Union Pacific (UNP) 10-Q 25 Jul 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 19, 2024
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	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 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 Common Stock, Shares Outstanding		609,197,628

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating revenues:
Operating revenues	$ 6,007	$ 5,963	$ 12,038	$ 12,019
Operating expenses:
Compensation and benefits	1,187	1,269	2,410	2,448
Fuel	625	664	1,283	1,430
Purchased services and materials	644	650	1,257	1,303
Depreciation	596	577	1,190	1,149
Equipment and other rents	219	248	435	483
Other	336	351	691	708
Total operating expenses	3,607	3,759	7,266	7,521
Operating income	2,400	2,204	4,772	4,498
Other income, net (Note 6)	103	93	195	277
Interest expense	(319)	(339)	(643)	(675)
Income before income taxes	2,184	1,958	4,324	4,100
Income tax expense (Note 7)	(511)	(389)	(1,010)	(901)
Net income	$ 1,673	$ 1,569	$ 3,314	$ 3,199
Share and per share (Note 8):
Earnings per share - basic (in dollars per share)	$ 2.75	$ 2.58	$ 5.44	$ 5.25
Earnings per share - diluted (in dollars per share)	$ 2.74	$ 2.57	$ 5.43	$ 5.24
Weighted average number of shares - basic (in shares)	609.4	608.7	609.3	609.6
Weighted average number of shares - diluted (in shares)	610.3	609.5	610.3	610.5
Cargo and Freight [Member]
Operating revenues:
Operating revenues	$ 5,638	$ 5,569	$ 11,254	$ 11,225
Product and Service, Other [Member]
Operating revenues:
Operating revenues	$ 369	$ 394	$ 784	$ 794

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2024		Jun. 30, 2023
Net income	$ 1,673		$ 1,569		$ 3,314		$ 3,199
Other comprehensive income/(loss):
Defined benefit plans	0		6		1		5
Foreign currency translation	4		21		7		44
Unrealized gain on derivative instruments	0		16		0		16
Total other comprehensive income/(loss)	4	[1]	43	[1]	8	[2]	65	[2]
Comprehensive income	1,677		1,612		3,322		3,264
Net income	$ 1,673		$ 1,569		$ 3,314		$ 3,199
[1]Net of deferred taxes of ($0) million and ($3) million during the three months ended June 30, 2024 and 2023, respectively.[2]Net of deferred taxes of ($0) million and ($3) million during the six months ended June 30, 2024 and 2023, respectively

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total other comprehensive income/(loss), tax	$ 0	$ (3,000)	$ 0	$ (3,000)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,137	$ 1,055
Short-term investments (Note 13)	20	16
Accounts receivable, net (Note 10)	2,118	2,073
Materials and supplies	807	743
Other current assets	416	261
Total current assets	4,498	4,148
Investments	2,705	2,605
Properties, net (Note 11)	57,835	57,398
Operating lease assets	1,386	1,643
Other assets	1,393	1,338
Total assets	67,817	67,132
Current liabilities:
Accounts payable and other current liabilities (Note 12)	3,560	3,683
Debt due within one year (Note 14)	727	1,423
Total current liabilities	4,287	5,106
Debt due after one year (Note 14)	31,165	31,156
Operating lease liabilities	988	1,245
Deferred income taxes	13,166	13,123
Other long-term liabilities	1,722	1,714
Commitments and contingencies (Note 15)
Total liabilities	51,328	52,344
Common shareholders' equity:
Common shares, $2.50 par value, 1,400,000,000 authorized; 1,113,031,441 and 1,112,854,806 issued; 609,727,377 and 609,703,814 outstanding, respectively	2,783	2,782
Paid-in-surplus	5,249	5,193
Retained earnings	63,820	62,093
Treasury stock	(54,757)	(54,666)
Accumulated other comprehensive loss (Note 9)	(606)	(614)
Total common shareholders' equity	16,489	14,788
Total liabilities and common shareholders' equity	$ 67,817	$ 67,132

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Financial Position (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Common shares, par value (in dollars per share)	$ 2.5	$ 2.5
Common stock, authorized (in shares)	1,400,000,000	1,400,000,000
Common shares issued (in shares)	1,113,031,441	1,112,854,806
Common shares outstanding (in shares)	609,727,377	609,703,814

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net income	$ 1,673	$ 1,569	$ 3,314	$ 3,199
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	596	577	1,190	1,149
Deferred and other income taxes			43	36
Other operating activities, net			(68)	(126)
Changes in current assets and liabilities:
Accounts receivable, net			(45)	70
Materials and supplies			(64)	(1)
Other current assets			(127)	(86)
Accounts payable and other current liabilities			(13)	(340)
Income and other taxes			(197)	(43)
Cash provided by operating activities			4,033	3,858
Investing Activities
Capital investments			(1,699)	(1,607)
Other investing activities, net			107	(67)
Cash used in investing activities			(1,592)	(1,674)
Financing Activities
Debt repaid			(1,807)	(1,664)
Dividends paid			(1,588)	(1,588)
Debt issued (Note 14)			800	1,599
Net issued/(paid) commercial paper (Note 14)			297	19
Share repurchase programs (Note 16)			(100)	(705)
Other financing activities, net			30	11
Cash used in financing activities			(2,368)	(2,328)
Net change in cash, cash equivalents, and restricted cash			73	(144)
Cash, cash equivalents, and restricted cash at beginning of year			1,074	987
Cash, cash equivalents, and restricted cash at end of period	1,147	843	1,147	843
Non-cash investing and financing activities:
Capital investments accrued but not yet paid			173	207
Common shares repurchased but not yet paid			15	6
Cash paid during the period for:
Income taxes, net of refunds			(1,146)	(826)
Interest, net of amounts capitalized			(635)	(628)
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Statement of Financial Position:
Cash and cash equivalents	1,137	830	1,137	830
Restricted cash equivalents in other current assets	2	4	2	4
Restricted cash equivalents in other assets	8	9	8	9
Total cash, cash equivalents, and restricted cash equivalents per above	$ 1,147	$ 843	$ 1,147	$ 843

