ) $ (1,593 ) Other comprehensive income/(loss) before reclassifications - (44 ) (44 ) Amounts reclassified from accumulated other comprehensive income/(loss) [a] 723 - 723 Net year-to-date other comprehensive income/(loss), net of taxes of ($ 237 723 (44 ) 679 Balance at December 31, 2021 $ (658 ) $ (256 ) $ (914 ) Balance at January 1, 2020 $ (1,150 ) $ (206 ) $ (1,356 ) Other comprehensive income/(loss) before reclassifications 2 (6 ) (4 ) Amounts reclassified from accumulated other comprehensive income/(loss) [a] (233 ) - (233 ) Net year-to-date other comprehensive income/(loss), net of taxes of $ 75 (231 ) (6 ) (237 ) Balance at December 31, 2020 $ (1,381 ) $ (212 ) $ (1,593 ) |
Note 11 - Properties (Tables)
Note 11 - Properties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Millions, Except Estimated Useful Life Accumulated Net Book Estimated As of December 31, 2021 Cost Depreciation Value Useful Life Land $ 5,339 $ N/A $ 5,339 N/A Road: Rail and other track material 17,980 6,844 11,136 44 Ties 11,364 3,516 7,848 34 Ballast 6,070 1,852 4,218 34 Other roadway [a] 21,593 4,657 16,936 47 Total road 57,007 16,869 40,138 N/A Equipment: Locomotives 9,371 3,779 5,592 17 Freight cars 2,227 822 1,405 24 Work equipment and other 1,161 411 750 18 Total equipment 12,759 5,012 7,747 N/A Technology and other 1,209 523 686 12 Construction in progress 961 - 961 N/A Total $ 77,275 $ 22,404 $ 54,871 N/A Millions, Except Estimated Useful Life Accumulated Net Book Estimated As of December 31, 2020 Cost Depreciation Value Useful Life Land $ 5,246 $ N/A $ 5,246 N/A Road: Rail and other track material 17,620 6,631 10,989 42 Ties 11,051 3,331 7,720 34 Ballast 5,926 1,753 4,173 34 Other roadway [a] 21,030 4,329 16,701 48 Total road 55,627 16,044 39,583 N/A Equipment: Locomotives 9,375 3,555 5,820 17 Freight cars 2,118 789 1,329 25 Work equipment and other 1,107 351 756 18 Total equipment 12,600 4,695 7,905 N/A Technology and other 1,199 520 679 13 Construction in progress 748 - 748 N/A Total $ 75,420 $ 21,259 $ 54,161 N/A |
Note 12 - Accounts Payable an_2
Note 12 - Accounts Payable and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Dec. 31, Dec. 31, Millions 2021 2020 Income and other taxes payable $ 823 $ 635 Accounts payable 752 612 Accrued wages and vacation 352 340 Interest payable 330 326 Current operating lease liabilities (Note 16) 330 321 Accrued casualty costs 187 177 Equipment rents payable 98 101 Other 706 592 Total accounts payable and other current liabilities $ 3,578 $ 3,104 |
Note 14 - Debt (Tables)
Note 14 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Millions 2021 2020 Notes and debentures, 2.2 7.1 April 6, 2071 $ 29,508 $ 26,608 Equipment obligations, 2.6 6.2 January 2, 2031 848 885 Commercial paper, 0.2 0.3 January 26, 2022 400 75 Finance leases, 3.1 8.0 December 10, 2028 336 449 Receivables Facility (Note 10) 300 - Term loans - floating rate, due August 31, 2022 100 250 Unamortized discount and deferred issuance costs (1,763 ) (1,538 ) Total debt 29,729 26,729 Less: current portion (2,166 ) (1,069 ) Total long-term debt $ 27,563 $ 25,660 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Millions 2022 $ 2,180 2023 1,385 2024 1,439 2025 1,429 2026 1,016 Thereafter 24,043 Total principal 31,492 Unamortized discount and deferred issuance costs (1,763 ) Total debt $ 29,729 |
Unsecured Fixed Rate Debt Securities Issued Under Current Shelf Registration [Table Text Block] | Date Description of Securities May 20, 2021 $850 million of 2.375 May 20, 2031 $1.0 billion of 3.200 May 20, 2041 $650 million of 3.550 May 20, 2061 September 10, 2021 $150 million of 2.375 May 20, 2031 $850 million of 2.950 March 10, 2052 |
Note 16 - Leases (Tables)
Note 16 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lessee, Lease [Table Text Block] | Dec. 31, Dec. 31, Millions Classification 2021 2020 Assets Operating leases Operating lease assets $ 1,787 $ 1,610 Finance leases Properties, net [a] 366 370 Total leased assets $ 2,153 $ 1,980 Liabilities Current Operating Accounts payable and other current liabilities $ 330 $ 321 Finance Debt due within one year 92 109 Noncurrent Operating Operating lease liabilities 1,429 1,283 Finance Debt due after one year 244 340 Total lease liabilities $ 2,095 $ 2,053 |
Lease, Cost [Table Text Block] | Millions Dec 31, 2021 Dec 31, 2020 Operating lease cost [a] $ 303 $ 317 Short-term lease cost 25 26 Variable lease cost 11 10 Finance lease cost Amortization of leased assets [b] 69 66 Interest on lease liabilities [c] 20 27 Net lease cost $ 428 $ 446 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Millions Operating Leases Finance Leases Total 2022 $ 333 $ 107 $ 440 2023 293 81 374 2024 285 68 353 2025 285 45 330 2026 215 36 251 After 2026 555 41 596 Total lease payments $ 1,966 $ 378 $ 2,344 Less: Interest 207 42 249 Present value of lease liabilities $ 1,759 $ 336 $ 2,095 |
Weighted Average Remaining Lease Term and Discount Rate [Table Text Block] | Dec. 31, 2021 Weighted-average remaining lease term (years) Operating leases 7.3 Finance leases 4.8 Weighted-average discount rate (%) Operating leases 3.2 Finance leases 4.9 |
Lessee, Lease, Other Information [Table Text Block] | Millions 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 292 $ 323 Investing cash flows from operating leases 27 30 Operating cash flows from finance leases 26 29 Financing cash flows from finance leases 106 113 Leased assets obtained in exchange for finance lease liabilities - - Leased assets obtained in exchange for operating lease liabilities 442 93 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Loss Contingencies by Contingency, Environmental [Table Text Block] | Millions 2021 2020 2019 Beginning balance $ 233 $ 227 $ 223 Accruals 69 76 67 Payments (59 ) (70 ) (63 ) Ending balance at December 31 $ 243 $ 233 $ 227 Current portion, ending balance at December 31 $ 60 $ 65 $ 62 |
Personal Injury [Member] | |
Notes Tables | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | Millions 2021 2020 2019 Beginning balance $ 270 $ 265 $ 271 Current year accruals 93 72 78 Changes in estimates for prior years 48 (3 ) (11 ) Payments (86 ) (64 ) (73 ) Ending balance at December 31 $ 325 $ 270 $ 265 Current portion, ending balance at December 31 $ 64 $ 60 $ 63 |
Note 18 - Share Repurchase Pr_2
Note 18 - Share Repurchase Programs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share Repurchase Program [Table Text Block] | Number of Shares Purchased Average Price Paid [a] 2021 2020 2021 2020 First quarter [b] 6,691,421 14,305,793 $ 209.50 $ 178.66 Second quarter [c] 12,204,409 - 222.46 - Third quarter [d] 8,604,239 4,045,575 210.31 98.87 Fourth quarter 5,837,551 3,780,743 233.71 198.07 Total 33,337,620 22,132,111 $ 218.69 $ 167.39 Remaining number of shares that may be repurchased under current authority 77,685,350 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Network Route Miles | 32,452 | ||
Route Miles Owned | 26,124 | ||
Number of Reportable Segments | 1 | ||
Number of Operating Segments | 1 | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 21,804 | $ 19,533 | $ 21,708 |
MEXICO | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 2,400 | $ 2,100 | $ 2,300 |
Note 1 - Nature of Operations -
