Norfolk Southern (NSC) 10-Q 26 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-8339
Entity Registrant Name	NORFOLK SOUTHERN CORP
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	52-1188014
Entity Address, Address Line One	650 West Peachtree Street NW
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30308-1925
City Area Code	(855)
Local Phone Number	667-3655
Title of 12(b) Security	Norfolk Southern Corporation Common Stock (Par Value $1.00)
Trading Symbol	NSC
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	226,096,433
Entity Central Index Key	0000702165
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Railway operating revenues	$ 3,044	$ 2,980	$ 6,048	$ 6,112
Railway operating expenses
Compensation and benefits	700	693	1,436	1,383
Purchased services and rents	516	506	1,044	1,002
Fuel	257	263	541	578
Depreciation	335	321	672	642
Materials and other	173	205	388	417
Restructuring and other charges	(3)	0	96	0
Eastern Ohio incident	(65)	416	527	803
Total railway operating expenses	1,913	2,404	4,704	4,825
Income from railway operations	1,131	576	1,344	1,287
Other income – net	17	57	35	113
Interest expense on debt	204	170	405	345
Income before income taxes	944	463	974	1,055
Income taxes	207	107	184	233
Net income	$ 737	$ 356	$ 790	$ 822
Earnings per share
Basic (in dollars per share)	$ 3.26	$ 1.56	$ 3.49	$ 3.61
Diluted (in dollars per share)	$ 3.25	$ 1.56	$ 3.48	$ 3.60

Consolidated Statements of Comp

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
Statement of Comprehensive Income [Abstract]
Net income	$ 737	$ 356	$ 790	$ 822
Other comprehensive loss, before tax:
Pension and other postretirement expense	(11)	(6)	(13)	(11)
Other comprehensive income of equity investees	1	1	1	0
Other comprehensive loss, before tax	(10)	(5)	(12)	(11)
Income tax benefit related to items of other comprehensive loss	2	1	2	3
Other comprehensive loss, net of tax	(8)	(4)	(10)	(8)
Total comprehensive income	$ 729	$ 352	$ 780	$ 814

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 659	$ 1,568
Accounts receivable – net	1,189	1,147
Materials and supplies	308	264
Other current assets	148	292
Total current assets	2,304	3,271
Investments	3,812	3,839
Properties less accumulated depreciation	35,280	33,326
Other assets	1,162	1,216
Total assets	42,558	41,652
Current liabilities:
Accounts payable	1,535	1,638
Short-term debt	400	0
Income and other taxes	208	262
Other current liabilities	1,269	728
Current maturities of long-term debt	255	4
Total current liabilities	3,667	2,632
Long-term debt	16,937	17,175
Other liabilities	1,747	1,839
Deferred income taxes	7,228	7,225
Total liabilities	29,579	28,871
Stockholders’ equity:
Common stock, net of treasury shares	227	227
Additional paid-in capital	2,208	2,179
Accumulated other comprehensive loss	(330)	(320)
Retained income	10,874	10,695
Total stockholders’ equity	12,979	12,781
Total liabilities and stockholders’ equity	$ 42,558	$ 41,652

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 13,630	$ 13,265
Common stock, par or stated value per share (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	1,350,000,000	1,350,000,000
Common stock, shares outstanding, net of treasury shares (in shares)	226,096,433	225,681,254

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 790	$ 822
Reconciliation of net income to net cash provided by operating activities:
Depreciation	672	642
Deferred income taxes	5	(35)
Gains and losses on properties	(25)	(25)
Changes in assets and liabilities affecting operations:
Accounts receivable	(43)	57
Materials and supplies	(44)	(19)
Other current assets	57	36
Current liabilities other than debt	596	460
Other – net	(133)	(92)
Net cash provided by operating activities	1,875	1,846
Cash flows from investing activities
Property additions	(1,125)	(948)
Acquisition of assets of CSR	(1,643)	0
Property sales and other transactions	70	61
Investment purchases	(206)	(6)
Investment sales and other transactions	337	152
Net cash used in investing activities	(2,567)	(741)
Cash flows from financing activities
Dividends	(610)	(615)
Common stock transactions	(5)	(9)
Purchase and retirement of common stock	0	(303)
Proceeds from borrowings	600	724
Debt repayments	(202)	(802)
Net cash used in financing activities	(217)	(1,005)
Net increase (decrease) in cash and cash equivalents	(909)	100
Cash and cash equivalents
At beginning of year	1,568	456
At end of period	659	556
Supplemental disclosures of cash flow information
Interest (net of amounts capitalized)	373	318
Income taxes (net of refunds)	$ 107	$ 315

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accum. Other Comprehensive Loss	Retained Income
Balance at Beginning of Year at Dec. 31, 2022	$ 12,733	$ 230	$ 2,157	$ (351)	$ 10,697
Comprehensive income:
Net income	466				466
Other comprehensive loss	(4)			(4)
Total comprehensive income	462
Dividends on common stock	(307)				(307)
Share repurchases	(163)	(1)	(6)		(156)
Stock-based compensation	2		4		(2)
Balance at End of Period at Mar. 31, 2023	12,727	229	2,155	(355)	10,698
Balance at Beginning of Year at Dec. 31, 2022	12,733	230	2,157	(351)	10,697
Comprehensive income:
Net income	822
Other comprehensive loss	(8)
Total comprehensive income	814
Share repurchases	(305)
Balance at End of Period at Jun. 30, 2023	12,640	228	2,160	(359)	10,611
Balance at Beginning of Year at Mar. 31, 2023	12,727	229	2,155	(355)	10,698
Comprehensive income:
Net income	356				356
Other comprehensive loss	(4)			(4)
Total comprehensive income	352
Dividends on common stock	(308)				(308)
Share repurchases	(140)	(1)	(4)		(135)
Stock-based compensation	9		9
Balance at End of Period at Jun. 30, 2023	12,640	228	2,160	(359)	10,611
Balance at Beginning of Year at Dec. 31, 2023	12,781	227	2,179	(320)	10,695
Comprehensive income:
Net income	53				53
Other comprehensive loss	(2)			(2)
Total comprehensive income	51
Dividends on common stock	(305)				(305)
Stock-based compensation	9		9
Balance at End of Period at Mar. 31, 2024	12,536	227	2,188	(322)	10,443
Balance at Beginning of Year at Dec. 31, 2023	12,781	227	2,179	(320)	10,695
Comprehensive income:
Net income	790
Other comprehensive loss	(10)
Total comprehensive income	780
Balance at End of Period at Jun. 30, 2024	12,979	227	2,208	(330)	10,874
Balance at Beginning of Year at Mar. 31, 2024	12,536	227	2,188	(322)	10,443
Comprehensive income:
Net income	737				737
Other comprehensive loss	(8)			(8)
Total comprehensive income	729
Dividends on common stock	(305)				(305)
Stock-based compensation	19		20		(1)
Balance at End of Period at Jun. 30, 2024	$ 12,979	$ 227	$ 2,208	$ (330)	$ 10,874