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Changes in Common Shareholders' Equity (Unaudited) - USD ($) $ in Millions		Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	[1]	Total
Balance (in shares) at Dec. 31, 2022		1,112,600,000	(500,200,000)
Balance at Dec. 31, 2022		$ 2,782	$ (54,004)	$ 5,080	$ 58,887	$ (582)		$ 12,163
Share repurchase programs (Note 16) (in shares)								(2,908,703)
Balance (in shares) at Mar. 31, 2023		1,112,900,000	(503,000,000)
Balance at Mar. 31, 2023		$ 2,782	$ (54,591)	5,099	59,724	(560)		$ 12,454
Balance (in shares) at Dec. 31, 2022		1,112,600,000	(500,200,000)
Balance at Dec. 31, 2022		$ 2,782	$ (54,004)	5,080	58,887	(582)		12,163
Net income		0	0	0	3,199	0		3,199
Other comprehensive income/(loss)		$ 0	$ 0	0	0	65		65	[2]
Conversion, stock option exercises, forfeitures, ESPP, and other [b] (in shares)	[3]	300,000	200,000
Conversion, stock option exercises, forfeitures, ESPP, and other [b]	[3]	$ 0	$ 17	48	0	0		$ 65
Share repurchase programs (Note 16) (in shares)			(3,500,000)					(3,515,284)
Share repurchase programs (Note 16)		0	$ (712)	0	0	0		$ (712)
Dividends declared		$ 0	$ 0	0	(1,586)	0		(1,586)
Balance (in shares) at Jun. 30, 2023		1,112,900,000	(503,500,000)
Balance at Jun. 30, 2023		$ 2,782	$ (54,699)	5,128	60,500	(517)		13,194
Balance (in shares) at Mar. 31, 2023		1,112,900,000	(503,000,000)
Balance at Mar. 31, 2023		$ 2,782	$ (54,591)	5,099	59,724	(560)		12,454
Net income		0	0	0	1,569	0		1,569
Other comprehensive income/(loss)		$ 0	$ 0	0	0	43		43	[4]
Conversion, stock option exercises, forfeitures, ESPP, and other [b] (in shares)	[3]	0	100,000
Conversion, stock option exercises, forfeitures, ESPP, and other [b]	[3]	$ 0	$ 13	29	0	0		$ 42
Share repurchase programs (Note 16) (in shares)			(600,000)					(606,581)
Share repurchase programs (Note 16)		0	$ (121)	0	0	0		$ (121)
Dividends declared		$ 0	$ 0	0	(793)	0		(793)
Balance (in shares) at Jun. 30, 2023		1,112,900,000	(503,500,000)
Balance at Jun. 30, 2023		$ 2,782	$ (54,699)	5,128	60,500	(517)		13,194
Balance (in shares) at Dec. 31, 2023		1,112,900,000	(503,200,000)
Balance at Dec. 31, 2023		$ 2,782	$ (54,666)	5,193	62,093	(614)		$ 14,788
Share repurchase programs (Note 16) (in shares)								0
Balance (in shares) at Mar. 31, 2024		1,113,000,000	(503,000,000)
Balance at Mar. 31, 2024		$ 2,783	$ (54,661)	5,213	62,940	(610)		$ 15,665
Balance (in shares) at Dec. 31, 2023		1,112,900,000	(503,200,000)
Balance at Dec. 31, 2023		$ 2,782	$ (54,666)	5,193	62,093	(614)		14,788
Net income		0	0	0	3,314	0		3,314
Other comprehensive income/(loss)		$ 0	$ 0	0	0	8		8	[2]
Conversion, stock option exercises, forfeitures, ESPP, and other [b] (in shares)	[3]	100,000	400,000
Conversion, stock option exercises, forfeitures, ESPP, and other [b]	[3]	$ 1	$ 20	56	0	0		$ 77
Share repurchase programs (Note 16) (in shares)			(500,000)					(492,320)
Share repurchase programs (Note 16)		0	$ (111)	0	0	0		$ (111)
Dividends declared		$ 0	$ 0	0	(1,587)	0		(1,587)
Balance (in shares) at Jun. 30, 2024		1,113,000,000	(503,300,000)
Balance at Jun. 30, 2024		$ 2,783	$ (54,757)	5,249	63,820	(606)		16,489
Balance (in shares) at Mar. 31, 2024		1,113,000,000	(503,000,000)
Balance at Mar. 31, 2024		$ 2,783	$ (54,661)	5,213	62,940	(610)		15,665
Net income		0	0	0	1,673	0		1,673
Other comprehensive income/(loss)		$ 0	$ 0	0	0	4		4	[4]
Conversion, stock option exercises, forfeitures, ESPP, and other [b] (in shares)	[3]	0	200,000
Conversion, stock option exercises, forfeitures, ESPP, and other [b]	[3]	$ 0	$ 15	36	0	0		$ 51
Share repurchase programs (Note 16) (in shares)			(500,000)					(492,320)
Share repurchase programs (Note 16)		0	$ (111)	0	0	0		$ (111)
Dividends declared		$ 0	$ 0	0	(793)	0		(793)
Balance (in shares) at Jun. 30, 2024		1,113,000,000	(503,300,000)
Balance at Jun. 30, 2024		$ 2,783	$ (54,757)	$ 5,249	$ 63,820	$ (606)		$ 16,489
[1]AOCI = accumulated other comprehensive income/loss (Note 9)[2]Net of deferred taxes of ($0) million and ($3) million during the six months ended June 30, 2024 and 2023, respectively[3]ESPP = employee stock purchase plan[4]Net of deferred taxes of ($0) million and ($3) million during the three months ended June 30, 2024 and 2023, respectively.

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Changes in Common Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Dividends per share (in dollars per share)	$ 1.3	$ 1.3	$ 2.6	$ 2.6

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Basis of Accounting [Text Block]	1. Our Condensed Consolidated Financial Statements are unaudited and reflect all adjustments (consisting of normal and recurring adjustments) that are, in the opinion of management, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (GAAP). Pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, this Quarterly Report on Form 10 2023 Annual Report on Form 10 December 31, 2023 , is derived from audited financial statements. The results of operations for the six months ended June 30, 2024 , are not December 31, 2024 . The Condensed Consolidated Financial Statements are presented in accordance with GAAP as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). Certain prior period amounts have been reclassified to conform to the current period financial statement presentation.

Note 2 - Accounting Pronounceme

Note 2 - Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	2. In December 2023, No. 2023 09, Income Taxes (Topic 740 December 15, 2024, may In November 2023, 2023 07, Segment Reporting (Topic 280 December 15, 2023, December 15, 2024,

Note 3 - Operations and Segment

Note 3 - Operations and Segmentation	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Nature of Operations [Text Block]	3. The Railroad, along with its subsidiaries and rail affiliates, is our one one The following table represents a disaggregation of our freight and other revenues: Three Months Ended Six Months Ended June 30, June 30, Millions 2024 2023 2024 2023 Bulk $ 1,721 $ 1,757 $ 3,538 $ 3,654 Industrial 2,123 2,086 4,227 4,103 Premium 1,794 1,726 3,489 3,468 Total freight revenues $ 5,638 $ 5,569 $ 11,254 $ 11,225 Other subsidiary revenues 212 220 429 455 Accessorial revenues 131 149 305 300 Other 26 25 50 39 Total operating revenues $ 6,007 $ 5,963 $ 12,038 $ 12,019 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 revenues from shipments to and from Mexico. Included in the above table are revenues from our Mexico business, which amounted to $ 744 million and $689 million for the three June 30, 2024 2023 , respectively, and $1.5 billion and $1.4 billion for the six months ended June 30, 2024 2023 , respectively.

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	4. We have several stock-based compensation plans where employees receive nonvested stock options, nonvested retention shares, and nonvested stock units. We refer to the nonvested shares and stock units collectively as “retention awards”. Employees also are able to participate in our employee stock purchase plan (ESPP). Information regarding stock-based compensation expense appears in the table below: Three Months Ended Six Months Ended June 30, June 30, Millions 2024 2023 2024 2023 Stock-based compensation, before tax: Stock options $ 5 $ 4 $ 9 $ 8 Retention awards 18 15 35 33 ESPP 5 5 10 11 Total stock-based compensation, before tax $ 28 $ 24 $ 54 $ 52 Excess income tax benefits from equity compensation plans $ 1 $ 1 $ 10 $ 7 Stock Options no None June 30, 2024 , are subject to performance or market-based vesting conditions. The table below shows the annual weighted-average assumptions used for Black-Scholes valuation purposes: Weighted-Average Assumptions 2024 2023 Risk-free interest rate 4.2 % 3.9 % Dividend yield 2.1 % 2.6 % Expected life (years) 4.4 4.5 Volatility 28.7 % 29.3 % Weighted-average grant-date fair value of options granted $ 61.75 $ 48.31 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 the six June 30, 2024 , is presented below: Options (thous.) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in yrs.) Aggregate Intrinsic Value (millions) Outstanding at January 1, 2024 2,072 $ 180.56 5.9 $ 135 Granted 305 248.82 N/A N/A Exercised (152 ) 139.36 N/A N/A Forfeited or expired (19 ) 228.80 N/A N/A Outstanding at June 30, 2024 2,206 $ 192.42 6.1 $ 87 Vested or expected to vest at June 30, 2024 2,188 $ 192.10 6.1 $ 87 Options exercisable at June 30, 2024 1,591 $ 177.29 5.0 $ 82 At June 30, 2024 , there was $24 million of unrecognized compensation expense related to nonvested stock options, which is expected to be recognized over a weighted-average period of 1.4 years. Additional information regarding stock option exercises appears in the following table: Three Months Ended Six Months Ended June 30, June 30, Millions 2024 2023 2024 2023 Intrinsic value of stock options exercised $ 4 $ 3 $ 16 $ 7 Cash received from option exercises 9 4 24 8 Treasury shares repurchased for employee payroll taxes (1 ) (1 ) (5 ) (2 ) Income tax benefit realized from option exercises 1 1 4 2 Aggregate grant-date fair value of stock options vested - - 15 14 Retention Awards no Changes in our retention awards during the six June 30, 2024 , were as follows: Shares (thous.) Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2024 996 $ 207.76 Granted 211 248.75 Vested (243 ) 186.53 Forfeited (26 ) 219.25 Nonvested at June 30, 2024 938 $ 222.16 At June 30, 2024 , there was $101 million of total unrecognized compensation expense related to nonvested retention awards, which is expected to be recognized over a weighted-average period of 1.6 years. Performance Stock Unit Awards February 2024 100 The February 2024 three two three third one third three Changes in our performance stock unit awards during the six June 30, 2024 , were as follows: Shares (thous.) Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2024 617 $ 204.50 Granted 227 248.82 Vested (119 ) 204.67 Unearned (70 ) 204.45 Forfeited (21 ) 227.05 Nonvested at June 30, 2024 634 $ 219.60 At June 30, 2024 , there was $23 million of total unrecognized compensation expense related to nonvested performance stock unit awards, which is expected to be recognized over a weighted-average period of 1.7 years. This expense is subject to achievement of the performance measures established for the performance stock unit grants.