Note 1 - Nature of Operations - Summary of Freight and Other Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 21,804 | $ 19,533 | $ 21,708 |
Bulk [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 6,656 | 5,960 | 6,529 |
Industrial [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 7,323 | 6,622 | 7,472 |
Premium [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 6,265 | 5,669 | 6,242 |
Cargo and Freight [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 20,244 | 18,251 | 20,243 |
Other Subsidiary Revenues [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 741 | 743 | 880 |
Accessorial Revenues [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 752 | 473 | 514 |
Other Miscellaneous Product and Service Revenues [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 67 | $ 66 | $ 71 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Amount | $ 169 | $ 151 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 960 | $ 1,799 | $ 831 |
Total cash, cash equivalents, and restricted cash equivalents shown on the Statement of Cash Flows: | 983 | 1,818 | 856 |
Other Current Assets [Member] | |||
Restricted cash equivalents | 19 | 7 | 13 |
Other Noncurrent Assets [Member] | |||
Restricted cash equivalents | $ 4 | $ 12 | $ 12 |
Note 4 - Stock Options and Ot_3
Note 4 - Stock Options and Other Stock Plans (Details Textual) - USD ($) | 7 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 2,106,000 | 2,569,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 34,011,624 | 69,867,405 | 70,318,887 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 40.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 5.00% | ||||
ESPP Employee Contribution Annual Limit | $ 15,000 | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Conditions (in shares) | 0 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 15,000,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year | ||||
Retention Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 1,287,000 | 1,476,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 87,000,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | ||||
Performance Retention Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 641,000 | 773,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 16,000,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 2 months 12 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Month) | 37 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period (Year) | 3 years | ||||
Operating Income Growth Modifier Range | 25.00% | ||||
Union Pacific Corporation 2000 Directors Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,200,000 | ||||
Share-based Compensation, Retention Shares Granted to Each Non-employee Director upon Initial Election to Board (in shares) | 4,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 28,000 | ||||
Union Pacific Corporation 2004 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 84,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 37,778 | ||||
Union Pacific Corporation 2013 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 78,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 1,706,288 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 1,218,397 | ||||
Union Pacific Corporation 2021 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 23,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 361,935 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 389,207 | ||||
Union Pacific Corporation 2021 Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 10,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 97,641 |
Note 4 - Stock Options and Ot_4
Note 4 - Stock Options and Other Stock Plans - Stock-based Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock options | $ 15 | $ 15 | $ 16 |
Retention awards | 66 | 58 | 77 |
Total stock-based compensation, before tax | 88 | 73 | 93 |
Excess tax benefits from equity compensation plans | 26 | 55 | 52 |
Employee Stock [Member] | |||
ESPP | $ 7 | $ 0 | $ 0 |
Note 4 - Stock Options and Ot_5
Note 4 - Stock Options and Other Stock Plans - Stock Option Assumption (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Risk-free interest rate | 0.40% | 1.50% | 2.50% |
Dividend yield | 1.90% | 2.10% | 2.20% |
Expected life (years) (Year) | 4 years 7 months 6 days | 4 years 10 months 24 days | 5 years 2 months 12 days |
Volatility | 28.30% | 23.40% | 22.70% |
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 39.97 | $ 32.20 | $ 30.37 |
Note 4 - Stock Options and Ot_6
Note 4 - Stock Options and Other Stock Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding, Options (in shares) | 2,569 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 132.49 | |
Outstanding, Weighted-Average Remaining Contractual Term (Year) | 6 years 3 months 18 days | 6 years 4 months 24 days |
Outstanding, Aggregate Intrinsic Value | $ 215 | $ 195 |
Granted, Options (in shares) | 387 | |
Granted, weighted average exercise price (in dollars per share) | $ 204.45 | |
Exercised, Options (in shares) | (753) | |
Exercised, weighted average exercise price (in dollars per share) | $ 118.11 | |
Forfeited or expired, Options (in shares) | (97) | |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ 154.62 | |
Outstanding, Options (in shares) | 2,106 | 2,569 |
Outstanding, weighted average exercise price (in dollars per share) | $ 149.84 | $ 132.49 |
Vested or expected to vest, Options (in shares) | 2,083 | |
Vested or expected to vest, weighted average exercise price (in dollars per share) | $ 149.37 | |
Vested or expected to vest, Weighted-Average Remaining Contractual Term (Year) | 6 years 3 months 18 days | |
Vested or expected to vest, Aggregate Intrinsic Value | $ 214 | |
Exercisable, Options (in shares) | 1,334 | |
Options, exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 126.38 | |
Options, Exercisable, Weighted-Average Remaining Contractual Term (Year) | 5 years 2 months 12 days | |
Options, Exercisable, Aggregate Intrinsic Value | $ 167 |
Note 4 - Stock Options and Ot_7
Note 4 - Stock Options and Other Stock Plans - Additional Information Regarding Stock Option Exercises (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intrinsic value of stock options exercised | $ 84 | $ 120 | $ 193 |
Cash received from option exercises | 58 | 95 | 130 |
Treasury shares repurchased for employee payroll taxes | (15) | (24) | (37) |
Tax benefit realized from option exercises | 16 | 28 | 48 |
Aggregate grant-date fair value of stock options vested | $ 14 | $ 15 | $ 15 |
Note 4 - Stock Options and Ot_8
Note 4 - Stock Options and Other Stock Plans - Changes in Retention Awards (Details) - Retention Awards [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Nonvested, beginning balance (in shares) | shares | 1,476 |
Nonvested, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ / shares | $ 141.06 |
Granted (in shares) | shares | 297 |
Granted, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 205.81 |
Vested (in shares) | shares | (417) |
Vested, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 109.23 |
Forfeited (in shares) | shares | (69) |
Forfeited, weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 163.73 |
Nonvested, ending balance (in shares) | shares | 1,287 |