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 1.35	$ 1.35	$ 1.35	$ 1.35

Railway Operating Revenues

Railway Operating Revenues	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Railway Operating Revenues	Railway Operating Revenues The following table disaggregates our revenues by major commodity group: Second Quarter First Six Months 2024 2023 2024 2023 ($ in millions) Merchandise: Agriculture, forest and consumer products $ 622 $ 627 $ 1,251 $ 1,280 Chemicals 532 503 1,059 1,044 Metals and construction 440 415 870 815 Automotive 310 281 587 565 Merchandise 1,904 1,826 3,767 3,704 Intermodal 742 745 1,487 1,559 Coal 398 409 794 849 Total $ 3,044 $ 2,980 $ 6,048 $ 6,112 We recognize the amount of revenues to which we expect to be entitled for the transfer of promised goods or services to customers. A performance obligation is created when a customer under a transportation contract or public tariff submits a bill of lading to us for the transport of goods. These performance obligations are satisfied as the shipments move from origin to destination. As such, transportation revenues are recognized proportionally as a shipment moves, and related expenses are recognized as incurred. These performance obligations are generally short-term in nature with transit days averaging approximately one week or less for each commodity group. The customer has an unconditional obligation to pay for the service once the service has been completed. Estimated revenues associated with in-process shipments at period-end are recorded based on the estimated percentage of service completed. We had no material remaining performance obligations at June 30, 2024 and December 31, 2023. We may provide customers ancillary services, such as switching, demurrage and other incidental activities, under their transportation contracts. The revenues associated with these distinct performance obligations are recognized when the services are performed or as contractual obligations are met. These revenues are included within each of the commodity groups and represent approximately 4% of total “Railway operating revenues” on the Consolidated Statements of Income for the second quarters of 2024 and 2023 and first six months of 2024, an d 5% for the first six months of 2023. Revenues related to interline transportation services that involve another railroad are reported on a net basis. Therefore, the portion of the amount that relates to another party is not reflected in revenues. Under the typical terms of our freight contracts, payment for services is due within fifteen days of billing the customer, thus there are no significant financing components. “Accounts receivable – net” on the Consolidated Balance Sheets includes both customer and non-customer receivables as follows: June 30, December 31, 2023 ($ in millions) Customer $ 829 $ 882 Non-customer 360 265 Accounts receivable – net $ 1,189 $ 1,147 Non-customer receivables include non-revenue-related amounts due from other railroads, governmental entities, and others. We do not have any material contract assets or liabilities at June 30, 2024 and December 31, 2023.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Second Quarter First Six Months 2024 2023 2024 2023 ($ in millions) Stock-based compensation expense $ 13 $ 11 $ 32 $ 22 Total tax benefit 3 3 8 9 During 2024, we granted stock options, restricted stock units (RSUs) and performance share units (PSUs) pursuant to the Long-Term Incentive Plan (LTIP), as follows: Second Quarter First Six Months Granted Weighted-Average Grant-Date Fair Value Granted Weighted-Average Grant-Date Fair Value Stock options 8,090 $ 83.48 72,430 $ 80.08 RSUs 29,941 240.18 226,509 234.61 PSUs 5,420 248.86 58,020 259.02 Stock Options Second Quarter First Six Months 2024 2023 2024 2023 ($ in millions) Options exercised 17,757 10,461 114,974 77,272 Cash received upon exercise $ 2 $ 1 $ 11 $ 6 Related tax benefits realized — — 3 3 Restricted Stock Units RSUs granted primarily have a four-year ratable restriction period and will be settled through the issuance of shares of Norfolk Southern common stock (Common Stock). Certain RSU grants include cash dividend equivalent payments during the restriction period in an amount equal to the regular quarterly dividends paid on Common Stock. Second Quarter First Six Months 2024 2023 2024 2023 ($ in millions) RSUs vested 12,494 3,908 169,145 153,030 Common Stock issued net of tax withholding 9,016 2,811 117,266 107,419 Related tax benefits realized $ — $ — $ — $ 1 Performance Share Units PSUs provide for awards based on the achievement of certain predetermined corporate performance goals at the end of a three-year cycle and are settled through the issuance of shares of Common Stock. All PSUs will earn out based on the achievement of performance conditions and some will also earn out based on a market condition. The market condition fair value was measured on the date of grant using a Monte Carlo simulation model. No PSUs were earned or paid out during the second quarters of 2024 and 2023. First Six Months 2024 2023 ($ in millions) PSUs earned 41,580 58,599 Common Stock issued net of tax withholding 26,056 40,255 Related tax benefits realized $ — $ —

Restructuring and Other Charges

Restructuring and Other Charges	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges	Restructuring and Other Charges During the first quarter of 2024, we commenced voluntary and involuntary separation programs to reduce our management workforce. Through these programs, approximately 350 management employees were separated from service by May 2024. “Restructuring and other charges” in the first six months includes $61 million in “Total railway operating expenses” related to these programs, which primarily consists of separation payments to the impacted management employees. Additionally, we evaluated the impact of these separation programs on our pension and other postretirement benefit plans, as further discussed in Note 11.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the first six months of 2024, we recorded a $27 million deferred income tax benefit as a result of a subsidiary restructuring.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the calculation of basic and diluted earnings per share: Basic Diluted Second Quarter 2024 2023 2024 2023 ($ in millions, except per share amounts, Net income $ 737 $ 356 $ 737 $ 356 Dividend equivalent payments (1) — (1) — Income available to common stockholders $ 736 $ 356 $ 736 $ 356 Weighted-average shares outstanding 226.0 227.5 226.0 227.5 Dilutive effect of outstanding options and share-settled awards 0.4 0.5 Adjusted weighted-average shares outstanding 226.4 228.0 Earnings per share $ 3.26 $ 1.56 $ 3.25 $ 1.56 Basic Diluted First Six Months 2024 2023 2024 2023 ($ in millions, except per share amounts, Net income $ 790 $ 822 $ 790 $ 822 Dividend equivalent payments (2) (1) (2) (1) Income available to common stockholders $ 788 $ 821 $ 788 $ 821 Weighted-average shares outstanding 225.9 227.6 225.9 227.6 Dilutive effect of outstanding options and share-settled awards 0.4 0.5 Adjusted weighted-average shares outstanding 226.3 228.1 Earnings per share $ 3.49 $ 3.61 $ 3.48 $ 3.60 During the second quarters and first six months of 2024 and 2023, dividend equivalent payments were made to certain holders of stock options and RSUs. For purposes of computing basic earnings per share, dividend equivalent payments made to holders of stock options and RSUs were deducted from net income to determine income available to common stockholders. For purposes of computing diluted earnings per share, we evaluate on a grant-by-grant basis those stock options and RSUs receiving dividend equivalent payments under the two-class and treasury stock methods to determine which method is more dilutive for each grant. For those grants for which the two-class method was more dilutive, net income was reduced by dividend equivalent payments to determine income available to common stockholders. The dilution calculations exclude options having exercise prices exceeding the average market price of Common Stock as follows: 0.1 million in the second quarters and first six months ended June 30, 2024 and 2023.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The changes in the cumulative balances of “Accumulated other comprehensive loss” reported in the Consolidated Balance Sheets consisted of the following: Balance at Net Income Reclassification Balance at ($ in millions) Six months ended June 30, 2024 Pensions and other postretirement liabilities $ (292) $ (7) $ (4) $ (303) Other comprehensive income (loss) of equity investees (28) 1 — (27) Accumulated other comprehensive loss $ (320) $ (6) $ (4) $ (330) Six months ended June 30, 2023 Pensions and other postretirement liabilities $ (319) $ — $ (8) $ (327) Other comprehensive loss of equity investees (32) — — (32) Accumulated other comprehensive loss $ (351) $ — $ (8) $ (359)

Stock Repurchase Program

Stock Repurchase Program	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stock Repurchase Program	Stock Repurchase Program We did not repurchase any shares of Common Stock under our stock repurchase program in the first six months of 2024, while we repurchased and retire d 1.3 million shares of Common Stock at a cost of $305 million in the first six months

Investments

Investments	6 Months Ended
	Jun. 30, 2024
Investments [Abstract]
Investments	Investments Investment in Conrail Through a limited liability company, we and CSX Corporation (CSX) jointly own Conrail Inc. (Conrail), whose primary subsidiary is Consolidated Rail Corporation (CRC). We have a 58% economic and 50% voting interest in the jointly-owned entity, and CSX has the remainder of the economic and voting interests. Our investment in Conrail was $1.7 billion at both June 30, 2024 and December 31, 2023. CRC owns and operates certain properties (the Shared Assets Areas) for the joint and exclusive benefit of Norfolk Southern Railway Company (NSR) and CSX Transportation, Inc. (CSXT). The costs of operating the Shared Assets Areas are borne by NSR and CSXT based on usage. In addition, NSR and CSXT pay CRC a fee for access to the Shared Assets Areas. “Purchased services and rents” and “Fuel” include expenses payable to CRC for operation of the Shared Assets Areas totaling $50 million and $39 million for the second quarters of 2024 and 2023, respectively, and $102 million and $84 million for the first six months of 2024 and 2023, respectively. Our equity in Conrail’s earnings, net of amortization, was $22 million and $19 million for the second quarters of 2024 and 2023, respectively, and $43 million and $35 million for the first six months of 2024 and 2023, respectively. These amounts partially offset the costs of operating the Shared Assets Areas and are included in “Purchased services and rents.” “Other liabilities” includes $534 million at both June 30, 2024 and December 31, 2023 for long-term advances from Conrail, maturing in 2050 that bear interest at an average rate of 1.31%. Investment in TTX We and six other North American railroads collectively own TTX Company (TTX), a railcar pooling company that provides its owner-railroads with standardized fleets of intermodal, automotive, and general use railcars at stated rates. We have a 19.78% ownership interest in TTX. Expenses incurred for use of TTX equipment are included in “Purchased services and rents.” These expenses amounted to $74 million and $69 million for the second quarters of 2024 and 2023, respectively, and $148 million and $135 million for the first six months of 2024 and 2023, respectively. Our equity in TTX’s earnings partially offsets these costs and totaled $14 million and $12 million for the second quarters of 2024 and 2023, respectively, and $27 million and $21 million for the first six months of 2024 and 2023, respectively.