Note 5 - Retirement Plans

Note 5 - Retirement Plans	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Retirement Benefits [Text Block]	5. 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 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 benefit/cost were as follows: Three Months Ended Six Months Ended June 30, June 30, Millions 2024 2023 2024 2023 Service cost $ 14 $ 12 $ 27 $ 25 Interest cost 46 46 92 92 Expected return on plan assets (63 ) (62 ) (126 ) (124 ) Amortization of actuarial loss 2 2 4 4 Net periodic pension (benefit)/cost $ (1 ) $ (2 ) $ (3 ) $ (3 ) Cash Contributions For the six June 30, 2024 , cash contributions totaled $0 to the qualified pension plans. Any contributions made during 2024 will be based on cash generated from operations and financial market considerations. Our policy with respect to funding the qualified pension plans is to fund at least the minimum required by law and not June 30, 2024 , we do not 2024 .

Note 6 - Other Income

Note 6 - Other Income	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Other Income and Other Expense Disclosure [Text Block]	6. Other income included the following: Three Months Ended Six Months Ended June 30, June 30, Millions 2024 2023 2024 2023 Real estate income [a] $ 57 $ 69 $ 122 $ 245 Net periodic pension benefit/(costs) 15 14 30 28 Interest from IRS refund claims 24 - 24 - Non-operating property environmental remediation and restoration (8 ) (3 ) (14 ) (22 ) Other 15 13 33 26 Total $ 103 $ 93 $ 195 $ 277 [a] The six June 30, 2023, one

Note 7 - Income Taxes

Note 7 - Income Taxes	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7. In the second 2024, In the second 2023,

Note 8 - Earnings Per Share

Note 8 - Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	8. The following table provides a reconciliation between basic and diluted earnings per share: Three Months Ended Six Months Ended June 30, June 30, Millions, Except Per Share Amounts 2024 2023 2024 2023 Net income $ 1,673 $ 1,569 $ 3,314 $ 3,199 Weighted-average number of shares outstanding: Basic 609.4 608.7 609.3 609.6 Dilutive effect of stock options 0.4 0.3 0.5 0.4 Dilutive effect of retention shares and units 0.5 0.5 0.5 0.5 Diluted 610.3 609.5 610.3 610.5 Earnings per share - basic $ 2.75 $ 2.58 $ 5.44 $ 5.25 Earnings per share - diluted $ 2.74 $ 2.57 $ 5.43 $ 5.24 Stock options excluded as their inclusion would be anti-dilutive 0.5 1.0 0.5 0.9

Note 9 - Accumulated Other Comp

Note 9 - Accumulated Other Comprehensive Income/Loss	6 Months Ended
	Jun. 30, 2024
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 Unrealized gain on derivative instruments [a] Total Balance at April 1, 2024 $ (483 ) $ (143 ) $ 16 $ (610 ) Other comprehensive income/(loss) before reclassifications - 4 - 4 Amounts reclassified from accumulated other comprehensive income/(loss) [b] - - - - Net quarter-to-date other comprehensive income/(loss), net of taxes of $ 0 - 4 - 4 Balance at June 30, 2024 $ (483 ) $ (139 ) $ 16 $ (606 ) Balance at April 1, 2023 $ (379 ) $ (181 ) $ - $ (560 ) Other comprehensive income/(loss) before reclassifications 6 21 16 43 Amounts reclassified from accumulated other comprehensive income/(loss) [b] - - - - Net quarter-to-date other comprehensive income/(loss), net of taxes of ($ 3 6 21 16 43 Balance at June 30, 2023 $ (373 ) $ (160 ) $ 16 $ (517 ) [a] Related to interest rate swaps from equity method investments. [b] The accumulated other comprehensive income/loss reclassification components are 1 2 5 Millions Defined benefit plans Foreign currency translation Unrealized gain on derivative instruments [a] Total Balance at January 1, 2024 $ (484 ) $ (146 ) $ 16 $ (614 ) Other comprehensive income/(loss) before reclassifications 2 7 - 9 Amounts reclassified from accumulated other comprehensive income/(loss) [b] (1 ) - - (1 ) Net year-to-date other comprehensive income/(loss), net of taxes of ($ 0 1 7 - 8 Balance at June 30, 2024 $ (483 ) $ (139 ) $ 16 $ (606 ) Balance at January 1, 2023 $ (378 ) $ (204 ) $ - $ (582 ) Other comprehensive income/(loss) before reclassifications 6 44 16 66 Amounts reclassified from accumulated other comprehensive income/(loss) [b] (1 ) - - (1 ) Net year-to-date other comprehensive income/(loss), net of taxes of ($ 3 5 44 16 65 Balance at June 30, 2023 $ (373 ) $ (160 ) $ 16 $ (517 ) [a] Related to interest rate swaps from equity method investments. [b] The accumulated other comprehensive income/loss reclassification components are 1 2 5

Note 10 - Accounts Receivable

Note 10 - Accounts Receivable	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 , and December 31, 2023 , our accounts receivable were reduced by $12 million and $9 million, respectively. Receivables not one June 30, 2024 , and December 31, 2023 , receivables classified as other assets were reduced by allowances of $79 Receivables Securitization Facility July 2025 third may no not UPRI. The amount recorded under the Receivables Facility was $400 million and $0 at June 30, 2024 , and December 31, 2023 , respectively. During the six June 30, 2024, June 30, 2024 , and December 31, 2023 , respectively, which, as a retained interest, is included in accounts receivable, net in our Condensed Consolidated Statements of Financial Position. The outstanding amount the Railroad 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 and $1 million for the three June 30, 2024 2023 , respectively, and $5 million and $4 million for the six months ended June 30, 2024 2023 , respectively.