Nonvested, weighted-average grant-date fair value, ending balance (in dollars per share) | $ / shares | $ 165.10 |
Note 4 - Stock Options and Ot_9
Note 4 - Stock Options and Other Stock Plans - Changes in Performance Retention Awards (Details) - Performance Retention Awards [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Nonvested, beginning balance (in shares) | shares | 773 |
Nonvested, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ / shares | $ 148.17 |
Granted (in shares) | shares | 227 |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 204.45 |
Vested (in shares) | shares | (136) |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 141.93 |
Unearned (in shares) | shares | (140) |
Unearned, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 126.47 |
Forfeited (in shares) | shares | (83) |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 156.94 |
Nonvested, ending balance (in shares) | shares | 641 |
Nonvested, weighted-average grant-date fair value, ending balance (in dollars per share) | $ / shares | $ 173.03 |
Note 5 - Retirement Plans (Deta
Note 5 - Retirement Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | 48 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.80% | 2.42% | 2.80% | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 851 | $ 1,805 | $ 851 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 4,900 | $ 5,200 | 4,900 | |
Defined Benefit Plan, Expected Return on Plan Assets, Changes In Fair Value, Period (Year) | 5 years | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.25% | 7.00% | 7.00% | |
Weighted-average Maturity of Pension Plan Debt Portfolio (Year) | 20 years | 17 years | ||
Pension Plan Master Trust, Future Commitments for Additional Contributions, Private Equity Partnerships | $ 115 | $ 147 | 115 | |
Pension Plan Master Trust, Future Commitments for Additional Contributions, Real Estate Partnerships and Funds | 7 | 7 | $ 7 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 85 | 50 | $ 34 | |
Defined Contribution Plan, Cost | 21 | 19 | 20 | |
Railroad Retirement System Contributions | 550 | 569 | 654 | |
Collective-Bargaining Arrangement, Other [Member] | ||||
Multiple-Employer Plan Accounted for as Multiemployer Plan, Contribution by Participating Entity | $ 30 | $ 30 | $ 42 | |
Defined Benefit Plan, Equity Securities [Member] | Minimum [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45.00% | 45.00% | ||
Defined Benefit Plan, Equity Securities [Member] | Maximum [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% | 55.00% | ||
Defined Benefit Plan, Debt Security [Member] | Minimum [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45.00% | 45.00% | ||
Defined Benefit Plan, Debt Security [Member] | Maximum [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% | 55.00% | ||
Pension Plan [Member] | ||||
Actual Return (Loss) on Pension Plan Assets, Net of Fees | 15.00% | 16.00% | 20.00% | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position, Total | $ 258 | $ (642) | $ 258 | |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position, Total | (165) | (190) | $ (165) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ (3) | $ (1) | $ 10 | |
Four Zero One Thrift Plan Before 2018 [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||
Four Zero One Thrift Plan 2018 Beyond [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||
Defined Contribution Plan, Additional Annual Employer Contribution, Percent of Employees Gross Pay | 3.00% |
Note 5 - Pension and Other Post
Note 5 - Pension and Other Postretirement Benefits - Changes in PBO and Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Projected benefit obligation at beginning of year | $ 5,658 | $ 4,847 | |
Service cost | 110 | 91 | $ 80 |
Interest cost | 104 | 137 | 160 |
Actuarial (gain)/loss | (346) | 812 | |
Gross benefits paid | (230) | (229) | |
Projected benefit obligation at end of year | 5,296 | 5,658 | 4,847 |
Fair value of plan assets at beginning of year | 5,016 | 4,528 | |
Actual (loss)/return on plan assets | 737 | 686 | |
Non-qualified plan benefit contributions | 31 | 31 | |
Fair value of plan assets at end of year | 5,554 | 5,016 | $ 4,528 |
Funded status at end of year | $ 258 | $ (642) |
Note 5 - Retirement Plans - Amo
Note 5 - Retirement Plans - Amounts Recognized in the Statement of Financial Position (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Noncurrent assets | $ 807 | $ 8 |
Current liabilities | (31) | (30) |
Noncurrent liabilities | (518) | (620) |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position, Total | $ 258 | $ (642) |
Note 5 - Retirement Plans - Pre
Note 5 - Retirement Plans - Pre-tax Changes Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net actuarial (loss)/gain | $ 813 | $ (408) | $ (88) |
Actuarial loss | 141 | 104 | 67 |
Total | $ 954 | $ (304) | $ (21) |
Note 5 - Retirement Plans - Acc
Note 5 - Retirement Plans - Accumulated Benefit Obligation (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Projected benefit obligation | $ 549 | $ 605 |
Accumulated benefit obligation | 513 | 560 |
Fair value of plan assets | 0 | 0 |
Underfunded accumulated benefit obligation | $ (513) | $ (560) |
Note 5 - Retirement Plans - Wei
Note 5 - Retirement Plans - Weighted Average Actuarial Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Discount rate | 2.80% | 2.42% | |
Compensation increase | 4.30% | 4.40% | |
Discount rate for benefit obligations | 2.42% | 3.26% | 4.23% |
Discount rate for interest on benefit obligations | 1.90% | 2.89% | 3.94% |
Discount rate for service cost | 2.61% | 3.42% | 4.33% |
Discount rate for interest on service cost | 2.53% | 3.36% | 4.30% |
Expected return on plan assets | 6.25% | 7.00% | 7.00% |
Compensation increase | 4.40% | 4.10% | 4.10% |
Note 5 - Retirement Plans - Com
Note 5 - Retirement Plans - Components of Net Periodic Pension and OPEB Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net periodic pension cost | $ 85 | $ 50 | $ 34 |
Pension Plan [Member] | |||
Service cost | 110 | 91 | 80 |
Interest cost | 104 | 137 | 160 |
Expected return on plan assets | (270) | (282) | (273) |
Actuarial loss | $ 141 | $ 104 | $ 67 |
Note 5 - Retirement Plans - Cas
Note 5 - Retirement Plans - Cash Contributions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Qualified Plan [Member] | ||
Pension | $ 0 | $ 0 |
Nonqualified Plan [Member] | ||
Pension | $ 31 | $ 31 |
Note 5 - Retirement Plans - Ben
Note 5 - Retirement Plans - Benefit Payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
2022 | $ 229 |
2023 | 228 |
2024 | 227 |
2025 | 227 |
2026 | 228 |
Years 2027 - 2031 | $ 1,170 |
Note 5 - Retirement Plans - Pen
Note 5 - Retirement Plans - Pension Plan Asset Allocation (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Asset allocation percentage | 100.00% | 100.00% |
Defined Benefit Plan, Equity Securities [Member] | ||
Asset allocation percentage | 57.00% | 63.00% |
Defined Benefit Plan, Equity Securities [Member] | Minimum [Member] | ||
Target Allocation | 45.00% | |
Defined Benefit Plan, Equity Securities [Member] | Maximum [Member] | ||
Target Allocation | 55.00% | |
Defined Benefit Plan, Debt Security [Member] | ||
Asset allocation percentage | 42.00% | 34.00% |
Defined Benefit Plan, Debt Security [Member] | Minimum [Member] | ||