Acquisition of Assets of Cincin

Acquisition of Assets of Cincinnati Southern Railway	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition of Assets of Cincinnati Southern Railway	Acquisition of Assets of Cincinnati Southern Railway On March 15, 2024, we completed the acquisition of a 337 mile railway line that extends from Cincinnati, Ohio to Chattanooga, Tennessee from the Cincinnati Southern Railway (CSR) for $1.7 billion (of which $0.1 billion was paid in 2023). We previously operated this line subject to an operating lease agreement, which was terminated upon the close of the transaction. The purchase price was allocated to the assets acquired in the transaction. The asset purchase is reflected in “Properties less accumulated depreciation” on the Consolidated Balance Sheet and is distinctly identified in the “Cash flows from investing activities” section of the Consolidated Statement of Cash Flows. The lease expense recognized pursuant to the previous operating lease agreement was $6 million in the second quarter of 2023, and $5 million and $12 million for the first six months of

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt In June 2024, we entered into an agreement that provides us the ability to issue up to $800 million of unsecured commercial paper and is backed by our credit agreement. The unsecured short-term commercial paper program provides for borrowing at prevailing rates and includes covenants. At June 30, 2024, we had no outstanding commercial paper. During July 2024, we issued $300 million of unsecured commercial paper. In May 2024, we renewed our accounts receivable securitization program with a maximum borrowing capacity of $400 million. Amounts under our accounts receivable securitization program are borrowed and repaid from time to time in the ordinary course for general corporate and cash management purposes. The term of our accounts receivable securitization program expires in May 2025. Amounts received under this facility are accounted for as borrowings. We had $400 million (at an interest rate of 6.06%) outstanding under this program at June 30, 2024, which is included within “Short-term debt”, and no amounts outstanding under this program at December 31, 2023. We had fully utilized our borrowing capacity under the program at June 30, 2024, while we had $400 million of available borrowing capacity at December 31, 2023. Our accounts receivable securitization program was supported by $847 million and $903 million in receivables at June 30, 2024 and December 31, 2023, respectively, which are included in “Accounts receivable – net”. During July 2024, we repaid $400 million that was outstanding under this program. In January 2024, we renewed and amended our $800 million credit agreement. The amended agreement expires in January 2029, and provides for borrowings at prevailing rates and includes covenants. We had no amounts outstanding under this facility at either June 30, 2024 or December 31, 2023, and we are in compliance with all of its covenants. In January 2024, we entered into a term loan credit agreement that established a 364-day, $1.0 billion, unsecured delayed draw term loan facility under which we can borrow for general corporate purposes. The term loan credit agreement provides for borrowing at prevailing rates and includes covenants that align with the $800 million credit agreement. We had no amounts outstanding under this facility at June 30, 2024. During July 2024, we extended the availability period of the term loan agreement. If left undrawn, the term loan will be available until October 2024.

Pensions and Other Postretireme

Pensions and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Pensions and Other Postretirement Benefits	Pensions and Other Postretirement Benefits We have both funded and unfunded defined benefit pension plans covering eligible employees. We also provide specified health care benefits to eligible retired employees; these plans can be amended or terminated at our option. Under our self-insured retiree health care plan, for those participants who are not Medicare-eligible, certain health care expenses are covered for retired employees and their dependents, reduced by any deductibles, coinsurance, and, in some cases, coverage provided under other group insurance policies. Eligible retired participants and their spouses who are Medicare-eligible are not covered under the self-insured retiree health care plan, but instead are provided with an employer-funded health reimbursement account which can be used for reimbursement of health insurance premiums or eligible out-of-pocket medical expenses. Pension and postretirement benefit cost components were as follows: Pension Benefits Other Postretirement Benefits Second Quarter 2024 2023 2024 2023 ($ in millions) Service cost $ 7 $ 6 $ 1 $ 1 Interest cost 27 27 4 5 Expected return on plan assets (51) (52) (3) (3) Amortization of net losses 4 1 — — Amortization of prior service benefit — — (6) (7) Curtailment gain — — (20) — Net benefit $ (13) $ (18) $ (24) $ (4) Pension Benefits Other Postretirement Benefits First Six Months 2024 2023 2024 2023 ($ in millions) Service cost $ 13 $ 12 $ 2 $ 2 Interest cost 54 54 7 9 Expected return on plan assets (102) (104) (6) (6) Amortization of net losses 8 2 — — Amortization of prior service benefit — — (12) (13) Curtailment gain — — (20) — Net benefit $ (27) $ (36) $ (29) $ (8) The service cost component of defined benefit pension cost and postretirement benefit cost are reported within “Compensation and benefits” and all other components of net benefit cost are presented in “Other income – net” on the Consolidated Statements of Income. During the first quarter of 2024, we commenced voluntary and involuntary separation programs to reduce our management workforce. Through these programs, approximately 350 management employees were separated from service by May 2024. In accordance with Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 715, “ Compensation-Retirement Benefits ,” we evaluated whether a curtailment of our pension and other postretirement benefit plans had occurred. While the reduction in our workforce did not result in a curtailment to our pension benefit plans, a curtailment to our other postretirement benefit plan did occur as the future years of service of plan participants were reduced in excess of 10%. As a result, we remeasured the other postretirement benefit obligation using a discount rate of 5.74% and recorded an $11 million reduction to the obligation. Additionally, we recognized a curtailment gain of $20 million in the second quarter of 2024, the period in which the employees departed the Company, for the impacted portion of the prior service benefit previously recorded within accumulated other comprehensive loss.