Note 11 - Properties

Note 11 - Properties	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 Cost Depreciation Value Useful Life Land $ 5,438 $ N/A $ 5,438 N/A Road: Rail and other track material 19,065 7,494 11,571 46 Ties 12,165 4,010 8,155 34 Ballast 6,415 2,122 4,293 34 Other roadway [a] 23,512 5,527 17,985 47 Total road 61,157 19,153 42,004 N/A Equipment: Locomotives 9,532 3,665 5,867 18 Freight cars 2,933 1,011 1,922 23 Work equipment and other [b] 1,168 455 713 17 Total equipment 13,633 5,131 8,502 N/A Technology and other 1,421 609 812 12 Construction in progress 1,079 - 1,079 N/A Total $ 82,728 $ 24,893 $ 57,835 N/A Millions, Except Estimated Useful Life Accumulated Net Book Estimated As of December 31, 2023 Cost Depreciation Value Useful Life Land $ 5,426 $ N/A $ 5,426 N/A Road: Rail and other track material 18,837 7,344 11,493 42 Ties 11,985 3,895 8,090 34 Ballast 6,345 2,061 4,284 34 Other roadway [a] 23,175 5,368 17,807 47 Total road 60,342 18,668 41,674 N/A Equipment: Locomotives 9,295 3,591 5,704 18 Freight cars 2,765 956 1,809 23 Work equipment and other 1,344 546 798 17 Total equipment 13,404 5,093 8,311 N/A Technology and other 1,388 574 814 12 Construction in progress 1,173 - 1,173 N/A Total $ 81,733 $ 24,335 $ 57,398 N/A [a] Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets. [b] For retirements of depreciable railroad properties that do not may three second 2024,

Note 12 - Accounts Payable and

Note 12 - Accounts Payable and Other Current Liabilities	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	12. Jun. 30, Dec. 31, Millions 2024 2023 Accounts payable $ 870 $ 856 Compensation-related accruals 561 533 Income and other taxes payable 522 685 Interest payable 372 389 Accrued casualty costs 363 307 Current operating lease liabilities 317 355 Equipment rents payable 106 98 Other 449 460 Total accounts payable and other current liabilities $ 3,560 $ 3,683

Note 13 - Financial Instruments

Note 13 - Financial Instruments	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]	13. Short-Term Investments 2 As of June 30, 2024 , and December 31, 2023 the Company had $20 million and 16 one Fair Value of Financial Instruments 2 June 30, 2024 , the fair value of total debt was $25.9 billion, approximately $6.0 billion less than the carrying value. At December 31, 2023 , the fair value of total debt was $28.5 billion, approximately $4.1 billion less than the carrying value. The fair value of the Corporation’s debt is a measure of its current value under present market conditions. The fair value of our cash equivalents approximates their carrying value due to the short-term maturities of these instruments.

Note 14 - Debt

Note 14 - Debt	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	14. Credit Facilities June 30, 2024 , we had $2.0 billion of credit available under our revolving credit facility (the Facility), which is designated for general corporate purposes and supports the issuance of commercial paper. Credit facility withdrawals totaled $0 during the six months ended June 30, 2024 . Commitment fees and interest rates payable under the Facility are similar to fees and rates available to comparably rated, investment-grade borrowers. The Facility allows for borrowings at floating rates based on Term Secured Overnight Financing Rate (SOFR), plus a spread, depending upon credit ratings for our senior unsecured debt. The Facility, set to expire May 20, 2027 The definition of debt used for purposes of calculating the adjusted 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 June 30, 2024 , the Company was in compliance with the adjusted debt-to-EBITDA coverage ratio, which allows us to carry up to $45.3 billion of debt (as defined in the Facility), and we had $33.6 billion of debt (as defined in the Facility) outstanding at that date. The Facility does not million cross-default provision and a change-of-control provision. During the six June 30, 2024 , we issued $598 million and repaid $298 million of commercial paper with maturities ranging from 27 to 57 days, and at June 30, 2024 , we had $300 million of commercial paper with a weighted average interest rate of 5.4% outstanding. Our revolving credit facility supports our outstanding commercial paper balances, and, unless we change the terms of our commercial paper program, our aggregate issuance of commercial paper will not Shelf Registration Statement and Significant New Borrowings February 13, 2024. February 2022, may one During the six June 30, 2024 , we not June 30, 2024 Receivables Securitization Facility June 30, 2024 , and December 31, 2023 , we recorded $400 million and $0, respectively, of borrowings under our Receivables Facility as secured debt. (See further discussion in the "Receivables Securitization Facility" section of Note 10

Note 15 - Commitments and Conti

Note 15 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Commitments Contingencies and Guarantees [Text Block]	15. Asserted and Unasserted Claims not In December 2019, third no may Personal Injury Approximately 92 % of the recorded liability is related to asserted claims and approximately 8 % is related to unasserted claims at June 30, 2024 . Because of the uncertainty surrounding the ultimate outcome of personal injury claims, it is reasonably possible that future costs to settle these claims may no Our personal injury liability activity was as follows: Millions, for the Six Months Ended June 30, 2024 2023 Beginning balance $ 383 $ 361 Current year accruals 58 52 Changes in estimates for prior years - 31 Payments (54 ) (77 ) Ending balance at June 30, $ 387 $ 367 Current portion, ending balance at June 30, $ 109 $ 98 Environmental Costs may 31 sites that are the subject of actions taken by the U.S. government, including 19 that are currently on the Superfund National Priorities List. Certain federal legislation imposes joint and several liability for the remediation of identified sites; consequently, our ultimate environmental liability may Our environmental liability activity was as follows: Millions, for the Six Months Ended June 30, 2024 2023 Beginning balance $ 245 $ 253 Accruals 78 62 Payments (50 ) (50 ) Ending balance at June 30, $ 273 $ 265 Current portion, ending balance at June 30, $ 119 $ 78 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 Indemnities not

Note 16 - Share Repurchase Prog

Note 16 - Share Repurchase Programs	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Treasury Stock [Text Block]	16. Effective April 1, 2022, March 31, 2025. June 30, 2024 20.1 million shares of our common stock under the 2022 may The table below represents shares repurchased under repurchase programs in the six months ended June 30, 2024 2023 : Number of Shares Purchased Average Price Paid 2024 2023 2024 2023 First quarter - 2,908,703 $ - $ 203.19 Second quarter 492,320 606,581 225.96 199.81 Total 492,320 3,515,284 $ 225.96 $ 202.61 Remaining number of shares that may be repurchased under current authority 79,899,707 Management's assessments of market conditions and other pertinent factors guide the timing, manner, 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, fees, and excise taxes.

Note 17 - Related Parties

Note 17 - Related Parties	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	17. UPRR and other North American railroad companies jointly own TTX Company (TTX). UPRR has a 37.03% economic 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 $1.9 billion and $1.8 billion recognized as investments related to TTX in our Condensed Consolidated Statements of Financial Position as of June 30, 2024 , and December 31, 2023 , respectively. TTX car hire expenses of $107 million and $102 million for the three June 30, 2024 2023 , respectively, and $209 million and $205 million for the six June 30, 2024 2023 , respectively, are included in equipment and other rents in our Condensed Consolidated Statements of Income. In addition, UPRR had accounts payable to TTX of $72 million and $60 million at June 30, 2024 , and December 31, 2023 , respectively.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
ecd_TradingArrByIndTable
Material Terms of Trading Arrangement [Text Block]		5. On April 26, 2024 Elizabeth F. Whited President adopted 10b5 1 July 30, 2024, January 31, 2025, On April 26, 2024 Jennifer L. Hamann Executive Vice President and Chief Financial Officer adopted 10b5 1 July 30, 2024, January 31, 2025,
Elizabeth F. Whited [Member]
ecd_TradingArrByIndTable
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Trading Arrangement, Securities Aggregate Available Amount	3,552	3,552
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Trading Arrangement Adoption Date	April 26, 2024
Trading Arrangement, Individual Name	Elizabeth F. Whited
Trading Arrangement, Individual Title	President
Rule 10b5-1 Arrangement Adopted [Flag]	true
Jennifer L. Hamann [Member]
ecd_TradingArrByIndTable
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Trading Arrangement, Securities Aggregate Available Amount	2,000	2,000
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Trading Arrangement Adoption Date	April 26, 2024
Trading Arrangement, Individual Name	Jennifer L. Hamann
Trading Arrangement, Individual Title	Executive Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted [Flag]	true