Target Allocation | 45.00% | |
Defined Benefit Plan, Debt Security [Member] | Maximum [Member] | ||
Target Allocation | 55.00% | |
Defined Benefit Plan, Real Estate [Member] | ||
Asset allocation percentage | 1.00% | 3.00% |
Defined Benefit Plan, Real Estate [Member] | Minimum [Member] | ||
Target Allocation | 0.00% | |
Defined Benefit Plan, Real Estate [Member] | Maximum [Member] | ||
Target Allocation | 2.00% |
Note 5 - Retirement Plans - Pla
Note 5 - Retirement Plans - Plan Assets Measured At Fair Value (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Plan Assets Fair Value | $ 5,554 | $ 5,016 | $ 4,528 | |
Fair Value, Recurring [Member] | ||||
Plan Assets Fair Value | 5,554 | 5,016 | ||
Fair Value, Recurring [Member] | Defined Benefit Plan, Debt Security [Member] | ||||
Plan Assets Fair Value | [1] | 185 | 312 | |
Fair Value, Recurring [Member] | Venture Capital And Buyout Partnerships [Member] | ||||
Plan Assets Fair Value | 710 | 585 | ||
Fair Value, Recurring [Member] | Defined Benefit Plan, Real Estate [Member] | ||||
Plan Assets Fair Value | 48 | 161 | ||
Fair Value, Recurring [Member] | Common Trust And Other Funds [Member] | ||||
Plan Assets Fair Value | 756 | 498 | ||
Fair Value, Recurring [Member] | Other Assets Pension Plan [Member] | ||||
Plan Assets Fair Value | [2] | (12) | 1 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Plan Assets Fair Value | 1,999 | 2,470 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Defined Benefit Plan, Cash [Member] | ||||
Plan Assets Fair Value | 9 | 9 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||
Plan Assets Fair Value | [3] | 10 | 252 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||||
Plan Assets Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Plan Assets Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Defined Benefit Plan, Equity Securities, Common Stock [Member] | ||||
Plan Assets Fair Value | 1,980 | 2,209 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Plan Assets Fair Value | 1,868 | 989 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Defined Benefit Plan, Cash [Member] | ||||
Plan Assets Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||
Plan Assets Fair Value | [3] | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||||
Plan Assets Fair Value | 742 | 150 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Plan Assets Fair Value | 1,116 | 831 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Defined Benefit Plan, Equity Securities, Common Stock [Member] | ||||
Plan Assets Fair Value | 10 | 8 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Plan Assets Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Defined Benefit Plan, Cash [Member] | ||||
Plan Assets Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||
Plan Assets Fair Value | [3] | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||||
Plan Assets Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Plan Assets Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Defined Benefit Plan, Equity Securities, Common Stock [Member] | ||||
Plan Assets Fair Value | 0 | 0 | ||
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fair Value, Recurring [Member] | ||||
Plan Assets Fair Value | 3,867 | 3,459 | ||
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fair Value, Recurring [Member] | Defined Benefit Plan, Cash [Member] | ||||
Plan Assets Fair Value | 9 | 9 | ||
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fair Value, Recurring [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||
Plan Assets Fair Value | [3] | 10 | 252 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||||
Plan Assets Fair Value | 742 | 150 | ||
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Plan Assets Fair Value | 1,116 | 831 | ||
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fair Value, Recurring [Member] | Defined Benefit Plan, Equity Securities, Common Stock [Member] | ||||
Plan Assets Fair Value | 1,990 | 2,217 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value, Recurring [Member] | ||||
Plan Assets Fair Value | $ 1,699 | $ 1,556 | ||
[1] | Registered investment companies measured at NAV include bond investments. | |||
[2] | Other assets include accrued receivables, net payables, and pending broker settlements. | |||
[3] | Registered investment companies measured at fair value are stock investments. |
Note 6 - Other Income (Details
Note 6 - Other Income (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Gain (Loss) on Disposition of Assets, Total | [1] | $ 98 | $ 115 | $ 20 |
Land [Member] | ||||
Gain (Loss) on Disposition of Assets, Total | $ 50 | $ 69 | ||
[1] | 2021 includes a $50 million gain from a sale to the Colorado Department of Transportation. 2020 includes a $69 million gain from a land and permanent easement sale to the Illinois State Toll Highway Authority. |
Note 6 - Other Income - Schedul
Note 6 - Other Income - Schedule of Other Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Rental income | $ 136 | $ 123 | $ 124 | |
Gain on non-operating asset dispositions [a] | [1] | 98 | 115 | 20 |
Gain from sale of investment | 36 | 0 | 0 | |
Net periodic pension costs | 25 | 41 | 46 | |
Interest income | 5 | 12 | 32 | |
Interest income on employment tax refund | 0 | 0 | 31 | |
Other | (3) | (4) | (10) | |
Total | $ 297 | $ 287 | $ 243 | |
[1] | 2021 includes a $50 million gain from a sale to the Colorado Department of Transportation. 2020 includes a $69 million gain from a land and permanent easement sale to the Illinois State Toll Highway Authority. |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (32,000) | $ (21,000) | |
Deferred Tax Assets, Valuation Allowance, Total | 0 | $ 0 | |
Income Tax Examination, Penalties and Interest Accrued Liabilities (Receivables) | (1,000) | 8,000 | |
Income Tax Examination, Penalties and Interest Expense (Benefit) | (5,000) | 5,000 | (4,000) |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 31,000 | $ 52,000 | $ 39,000 |
Note 7 - Income Taxes - Schedul
Note 7 - Income Taxes - Schedule of Income Tax Expense Components (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Federal, current | $ 1,446 | $ 1,026 | $ 1,000 | |
State, current | 347 | 259 | 254 | |
Foreign, current | 8 | 6 | 8 | |
Total current tax expense | 1,801 | 1,291 | 1,262 | |
Federal, deferred | 199 | 295 | 417 | |
State, deferred [a] | [1] | (44) | 45 | 128 |
Foreign, deferred | (1) | 0 | 21 | |
Total deferred and other tax expense | 154 | 340 | 566 | |
Total income tax expense | $ 1,955 | $ 1,631 | $ 1,828 | |
[1] | In 2021, Nebraska, Oklahoma, Idaho, Louisiana and Arkansas enacted corporate income tax legislation that resulted in a net $32 million reduction of our deferred tax expense. In 2019, Arkansas enacted legislation to reduce their corporate income tax rate for future years resulting in a $21 million reduction of our deferred tax expense. |
Note 7 - Income Taxes - Sched_2
Note 7 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal statutory tax rate | 21.00% | 21.00% | 21.00% |
State statutory rates, net of federal benefits | 3.70% | 3.70% | 3.70% |
Deferred tax adjustments | (0.60%) | (0.10%) | (0.10%) |
Dividends received deduction | (0.50%) | (0.50%) | (0.60%) |
Excess tax benefits from equity compensation plans | (0.30%) | (0.80%) | (0.70%) |