Fair Values of Financial Instru

Fair Values of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Values of Financial Instruments	Fair Values of Financial Instruments The fair values of “Cash and cash equivalents,” “Accounts receivable – net,” “Accounts payable,” and “Short-term debt,” approximate carrying values because of the short maturity of these financial instruments. The carrying value of corporate-owned life insurance (COLI) is recorded at cash surrender value and, accordingly, approximates fair value. There are no other assets or liabilities measured at fair value on a recurring basis at June 30, 2024 or December 31, 2023. The carrying amounts and estimated fair values, based on Level 1 inputs, of long-term debt consist of the following: June 30, 2024 December 31, 2023 Carrying Fair Carrying Fair ($ in millions) Long-term debt, including current maturities $ (17,192) $ (15,695) $ (17,179) $ (16,631)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Eastern Ohio Incident Summary On February 3, 2023, a train operated by us derailed in East Palestine, Ohio. The derailed equipment included 38 railcars, 11 of which were non-Company-owned tank cars containing hazardous materials. Fires associated with the derailment threatened certain tank cars. There was concern that the pressure inside of the tank cars carrying vinyl chloride was rising and that the pressure relief devices were no longer functioning properly, which would have posed the risk of a catastrophic explosion. As a consequence, on February 6, 2023, the local incident commander (the East Palestine Fire Chief)—in consultation with the incident command that included, among others, federal, state and local officials and Norfolk Southern—opted to conduct a controlled vent and burn of five derailed tank cars, all of which contained vinyl chloride. This procedure involved creating holes in the five tank cars to drain the vinyl chloride into adjacent trenches that had been dug into the ground where the vinyl chloride was ignited and burned. Any remaining materials released from the derailment or during the vent and burn have been or are being remediated. The February 3rd derailment, the associated fire, and the resulting vent and burn of the tank cars containing vinyl chloride on February 6th is hereinafter referred to as the “Incident.” In response to the Incident, we have been working to clean the site safely and thoroughly, including those activities described in the Environmental Matters section below with respect to potentially impacted air, soil and water and to monitor for any impact on public health and the environment. We are working with federal, state, and local officials to mitigate impacts from the Incident, including, among other efforts, conducting environmental monitoring and clean-up activities (as more fully described below), operating a family assistance center to provide financial support to affected members of the East Palestine and surrounding communities, and committing additional financial support to the community . Financial Impact Although we cannot predict the final outcome or estimate the reasonably possible range of loss related to the Incident with certainty, we have accrued amounts for probable and reasonably estimable liabilities for those environmental and non-environmental matters described below. As of June 30, 2024 and December 31, 2023, our probable and reasonably estimable liabilities principally associated with environmental matters and legal proceedings were $858 million and $464 million, respectively, which are discussed in further detail below. These amounts represent the difference between the recognized expense and cash expenditures (net of insurance recoveries) related to the Incident as of each respective date. From the inception of the Incident, we have recognized a total of $1.6 billion in expenses directly attributable to the Incident, which included $365 million of insurance recoveries from claims made under our insurance policies. We have also recorded a deferred tax asset of $232 million and $249 million at June 30, 2024 and December 31, 2023, respectively, related to the Incident expecting that certain expenses will be deductible for tax purposes in future periods or offset with insurance recoveries. Certain costs incurred thus far and related to the Incident may be recoverable under our insurance policies in effect at the date of the Incident or from third parties. Any additional amounts recoverable under our insurance policies or from third parties will be reflected in future periods in which recovery is considered probable. For additional information about our insurance coverage, see “Insurance” below. Environmental Matters – In response to the Incident, we have been working with federal, state, and local officials such as the U.S. Environmental Protection Agency (EPA), the Ohio EPA, the Pennsylvania Department of Environmental Protection (DEP), and the Columbiana County Health District to conduct environmental response and remediation activities, some of which have concluded and some which are continuing, including but not limited to, air monitoring, indoor air quality screenings, municipal water and private water well testing, residential, commercial, and agricultural soil sampling, surface water and groundwater sampling, re-routing a local waterway around the affected site, capturing and shipping stormwater that enters the impacted derailment site to proper disposal facilities, and excavating and disposing of potentially affected soil at hazardous waste landfills or incinerators. The U.S. EPA issued a Unilateral Administrative Order (UAO) on February 21, 2023, containing various requirements, including the submission of numerous work plans to assess and remediate various environmental media and performance of certain removal actions at the affected site. On February 24, 2023, we submitted to the U.S. EPA our Notice of Intent to Comply with the UAO and we continue to conduct environmental assessment and remediation, as required by U.S. EPA as well as the Ohio EPA and Pennsylvania DEP, pursuant to the UAO and the directives issued thereunder. On October 18, 2023, the U.S. EPA issued a second unilateral order under Section 311(c) of the Clean Water Act (CWA), requiring preparation of additional environmental work plans. We timely submitted our Notice of Intent to Comply with the CWA order and continue to complete environmental assessment and remediation as required by the U.S. EPA, as well as state agencies, in compliance with the CWA order. Once approved by the court, the proposed Consent Decree (discussed below) will supersede the UAO and CWA Order. We are also subject to the following legal proceedings that principally relate to the environmental impact of the Incident: • The U.S. Department of Justice (DOJ) filed a civil complaint on behalf of the U.S. EPA (the DOJ Complaint) in the Northern District of Ohio (Eastern Division) seeking injunctive relief and civil penalties for alleged violations of the CWA and cost recovery under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). The Ohio Attorney General (AG) also filed a lawsuit (the Ohio Complaint) in the Northern District of Ohio (Eastern Division) seeking damages for a variety of common law and environmental statutory claims under CERCLA and various state laws. The DOJ and Ohio AG cases have been consolidated for discovery purposes. We have filed an answer, and discovery is ongoing in the Ohio AG case. On June 30, 2023, we filed third-party claims against certain railcar defendants and shippers involved in the Incident. The Court dismissed the third party claims on March 6, 2024, and on March 26, 2024, we filed a motion requesting the Court to enter partial final judgment as to the third party claims. On May 23, 2024, DOJ and the Company reached a settlement to resolve all of the government’s civil claims against the Company related to the Incident, and jointly lodged a proposed Consent Decree with the court. As proposed, the Consent Decree will require the Company to pay for the federal government’s oversight costs of $57 million through November 30, 2023 as well as additional oversight costs from December 1, 2023 until the remediation is complete. The proposed Consent Decree also requires the Company to pay a civil penalty of $15 million for alleged violations of the CWA. Other provisions of the proposed Consent Decree relate to injunctive relief for safety, community support, and environmental support, which provisions, if approved by the court, will be in effect between five years to twenty years. The proposed Consent Decree is subject to a mandatory public comment period and then will be subject to review by the judge, prior to entry of the Consent Decree. The Ohio AG did not join this settlement. In accordance with FASB ASC 410-30 “ Environmental Liabilities, ” as of June 30, 2024 and December 31, 2023, we had recognized probable and reasonably estimable liabilities in connection with the foregoing environmental matters of $265 million and $319 million, respectively, and which are primarily included in “Other current liabilities” on the Consolidated Balance Sheet. We recognized $53 million and $264 million of expense during the second quarters of 2024 and 2023, respectively, and $113 million and $581 million during the first six months of 2024 and 2023, respectively. We made $80 million and $177 million in payments during the second quarters of 2024 and 2023, respectively, and $167 million and $208 million during the first six months of 2024 and 2023, respectively, related to these matters. Our current estimate includes ongoing and future environmental cleanup activities and remediation efforts, governmental oversight costs (including those incurred by the U.S. EPA and the Ohio EPA), and other related costs, including those in connection with the proposed DOJ Consent Decree (including civil penalties related to alleged violations of the CWA). Our current estimates of future environmental cleanup and remediation liabilities related to the Incident may change over time due to various factors, including but not limited to, the nature and extent of required future cleanup and removal activities (including those resulting from soil, water, sediment, and air assessment and investigative activities that are currently being, and will continue to be, conducted at the site), and the extent and duration of governmental oversight, amongst other factors. As clean-up efforts progress and more information is available, we will review these estimates and revise as appropriate. Since the date of the Incident, we have recognized a total of $949 million in expenses related to environmental matters, of which $684 million has been paid. Legal Proceedings and Claims (Non-Environmental) – To date, numerous non-environmental legal actions have commenced with respect to the Incident, including those more specifically set forth below. • There is a consolidated putative class action pending in the Northern District of Ohio (Eastern Division) (the Ohio Class Action) in which plaintiffs allege various claims, including negligence, gross negligence, strict liability, and nuisance, and seeking as relief compensatory and punitive damages, medical monitoring and business losses. The putative class is defined by reference to a class area covering a 30-mile radius. On July 12, 2023, we filed a third-party complaint bringing in multiple parties involved in the Incident. Fact discovery ended on February 5, 2024. The Court denied in part and granted in part all motions to dismiss, as to the plaintiffs’ case and as to our third-party complaint, on March 13, 2024. On April 9, 2024, we announced that we reached an agreement in principle to settle the Ohio Class Action for $600 million. The settlement agreement does not resolve, and expressly preserves, our third-party claims in the third-party complaint. The court granted preliminary approval of the settlement on May 21, 2024. The court will consider whether to grant final approval of the settlement on September 25, 2024. If approved by the court, the terms of the agreement will resolve all class action claims within a 20-mile radius from the derailment and, for those residents who choose to participate, personal injury claims within a 10-mile radius from the derailment. Subject to final court approval, payments to class members under the settlement could begin by the end of this year. Another putative class action is pending in the Western District of Pennsylvania, brought by Pennsylvania school districts and students. On August 22, 2023, six Pennsylvania school districts and students filed a putative class action lawsuit alleging negligence, strict liability, nuisance, and trespass, and seeking damages and health monitoring. On December 8, 2023, the school districts amended their complaint to add additional companies as defendants in the action. On February 23, 2024, we and the other defendants filed motions to dismiss and those motions are fully briefed and currently pending before the court. Combined with the Ohio Class Action, these lawsuits are collectively referred to herein as the Incident Lawsuits. In accordance with FASB ASC 450, “ Contingencies, ” as of June 30, 2024 and December 31, 2023, we had accruals for probable and reasonably estimable liabilities principally associated with the Incident Lawsuits and related contingencies of $644 million and $82 million, respectively. For the reasons set forth below, our estimated loss or range of loss with respect to the Incident Lawsuits may change from time to time, and it is reasonably possible that we will incur actual losses in excess of the amounts currently accrued and such additional amounts may be material. While we continue to work with parties with respect to potential resolution, no assurance can be given that we will be successful in doing so and we cannot predict the outcome of these matters. • We have received securities and derivative litigation and multiple shareholder document and litigation demand letters, including a securities class action lawsuit under the Securities Exchange Act of 1934 (Exchange Act) initially filed in the Southern District of Ohio alleging multiple securities law violations but since transferred to the Northern District of Georgia, a securities class action lawsuit under the Securities Act of 1933 (Securities Act) filed in the Southern District of New York alleging misstatements in association with our debt offerings, and six shareholder derivative complaints filed in Virginia state court asserting claims for breach of fiduciary duties, waste of corporate assets, and unjust enrichment in connection with safety of the Company’s operations, among other claims (collectively, the Shareholder Matters). On February 2, 2024, defendants filed a motion to dismiss the complaint in the Securities Act lawsuit, the court held oral argument regarding the motion to dismiss on May 29, 2024, and a decision is pending. The plaintiffs filed an amended complaint in the Exchange Act lawsuit on April 25, 2024, and the defendants filed a motion to dismiss on June 24, 2024. No responsive pleadings have been filed yet with respect to the other Shareholder Matters. With respect to the Incident-related litigation and regulatory matters, we record a liability for loss contingencies through a charge to earnings when we conclude that it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated and disclose such liability if we conclude it to be material. Any adjustments to the recorded liability will be reflected in earnings in the periods in which such adjustments become known. Because the final outcome of any of these legal proceedings cannot be predicted with certainty, developments related to the progress of such legal proceedings or other unfavorable or unexpected developments or outcomes could result in additional costs or new or additionally accrued amounts that could be material to our results of operations in a particular year or quarter. In addition, if it is reasonably possible that we will incur Incident-related losses in excess of the amounts currently recorded as a loss contingency, we disclose the potential range of loss, if reasonably estimable, or we disclose that we cannot reasonably estimate such an amount at this time. For Incident-related litigation and regulatory matters where a loss may be reasonably possible, but not probable, or probable but not reasonably estimable, no accrual is established but the matter, if potentially material, is disclosed. Our estimates of probable losses and reasonably possible losses are based upon currently available information