Note 3 - Operations and Segme_2

Note 3 - Operations and Segmentation (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, Millions 2024 2023 2024 2023 Bulk $ 1,721 $ 1,757 $ 3,538 $ 3,654 Industrial 2,123 2,086 4,227 4,103 Premium 1,794 1,726 3,489 3,468 Total freight revenues $ 5,638 $ 5,569 $ 11,254 $ 11,225 Other subsidiary revenues 212 220 429 455 Accessorial revenues 131 149 305 300 Other 26 25 50 39 Total operating revenues $ 6,007 $ 5,963 $ 12,038 $ 12,019

Note 4 - Stock-based Compensa_2

Note 4 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Share-Based Payment Arrangement, Cost by Plan [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, Millions 2024 2023 2024 2023 Stock-based compensation, before tax: Stock options $ 5 $ 4 $ 9 $ 8 Retention awards 18 15 35 33 ESPP 5 5 10 11 Total stock-based compensation, before tax $ 28 $ 24 $ 54 $ 52 Excess income tax benefits from equity compensation plans $ 1 $ 1 $ 10 $ 7
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Weighted-Average Assumptions 2024 2023 Risk-free interest rate 4.2 % 3.9 % Dividend yield 2.1 % 2.6 % Expected life (years) 4.4 4.5 Volatility 28.7 % 29.3 % Weighted-average grant-date fair value of options granted $ 61.75 $ 48.31
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Options (thous.) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in yrs.) Aggregate Intrinsic Value (millions) Outstanding at January 1, 2024 2,072 $ 180.56 5.9 $ 135 Granted 305 248.82 N/A N/A Exercised (152 ) 139.36 N/A N/A Forfeited or expired (19 ) 228.80 N/A N/A Outstanding at June 30, 2024 2,206 $ 192.42 6.1 $ 87 Vested or expected to vest at June 30, 2024 2,188 $ 192.10 6.1 $ 87 Options exercisable at June 30, 2024 1,591 $ 177.29 5.0 $ 82
Cash Proceeds Received and Tax Benefit from Share-Based Payment Awards [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, Millions 2024 2023 2024 2023 Intrinsic value of stock options exercised $ 4 $ 3 $ 16 $ 7 Cash received from option exercises 9 4 24 8 Treasury shares repurchased for employee payroll taxes (1 ) (1 ) (5 ) (2 ) Income tax benefit realized from option exercises 1 1 4 2 Aggregate grant-date fair value of stock options vested - - 15 14
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, 2024 996 $ 207.76 Granted 211 248.75 Vested (243 ) 186.53 Forfeited (26 ) 219.25 Nonvested at June 30, 2024 938 $ 222.16
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]	Shares (thous.) Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2024 617 $ 204.50 Granted 227 248.82 Vested (119 ) 204.67 Unearned (70 ) 204.45 Forfeited (21 ) 227.05 Nonvested at June 30, 2024 634 $ 219.60

Note 5 - Retirement Plans (Tabl

Note 5 - Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, Millions 2024 2023 2024 2023 Service cost $ 14 $ 12 $ 27 $ 25 Interest cost 46 46 92 92 Expected return on plan assets (63 ) (62 ) (126 ) (124 ) Amortization of actuarial loss 2 2 4 4 Net periodic pension (benefit)/cost $ (1 ) $ (2 ) $ (3 ) $ (3 )

Note 6 - Other Income (Tables)

Note 6 - Other Income (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Other Nonoperating Income, by Component [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, Millions 2024 2023 2024 2023 Real estate income [a] $ 57 $ 69 $ 122 $ 245 Net periodic pension benefit/(costs) 15 14 30 28 Interest from IRS refund claims 24 - 24 - Non-operating property environmental remediation and restoration (8 ) (3 ) (14 ) (22 ) Other 15 13 33 26 Total $ 103 $ 93 $ 195 $ 277

Note 8 - Earnings Per Share (Ta

Note 8 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, Millions, Except Per Share Amounts 2024 2023 2024 2023 Net income $ 1,673 $ 1,569 $ 3,314 $ 3,199 Weighted-average number of shares outstanding: Basic 609.4 608.7 609.3 609.6 Dilutive effect of stock options 0.4 0.3 0.5 0.4 Dilutive effect of retention shares and units 0.5 0.5 0.5 0.5 Diluted 610.3 609.5 610.3 610.5 Earnings per share - basic $ 2.75 $ 2.58 $ 5.44 $ 5.25 Earnings per share - diluted $ 2.74 $ 2.57 $ 5.43 $ 5.24 Stock options excluded as their inclusion would be anti-dilutive 0.5 1.0 0.5 0.9

Note 9 - Accumulated Other Co_2

Note 9 - Accumulated Other Comprehensive Income/Loss (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Millions Defined benefit plans Foreign currency translation Unrealized gain on derivative instruments [a] Total Balance at April 1, 2024 $ (483 ) $ (143 ) $ 16 $ (610 ) Other comprehensive income/(loss) before reclassifications - 4 - 4 Amounts reclassified from accumulated other comprehensive income/(loss) [b] - - - - Net quarter-to-date other comprehensive income/(loss), net of taxes of $ 0 - 4 - 4 Balance at June 30, 2024 $ (483 ) $ (139 ) $ 16 $ (606 ) Balance at April 1, 2023 $ (379 ) $ (181 ) $ - $ (560 ) Other comprehensive income/(loss) before reclassifications 6 21 16 43 Amounts reclassified from accumulated other comprehensive income/(loss) [b] - - - - Net quarter-to-date other comprehensive income/(loss), net of taxes of ($ 3 6 21 16 43 Balance at June 30, 2023 $ (373 ) $ (160 ) $ 16 $ (517 ) Millions Defined benefit plans Foreign currency translation Unrealized gain on derivative instruments [a] Total Balance at January 1, 2024 $ (484 ) $ (146 ) $ 16 $ (614 ) Other comprehensive income/(loss) before reclassifications 2 7 - 9 Amounts reclassified from accumulated other comprehensive income/(loss) [b] (1 ) - - (1 ) Net year-to-date other comprehensive income/(loss), net of taxes of ($ 0 1 7 - 8 Balance at June 30, 2024 $ (483 ) $ (139 ) $ 16 $ (606 ) Balance at January 1, 2023 $ (378 ) $ (204 ) $ - $ (582 ) Other comprehensive income/(loss) before reclassifications 6 44 16 66 Amounts reclassified from accumulated other comprehensive income/(loss) [b] (1 ) - - (1 ) Net year-to-date other comprehensive income/(loss), net of taxes of ($ 3 5 44 16 65 Balance at June 30, 2023 $ (373 ) $ (160 ) $ 16 $ (517 )

Note 11 - Properties (Tables)

Note 11 - Properties (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	Millions, Except Estimated Useful Life Accumulated Net Book Estimated As of June 30, 2024 Cost Depreciation Value Useful Life Land $ 5,438 $ N/A $ 5,438 N/A Road: Rail and other track material 19,065 7,494 11,571 46 Ties 12,165 4,010 8,155 34 Ballast 6,415 2,122 4,293 34 Other roadway [a] 23,512 5,527 17,985 47 Total road 61,157 19,153 42,004 N/A Equipment: Locomotives 9,532 3,665 5,867 18 Freight cars 2,933 1,011 1,922 23 Work equipment and other [b] 1,168 455 713 17 Total equipment 13,633 5,131 8,502 N/A Technology and other 1,421 609 812 12 Construction in progress 1,079 - 1,079 N/A Total $ 82,728 $ 24,893 $ 57,835 N/A Millions, Except Estimated Useful Life Accumulated Net Book Estimated As of December 31, 2023 Cost Depreciation Value Useful Life Land $ 5,426 $ N/A $ 5,426 N/A Road: Rail and other track material 18,837 7,344 11,493 42 Ties 11,985 3,895 8,090 34 Ballast 6,345 2,061 4,284 34 Other roadway [a] 23,175 5,368 17,807 47 Total road 60,342 18,668 41,674 N/A Equipment: Locomotives 9,295 3,591 5,704 18 Freight cars 2,765 956 1,809 23 Work equipment and other 1,344 546 798 17 Total equipment 13,404 5,093 8,311 N/A Technology and other 1,388 574 814 12 Construction in progress 1,173 - 1,173 N/A Total $ 81,733 $ 24,335 $ 57,398 N/A