Other tax adjustments | (0.20%) | 0.10% | 0.30% |
Effective tax rate | 23.10% | 23.40% | 23.60% |
Note 7 - Income Taxes - Sched_3
Note 7 - Income Taxes - Schedule of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred income tax liabilities: | ||
Property | $ (12,657) | $ (12,474) |
Operating lease assets | (441) | (397) |
Other | (534) | (444) |
Total deferred income tax liabilities | (13,632) | (13,315) |
Deferred income tax assets: | ||
Operating lease liabilities | 434 | 396 |
Accrued casualty costs | 157 | 143 |
Accrued wages | 45 | 40 |
Retiree benefits | 39 | 255 |
Stock compensation | 26 | 26 |
Other | 256 | 208 |
Total deferred income tax assets | 957 | 1,068 |
Net deferred income tax liability | $ (12,675) | $ (12,247) |
Note 7 - Income Taxes - Sched_4
Note 7 - Income Taxes - Schedule of Unrecognized Tax Benefits Assets (Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance, Unrecognized tax benefits | $ 74 | $ 64 | $ 174 |
Decreases for positions taken in prior years | (24) | (19) | (96) |
Refunds from/(payments to) and settlements with taxing authorities | (12) | 0 | (11) |
Increases for positions taken in current year | 3 | 18 | 20 |
Increases/(decreases) for interest and penalties | (3) | 5 | (5) |
Increases for positions taken in prior years | 1 | 7 | 44 |
Lapse of statutes of limitations | (1) | (1) | (62) |
Balance, Unrecognized tax benefits | $ 38 | $ 74 | $ 64 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.2 | 0.3 | 0.5 |
Note 8 - Earnings Per Share - S
Note 8 - Earnings Per Share - Schedule of Reconciliation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 6,523 | $ 5,349 | $ 5,919 |
Weighted-average number of shares outstanding: | |||
Basic (in shares) | 653.8 | 677.3 | 703.5 |
Diluted (in shares) | 655.4 | 679.1 | 706.1 |
Earnings per share – basic (in dollars per share) | $ 9.98 | $ 7.90 | $ 8.41 |
Earnings per share – diluted (in dollars per share) | $ 9.95 | $ 7.88 | $ 8.38 |
Share-based Payment Arrangement, Option [Member] | |||
Weighted-average number of shares outstanding: | |||
Dilutive effect of share based payment awards (in shares) | 0.8 | 0.8 | 1.2 |
Retention Awards [Member] | |||
Weighted-average number of shares outstanding: | |||
Dilutive effect of share based payment awards (in shares) | 0.8 | 1 | 1.4 |
Note 9 - Accumulated Other Co_3
Note 9 - Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassification (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Balance | $ 16,958 | $ 18,128 | $ 20,423 | |
Total other comprehensive income/(loss) | [1] | 679 | (237) | 59 |
Balance | 14,161 | 16,958 | 18,128 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance | (1,381) | (1,150) | ||
Other comprehensive income/(loss) before reclassifications | 0 | 2 | ||
Amounts reclassified from accumulated other comprehensive income/(loss) [a] | [2] | 723 | (233) | |
Total other comprehensive income/(loss) | 723 | (231) | ||
Balance | (658) | (1,381) | (1,150) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance | (212) | (206) | ||
Other comprehensive income/(loss) before reclassifications | (44) | (6) | ||
Amounts reclassified from accumulated other comprehensive income/(loss) [a] | [2] | 0 | 0 | |
Total other comprehensive income/(loss) | (44) | (6) | ||
Balance | (256) | (212) | (206) | |
AOCI Attributable to Parent [Member] | ||||
Balance | [3] | (1,593) | (1,356) | (1,415) |
Other comprehensive income/(loss) before reclassifications | (44) | (4) | ||
Amounts reclassified from accumulated other comprehensive income/(loss) [a] | [2] | 723 | (233) | |
Total other comprehensive income/(loss) | [3] | 679 | (237) | 59 |
Balance | [3] | $ (914) | $ (1,593) | $ (1,356) |
[1] | Net of deferred taxes of ($237) million, $75 million, and ($15) million during 2021, 2020, and 2019, respectively. | |||
[2] | The accumulated other comprehensive income/loss reclassification components are 1) prior service cost/(credit) and 2) net actuarial loss which are both included in the computation of net periodic pension cost. See Note 5 Retirement Plans for additional details. | |||
[3] | AOCI = Accumulated Other Comprehensive Income/Loss (Note 9) |
Note 9 - Accumulated Other Co_4
Note 9 - Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassification (Details) (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive Income (Loss), Tax | $ (237) | $ 75 |
Note 10 - Accounts Receivable (
Note 10 - Accounts Receivable (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss, Current | $ 10,000 | $ 17,000 | |
Total Transfer Capacity, Undivided Interests to Investors under Receivables Securitization Facility | $ 800,000 | ||
Receivables Securitization Facility, Duration (Year) | 3 years | ||
Value Outstanding, Undivided Interest Held by Investors Under Receivables Securitization Facility | $ 300,000 | 0 | |
Accounts Receivable, Supporting Undivided Investor Held Interest | 1,300,000 | 1,200,000 | |
Interest Expense, Total | $ 1,157,000 | 1,141,000 | $ 1,050,000 |
Asset-backed Securities, Securitized Loans and Receivables [Member] | |||
Accounts Receivable, from Securitization, Default or Dilution Ratio | 1.00% | ||
Interest Expense, Total | $ 4,000 | 7,000 | $ 14,000 |
Maximum [Member] | |||
Total Transfer Capacity, Undivided Interests to Investors under Receivables Securitization Facility | 800,000 | ||
Other Assets [Member] | |||
Accounts Receivable, Allowance for Credit Loss, Noncurrent | $ 51,000 | $ 51,000 |
Note 11 - Properties (Details T
Note 11 - Properties (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Depreciable Asset Classes | 60 | |||
Cost of Property Repairs and Maintenance | $ 2,100 | $ 2,000 | $ 2,300 | |
Brazos Yard [Member] | Other Expense [Member] | ||||
Asset Impairment Charges, Total | $ 278 | |||
Railroad Transportation Equipment [Member] | ||||
Term of Depreciation Studies (Year) | 3 years | |||
Railroad Transportation Track Assets [Member] | ||||
Term of Depreciation Studies (Year) | 6 years |
Note 11 - Properties - Schedule
Note 11 - Properties - Schedule of Property and Equipment Major Categories (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Property, Plant and Equipment, Cost | $ 77,275 | $ 75,420 | ||
Properties, net (Note 11) | 54,871 | 54,161 | ||
Property, Plant and Equipment, Accumulated Depreciation | 22,404 | 21,259 | ||
Land [Member] | ||||
Property, Plant and Equipment, Cost | 5,339 | 5,246 | ||
Properties, net (Note 11) | 5,339 | 5,246 | ||
Roadrail and Other Track Material [Member] | ||||
Property, Plant and Equipment, Cost | 17,980 | 17,620 | ||
Properties, net (Note 11) | 11,136 | 10,989 | ||
Property, Plant and Equipment, Accumulated Depreciation | $ 6,844 | $ 6,631 | ||
Property, Plant and Equipment, Useful Life (Year) | 44 years | 42 years | ||
Road Ties [Member] | ||||
Property, Plant and Equipment, Cost | $ 11,364 | $ 11,051 | ||
Properties, net (Note 11) | 7,848 | 7,720 | ||
Property, Plant and Equipment, Accumulated Depreciation | $ 3,516 | $ 3,331 | ||
Property, Plant and Equipment, Useful Life (Year) | 34 years | 34 years | ||
Road Ballast [Member] | ||||
Property, Plant and Equipment, Cost | $ 6,070 | $ 5,926 | ||
Properties, net (Note 11) | 4,218 | 4,173 | ||
Property, Plant and Equipment, Accumulated Depreciation | $ 1,852 | $ 1,753 | ||