and involve significant judgement and a variety of assumptions, given that (1) these legal and regulatory proceedings are in early stages; (2) discovery may not be completed; (3) damages sought in these legal and regulatory proceedings can be unsubstantiated or indeterminate; (4) there are often significant facts in dispute; and/or (5) there is a wide range of possible outcomes. Accordingly, our estimated range of loss with respect to these matters may change from time to time, and actual losses may exceed current estimates. At this time, we are unable to estimate the possible loss or range of loss in excess of the amounts accrued with respect to the matters described above. The amounts recorded do not include any estimate of loss for which we believe a loss is either not probable or not reasonably estimable for any fines or penalties (in excess of the liabilities established for CWA-related civil penalties) that may be imposed as a result of the Incident Inquiries and Investigations, as more specifically set forth and defined below (the outcome of which are uncertain at this time). Inquiries and Investigations As set forth above, we are subject to inquiries and investigations by numerous federal, state, and local government authorities and regulatory agencies regarding the Incident, including but not limited to, the National Transportation Safety Board (NTSB), the Federal Railroad Administration (FRA), the Occupational Safety and Health Administration, the Ohio AG, and the Pennsylvania AG. Further details regarding the NTSB and FRA investigations are set forth below. We are cooperating with all inquiries and investigations, including responding to civil and criminal subpoenas and other requests for information (the aforementioned inquiries and investigations, as well as the civil and criminal subpoenas are collectively referred to herein as the Incident Inquiries and Investigations). Aside from the FRA Safety Assessment (defined and described below), the outcome of any current or future Incident Inquiries and Investigations is uncertain at this time, including any related fines, penalties or settlements. Therefore, our accruals for probable and reasonably estimable liabilities related to the Incident do not include estimates of the total amount that we may incur for any such fines, penalties or settlements. Subsequent to the Incident, investigators from the NTSB examined railroad equipment and track conditions; reviewed data from the signal system, wayside defect detectors, local surveillance cameras, and the lead locomotive’s event recorder and forward-facing and inward-facing image recorders; and completed certain interviews (the NTSB Investigation). The NTSB concluded its investigation and adopted a final investigative report on June 25, 2024, then issued the final public report on July 12, 2024. The NTSB found that the probable cause of the derailment was the failure of a bearing which overheated and caused the axle to separate, derailing the train and leading to a post-derailment fire. The NTSB issued over 30 recommendations, of which four were issued to Norfolk Southern. The NTSB continues to work on a safety culture investigation, and a report on this part of the investigation is expected to be issued by the fall of 2024. Concurrent with the NTSB Investigation, the FRA also investigated the Incident. Similar in scope to the NTSB Investigation, the FRA examined railroad equipment, track conditions, hazardous materials train placement and routing, and emergency response (the FRA Incident Investigation). The FRA Incident Investigation will likely result in the assessment of civil penalties, though the amount and materiality of these penalties cannot be reasonably estimated at this time. In addition to the FRA Incident Investigation, the FRA completed a 60-day supplemental safety assessment (the FRA Safety Assessment). The FRA Safety Assessment included a review of findings from a previously completed 2022 system audit and an assessment of operational elements including, but not limited to: track, signal, and rolling stock maintenance, inspection and repair practices; protection of employees; communications between transportation departments and mechanical and engineering staff; operation control center procedures and dispatcher training. The overall scope of the FRA Safety Assessment was to examine our safety culture. The FRA issued a public report in early August 2023 which included its findings and related corrective actions. We have launched initiatives to implement all of these items, and will monitor progress on these initiatives going forward. Other Commitments and Contingencies Lawsuits We and/or certain subsidiaries are defendants in numerous lawsuits and other claims relating principally to railroad operations. When we conclude that it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, it is accrued through a charge to earnings and, if material, disclosed below. While the ultimate amount of liability incurred in any of these lawsuits and claims is dependent on future developments, in our opinion, the recorded liability is adequate to cover the future payment of such liability and claims. However, the final outcome of any of these lawsuits and claims cannot be predicted with certainty, and unfavorable or unexpected outcomes could result in additional accruals that could be significant to results of operations in a particular year or quarter. Any adjustments to the recorded liability will be reflected in earnings in the periods in which such adjustments become known. For lawsuits and other claims where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established but the matter, if potentially material, is disclosed below. We routinely review relevant information with respect to our lawsuits and other claims and update our accruals, disclosures and estimates of reasonably possible loss based on such reviews. In 2007, various antitrust class actions filed against us and other Class I railroads in various Federal district courts regarding fuel surcharges were consolidated in the District of Columbia by the Judicial Panel on Multidistrict Litigation. In 2012, the court certified the case as a class action. The defendant railroads appealed this certification, and the Court of Appeals for the District of Columbia vacated the District Court’s decision and remanded the case for further consideration. On October 10, 2017, the District Court denied class certification. The decision was upheld by the Court of Appeals on August 16, 2019. Since that decision, various individual cases have been filed in multiple jurisdictions and also consolidated in the District of Columbia. We intend to vigorously defend the cases. We do not believe the outcome of these proceedings will have a material effect on our financial position, results of operations, or liquidity. In 2018, a lawsuit was filed against one of our subsidiaries by the minority owner in a jointly-owned terminal railroad company in which our subsidiary has the majority ownership. The lawsuit alleged violations of various state laws and federal antitrust laws. On January 3, 2023, the court granted summary judgment to us on all of the compensatory claims but denied summary judgment for all equitable relief claims. On January 18, 2023, the court dismissed the federal equitable relief claims, leaving the state equitable relief claims as the sole remaining issue under consideration. On April 19, 2023, the court disposed of all remaining state equitable relief claims. The court’s dismissals were appealed and the case is currently before the United States Court of Appeals for the Fourth Circuit. We will continue to vigorously defend the lawsuit and, although it is reasonably possible we could incur a loss in the case, we believe that we will prevail. However, given that litigation is inherently unpredictable and subject to uncertainties, there can be no assurances that the final outcome of the litigation (including the related appeal) will not be material. Until such appeal is final, we cannot reasonably estimate the potential loss or range of loss associated with this matter. Casualty Claims Casualty claims include employee personal injury and occupational claims as well as third-party claims, all exclusive of legal costs. To aid in valuing our personal injury liability and determining the amount to accrue with respect to such claims during the year, we utilize studies prepared by an independent consulting actuarial firm. Job-related personal injury and occupational claims are subject to the Federal Employer’s Liability Act (FELA), which is applicable only to railroads. The variability inherent in FELA’s fault-based tort system could result in actual costs being different from the liability recorded. While the ultimate amount of claims incurred is dependent on future developments, in our opinion, the recorded liability is adequate to cover the future payments of claims and is supported by the most recent actuarial study. In all cases, we record a liability when the expected loss for the claim is both probable and reasonably estimable. Employee personal injury claims – Other than Incident-related matters noted above, the largest component of claims expense is employee personal injury costs. The independent actuarial firm we engage provides quarterly studies to aid in valuing our employee personal injury liability and estimating personal injury expense. The actuarial firm studies our historical patterns of reserving for claims and subsequent settlements, taking into account relevant outside influences. The actuarial firm provides the results of these analyses to aid in our estimate of the ultimate amount of liability. We adjust the liability quarterly based upon our assessment and the results of the study. The accuracy of our estimate of the liability is subject to inherent limitation given the difficulty of predicting future events such as jury decisions, court interpretations, or legislative changes. As a result, actual claim settlements may vary from the estimated liability recorded. Occupational claims – Occupational claims include injuries and illnesses alleged to be caused by exposures which occur over time as opposed to injuries or illnesses caused by a specific accident or event. Types of occupational claims commonly seen allege exposure to asbestos and other claimed toxic substances resulting in respiratory diseases or cancer. Many such claims are being asserted by former or retired employees, some of whom have not been employed in the rail industry for decades. The independent actuarial firm provides an estimate of the occupational claims liability based upon our history of claim filings, severity, payments, and other pertinent facts. The liability is dependent upon judgments we make as to the specific case reserves as well as judgments of the actuarial firm in the quarterly studies. Our estimate of ultimate loss includes a provision for those claims that have been incurred but not reported. This provision is derived by analyzing industry data and projecting our experience. We adjust the liability quarterly based upon our assessment and the results of the study. However, it is possible that the recorded liability may not be adequate to cover the future payment of claims. Adjustments to the recorded liability are reflected in operating expenses in the periods in which such adjustments become known. Third-party claims – We record a liability for third-party claims including those for highway crossing accidents, trespasser and other injuries, property damage, and lading damage. The actuarial firm assists us with the calculation of potential liability for third-party claims, except lading damage, based upon our experience including the number and timing of incidents, amount of payments, settlement rates, number of open claims, and legal defenses. We adjust the liability quarterly based upon our assessment and the results of the study. Given the inherent uncertainty in regard to the ultimate outcome of third-party claims, it is possible that the actual loss may differ from the estimated liability recorded. Environmental Matters We are subject to various jurisdictions’ environmental laws and regulations. We record a liability where such liability or loss is probable and reasonably estimable. Environmental specialists regularly participate in ongoing evaluations of all known sites and in determining any necessary adjustments to liability estimates. In addition to environmental claims associated with the Incident, our Consolidated Balance Sheets include liabilities for other environmental exposures of $58 million at June 30, 2024 and $60 million at December 31, 2023, of which $15 million is classified as a current liability at the end of both periods. At June 30, 2024, the liability represents our estimates of the probable cleanup, investigation, and remediation costs based on available information at 77 known locations and projects compared with 81 locations and projects at December 31, 2023. At June 30, 2024, twenty sites accounted for $47 million of the liability, and no individual site was considered to be material. We anticipate that most of this liability will be paid out over five years; however, some costs will be paid out over a longer period. At eight locations, one or more of our subsidiaries in conjunction with a number of other parties have been identified as potentially responsible parties under CERCLA or comparable state statutes that impose joint and several liability for cleanup costs. We calculate our estimated liability for these sites based on facts and legal defenses applicable to each site and not solely on the basis of the potential for joint liability. As set forth above, with respect to known environmental sites (whether identified by us or by the U.S. EPA or comparable state authorities), estimates of our ultimate potential financial exposure for a given site or in the aggregate for all such sites can change over time because of the widely varying costs of currently available cleanup techniques, unpredictable contaminant recovery and reduction rates associated with available cleanup technologies, the likely development of new cleanup technologies, the difficulty of determining in advance the nature and full extent of contamination and each potential participant’s share of any estimated loss (and that participant’s ability to bear it), and evolving statutory and regulatory standards governing liability. The risk of incurring environmental liability for acts and omissions, past, present, and future, is inherent in the railroad business. Some of the commodities we transport, particularly those classified as hazardous materials, pose special risks that we work diligently to reduce. In addition, several of our subsidiaries own, or have owned, land used as operating property, or which is leased and operated by others, or held for sale. Because environmental problems that are latent or undisclosed may exist on these properties, there can be no assurance that we will not incur environmental liabilities or costs with respect to one or more of them, the amount and materiality of which cannot be estimated reliably at this time. Moreover, lawsuits and claims involving these and potentially other unidentified environmental sites and matters are likely to arise from time to time. The resulting liabilities could have a significant effect on financial position, results of operations, or liquidity in a particular year or quarter. Based on our assessment of the facts and circumstances now known, we believe we have recorded the probable and reasonably estimable costs for dealing with those environmental matters of which we are aware. Further, we believe that it is unlikely that any known matters, either individually or in the aggregate, will have a material adverse effect on our financial position, results of operations, or liquidity. Labor Agreements Approximately 80% of our railroad employees are covered by collective bargaining agreements with various labor unions. Pursuant to the Railway Labor Act, these agreements remain in effect until new agreements are reached, or until the bargaining procedures mandated by the Railway Labor Act are completed. Moratorium provisions in the labor agreements govern when the railroads and unions may propose changes to the agreements. We largely bargain nationally in concert with other major railroads, represented by the National Carriers’ Conference Committee. Under current moratorium provisions, neither party can serve notice to compel a new round of mandatory collective bargaining until November 1, 2024, and any agreements reached would ta