Note 12 - Accounts Payable an_2

Note 12 - Accounts Payable and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	Jun. 30, Dec. 31, Millions 2024 2023 Accounts payable $ 870 $ 856 Compensation-related accruals 561 533 Income and other taxes payable 522 685 Interest payable 372 389 Accrued casualty costs 363 307 Current operating lease liabilities 317 355 Equipment rents payable 106 98 Other 449 460 Total accounts payable and other current liabilities $ 3,560 $ 3,683

Note 15 - Commitments and Con_2

Note 15 - Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Loss Contingencies by Contingency, Environmental [Table Text Block]	Millions, for the Six Months Ended June 30, 2024 2023 Beginning balance $ 245 $ 253 Accruals 78 62 Payments (50 ) (50 ) Ending balance at June 30, $ 273 $ 265 Current portion, ending balance at June 30, $ 119 $ 78
Personal Injury [Member]
Notes Tables
Schedule of Loss Contingencies by Contingency [Table Text Block]	Millions, for the Six Months Ended June 30, 2024 2023 Beginning balance $ 383 $ 361 Current year accruals 58 52 Changes in estimates for prior years - 31 Payments (54 ) (77 ) Ending balance at June 30, $ 387 $ 367 Current portion, ending balance at June 30, $ 109 $ 98

Note 16 - Share Repurchase Pr_2

Note 16 - Share Repurchase Programs (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Share Repurchase Program [Table Text Block]	Number of Shares Purchased Average Price Paid 2024 2023 2024 2023 First quarter - 2,908,703 $ - $ 203.19 Second quarter 492,320 606,581 225.96 199.81 Total 492,320 3,515,284 $ 225.96 $ 202.61 Remaining number of shares that may be repurchased under current authority 79,899,707

Note 3 - Operations and Segme_3

Note 3 - Operations and Segmentation (Details Textual) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Number of Reportable Segments			1
Revenue from Contract with Customer, Excluding Assessed Tax	$ 6,007	$ 5,963	$ 12,038	$ 12,019
MEXICO
Revenue from Contract with Customer, Excluding Assessed Tax	$ 744	$ 689	$ 1,500	$ 1,400

Note 3 - Operations and Segme_4

Note 3 - Operations and Segmentation - Summary of Freight and Other Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer, Excluding Assessed Tax	$ 6,007	$ 5,963	$ 12,038	$ 12,019
Bulk [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	1,721	1,757	3,538	3,654
Industrial [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	2,123	2,086	4,227	4,103
Premium [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	1,794	1,726	3,489	3,468
Cargo and Freight [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	5,638	5,569	11,254	11,225
Other Subsidiary Revenues [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	212	220	429	455
Accessorial Revenues [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	131	149	305	300
Other Miscellaneous Product and Service Revenues [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 26	$ 25	$ 50	$ 39

Note 4 - Stock-based Compensa_3

Note 4 - Stock-based Compensation (Details Textual) shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) shares
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) | shares	0
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 24
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 4 months 24 days
Retention Awards [Member]
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	$ 101
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 7 months 6 days
Performance Retention Awards [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 23
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 8 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

Note 4 - Stock-based Compensa_4

Note 4 - Stock-based Compensation - Stock-based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock options	$ 5	$ 4	$ 9	$ 8
Retention awards	18	15	35	33
Total stock-based compensation, before tax	28	24	54	52
Excess income tax benefits from equity compensation plans	1	1	10	7
Employee Stock [Member]
ESPP	$ 5	$ 5	$ 10	$ 11

Note 4 - Stock-based Compensa_5

Note 4 - Stock-based Compensation- Stock Option Assumption (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Risk-free interest rate	4.20%	3.90%
Dividend yield	2.10%	2.60%
Expected life (years) (Year)	4 years 4 months 24 days	4 years 6 months
Volatility	28.70%	29.30%
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 61.75	$ 48.31

Note 4 - Stock-based Compensa_6

Note 4 - Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Outstanding, Options (in shares)	2,072
Outstanding, weighted average exercise price (in dollars per share)	$ 180.56
Outstanding, Weighted-Average Remaining Contractual Term (Year)	6 years 1 month 6 days	5 years 10 months 24 days
Outstanding, Aggregate Intrinsic Value	$ 87	$ 135
Granted, Options (in shares)	305
Granted, weighted average exercise price (in dollars per share)	$ 248.82
Exercised, Options (in shares)	(152)
Exercised, weighted average exercise price (in dollars per share)	$ 139.36
Forfeited or expired, Options (in shares)	(19)
Forfeited or expired, weighted average exercise price (in dollars per share)	$ 228.8
Outstanding, Options (in shares)	2,206	2,072
Outstanding, weighted average exercise price (in dollars per share)	$ 192.42	$ 180.56
Vested or expected to vest, Options (in shares)	2,188
Vested or expected to vest, weighted average exercise price (in dollars per share)	$ 192.1
Vested or expected to vest, Weighted-Average Remaining Contractual Term (Year)	6 years 1 month 6 days
Vested or expected to vest, Aggregate Intrinsic Value	$ 87
Exercisable, Options (in shares)	1,591
Options, exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 177.29
Options, Exercisable, Weighted-Average Remaining Contractual Term (Year)	5 years
Options, Exercisable, Aggregate Intrinsic Value	$ 82

Note 4 - Stock-based Compensa_7

Note 4 - Stock-based Compensation - Additional Information Regarding Stock Option Exercises (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Intrinsic value of stock options exercised	$ 4	$ 3	$ 16	$ 7
Cash received from option exercises	9	4	24	8
Treasury shares repurchased for employee payroll taxes	(1)	(1)	(5)	(2)
Income tax benefit realized from option exercises	1	1	4	2
Aggregate grant-date fair value of stock options vested	$ 0	$ 0	$ 15	$ 14

Note 4 - Stock-based Compensa_8

Note 4 - Stock-based Compensation - Changes in Retention Awards (Details) - Retention Awards [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Nonvested, beginning balance (in shares) | shares	996
Nonvested, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ / shares	$ 207.76
Granted (in shares) | shares	211
Granted, weighted-average grant-date fair value (in dollars per share) | $ / shares	$ 248.75
Vested (in shares) | shares	(243)
Vested, weighted-average grant-date fair value (in dollars per share) | $ / shares	$ 186.53
Forfeited (in shares) | shares	(26)
Forfeited, weighted-average grant-date fair value (in dollars per share) | $ / shares	$ 219.25
Nonvested, ending balance (in shares) | shares	938
Nonvested, weighted-average grant-date fair value, ending balance (in dollars per share) | $ / shares	$ 222.16

Note 4 - Stock-based Compensa_9

Note 4 - Stock-based Compensation - Changes in Performance Retention Awards (Details) - Performance Retention Awards [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Nonvested, beginning balance (in shares) | shares	617
Nonvested, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ / shares	$ 204.5
Granted (in shares) | shares	227
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 248.82
Vested (in shares) | shares	(119)
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 204.67
Unearned (in shares) | shares	(70)
Unearned, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 204.45
Forfeited (in shares) | shares	(21)
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares	$ 227.05
Nonvested, ending balance (in shares) | shares	634
Nonvested, weighted-average grant-date fair value, ending balance (in dollars per share) | $ / shares	$ 219.6