Property, Plant and Equipment, Useful Life (Year) | 34 years | 34 years | ||
Road, Other [Member] | ||||
Property, Plant and Equipment, Cost | [1] | $ 21,593 | $ 21,030 | |
Properties, net (Note 11) | 16,936 | [1] | 16,701 | |
Property, Plant and Equipment, Accumulated Depreciation | $ 4,657 | [1] | $ 4,329 | |
Property, Plant and Equipment, Useful Life (Year) | 47 years | [1] | 48 years | |
Road [Member] | ||||
Property, Plant and Equipment, Cost | $ 57,007 | $ 55,627 | ||
Properties, net (Note 11) | 40,138 | 39,583 | ||
Property, Plant and Equipment, Accumulated Depreciation | 16,869 | 16,044 | ||
Equipment, Locomotives [Member] | ||||
Property, Plant and Equipment, Cost | 9,371 | 9,375 | ||
Properties, net (Note 11) | 5,592 | 5,820 | ||
Property, Plant and Equipment, Accumulated Depreciation | $ 3,779 | $ 3,555 | ||
Property, Plant and Equipment, Useful Life (Year) | 17 years | 17 years | ||
Equipment, Freight Cars [Member] | ||||
Property, Plant and Equipment, Cost | $ 2,227 | $ 2,118 | ||
Properties, net (Note 11) | 1,405 | 1,329 | ||
Property, Plant and Equipment, Accumulated Depreciation | $ 822 | $ 789 | ||
Property, Plant and Equipment, Useful Life (Year) | 24 years | 25 years | ||
Equipment, Work Equipment and Other [Member] | ||||
Property, Plant and Equipment, Cost | $ 1,161 | $ 1,107 | ||
Properties, net (Note 11) | 750 | 756 | ||
Property, Plant and Equipment, Accumulated Depreciation | $ 411 | $ 351 | ||
Property, Plant and Equipment, Useful Life (Year) | 18 years | 18 years | ||
Equipment [Member] | ||||
Property, Plant and Equipment, Cost | $ 12,759 | $ 12,600 | ||
Properties, net (Note 11) | 7,747 | 7,905 | ||
Property, Plant and Equipment, Accumulated Depreciation | 5,012 | 4,695 | ||
Technology Equipment [Member] | ||||
Property, Plant and Equipment, Cost | 1,209 | 1,199 | ||
Properties, net (Note 11) | 686 | 679 | ||
Property, Plant and Equipment, Accumulated Depreciation | $ 523 | $ 520 | ||
Property, Plant and Equipment, Useful Life (Year) | 12 years | 13 years | ||
Construction in Progress [Member] | ||||
Property, Plant and Equipment, Cost | $ 961 | $ 748 | ||
Properties, net (Note 11) | 961 | 748 | ||
Property, Plant and Equipment, Accumulated Depreciation | $ 0 | $ 0 | ||
[1] | Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets. |
Note 12 - Accounts Payable an_3
Note 12 - Accounts Payable and Other Current Liabilities - Schedule of Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income and other taxes payable | $ 823 | $ 635 |
Accounts payable | 752 | 612 |
Accrued wages and vacation | 352 | 340 |
Interest payable | 330 | 326 |
Accrued casualty costs | 187 | 177 |
Other | 706 | 592 |
Total accounts payable and other current liabilities | 3,578 | 3,104 |
Equipment [Member] | ||
Equipment rents payable | 98 | 101 |
Accounts payable and Other Current Liabilities [Member] | ||
Current operating lease liabilities (Note 16) | $ 330 | $ 321 |
Note 13 - Financial Instrumen_2
Note 13 - Financial Instruments (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Current | $ 46 | $ 60 |
Debt Instrument, Fair Value Disclosure, Total | 32,900 | 31,900 |
Fair Value of Total Debt in Excess of Carrying Value | 3,200 | $ 5,100 |
Fair Value, Inputs, Level 2 [Member] | Bank Time Deposits and Government Agency Securities [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Current | $ 46 |
Note 14 - Debt (Details Textual
Note 14 - Debt (Details Textual) - USD ($) $ in Thousands | Apr. 06, 2021 | Nov. 01, 2020 | Sep. 16, 2020 | May 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 03, 2022 |
Property, Plant and Equipment, Net, Ending Balance | $ 54,871,000 | $ 54,161,000 | |||||||
Debt Conversion, Converted Instrument, Amount | 100,000 | 250,000 | $ 250,000 | ||||||
Proceeds from Issuance of Commercial Paper | 2,100,000 | ||||||||
Repayments of Commercial Paper | $ 1,800,000 | ||||||||
Commercial Paper, Maturity Duration, Minimum (Day) | 7 days | ||||||||
Commercial Paper Maturity Duration, Maximum (Day) | 86 days | ||||||||
Commercial Paper | $ 400,000 | 75,000 | |||||||
Board of Directors Authorized Debt Issuance | 6,000,000 | ||||||||
Previous Board of Directors Remaining Debt Issuance | $ 2,250,000 | ||||||||
Board of Directors Remaining Debt Issuance | 2,500,000 | ||||||||
Long-term Debt, Gross | 31,492,000 | ||||||||
Secured Debt [Member] | |||||||||
Long-term Debt, Gross | 300,000 | 0 | |||||||
Subsequent Event [Member] | |||||||||
Board of Directors Authorized Debt Issuance | $ 12,000,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 2,000,000 | ||||||||
Long-term Line of Credit, Total | $ 0 | ||||||||
Debt Instrument, Term (Year) | 5 years | ||||||||
Allowable Debt Per Debt to Net Worth Coverage Ratio as Defined Facility | $ 41,200,000 | ||||||||
Outstanding Debt as Defined by Facility | 31,500,000 | ||||||||
CrossDefaultProvisionAsDefinedByFacility | 150,000 | ||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 2,000,000 | ||||||||
Three Bilateral Revolving Credit Facilities [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000 | ||||||||
Line of Credit Facility, Maximum Amount Outstanding During Period | 300,000 | ||||||||
Repayments of Lines of Credit | $ 300,000 | ||||||||
Line of Credit Facility, Expiration Date | May 18, 2021 | ||||||||
Conversion of Existing Notes [Member] | |||||||||
Debt Conversion, Original Debt, Amount | $ 1,700,000 | ||||||||
Payment of Financing and Stock Issuance Costs, Total | 257,000 | ||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | ||||||||
Debt Conversion, Converted Instrument, Issuance Date | Apr. 6, 2021 | ||||||||
Conversion of Existing Notes [Member] | Interest Expense [Member] | |||||||||
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | $ 13,000 | ||||||||
Conversion of Existing Notes into New 2036 Notes [Member] | |||||||||
Debt Conversion, Converted Instrument, Amount | $ 701,000 | ||||||||
Debt Conversion, Converted Instrument, Rate | 2.891% | ||||||||
Debt Conversion, Converted Instrument, Expiration or Due Date | Apr. 6, 2036 | ||||||||
Conversion of Existing Notes into New 2071 Notes [Member] | |||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,000,000 | ||||||||
Debt Conversion, Converted Instrument, Rate | 3.799% | ||||||||
Debt Conversion, Converted Instrument, Expiration or Due Date | Apr. 6, 2071 | ||||||||
Conversion of Existing Notes for New 2.973% Notes, Due September 16, 2062 [Member] | |||||||||
Debt Conversion, Original Debt, Amount | $ 1,047,000 | ||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,047,000 | ||||||||
Debt Conversion, Converted Instrument, Rate | 2.973% | ||||||||
Debt Conversion, Converted Instrument, Issuance Date | Sep. 16, 2020 | ||||||||
Debt Conversion, Converted Instrument, Expiration or Due Date | Sep. 16, 2062 | ||||||||
Conversion of Existing Notes for New 2.973% Notes, Due September 16, 2062 [Member] | Minimum [Member] | |||||||||
Debt Conversion, Original Debt, Due Date of Debt | May 1, 2037 | ||||||||
Conversion of Existing Notes for New 2.973% Notes, Due September 16, 2062 [Member] | Maximum [Member] | |||||||||
Debt Conversion, Original Debt, Due Date of Debt | Mar. 1, 2049 | ||||||||
Conversion of Existing Notes for New 2.973% Notes, Due September 16, 2062 [Member] | Interest Expense [Member] | |||||||||