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ” This update requires additional reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses and information used to assess performance. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We did not early adopt the standard and are currently evaluating the effect on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ” This update requires additional disclosures including greater disaggregation of information in the reconciliation of the statutory rate to the effective rate and income taxes paid disaggregated by jurisdiction. The ASU is effective for fiscal years beginning after December 15, 2024. We will not early adopt the standard and are currently evaluating the effect on our financial statement disclosures.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 737	$ 53	$ 356	$ 466	$ 790	$ 822

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ” This update requires additional reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses and information used to assess performance. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We did not early adopt the standard and are currently evaluating the effect on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ” This update requires additional disclosures including greater disaggregation of information in the reconciliation of the statutory rate to the effective rate and income taxes paid disaggregated by jurisdiction. The ASU is effective for fiscal years beginning after December 15, 2024. We will not early adopt the standard and are currently evaluating the effect on our financial statement disclosures.

Railway Operating Revenues (Tab

Railway Operating Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates our revenues by major commodity group: Second Quarter First Six Months 2024 2023 2024 2023 ($ in millions) Merchandise: Agriculture, forest and consumer products $ 622 $ 627 $ 1,251 $ 1,280 Chemicals 532 503 1,059 1,044 Metals and construction 440 415 870 815 Automotive 310 281 587 565 Merchandise 1,904 1,826 3,767 3,704 Intermodal 742 745 1,487 1,559 Coal 398 409 794 849 Total $ 3,044 $ 2,980 $ 6,048 $ 6,112
Schedule of Accounts Receivable	“Accounts receivable – net” on the Consolidated Balance Sheets includes both customer and non-customer receivables as follows: June 30, December 31, 2023 ($ in millions) Customer $ 829 $ 882 Non-customer 360 265 Accounts receivable – net $ 1,189 $ 1,147

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Cost	Second Quarter First Six Months 2024 2023 2024 2023 ($ in millions) Stock-based compensation expense $ 13 $ 11 $ 32 $ 22 Total tax benefit 3 3 8 9
Schedule of LTIP Awards	During 2024, we granted stock options, restricted stock units (RSUs) and performance share units (PSUs) pursuant to the Long-Term Incentive Plan (LTIP), as follows: Second Quarter First Six Months Granted Weighted-Average Grant-Date Fair Value Granted Weighted-Average Grant-Date Fair Value Stock options 8,090 $ 83.48 72,430 $ 80.08 RSUs 29,941 240.18 226,509 234.61 PSUs 5,420 248.86 58,020 259.02
Schedule of Cash Proceeds Received from Share-Based Payment Awards	Second Quarter First Six Months 2024 2023 2024 2023 ($ in millions) Options exercised 17,757 10,461 114,974 77,272 Cash received upon exercise $ 2 $ 1 $ 11 $ 6 Related tax benefits realized — — 3 3
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	Second Quarter First Six Months 2024 2023 2024 2023 ($ in millions) RSUs vested 12,494 3,908 169,145 153,030 Common Stock issued net of tax withholding 9,016 2,811 117,266 107,419 Related tax benefits realized $ — $ — $ — $ 1
Schedule of Share-Based Compensation, Activity	First Six Months 2024 2023 ($ in millions) PSUs earned 41,580 58,599 Common Stock issued net of tax withholding 26,056 40,255 Related tax benefits realized $ — $ —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Calculation	The following table sets forth the calculation of basic and diluted earnings per share: Basic Diluted Second Quarter 2024 2023 2024 2023 ($ in millions, except per share amounts, Net income $ 737 $ 356 $ 737 $ 356 Dividend equivalent payments (1) — (1) — Income available to common stockholders $ 736 $ 356 $ 736 $ 356 Weighted-average shares outstanding 226.0 227.5 226.0 227.5 Dilutive effect of outstanding options and share-settled awards 0.4 0.5 Adjusted weighted-average shares outstanding 226.4 228.0 Earnings per share $ 3.26 $ 1.56 $ 3.25 $ 1.56 Basic Diluted First Six Months 2024 2023 2024 2023 ($ in millions, except per share amounts, Net income $ 790 $ 822 $ 790 $ 822 Dividend equivalent payments (2) (1) (2) (1) Income available to common stockholders $ 788 $ 821 $ 788 $ 821 Weighted-average shares outstanding 225.9 227.6 225.9 227.6 Dilutive effect of outstanding options and share-settled awards 0.4 0.5 Adjusted weighted-average shares outstanding 226.3 228.1 Earnings per share $ 3.49 $ 3.61 $ 3.48 $ 3.60