Note 5 - Retirement Plans (Deta

Note 5 - Retirement Plans (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Defined Benefit Plan, Expected Return on Plan Assets, Changes In Fair Value, Period (Year)	5 years
Payment for Pension Benefits	$ 0

Note 5 - Retirement Plans - Com

Note 5 - Retirement Plans - Components of Net Periodic Pension and OPEB Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net periodic pension (benefit)/cost	$ (1)	$ (2)	$ (3)	$ (3)
Pension Plan [Member]
Service cost	14	12	27	25
Interest cost	46	46	92	92
Expected return on plan assets	(63)	(62)	(126)	(124)
Amortization of actuarial loss	$ 2	$ 2	$ 4	$ 4

Note 6 - Other Income (Details

Note 6 - Other Income (Details Textual) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Profit (Loss) from Real Estate Operations	[1]	$ 57	$ 69	$ 122	$ 245
Real Estate Transaction [Member]
Profit (Loss) from Real Estate Operations					$ 107
[1]The six-months ended June 30, 2023, includes a one-time $107 million transaction.

Note 6 - Other Income - Schedul

Note 6 - Other Income - Schedule of Other Income (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real estate income [a]	[1]	$ 57	$ 69	$ 122	$ 245
Net periodic pension benefit/(costs)		15	14	30	28
Interest from IRS refund claims		24	0	24	0
Non-operating property environmental remediation and restoration		(8)	(3)	(14)	(22)
Other		15	13	33	26
Total		$ 103	$ 93	$ 195	$ 277
[1]The six-months ended June 30, 2023, includes a one-time $107 million transaction.

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
State and Local Jurisdiction [Member] | Nebraska Department of Revenue [Member]
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ (8)	$ (73)

Note 8 - Earnings Per Share - S

Note 8 - Earnings Per Share - Schedule of Reconciliation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income	$ 1,673	$ 1,569	$ 3,314	$ 3,199
Weighted-average number of shares outstanding:
Basic (in shares)	609.4	608.7	609.3	609.6
Diluted (in shares)	610.3	609.5	610.3	610.5
Earnings per share - basic (in dollars per share)	$ 2.75	$ 2.58	$ 5.44	$ 5.25
Earnings per share - diluted (in dollars per share)	$ 2.74	$ 2.57	$ 5.43	$ 5.24
Stock options excluded as their inclusion would be anti-dilutive (in shares)	0.5	1	0.5	0.9
Share-Based Payment Arrangement, Option [Member]
Weighted-average number of shares outstanding:
Dilutive effect of share based payment awards (in shares)	0.4	0.3	0.5	0.4
Retention Awards [Member]
Weighted-average number of shares outstanding:
Dilutive effect of share based payment awards (in shares)	0.5	0.5	0.5	0.5

Note 9 - Accumulated Other Co_3

Note 9 - Accumulated Other Comprehensive Income/Loss - Schedule of Reclassification (Details) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2024		Jun. 30, 2023
Balance		$ 15,665		$ 12,454		$ 14,788		$ 12,163
Total other comprehensive income/(loss)		4	[1]	43	[1]	8	[2]	65	[2]
Balance		16,489		13,194		16,489		13,194
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance		(483)		(379)		(484)		(378)
Other comprehensive income/(loss) before reclassifications		0		6		2		6
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	[3]	0		0		(1)		(1)
Total other comprehensive income/(loss)		0		6		1		5
Balance		(483)		(373)		(483)		(373)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance		(143)		(181)		(146)		(204)
Other comprehensive income/(loss) before reclassifications		4		21		7		44
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	[3]	0		0		0		0
Total other comprehensive income/(loss)		4		21		7		44
Balance		(139)		(160)		(139)		(160)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance	[4]	16		0		16		0
Other comprehensive income/(loss) before reclassifications	[4]	0		16		0		16
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	[3],[4]	0		0		0		0
Total other comprehensive income/(loss)		0	[4]	16	[4]	0		16
Balance	[4]	16		16		16		16
AOCI Attributable to Parent [Member]
Balance	[5]	(610)		(560)		(614)		(582)
Other comprehensive income/(loss) before reclassifications		4		43		9		66
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	[3]	0		0		(1)		(1)
Total other comprehensive income/(loss)	[5]	4		43		8		65
Balance	[5]	$ (606)		$ (517)		$ (606)		$ (517)
[1]Net of deferred taxes of ($0) million and ($3) million during the three months ended June 30, 2024 and 2023, respectively.[2]Net of deferred taxes of ($0) million and ($3) million during the six months ended June 30, 2024 and 2023, respectively[3]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 benefit/cost. See Note 5 Retirement Plans for additional details.[4]Related to interest rate swaps from equity method investments.[5]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 Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total other comprehensive income/(loss), tax	$ 0	$ (3,000)	$ 0	$ (3,000)

Note 10 - Accounts Receivable (

Note 10 - Accounts Receivable (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 12,000		$ 12,000		$ 9,000
Total Transfer Capacity, Undivided Interests to Investors under Receivables Securitization Facility	800,000		$ 800,000
Receivables Securitization Facility, Duration (Year)			3 years
Value Outstanding, Undivided Interest Held by Investors Under Receivables Securitization Facility	400,000		$ 400,000		0
Receivables Securitization Facility, Issued			800,000
Receivables Securitization Facility, Repayments			400,000
Accounts Receivable, Supporting Undivided Investor Held Interest	1,800,000		1,800,000		1,700,000
Interest Expense, Operating and Nonoperating	319,000	$ 339,000	$ 643,000	$ 675,000
Receivables Securitization Facility, Maturity Date			Jul. 31, 2025
Asset-Backed Securities, Securitized Loans and Receivables [Member]
Accounts Receivable, from Securitization, Default or Dilution Ratio			1%
Interest Expense, Operating and Nonoperating	4,000	$ 1,000	$ 5,000	$ 4,000
Maximum [Member]
Total Transfer Capacity, Undivided Interests to Investors under Receivables Securitization Facility	800,000		800,000
Other Assets [Member]
Accounts Receivable, Allowance for Credit Loss, Noncurrent	$ 79,000		$ 79,000		$ 71,000

Note 11 - Properties (Details T

Note 11 - Properties (Details Textual) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Chassis Assets [Member] | Other Expense [Member]
Gain (Loss) on Disposition of Property Plant Equipment	$ 46