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | $ 9,000 | ||||||||
4.0% Notes, Due February 1, 2021 [Member] | |||||||||
Debt Instrument, Repurchase Amount | $ 500,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | ||||||||
Debt Instrument, Repurchase Date | Nov. 1, 2020 | ||||||||
Existing Notes [Member] | |||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 14,000 | ||||||||
Conversion of Existing Notes for New 2.973% Notes, Due September 16, 2062 [Member] | |||||||||
Payment of Financing and Stock Issuance Costs, Total | $ 319,000 | ||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | 4,000 | ||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | ||||||||
Equipment [Member] | |||||||||
Property, Plant and Equipment, Net, Ending Balance | 7,747,000 | 7,905,000 | |||||||
Asset Pledged as Collateral [Member] | Equipment [Member] | |||||||||
Property, Plant and Equipment, Net, Ending Balance | $ 1,200,000 | $ 1,300,000 |
Note 14 - Debt - Schedule of De
Note 14 - Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument | $ 31,492,000 | |
Unamortized discount and deferred issuance costs | (1,763,000) | $ (1,538,000) |
Total debt | 29,729,000 | 26,729,000 |
Less: current portion | (2,166,000) | (1,069,000) |
Total long-term debt | 27,563,000 | 25,660,000 |
Notes Payable to Banks [Member] | ||
Debt Instrument | 29,508,000 | 26,608,000 |
Equipment Trust Certificate [Member] | ||
Debt Instrument | 848,000 | 885,000 |
Commercial Paper [Member] | ||
Debt Instrument | 400,000 | 75,000 |
Finance Lease [Member] | ||
Debt Instrument | 336,000 | 449,000 |
Secured Debt [Member] | ||
Debt Instrument | 300,000 | 0 |
Loans Payable [Member] | ||
Debt Instrument | $ 100,000 | $ 250,000 |
Note 14 - Debt - Schedule of _2
Note 14 - Debt - Schedule of Debt (Details) (Parentheticals) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Payable to Banks [Member] | |
Debt Instrument, Maturity Date | Apr. 6, 2071 |
Notes Payable to Banks [Member] | Minimum [Member] | |
Debt Instrument, Interest Rate | 2.20% |
Notes Payable to Banks [Member] | Maximum [Member] | |
Debt Instrument, Interest Rate | 7.10% |
Equipment Trust Certificate [Member] | |
Debt Instrument, Maturity Date | Jan. 2, 2031 |
Equipment Trust Certificate [Member] | Minimum [Member] | |
Debt Instrument, Interest Rate | 2.60% |
Equipment Trust Certificate [Member] | Maximum [Member] | |
Debt Instrument, Interest Rate | 6.20% |
Commercial Paper [Member] | |
Debt Instrument, Maturity Date | Jan. 26, 2022 |
Commercial Paper [Member] | Minimum [Member] | |
Debt Instrument, Interest Rate | 0.20% |
Commercial Paper [Member] | Maximum [Member] | |
Debt Instrument, Interest Rate | 0.30% |
Finance Lease [Member] | |
Debt Instrument, Maturity Date | Dec. 10, 2028 |
Finance Lease [Member] | Minimum [Member] | |
Debt Instrument, Interest Rate | 3.10% |
Finance Lease [Member] | Maximum [Member] | |
Debt Instrument, Interest Rate | 8.00% |
Loans Payable [Member] | |
Debt Instrument, Maturity Date | Aug. 31, 2022 |
Note 14 - Debt - Schedule of _3
Note 14 - Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 2,180 | |
2023 | 1,385 | |
2024 | 1,439 | |
2025 | 1,429 | |
2026 | 1,016 | |
Thereafter | 24,043 | |
Long-term Debt, Gross | 31,492 | |
Unamortized discount and deferred issuance costs | (1,763) | $ (1,538) |
Total debt | $ 29,729 | $ 26,729 |
Note 14 - Debt - Schedule of Un
Note 14 - Debt - Schedule of Unsecured Debt (Details) - Unsecured Debt [Member] $ in Millions | Dec. 31, 2021USD ($) |
2.150% Notes, Due February 5, 2027 [Member] | |
Debt Instrument | $ 850 |
2.400% Notes, Due February 5, 2030 [Member] | |
Debt Instrument | 1,000 |
3.250% Notes, Due February 5, 2050 [Member] | |
Debt Instrument | 650 |
3.750% Notes, Due February 5, 2070 [Member] | |
Debt Instrument | 150 |
3.250% Notes, Due February 5, 2050, Issued April 7, 2020 [Member] | |
Debt Instrument | $ 850 |
Note 14 - Debt - Schedule of _4
Note 14 - Debt - Schedule of Unsecured Debt (Details) (Parentheticals) - Unsecured Debt [Member] | 12 Months Ended |
Dec. 31, 2021 | |
2.150% Notes, Due February 5, 2027 [Member] | |
Debt Instrument, Interest Rate | 2.375% |
Debt Instrument, Maturity Date | May 20, 2031 |
2.400% Notes, Due February 5, 2030 [Member] | |
Debt Instrument, Interest Rate | 3.20% |
Debt Instrument, Maturity Date | May 20, 2041 |
3.250% Notes, Due February 5, 2050 [Member] | |
Debt Instrument, Interest Rate | 3.55% |
Debt Instrument, Maturity Date | May 20, 2061 |
3.750% Notes, Due February 5, 2070 [Member] | |
Debt Instrument, Interest Rate | 2.375% |
Debt Instrument, Maturity Date | May 20, 2031 |
3.250% Notes, Due February 5, 2050, Issued April 7, 2020 [Member] | |
Debt Instrument, Interest Rate | 2.95% |
Debt Instrument, Maturity Date | Mar. 10, 2052 |
Note 15 - Variable Interest E_2
Note 15 - Variable Interest Entities (Details Textual) $ in Millions | Dec. 31, 2021USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Total | $ 1,966 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |
Lessee, Operating Lease, Liability, to be Paid, Total | $ 1,100 |
Note 16 - Leases (Details Textu
Note 16 - Leases (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 687 | $ 737 |
Note 16 - Leases - Schedule of
Note 16 - Leases - Schedule of Lessee's Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating leases | $ 1,787 | $ 1,610 | |
Total leased assets | 2,153 | 1,980 | |
Operating, liabilities | 1,429 | 1,283 | |
Total lease liabilities | 2,095 | 2,053 | |
Properties, Net [Member] | |||
Finance leases | [1] | 366 | 370 |
Accounts payable and Other Current Liabilities [Member] | |||
Operating, liabilities | 330 | 321 | |
Debt Due Within One Year [Member] | |||
Finance, liabilities | 92 | 109 | |
Debt Due After One Year [Member] | |||
Finance, liabilities | $ 244 | $ 340 | |
[1] | Finance lease assets are recorded net of accumulated amortization of $687 million and $737 million as of December 31, 2021 and 2020, respectively. |
Note 16 - Leases - Schedule o_2
Note 16 - Leases - Schedule of Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Operating lease cost [a] | [1] | $ 303 | $ 317 |
Short-term lease cost | 25 | 26 | |
Variable lease cost | 11 | 10 | |
Amortization of leased assets [b] | [2] | 69 | 66 |
Interest on lease liabilities [c] | [3] | 20 | 27 |
Net lease cost | $ 428 | $ 446 | |
[1] | Operating lease cost is primarily reported in equipment and other rents in our Consolidated Statements of Income. | ||
[2] | Amortization of leased assets is reported in depreciation in our Consolidated Statements of Income. | ||
[3] | Interest on lease liabilities is reported in interest expense in our Consolidated Statements of Income. |
Note 16 - Leases - Schedule o_3
Note 16 - Leases - Schedule of Lease Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
2022, Operating Lease | $ 333 | |
2022, Finance Lease | 107 | |
2022, Leases | 440 | |
2023, Operating Lease | 293 | |
2023, Finance Lease | 81 | |
2023, Leases | 374 | |
2024, Operating Lease | 285 | |
2024, Finance Lease | 68 | |
2024, Leases | 353 | |
2025, Operating Lease | 285 | |
2025, Finance Lease | 45 | |
2025, Leases | 330 | |
2026, Operating Lease | 215 | |
2026, Finance Lease | 36 | |
2026, Leases | 251 | |