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The changes in the cumulative balances of “Accumulated other comprehensive loss” reported in the Consolidated Balance Sheets consisted of the following: Balance at Net Income Reclassification Balance at ($ in millions) Six months ended June 30, 2024 Pensions and other postretirement liabilities $ (292) $ (7) $ (4) $ (303) Other comprehensive income (loss) of equity investees (28) 1 — (27) Accumulated other comprehensive loss $ (320) $ (6) $ (4) $ (330) Six months ended June 30, 2023 Pensions and other postretirement liabilities $ (319) $ — $ (8) $ (327) Other comprehensive loss of equity investees (32) — — (32) Accumulated other comprehensive loss $ (351) $ — $ (8) $ (359)

Pensions and Other Postretire_2

Pensions and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Pension and Postretirement Benefit Cost Components	Pension and postretirement benefit cost components were as follows: Pension Benefits Other Postretirement Benefits Second Quarter 2024 2023 2024 2023 ($ in millions) Service cost $ 7 $ 6 $ 1 $ 1 Interest cost 27 27 4 5 Expected return on plan assets (51) (52) (3) (3) Amortization of net losses 4 1 — — Amortization of prior service benefit — — (6) (7) Curtailment gain — — (20) — Net benefit $ (13) $ (18) $ (24) $ (4) Pension Benefits Other Postretirement Benefits First Six Months 2024 2023 2024 2023 ($ in millions) Service cost $ 13 $ 12 $ 2 $ 2 Interest cost 54 54 7 9 Expected return on plan assets (102) (104) (6) (6) Amortization of net losses 8 2 — — Amortization of prior service benefit — — (12) (13) Curtailment gain — — (20) — Net benefit $ (27) $ (36) $ (29) $ (8)

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values	The carrying amounts and estimated fair values, based on Level 1 inputs, of long-term debt consist of the following: June 30, 2024 December 31, 2023 Carrying Fair Carrying Fair ($ in millions) Long-term debt, including current maturities $ (17,192) $ (15,695) $ (17,179) $ (16,631)

Railway Operating Revenues - Di

Railway Operating Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 3,044	$ 2,980	$ 6,048	$ 6,112
Merchandise
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,904	1,826	3,767	3,704
Merchandise | Agriculture, forest and consumer products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	622	627	1,251	1,280
Merchandise | Chemicals
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	532	503	1,059	1,044
Merchandise | Metals and construction
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	440	415	870	815
Merchandise | Automotive
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	310	281	587	565
Intermodal
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	742	745	1,487	1,559
Coal
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 398	$ 409	$ 794	$ 849

Railway Operating Revenues - Na

Railway Operating Revenues - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue, payment terms			15 days
Contract assets	$ 0		$ 0		$ 0
Contract liabilities	$ 0		$ 0		$ 0
Accessorial Services
Disaggregation of Revenue [Line Items]
Accessorial services percent of total railway operating revenues	4%	4%	4%	5%

Railway Operating Revenues - Sc

Railway Operating Revenues - Schedule of Account Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable – net	$ 1,189	$ 1,147
Customer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable – net	829	882
Non-customer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable – net	$ 360	$ 265

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 13	$ 11	$ 32	$ 22
Total tax benefit	$ 3	$ 3	$ 8	$ 9

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Grants and Weighted-Average Grant-Date Fair Values (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Stock options
Granted
Stock options (in shares)	8,090	72,430
Weighted-Average Grant-Date Fair Value
Stock options (in dollars per shares)	$ 83.48	$ 80.08
RSUs
Granted
Other than stock options (in shares)	29,941	226,509
Weighted-Average Grant-Date Fair Value
Other than stock options (in dollars per share)	$ 240.18	$ 234.61
PSUs
Granted
Other than stock options (in shares)	5,420	58,020
Weighted-Average Grant-Date Fair Value
Other than stock options (in dollars per share)	$ 248.86	$ 259.02

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Options Exercised, Cash Received, and Related Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Options exercised (in shares)	17,757	10,461	114,974	77,272
Cash received upon exercise	$ 2	$ 1	$ 11	$ 6
Related tax benefits realized	$ 0	$ 0	$ 3	$ 3

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			4 years
PSUs earned (in shares)	12,494	3,908	169,145	153,030
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards measurement cycle (in years)			3 years
PSUs earned (in shares)	0	0	41,580	58,599

Stock-Based Compensation - Sc_4

Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted Stock Units (RSUs) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs vested (in shares)	12,494	3,908	169,145	153,030
Common Stock issued net of tax withholding (in shares)	9,016	2,811	117,266	107,419
Related tax benefits realized	$ 0	$ 0	$ 0	$ 1

Stock-Based Compensation - Sc_5

Stock-Based Compensation - Schedule of PSU Activity (Details) - PSUs - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSUs earned (in shares)	0	0	41,580	58,599
Common Stock issued net of tax withholding (in shares)			26,056	40,255
Related tax benefits realized			$ 0	$ 0

Restructuring and Other Charg_2

Restructuring and Other Charges (Details) $ in Millions	5 Months Ended	6 Months Ended
	May 31, 2024 employee	Jun. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated | employee	350
Restructuring and other charges		$ 61
Chief Operating Officer
Restructuring Cost and Reserve [Line Items]
Other employee-related cost		35
Payment for other commercial considerations		$ 25

Income Taxes (Details)

Income Taxes (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Income Tax Disclosure [Abstract]
Deferred income tax benefit result of a subsidiary restructuring	$ 27

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 737	$ 53	$ 356	$ 466	$ 790	$ 822
Dividend equivalent payments, basic	(1)		0		(2)	(1)
Dividend equivalent payments, diluted	(1)		0		(2)	(1)
Income available to common stockholders, basic	736		356		788	821
Income available to common stockholders, diluted	$ 736		$ 356		$ 788	$ 821
Weighted-average shares outstanding (in shares)	226		227.5		225.9	227.6
Dilutive effect of outstanding options and share-settled awards (in shares)	0.4		0.5		0.4	0.5
Adjusted weighted-average shares outstanding (in shares)	226.4		228		226.3	228.1
Earnings per share, basic (in dollars per share)	$ 3.26		$ 1.56		$ 3.49	$ 3.61
Earnings per share, diluted (in dollars per share)	$ 3.25		$ 1.56		$ 3.48	$ 3.60

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.1	0.1	0.1	0.1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at Beginning of Year	$ 12,781	$ 12,733
Net Income	(6)	0
Reclassification Adjustments	(4)	(8)
Balance at End of Period	12,979	12,640
Accum. Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at Beginning of Year	(320)	(351)
Balance at End of Period	(330)	(359)
Pensions and other postretirement liabilities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at Beginning of Year	(292)	(319)
Net Income	(7)	0
Reclassification Adjustments	(4)	(8)
Balance at End of Period	(303)	(327)
Other comprehensive income (loss) of equity investees
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at Beginning of Year	(28)	(32)
Net Income	1	0
Reclassification Adjustments	0	0
Balance at End of Period	$ (27)	$ (32)

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Stock repurchased during period (in shares)			0
Stock repurchased and retired during period (in shares)				1,300,000
Stock repurchased and retired during period, cost	$ 140	$ 163		$ 305

Investments (Details)

Investments (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) railroad	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Investments [Line Items]
Other liabilities	$ 1,747		$ 1,747		$ 1,839
Number of railroads | railroad			6
Purchased services and rents	$ 516	$ 506	$ 1,044	$ 1,002
Conrail, Economic
Schedule of Investments [Line Items]
Equity method investment, ownership percentage	58%		58%
Conrail, Voting
Schedule of Investments [Line Items]
Equity method investment, ownership percentage	50%		50%
Conrail Inc
Schedule of Investments [Line Items]
Equity method investments	$ 1,700		$ 1,700		1,700
Expenses for operation of the Shared Assets Areas	50	39	102	84
Equity in the earnings of investee	22	19	43	35
Other liabilities	$ 534		$ 534		$ 534
Due to affiliate, average interest rate			1.31%		1.31%
TTX Company
Schedule of Investments [Line Items]
Equity method investment, ownership percentage	19.78%		19.78%
Equity in the earnings of investee	$ 14	12	$ 27	21
Purchased services and rents	$ 74	$ 69	$ 148	$ 135