Note 11 - Properties - Schedule

Note 11 - Properties - Schedule of Property and Equipment Major Categories (Details) - USD ($) $ in Millions		Jun. 30, 2024		Dec. 31, 2023
Property, Plant and Equipment, Cost		$ 82,728		$ 81,733
Property, Plant and Equipment, Net		57,835		57,398
Property, Plant and Equipment, Accumulated Depreciation		24,893		24,335
Land [Member]
Property, Plant and Equipment, Cost		5,438		5,426
Property, Plant and Equipment, Net		5,438		5,426
Roadrail and Other Track Material [Member]
Property, Plant and Equipment, Cost		19,065		18,837
Property, Plant and Equipment, Net		11,571		11,493
Property, Plant and Equipment, Accumulated Depreciation		$ 7,494		$ 7,344
Property, Plant and Equipment, Useful Life (Year)		46 years		42 years
Road Ties [Member]
Property, Plant and Equipment, Cost		$ 12,165		$ 11,985
Property, Plant and Equipment, Net		8,155		8,090
Property, Plant and Equipment, Accumulated Depreciation		$ 4,010		$ 3,895
Property, Plant and Equipment, Useful Life (Year)		34 years		34 years
Road Ballast [Member]
Property, Plant and Equipment, Cost		$ 6,415		$ 6,345
Property, Plant and Equipment, Net		4,293		4,284
Property, Plant and Equipment, Accumulated Depreciation		$ 2,122		$ 2,061
Property, Plant and Equipment, Useful Life (Year)		34 years		34 years
Road, Other [Member]
Property, Plant and Equipment, Cost	[1]	$ 23,512		$ 23,175
Property, Plant and Equipment, Net		17,985	[1]	17,807
Property, Plant and Equipment, Accumulated Depreciation		$ 5,527	[1]	$ 5,368
Property, Plant and Equipment, Useful Life (Year)		47 years	[1]	47 years
Road [Member]
Property, Plant and Equipment, Cost		$ 61,157		$ 60,342
Property, Plant and Equipment, Net		42,004		41,674
Property, Plant and Equipment, Accumulated Depreciation		19,153		18,668
Equipment, Locomotives [Member]
Property, Plant and Equipment, Cost		9,532		9,295
Property, Plant and Equipment, Net		5,867		5,704
Property, Plant and Equipment, Accumulated Depreciation		$ 3,665		$ 3,591
Property, Plant and Equipment, Useful Life (Year)		18 years		18 years
Equipment, Freight Cars [Member]
Property, Plant and Equipment, Cost		$ 2,933		$ 2,765
Property, Plant and Equipment, Net		1,922		1,809
Property, Plant and Equipment, Accumulated Depreciation		$ 1,011		$ 956
Property, Plant and Equipment, Useful Life (Year)		23 years		23 years
Equipment, Work Equipment and Other [Member]
Property, Plant and Equipment, Cost		$ 1,168	[2]	$ 1,344
Property, Plant and Equipment, Net		713	[2]	798
Property, Plant and Equipment, Accumulated Depreciation		$ 455	[2]	$ 546
Property, Plant and Equipment, Useful Life (Year)		17 years	[2]	17 years
Equipment [Member]
Property, Plant and Equipment, Cost		$ 13,633		$ 13,404
Property, Plant and Equipment, Net		8,502		8,311
Property, Plant and Equipment, Accumulated Depreciation		5,131		5,093
Technology Equipment [Member]
Property, Plant and Equipment, Cost		1,421		1,388
Property, Plant and Equipment, Net		812		814
Property, Plant and Equipment, Accumulated Depreciation		$ 609		$ 574
Property, Plant and Equipment, Useful Life (Year)		12 years		12 years
Construction in Progress [Member]
Property, Plant and Equipment, Cost		$ 1,079		$ 1,173
Property, Plant and Equipment, Net		1,079		1,173
Property, Plant and Equipment, Accumulated Depreciation		$ 0		$ 0
[1]Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets.[2]For retirements of depreciable railroad properties that do not occur in the normal course of business, a gain or loss may be recognized if the retirement meets each of the following three conditions: (a) is unusual, (b) is material in amount, and (c) varies significantly from the retirement profile identified through our depreciation studies. In the second quarter of 2024, we sold a large portion of our chassis assets resulting in a $46 million gain recognized in other expense in our Condensed Consolidated Statements of Income.

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	Jun. 30, 2024	Dec. 31, 2023
Accounts payable	$ 870	$ 856
Compensation-related accruals	561	533
Income and other taxes payable	522	685
Interest payable	372	389
Accrued casualty costs	363	307
Current operating lease liabilities	317	355
Other	449	460
Total accounts payable and other current liabilities	3,560	3,683
Equipment [Member]
Equipment rents payable	$ 106	$ 98

Note 13 - Financial Instrumen_2

Note 13 - Financial Instruments (Details Textual) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Current	$ 20	$ 16
Debt Instrument, Fair Value Disclosure	25,900	28,500
Fair Value of Total Debt Less of Carrying Value	6,000	4,100
Fair Value, Inputs, Level 2 [Member]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Current	$ 20	$ 16

Note 14 - Debt (Details Textual

Note 14 - Debt (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Feb. 13, 2024	Dec. 31, 2023	Feb. 03, 2022
Proceeds from Issuance of Commercial Paper	$ 598,000
Repayments of Commercial Paper	$ 298,000
Commercial Paper, Maturity Duration, Minimum (Day)	27 days
Commercial Paper Maturity Duration, Maximum (Day)	57 days
Commercial Paper	$ 300,000
Board of Directors Authorized Debt Issuance		$ 9,000,000
Board of Directors Remaining Debt Issuance	9,000,000			$ 5,600,000
Proceeds from Issuance of Unsecured Debt	0
Secured Debt [Member]
Long-Term Debt, Gross	$ 400,000		$ 0
Commercial Paper [Member]
Debt, Weighted Average Interest Rate	5.40%
Revolving Credit Facility [Member]
Line of Credit Facility, Remaining Borrowing Capacity	$ 2,000,000
Long-Term Line of Credit, Total	0
Allowable Debt Per Debt to Net Worth Coverage Ratio as Defined Facility	45,300,000
Outstanding Debt as Defined by Facility	33,600,000
Cross Default Provision as Defined By Facility	$ 150,000
Line of Credit Facility, Expiration Date	May 20, 2027

Note 15 - Commitments and Con_3

Note 15 - Commitments and Contingencies (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Sites Identified	350
Sites Subject of Actions Taken by US Government	31
Sites on Superfund National Priorities List	19
Personal Injury [Member]
Recorded Liability Related to Asserted Claims	92%
Recorded Liability Related to Unasserted Claims	8%
Personal Injury [Member] | Minimum [Member]
Loss Contingency, Estimate of Possible Loss	$ 387
Personal Injury [Member] | Maximum [Member]
Loss Contingency, Estimate of Possible Loss	$ 502

Note 15 - Commitments and Con_4

Note 15 - Commitments and Contingencies - Personal Injury Liability Activity (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Balance, Current	$ 363		$ 307
Personal Injury [Member]
Balance	383	$ 361
Current year accruals	58	52
Changes in estimates for prior years	0	31
Payments	(54)	(77)
Balance	387	367
Balance, Current	$ 109	$ 98

Note 15 - Commitments and Con_5

Note 15 - Commitments and Contingencies - Environmental Liability Activity (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Balance	$ 245	$ 253
Accruals	78	62
Payments	(50)	(50)
Balance	273	265
Balance, Current	$ 119	$ 78

Note 16 - Share Repurchase Pr_3

Note 16 - Share Repurchase Programs (Details Textual) - shares	3 Months Ended				6 Months Ended		27 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Apr. 01, 2022
Share Repurchase Program, Authorized, Number of Shares (in shares)								100,000,000
Treasury Stock, Shares, Acquired (in shares)	492,320	0	606,581	2,908,703	492,320	3,515,284	20,100,000

Note 16 - Share Repurchase Pr_4

Note 16 - Share Repurchase Programs - Schedule of Share Repurchase Programs (Details) - $ / shares	3 Months Ended				6 Months Ended		27 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Treasury Stock, Number of Shares Purchased (in shares)	492,320	0	606,581	2,908,703	492,320	3,515,284	20,100,000
Treasury Stock, Average Price per Share (in dollars per share)	$ 225.96	$ 0	$ 199.81	$ 203.19	$ 225.96	$ 202.61
Remaining number of shares that may be repurchased under current authority (in shares)	79,899,707				79,899,707		79,899,707

Note 17 - Related Parties (Deta

Note 17 - Related Parties (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts Payable, Current	$ 870		$ 870		$ 856
UPRR [Member] | TTX Company [Member]
Accounts Payable, Current	72		72		60
UPRR [Member] | TTX Company [Member] | Car Hire Expenses [Member]
Related Party Transaction, Amounts of Transaction	$ 107	$ 102	$ 209	$ 205
TTX Company [Member] | UPRR [Member]
Equity Method Investment, Ownership Percentage	37.03%		37.03%
Equity Method Investments	$ 1,900		$ 1,900		$ 1,800