After 2025, Operating Lease | 555 | |
After 2025, Finance Lease | 41 | |
After 2026, Leases | 596 | |
Total Operating lease payments | 1,966 | |
Total Finance lease payments | 378 | |
Total lease payments | 2,344 | |
Less: Interest, Operating Lease | 207 | |
Less: Interest, Finance Lease | 42 | |
Less: Interest | 249 | |
Present value of Operating lease liabilities | 1,759 | |
Present value of lease liabilities | 2,095 | $ 2,053 |
Long-term Debt [Member] | ||
Present value of Finance lease liabilities | $ 336 |
Note 16 - Leases - Schedule o_4
Note 16 - Leases - Schedule of Leases Term and Discount Rate (Details) | Dec. 31, 2021 |
Operating leases (Year) | 7 years 3 months 18 days |
Finance leases (Year) | 4 years 9 months 18 days |
Operating leases | 3.20% |
Finance leases | 4.90% |
Note 16 - Leases - Schedule o_5
Note 16 - Leases - Schedule of Other Lease Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating cash flows from operating leases | $ 292 | $ 323 |
Investing cash flows from operating leases | 27 | 30 |
Operating cash flows from finance leases | 26 | 29 |
Financing cash flows from finance leases | 106 | 113 |
Leased assets obtained in exchange for finance lease liabilities | 0 | 0 |
Leased assets obtained in exchange for operating lease liabilities | $ 442 | $ 93 |
Note 17 - Commitments and Con_3
Note 17 - Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Sites Identified | 376 |
Sites Subject of Actions Taken by US Government | 28 |
Sites on Superfund National Priorities List | 18 |
Personal Injury [Member] | |
Recorded Liability Related to Asserted Claims | 94.00% |
Recorded Liability Related to Unasserted Claims | 6.00% |
Personal Injury [Member] | Minimum [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 325 |
Personal Injury [Member] | Maximum [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 358 |
Note 17 - Commitments and Con_4
Note 17 - Commitments and Contingencies - Personal Injury Liability Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance, Current | $ 187 | $ 177 | |
Personal Injury [Member] | |||
Balance | 270 | 265 | $ 271 |
Current year accruals | 93 | 72 | 78 |
Changes in estimates for prior years | 48 | (3) | (11) |
Payments | (86) | (64) | (73) |
Balance | 325 | 270 | 265 |
Balance, Current | $ 64 | $ 60 | $ 63 |
Note 17 - Commitments and Con_5
Note 17 - Commitments and Contingencies - Environmental Liability Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning | $ 233 | $ 227 | $ 223 |
Accruals | 69 | 76 | 67 |
Payments | (59) | (70) | (63) |
Balance | 243 | 233 | 227 |
Balance, Current | $ 60 | $ 65 | $ 62 |
Note 18 - Share Repurchase Pr_3
Note 18 - Share Repurchase Programs (Details Textual) - USD ($) $ / shares in Units, $ in Millions | May 26, 2021 | Feb. 19, 2020 | Feb. 03, 2022 | Sep. 30, 2021 | May 31, 2021 | Jul. 31, 2020 | Feb. 28, 2020 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | [3] | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | [4] | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Apr. 01, 2019 | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 150,000,000 | ||||||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method, Including Amount Paid in Excess | $ 7,291 | $ 3,705 | $ 5,804 | $ 48,200 | |||||||||||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | [1] | $ 233.71 | $ 210.31 | [2] | $ 222.46 | $ 209.50 | $ 198.07 | $ 98.87 | [2] | $ 0 | $ 178.66 | $ 218.69 | $ 167.39 | ||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 5,837,551 | 8,604,239 | [2] | 12,204,409 | 6,691,421 | 3,780,743 | 4,045,575 | [2] | 0 | 14,305,793 | 33,337,620 | 22,132,111 | |||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 100,000,000 | ||||||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method, Including Amount Paid in Excess | $ 590 | ||||||||||||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 2,400,000 | ||||||||||||||||||||||||
Accelerated Share Repurchase Programs (ASRs) [Member] | |||||||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method, Including Amount Paid in Excess | $ 2,000 | $ 2,000 | |||||||||||||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 217.56 | $ 155.86 | |||||||||||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 7,209,156 | 8,786,380 | 1,983,859 | 7,209,156 | 4,045,575 | 8,786,380 | 1,983,859 | 4,045,575 | |||||||||||||||||
[1] | In the period of the final settlement, the average price paid under the accelerated share repurchase programs is calculated based on the total program value less the value assigned to the initial delivery of shares. The average price of the completed 2021 and 2020 accelerated share repurchase programs was $217.56 and $155.86, respectively. | ||||||||||||||||||||||||
[2] | Includes an incremental 1,983,859 and 4,045,575 shares received upon final settlement in September 2021 and July 2020, respectively, under accelerated share repurchase programs. | ||||||||||||||||||||||||
[3] | Includes 7,209,156 shares repurchased in May 2021 under accelerated share repurchase programs. | ||||||||||||||||||||||||
[4] | Includes 8,786,380 shares repurchased in February 2020 under accelerated share repurchase programs. |
Note 18 - Share Repurchase Pr_4
Note 18 - Share Repurchase Programs - Schedule of Share Repurchase Programs (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | [1] | Jun. 30, 2021 | [2] | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | [1] | Jun. 30, 2020 | Mar. 31, 2020 | [3] | Dec. 31, 2021 | Dec. 31, 2020 | ||
Treasury Stock, Number of Shares Purchased (in shares) | 5,837,551 | 8,604,239 | 12,204,409 | 6,691,421 | 3,780,743 | 4,045,575 | 0 | 14,305,793 | 33,337,620 | 22,132,111 | |||||
Treasury Stock, Average Price per Share (in dollars per share) | [4] | $ 233.71 | $ 210.31 | $ 222.46 | $ 209.50 | $ 198.07 | $ 98.87 | $ 0 | $ 178.66 | $ 218.69 | $ 167.39 | ||||
Treasury Stock, Authorized Remaining Number of Shares that may be Purchased (in shares) | [4] | 77,685,350 | 77,685,350 | ||||||||||||
[1] | Includes an incremental 1,983,859 and 4,045,575 shares received upon final settlement in September 2021 and July 2020, respectively, under accelerated share repurchase programs. | ||||||||||||||
[2] | Includes 7,209,156 shares repurchased in May 2021 under accelerated share repurchase programs. | ||||||||||||||
[3] | Includes 8,786,380 shares repurchased in February 2020 under accelerated share repurchase programs. | ||||||||||||||
[4] | In the period of the final settlement, the average price paid under the accelerated share repurchase programs is calculated based on the total program value less the value assigned to the initial delivery of shares. The average price of the completed 2021 and 2020 accelerated share repurchase programs was $217.56 and $155.86, respectively. |
Note 19 - Related Parties (Deta
Note 19 - Related Parties (Details Textual) - UPRR [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
TTX Company [Member] | |||
Accounts Payable, Related Parties, Current | $ 57 | $ 59 | |
TTX Company [Member] | Car Hire Expenses [Member] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 375 | 375 | $ 407 |
TTX Company [Member] | |||
Equity Method Investment, Ownership Percentage | 36.79% | ||
Equity Method Investments | $ 1,600 | $ 1,500 |