Acquisition of Assets of Cinc_2

Acquisition of Assets of Cincinnati Southern Railway (Details) $ in Millions		3 Months Ended	6 Months Ended		12 Months Ended
	Mar. 15, 2024 USD ($) mi	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Lease expense		$ 6	$ 5	$ 12
March 2024 Railway Purchase
Asset Acquisition [Line Items]
Number of miles railway line purchased | mi	337
Personal property transaction amount	$ 1,700
Payments to acquire productive assets					$ 100

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended
	Jul. 26, 2024	Jan. 31, 2024	Jun. 30, 2024	May 31, 2024	Dec. 31, 2023
$800 Million Credit Agreement Expiring In January 2029
Debt Instrument [Line Items]
Debt instrument face amount		$ 800,000,000
Long-term line of credit			$ 0		$ 0
Commercial Paper
Debt Instrument [Line Items]
Maximum borrowing capacity			800,000,000
Commercial paper outstanding			0
Commercial Paper | Subsequent Event
Debt Instrument [Line Items]
Unsecured commercial paper issued	$ 300,000,000
Securitization Borrowings
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 400,000,000
Accounts receivable securitization balance			$ 400,000,000		0
Average interest rate of borrowings outstanding			6.06%
Available borrowing capacity			$ 0		400,000,000
Accounts receivable securitization program			847,000,000		$ 903,000,000
Securitization Borrowings | Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 400,000,000
Unsecured Debt | Delayed Draw Term Loan Facility
Debt Instrument [Line Items]
Debt instrument face amount		$ 1,000,000,000
Long-term line of credit			$ 0
Debt term		364 days

Pensions and Other Postretire_3

Pensions and Other Postretirement Benefits - Schedule of Pension and Postretirement Benefit Cost Components (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 7	$ 6	$ 13	$ 12
Interest cost	27	27	54	54
Expected return on plan assets	(51)	(52)	(102)	(104)
Amortization of net losses	4	1	8	2
Amortization of prior service benefit	0	0	0	0
Curtailment gain	0	0	0	0
Net benefit	(13)	(18)	(27)	(36)
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1	2	2
Interest cost	4	5	7	9
Expected return on plan assets	(3)	(3)	(6)	(6)
Amortization of net losses	0	0	0	0
Amortization of prior service benefit	(6)	(7)	(12)	(13)
Curtailment gain	(20)	0	(20)	0
Net benefit	$ (24)	$ (4)	$ (29)	$ (8)

Pensions and Other Postretire_4

Pensions and Other Postretirement Benefits - Narrative (Details) $ in Millions	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	May 31, 2024 employee	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Expected number of positions eliminated | employee			350
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Curtailment gain	$ 0	$ 0		$ 0	$ 0
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Curtailment gain	$ 20	$ 0		$ 20	$ 0
Percent reduction in future years of service of plan participants (more than)	10%
Benefit obligation discount rate	5.74%			5.74%
Reduction to benefit obligation	$ 11

Fair Values of Financial Inst_3

Fair Values of Financial Instruments (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	$ (17,192)	$ (17,179)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	$ (15,695)	$ (16,631)

Commitments and Contingencies -

Commitments and Contingencies - Eastern Ohio Incident (Details) $ in Millions				3 Months Ended		6 Months Ended		17 Months Ended
	May 23, 2024 USD ($)	Apr. 09, 2024 USD ($)	Aug. 22, 2023 schoolDistrict	Jun. 30, 2024 USD ($) complaint mi	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) complaint mi	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) complaint mi	Jun. 25, 2024 safetyRecommendation	Dec. 31, 2023 USD ($)	Feb. 03, 2023 railcar
Loss Contingencies [Line Items]
Eastern Ohio incident, net				$ (65)	$ 416	$ 527	$ 803
Eastern Ohio Incident
Loss Contingencies [Line Items]
Environmental matters liabilities				265		265		$ 265		$ 319
Environmental remediation expense				53	264	113	581	949
Payments for environmental liabilities				80	$ 177	167	$ 208	684
Eastern Ohio Incident | Pending Litigation | Minimum
Loss Contingencies [Line Items]
Consent Decree provisions enforcement period	5 years
Eastern Ohio Incident | Pending Litigation | Maximum
Loss Contingencies [Line Items]
Consent Decree provisions enforcement period	20 years
Eastern Ohio Incident | Pending Litigation | Oversight Costs
Loss Contingencies [Line Items]
Litigation settlement, amount agreed and awarded to other party	$ 57
Eastern Ohio Incident | Pending Litigation | Civil Penalty
Loss Contingencies [Line Items]
Litigation settlement, amount agreed and awarded to other party	$ 15
Eastern Ohio Incident
Loss Contingencies [Line Items]
Number of railcars derailed | railcar											38
Number of non-Company-owned tank cars contained hazardous materials | railcar											11
Number of tank cars with risk of catastrophic explosion | railcar											5
Accrual for loss contingencies associated with environmental matters and legal proceedings				858		858		858		464
Eastern Ohio incident, net								1,600
Insurance recoveries				156		264		365
Deferred tax asset, expenses deductible for tax purposed in future periods or offset with insurance recoveries				$ 232		$ 232		$ 232		249
Litigation settlement, amount agreed and awarded to other party		$ 600
Non-environmental legal actions, mile radius of class area | mi				30		30		30
Litigation settlement, Non-environmental legal actions, mile radius of all class action claims | mi				20		20		20
Litigation settlement, Non-environmental legal actions, mile radius of personal injury claims | mi				10		10		10
Number of school districts as plaintiffs | schoolDistrict			6
Estimated litigation liability				$ 644		$ 644		$ 644		$ 82
Loss contingency, number of pending claims | complaint				6		6		6
Eastern Ohio Incident | NTSB
Loss Contingencies [Line Items]
Number of safety recommendations issued | safetyRecommendation									30
Eastern Ohio Incident | NTSB | Norfolk Southern
Loss Contingencies [Line Items]
Number of safety recommendations issued | safetyRecommendation									4

Commitments and Contingencies_2

Commitments and Contingencies - Other Commitments and Contingencies (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) location	Dec. 31, 2023 USD ($) location
Loss Contingencies [Line Items]
Environmental loss contingency, statement of financial position, extensible enumeration, not disclosed flag	Consolidated Balance Sheets	Consolidated Balance Sheets
Number of locations with one or more subsidiaries in conjunction with other parties identified as potentially responsible parties | location	8
Employees covered by collective bargaining agreements, percentage	80%
Other Environmental Claims
Loss Contingencies [Line Items]
Environmental matters liabilities | $	$ 58	$ 60
Current environmental liability | $	$ 15	$ 15
Known cleanup and remediation locations and projects | location	77	81
Number of sites - representative sample | location	20
Liability associated with those sites | $	$ 47
Environmental locations representative sample liability payout period, in years	5 years

Commitments and Contingencies_3

Commitments and Contingencies - Insurance (Details)	3 Months Ended	6 Months Ended	17 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Percentage of potential losses covered by insurance on legal liabilities for bodily injury and property damage to third parties	93%	93%	93%
Policy insurance coverage for bodily injury and property damage to third parties, minimum	$ 75,000,000	$ 75,000,000	$ 75,000,000
Policy insurance coverage for bodily injury and property damage to third parties, maximum	$ 734,000,000	$ 734,000,000	$ 734,000,000
Percentage of potential losses covered by insurance on damage to property owned or in control	82%	82%	82%
Policy insurance coverage for potential losses on damage to property owned or in control, minimum	$ 75,000,000	$ 75,000,000	$ 75,000,000
Policy insurance coverage for potential losses on damage to property owned or in control, maximum	275,000,000	275,000,000	275,000,000
Eastern Ohio Incident
Loss Contingencies [Line Items]
Actual insurance coverage for bodily injury and property damage to third parties, minimum	75,000,000	75,000,000	75,000,000
Actual insurance coverage for bodily injury and property damage to third parties, maximum	800,000,000	800,000,000	800,000,000
Actual insurance coverage for bodily injury and property damage to third parties, pollution releases, maximum	$ 1,100,000,000	$ 1,100,000,000	$ 1,100,000,000
Percent of actual losses covered by insurance on damage to property owned or in control	82%	82%	82%
Actual insurance coverage for potential losses on damage to property owned or in control, minimum	$ 75,000,000	$ 75,000,000	$ 75,000,000
Actual insurance coverage for potential losses on damage to property owned or in control, maximum	275,000,000	275,000,000	275,000,000
Insurance recoveries	156,000,000	264,000,000	365,000,000
Insurance recoveries receivable	$ 119,000,000	$ 119,000,000	$ 119,000,000